Outlook

LONDON (AFX) - Leading shares are expected to open flat, following declines on Wall Street overnight, as further increases in oil prices weigh on sentiment, dealers said.
According to spread-betting firm IG Index, the FTSE 100 is expected to open at 5,511, having closed yesterday at 5,510.4.

MARKETS
FTSE 100 5,510.4 down 17.7
FTSE 250 8,476.0 down 22.0
DJIA 10,835.00 down 42.50
Nasdaq Comp 2,257.64 down 15.73
S&P 500 1,262.10 down 3.00
Tokyo: Nikkei 15,423.38 down 127.93
Hang Seng midday 15,135.16 down 23.66
Gold 505.60 usd (503.90 usd)
Oil - Brent Jan 57.73 usd (57.05 usd)

TODAY'S PRESS
* Brown in raid on oil groups; chancellor shoring up public finances with 3 bln stg-a-year tax measures; industry says move will deter investment - FT
* EMPIRE ONLINE seeking "several hundred million dollars" in damages from PARTYGAMING, following a contract disagreement that is heading for the courts in the British Virgin Islands and Gibraltar - FT
* Comstar United Telesystems, the Russian telecommunications company, could announce as early next month plans for an initial public offering on the London Stock Exchange; the offering could raise up to 1 bln usd - FT

PRESS COMMENT
FT
THE LEX COLUMN comments on UK economy (without a sharp recovery there will be pain ahead), P&O/Temasek (the ridiculous premiums now being mooted do suggest that this is one fight other sector giants, such as Hutchison Whampoa, may prefer to sit out), NTL/VIRGIN MOBILE (minority shareholders should take the cash alternative), Airbus/Boeing (though traffic volumes have recovered, continued excess capacity means airline profitability has not; that is likely to lead to the deferral of many of this year's over-optimistic orders), Guidant (this is not a deal for the fainthearted), Verizon (offloading directories is a one-off event; Verizon will have to live without the cash flow forever)
Independent
THE INVESTMENT COLUMN: ABERDEEN ASSET MANAGEMENT (buy), HELPHIRE (hold) - WH SMITH (bid rumours)
Express
MICHAEL PAGE/HAYS (Addeco on lookout for acquisitions)
Mail
FORTH PORTS (rumours of a 855 mln stg, or 19 stg a share, cash bid from a private equity consortium)
Telegraph
QUESTOR: P&O (hold), ABERDEEN ASSET MANAGEMENT (buy), HELPHIRE (hold)
Times
Rumour of the day: EUREKA MINING (believed close to buying 49 pct of Russia's Chelyabinsk copper and gold project it does not own) - TEMPUS: ABERDEEN ASSET MANAGEMENT (hold), JOHN LAING (sell), ANTISOMA (buy)

Good morning all

End-of-day Market Summary