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News Headlines:    US: The Dow managed another 14-month high after surging in the last few minutes of trading. Shares of Hewlett-Packard fell 10 percent in after-hours trade after the computer and printer maker reported quarterly profit short of Wall Street's average forecast.

Europe: Zurich Financial Services CEO said on Wednesday he was confident Europe's third largest insurer could meet its target of improving profit by $1 billion in the full year 2003.

UK: A rapid deterioration in the public finances, sluggish economic growth and a controversial planned change in the Bank of England's inflation target are adding up to an enormous headache for Gordon Brown

The FTSE 100 is set to open about 10 points lower after the three-day US rally stalled on Tuesday after weak economic data, and as 11 FTSE stocks start trading ex-dividend will take around 11 points off the market.GlaxoSmithKline Plc and Bayer AG BAYG.DE won U.S. approval after the market had closed on Tuesday to sell impotence drug Levitra, the first rival to the popular Viagra in the world's most profitable drug market.Sage: Intuit Inc. reported a fiscal fourth quarter loss that was narrower than a year ago on higher sales. But it also forecast a loss for the first quarter wider than analysts' expectations.InterContinental Hotels Group Plc IHG.L filed with U.S. regulators after the market had closed on Tuesday to sell over time up to $750 million worth of debt securities.RMC The world's largest ready-mixed concrete producer's 55 percent-owned Australian company Adelaide Brighton Ltd ABC.AX reported a 10.9 percent rise in first-half profit.Rolls Royce: Brazilian aircraft manufacturer Embraer EMBR4.SA ERJ.N said after the market had closed on Tuesday it hoped to receive a potentially "significant" order for jets from the Star Alliance, the world's largest airline partnership, this year.

Calendar All GMT	United Kingdom (F)inals (I)nterim	United States (Click Flag)	Europe & World
Wed 20th         Ex Dividend	Domnick Hunter (I) 09.30 Bank of England MPC Minutes 09.30 June Preliminary M4 y/y 8.1% exp. 09.30 July PSNCR -5.05bn exp. 09.30 July CML, BBA & BSA Mortgage Lending Figures		07.00 June German construction Orders (BBK) m/m 11.00 June Trade Balance
	Ex dividends in pence: Abbey National (8.33), Anglo American (US$0.15), AstraZeneca (US$0.255), BWD Securities (6), Bespak (12.1), Carnival (US$0.105), Compass Group (2.7), Countrywide Assured (2.15), Dixons Group (5.145), HSBC Holdings (US$0.24), Hanson (5), Homestyle Group (7.25), Imperial Chemical Industries (2.75), Liberty International (11.75), Millennium & Copthorne (4.2), Morgan Sindall (4.75), Parkdean Holidays (2), Porvair (2.4), Prudential (5.3), Somerfield (1.25), Stanley Leisure (6.1), Viridian Group (23.38)
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