Good morning traders!

The Hang Seng ended the morning down 5.01 points at 15,213.62 with the Nikkei having another good day, up 146.11 points at 12,598.62 last time I checked.

Oil prices were higher in Asian trading as investors looked ahead to this week's release of the US petroleum inventory report. New York's main contract, light sweet crude for delivery in October, was trading at $65.73 a barrel, up 8 cents from its close of $65.65 in the US overnight.

See you later with some UK news.....

Happy trading!

G.

US media group Viacom has joined the list of potential bidders for Flextech, the content provider that UK cable television operator Telewest is considering selling, the Financial Times reported.

Other possible bidders include ITV, BSkyB, Discovery Communications, and RTL Group. The company is estimated to be worth up to 1bn.

AFX UK at a glance share guide

MARKETS
The FTSE 100 is set for a lacklustre start to the session after an uninspiring performance on Wall Street last night, with little on the corporate or economic agenda to provide a focus for investors, said dealers.

MARKETS
FTSE 100 5,318.4, up 5.8
FTSE 250 7,706.6, up 0.8
DJIA 10,569.89, up 10.66
Nasdaq Comp 2,141.41, up 5.85
S&P 500 1,221.73, up 2.02
Nikkei 225 index midday 12,569.99, up 117.48
Hang Seng midday 15,213.62, down 5.01
Gold 438.60 usd, up 0.40
Brent October 64.50 usd, up 0.14

TODAY'S PRESS
* London Stock Exchange officials have urged the Competition Commission to speed up its investigation of whether to approve any takeover bids for the exchange - FT
* KPMG could be put on probation for less than 18 months as part of a settlement with US authorities over the accounting firm's past sales of tax avoidance schemes - FT
* The rush to apply international accounting standards across corporate Britain should be halted, a leading accountancy institute said yesterday, highlighting widespread discontent with the new rules - FT
* Fortis is understood to have hired Merrill Lynch to find a joint venture partner for its 100 bln eur fund management group - Times
* Sir Clive Thompson, the former RENTOKIL boss, spoke out in support of a possible bid for the company by his long standing friend Sir Gerry Robinson - Times
* New Star Asset Management could set the ball rolling on one the City's most hotly anticipated flotations in less than a month - Telegraph
* SOMERFIELD's chairman John von Spreckelsen and chief executive Steve Back will receive multi-million pound windfalls if the supermarket group is taken over by one of the two potential buyers - Telegraph
* MAN GROUP is set to review the future of its futures and options brokerage business following the successful float last week of Refco, a similar US operation - Independent

PRESS COMMENT
FT
THE LEX COLUMN comments on European football clubs (It may be the beautiful game, but when it comes to finances, football remains ugly; CNPC/Petrokazakhstan (During the age of imperialism, control of central Asia was the Great Game for Britain and Russia. Now different contestants are playing), PHARMACEUTICALS (What implications does Merck's Vioxx crisis have for its peers Take regulation. One concern for the industry has to be that US regulators will take longer to approve new drugs), TECHNOLOGY BUY-OUTS (Big buyout firms are likely to take an increasing interest in technology as a place where informed risk taking can still generate outsized returns)

Times
TEMPUS: ALLIANCE TRUST (the stock can be bought with confidence), BELHAVEN (Belhaven investors should take the money, GREENE KING investors should hold), KELLER (Hold), RUMOUR OF THE DAY: JURYS DOYLE (rumours that the billionaire Reuben brothers are getting cold feet)

Telegraph
QUESTER: ANTOFAGASTA (Buy), WELLINGTON UNDERWRITING (the stock is worth a look but risks remain with the hurricane season yet to play out), GREENE KING (Avoid at least until the smoke clears come March)

Independent
THE INVESTMENT COLUMN: WELLINGTON UNDERWRITING (Take profits), KELLER (Buy), SOCO INTERNATIONAL (the stock is high enough)

Good morning all and thanks Greystone and Digger.