AAL Credit Suisse: downgraded to neutral from outperform
AAL Goldman: upgraded to buy from neutral
AFID JPMorgan: downgraded to neutral
ANTO Credit Suisse: tp raised to 510 from 450
ANTO Goldman: initiated neutral
AXC Morgan Stanley: equalweight, tp raised to 1600 from 1220
BKG Goldman: upgraded to neutral from sell
BSY Credit Suisse: downgraded to underperform from neutral, tp cut to 430 from 525
BSY Goldman: downgraded to underperform from neutral, tp cut to 430 from 525
BVIC JPMorgan: downgraded to neutral from overweight
CNE Morgan Stanley: equalweight, tp raised to 2850 from 2550
CW. JPMorgan: downgraded to neutral
DCG Credit Suisse: downgraded to underperform
DGE JPMorgan: upgraded to neutral from underweight
DNX Morgan Stanley: overweight, tp raised to 1600 from 1140
ENRC Credit Suisse: tp raised to 770 from 580
GSK Jeffries: reiterated buy, tp raised to 1200 from 1120
ITL UBS: upgraded to buy
KAZ Credit Suisse: tp raised to 950 from 360
KAZ Goldman: upgraded to buy from neutral
RDW Goldman: downgraded to sell from neutral
RIO Goldman: upgraded to neutral from sell
RYA Goldman: downgraded to buy from conviction buy
SAB JPMorgan: downgraded to neutral from overweight
SIA Morgan Stanley: equalweight, tp raised to 1575 from 1300
TLW Morgan Stanley: overweight, tp raised to 1225 from 900
VED Credit Suisse: tp raised to 1120 from 700
XTA Credit Suisse: tp raised to 1060 from 600

Is the worse over or more pain on the way?
Some of the data is moving on the right direction .........

UK economy contracts by 1.9% in Q1 2009

Gross Domestic Product (GDP) contracted by 1.9% in the first quarter of 2009, unrevised from last months estimate.

GDP is 4.1% lower than the first quarter of 2008.

Output of the production industries fell by 5.3% compared with a fall of 4.5% in the previous quarter.
This was driven by manufacturing output which fell by 5.5%.

Construction output fell by 2.4% over the quarter, unrevised from the previous estimate.

Output in the service industries fell by 1.2% in the first quarter, down from a fall of 0.8% in the previous quarter.
The largest contribution to this decline came from distribution and business services.

Household expenditure fell by 1.2% and is now 2.8% lower than the first quarter of 2008.

Government final consumption expenditure rose by 0.3% and is now 3.5%higher than the first quarter of 2008.

Gross fixed capital formation fell by 3.8% and is now 8.3% lower than the first quarter of 2008.

The trade deficit in real terms decreased from 7.6bn in the fourth quarter of 2008 to 7.3bn in the first quarter of 2009.

Exports of goods and services fell by 6.1% while imports were down 5.9%.

The GDP expenditure deflator rose by 1.8% compared with the first quarter of 2008, down from 2% in the previous quarter.

Compensation of employees at current prices fell by 1.1% and is now 0.3% below the level seen a year ago.

Total gross operating surplus of corporations rose by 0.2% and is now 3.2% higher than a year ago.

oil price slightly UP today

For those interested in making a few bob quick, PHTM is the share for today
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Master RSI - 22 May'09 - 11:53 - 294 of 294 edit
KEEP AN EYE

PHTM 14 / 14.50P

Volume picking up with the share price rising aswell
Due for a turn around on the trend

Intraday Chart

3 month

5 days

3 month

End-of-day Market Overview

Have a great weekend all! See you Tuesday!

G.