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Hang Seng+40

Nikkei+40.66

FTSE futures up 32 but could well climb over 50 at some point this morning with strong US Futures.  This followed a buoyant earnings news from Microsoft.GUS said it expects annual profits to be at the top end of market expectations after its Argos shops and Experian credit checking business performed better than analysts anticipated. Contrary to expectations of a slowdown, the Argos retail chain maintained third quarter growth with like-for-like sales up seven percent in the six months to 31 March 2003.

Pizza Express <Warning> Sales have further weakened since the interim results.

Amey <TAKEOVER> said on Wednesday it had agreed to a 81 million pound takeover from Spanish construction company Grupo Ferrovial Ferrovial are offering 32 pence cash for each Amey share -- a premium of around 19 percent to Amey's closing share price on Tuesday.

Reuters reported a 9.1 percent fall in first-quarter core subscription revenues in line with its own expectations. Subscription revenues will fall 11 percent in the second quarter and 10-12 percent over the whole of 2003.

Laura Ashely said it was raising 8.2 million pounds ($12.9 million) via a rights issue, but said it expected to report an underlying annual loss of 4.9 million pounds.

Awaiting data

Associated British Foods the maker of Twinings tea and Silver Spoon sugar, on Wednesday reported a 13 percent rise in half-year profits above analysts expectations but warned 2nd half operating profits growth will be below the first half.

Calendar All GMT	United Kingdom (F)inals (I)nterim	United States (Click Flag)	Europe & World
Wed 16th April	British Vita (AGM), CI Traders (F), Clinton Cards (F), Associated British Foods (I) 467m exp. Invensys Trading Statement, Lloyds TSB (AGM)GUS H2 Trading Statement, Reuters Trading Statement09.30 February Average Earnings 3 Months 09.30 March Unemployment	AMD, Apple, Coca Cola, Akzo Nobel, Alcan, Ford, MGM, 13.30 March CPI 13.30 March housing starts	AMD (Q1), Apple Computer (Q1), Coca-Cola (Q1) 11.00 EMU final March CPI 11.00 EMU Feb industrial prod
	Ex Dividend: BAE Systems (5.5), Excel (15.3), Forth Ports (22), Friends Provident (4.8), Greggs (49), Hanson (10.85), Highway Insurance (1.68), Hiscox (2.4), James Fisher (3.74), James Halstead (5.1), LogicaCMG (3), Management Consulting (0.5), National Express (16.4), Nestor Healthcare (6.14), Old Mutual (3.1), Ottakars (2.55), St Ives Group (5), Secure Trust Banking (20), Smith & Nephew (3), Spirax Sarco Engineering (13.5), Tesco (4.33), Travis Perkins (13.4)
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