Oil prices fell in Asian trading hours after news of a surge in US crude stockpiles eased concerns over a supply crunch, dealers said.

At 0450 GMT, New York's benchmark July contract for light sweet crude was trading at $53.56 a barrel, down 7 cents from its close of $53.63 in New York overnight.

World oil prices had dipped nearly $1.00 overnight after official US data showed a larger-than-expected jump in US crude inventories.

BHP Billiton said its A$9.2b offer for WMC Resources Ltd is now unconditional after its stake in the Australian base metals and uranium miner reached 55.45%.

ANGLO IRISH BANK INITIATED AS 'IN-LINE' BY GOLDMAN SACHS

Outlook
http://www.moneyam.com/action/news/showArticle?id=812884

AFX UK at a glance share guide - 2

MARKETS
FTSE 100 5,005.00 down 12.0
FTSE 250 7,169.5 up 21.3
DJIA 10,553.49 up 3.62
Nasdaq Comp 2,097.80 up 9.94
S&P 500 1,204.29 up 2.07
Nikkei midday 11,285.37 up 5.32
Hang Seng midday 13,838.40 up 23.82
Gold 422.25 usd (416.25 usd)
Oil - Brent Jul 52.40 usd (53.27 usd)

BREAKING NEWS
* BA threatens 'nuclear option' of calling for break-up of BAA - Independent
* Wal-Mart-owned Asda strengthens management team to take on TESCO - FT
* Tesco faces an international expansion challenge - FT
* BAT refuses to set out job losses in shift of cigarette production to Asia - FT
* Steve Bollenbach, CEO of US Hilton Hotels dashes hopes of imminent merger with HILTON GROUP - FT
* Five private equity rivals vie for PHS GROUP - FT
* VIRGIN MOBILE and VODAFONE unit in alliance to buy controlling stake in
Nigeria's third-largest mobile phone company, Vmobile - Guardian
* Bridgestone moves in to pole position in Kwik-Fit auction - FT
* Tom Hunter sets sights on 1.4 bln stg Abbey property portfolio - Times
* FSA's Gay Huey Evans to join Citigroup in-house hedge fund - FT
* Another senior banker leaves JP Morgan Cazenove - Telegraph
* Former WestLB banker Robin Saunders loses out as top colleague goes it alone
- Times
* Russian steel float brings windfall for Morgan Stanley - Times
* Tony Blair and Gerhard Schroeder at odds on EU treaty - FT
* George Bush nominates pro-business congressman for SEC role - Telegraph

PRESS COMMENT
FT
The Lex Column: UNITED UTILITIES (Co.'s unregulated business is valued at only
about 10 times this year's operating profit. Perhaps the market could be more
generous); European Union (Markets are leaning towards the belief that a
vicious circle is taking hold. But weather forecasters ignore even chinks in
the clouds at their peril); Mobile Handsets (Investors in the sector continue
to need rather thick skins); US asset management (An asset swap between Legg
Mason and Citigroup would make sense)

Guardian
Market Forces: THUS (rumours co. could be a takeover target for C&W); WHITE
NILE (to return from suspension at 8 am today)

Daily Telegraph
The Market: LONDON CLUBS (Talk Indonesian firm Putera Sampoerna running slide
rule over co.) -- Questor Column: JOHNSON MATTHEY (You could do worse for a
dependable long term partner); TATE & LYLE (worth holding for the dividend);
AWG (worth buying for income alone)

Times
Rumour of the Day: EMBLAZE (talk co. has secured its first European
distribution deal) -- Tempus: AWG (looks attractive. Buy); HELICAL BAR (It
would be wise to at least lock in some profit); TATE & LYLE (Buy)

Independent
Investment Column: UNITED UTILITIES (looks expensive on valued on regulated
business after recent spurt, but their other businesses' potential make it
worth holding); COLLINS STEWART TULLETT (keep buying); SPRING GROUP (steer
clear until the economic gloom lifts)

Daily Mail
Market report: PEACOCK GROUP (rumours Apax Partners could be sniffing around)

Daily Express
STERLING ENERGY (Investors looking for good things)

INVESTORS CHRONICLE
Tips Large Companies: WILLIAM HILL (buy); ALPHAMERIC (Buy); HOMESERVE (Buy) -- Tips Smaller Companies: QUARTO GROUP (Buy); ALEXANDER MINING (Buy); WH IRELAND (Buy) -- Tech Bargains: AVEVA; MTL INSTRUMENTS; VISLINK

WHITE NILE TRADING SUSPENSION LIFTED FROM 7.00 AM

Morning all

Friday ...........................

Morning all and very many thanks to Greystone and Digger.