MAJESTIC WINE 9 WEEKS NOV 2-JAN 3 LIKE FOR LIKE UK SALES UP 10.4 PCT

INVENTIVE LEISURE 5 WEEKS TO JAN 1 LIKE-FOR-LIKE REVENUE UP 2.9 PCT

SAGE DOWNGRADED TO 'NEUTRAL' FROM 'BUY' AT MERRILL LYNCH

MARKETS
FTSE 100 4,806.0, down 41.0
FTSE 250 6,915.50, down 67.90
DJIA 10,597.83, down 32.95
Nasdaq Comp 2091.24, down 16.62
S&P 500 1183.74, down 4.31
Tokyo: Nikkei closed at 11,492.26, up 54.74
Hang Seng midday 13,735.25, down 29.11
Gold 427.95 usd (426.22 usd)
Oil - Brent 40.51 usd (41.04 usd)

BREAKING NEWS
* British tsunami deaths could treble - Daily Mail
* Drugs companies in pledge to reveal more trials data - FT
* Deutsche Borse offer to manage Eurex out of London - FT
* Da Vinci Code cracks it for Eurostar - the Times
* AstraZeneca takes axe to US operations - Independent
* Rules planned for derivative contracts - FT
* Blair's offer to send Gurkhas to Indonesia rejected - Daily Telegraph

PRESS COMMENT
FT
THE LEX COLUMN UK retail investors face a nervous January (in bleaker high street, ailing J Sainsbury and Marks & Spencer's escape from retail perdition looks even more challenging), commodities (if investors want to keep playing the commodities game, they need to be discerning about what they put into the basket), Fed minutes (the prompt release of the minuted of the Fed meetings is a welcome increase in transparency, but investors' knowledge about Fed intentions may not have been advanced; to redress US imbalances both higher rates and a weaker dollar are needed, and tighter fiscal policy too), secondary listings (in such a fragmented world, even the relatively cheap thrills of London may not be worth the effort)
Times
RUMOUR OF THE DA: JJB SPORTS (bounced back further away from last week's low, despite talk that poor trading over Christmas is likely to force the retailer to bring forward its update from January 14, as scheduled) - DIRECTORS' DEALINGS: CONNAUGHT (dipped yesterday as chief executive sold stock for 594,00 stg to respond to institutional demand in disposing of 104,166 shares at 570p, trimming his stake by 6.63 pct; yesterday Altium raised its target to reflect the growth potential of the social housing market and valuation discount to rival Mears)- TEMPUS: NEXT (hold); PREMIER FOODS (fairly valued, hold); RWS (buy)
Express
WHO'S DEALING: CONNAUGHT (recent bull run ended yesterday when chief executive cashed in) - SHARE WHISPER: NORTHUMBRIAN WATER (talk of water industry consolidation resurfaced)- BROKER'S VIEW: KNOWLEDGE TECHNOLOGY SOLUTIONS (Corporate Synergy told clients to buy as KTS would extend its markets and highlighted consolidation projects)
Independent
THE INVESTMENT COLUMN: BT GROUP (stock still cheap versus big European rivals); VODAFONE and MMO2 (locked in punishing battle at home as tariffs become more competitive); CABLE & WIRELESS (as a punt the stock could be a winner)
Guardian
FRENCH CONNECTION (renewed takeover talk); GLAXOSMITHKLINE (fell yesterday on speculation it is leading the race to buy painkilling drugs from US rival Bristol Myers Squibb)
Telegraph
QUESTOR: CRH (there is still value to be had); PREMIER FOODS (still worth stocking in your larder); AEGIS (stock is no bargain but momentum appears to be on its side)
Mail
FRENCH CONNECTION (observers would not be shocked if founder Stephen Marks launched a bod to take the group private )

ARM HOLDINGS UPGRADED TO 'OVERWEIGHT' VS 'EQUAL-WEIGHT' AT LEHMAN BROTHERS

Morning all

Morning all,fundy.

Morning all

Afternoon all

Anything interesting happening?

Yup..RSA looking lively.

Nite all