LONDON (AFX) - The FTSE 100 is set for a lacklustre start to the session as profit taking knocked US indices last night. The main focus this morning will be a trading update from banking giant HSBC, dealers said.
CMC Markets is indicating the FTSE 100 to open flat, having fallen 67.8 points last night to 5,423.3, hit by weakness in heavyweight oil and property stocks.

MARKETS
FTSE 100 5,423.2 down 67.8
FTSE 250 8,327.9 down 19.6
DJIA 10,805.90 down 82.30
Nasdaq Comp 2,232.82 up 0.11
S&P 500 1,249.50 down 8.00
Tokyo: Nikkei 15,130.50 up 258.35
Hang Seng midday 14,925.31 down 11.83
Gold 495.20 usd (499.00 usd)
Oil - Brent Jan 55.05 usd (54.32 usd)

TODAY'S PRESS
* Pension plans hangs in balance; government says changes must be affordable; commission chairman condemns 'fairytale economics' in apparent attack on Gordon Brown
* Punch Taverns set to pay 2.7 bln stg for Spirit - FT
* Big international energy companies are being forced to loosen their grip on one of the world's most important oil provinces as Angloa relaunches bidding for several of its most promising oil fields - FT
* Bush sets out detailed strategy for Iraq; shift towards targeted strikes against terrorists; attempt to blunt calls for withdrawal timetable - FT
* PRUDENTIAL close to an agreement to buy the rest of EGG - FT

PRESS COMMENT
FT
THE LEX COLUMN comments on UK pensions (government should support Lord Turner's proposals), CORUS (backed by a combination of operational improvements and bid potential, the shares look well supported), Indian economy (India is in a sweet spot, but it is becoming tougher to stay there), Janus Capital Group (as a whole is already valued at about 4 bln usd, even after stripping out its net cash position), Tiffany (it would be unwise to count on one of its perennial suitors from Europe making an approach any time soon), SAGE (with the industry behemoths all voicing a desire to move further down the food chain, Sage makes a tempting target)
Mail
DE VERE GROUP (private-equity bid talk) - TOUCHSTONE (stock overhang cleared; furthe contract wins could be on the cards early in the New Year)
Express
STAGECOACH (suggestions it may be taken prvate) - SHARE WHISPER: FIBERNET (takeover speculation)
Telegraph
QUESTOR: KINGFISHER (hold), SAGE (worth holding), RPC (buy)
Times
Directors' dealing: MCCARTHY & STONE (executive chairman and spouse sell stock for 787,250 stg) - Rumour of the day: TAGHMAN ENERGY (talk of an imminent upbeat drilling report) - TEMPUS: DAILY MAIL & GENERAL (sell), MITCHELLS & BUTLERS (buy), LONDON MERCHANT SECURITIES (buy)
Independent
THE INVESTMENT COLUMN: JARVIS (buy), ARLA (keep refrigerated), LONDON MERCHANT SECURITIES (buy)

Good Morning all,

One of my long term shares DYS, has been heading south. Should really have got out a while back..... Oh well not paying enough attention. My own fault......thought they were a bit more solid than they seem to be at the moment.

Volumes seem even lower than normal - have the investors & traders gone on holiday?