emailpat - I believe this is tomorrow's Traders' Thread and you might find it will indeed be the 29th by then.

LOL!

Al,the blue writing says the 24th LOL! :-)

Big Al-you need to see......










Seymour ;-)lol

LONDON (AFX) - MARKETS
FTSE 100 4,741.5 down 11.9
FTSE 250 6,594.0 down 2.4
DJIA 10,522.23 up 1.92
Nasdaq Coq 2,101.97 down 0.57
S&P 500 1,182.65 up 0.89
Gold 452.50 usd (451.50 usd)
Oil - Brent Jan 44.57 usd (44.66 usd)

BREAKING NEWS - WEEKEND
* MARKS & SPENCER secretly makes moves to sell up to half of its poorly
performing Siqly Food convenience stores - a decision that could cost
the troubled retailer millions of pounds; a list of stores is being
circulated to rivals, including Waitrose - Mail on Sunday
* DIY giant looks at 1.5 bln stg sale; Goldman Sachs seeks buyers for
stakes in Focus Wickes chain - Sunday Express
* Britain's second-largest DIY chain, Wickes, could be on the market
for 1 bln stg-plus following a review by its private equity owner, Duke
Street Capital - Mail on Sunday
* DIY giant Focus Wickes hammers out a 1.5 bln stg sale - Sunday Times
* GLAXOSMITHKLINE will be accused this week of backing drug trials in
the US in which underprivileged children were forced to test Aids
treatments against their will - Independent on Sunday
* Blunkett's ex-lover accuses him of 'fast-tracking' visa for her
nanny; open war breaks out between Kimberley Quinn and Home Secretary as
DNA test shows he is father of her two-year-old - Sunday Telegraph
* Yukos investors threaten to sue Kremlin; institutions to seek
hundreds of millions of dollars in compensation for controversial sale
of oil giant's key production asset - Sunday Telegraph
* Yukos abandons its survival plans and says it could wind itself up
altogether by the end of the year - Saturday FT
* Refugee Yukos chiefs launch last rescue bid - Sunday Times
* Andrew Michelmore, WMC Resources' chief executive, says the
Australian mining group's board would be "happy" to talk to any bidder
that was willing to offer a "material improvement" on the 5.8 bln usd
bid from XSTRATA - Saturday FT
* XSTRATA will this week unveil a 3 bln stg hostile offer for WMC
Resources after the Australian copper and uranium mining company
rejected an earlier friendly approach - Sunday Telegraph
* RIO TINTO considering trumping a 2.9 bln stg bid by its London-listed
rival XSTRATA for Australia's WMC Resources - Sunday Times
* CHIME COMMUNICATIONS and INCEPTA, the listed public relations
companies that own some of Britain's best-known consultancies, have held
extensive merger talks - Sunday Telegraph
* SEVERN TRENT tries to gag whistleblowing finance manager David
Donnelly by sending him a letter from a top City law firm warning that
the international utilities group no longer considers him protected
under Section 43 of the Employment Rights Act - known as the
'whistleblower's charter' - Mail on Sunday
* Asda targeting beleaguered WH SMITH in the run-up to Christmas -
slashing more than 7 mln stg off the price of best-selling books -
Sunday Times
* Hundreds of homes built by Wilson Connolly, part of the giant TAYLOR
WOODROW group, structurally defective, claims the contractor who built
them - Mail on Sunday
* WHITEHEAD MANN, the troubled City headhunter which has recruited the
chief executives of half the companies in the FTSE 100, thought to be
exploring whether to delist from the stock exchange
* New row breaks out over the Eurofighter Typhoon, with ministers from
the 19 bln stg figher plane's four partner nations banning all French
nationals from promoting the aircraft for export - The Business
* Board of EADS, parent company of Airbus, tomorrow expected to approve
plans for the long-awaited 2.1 bln stg launch of a new mid-sized
aircraft, the A350 - Sunday Times
* UK telecoms giant BT Group PLC has only weeks to avert a disaster that could
jeopardise its future, according to Pierre Danon, who last week resigned
as head of the group's retail division; it must persuade Ofcom to allow
it to match the low-price high-quality voice, data and entertainment
services being launched by leaner competitors next year - or lose market
share - The Business
* ITV enjoys a strong start to the crucial autumn season, winning an
average peak-time audience share of 31 pct in November, according to
industry figures; that compares with an average audience share of 26 pct
at BBC1 - Observer
* BURBERRY sees a sharp decline in UK sales due to the popularity of
its trademark camel check among so-called "chavs", a perjorative term
for a low-income social group obsessed with brand names, cheap jewellery
and football - Sunday Telegraph
* Nationwide, the UK's largest building society, will warn this week
that there is a 20 to 30 pct chance of a house price crash happening
next year - Independent on Sunday
* Stock Exchange looking into a spurt of trading activity in
BETONSPORTS' shares hours before the online bookmaker issued a profits
warning - Mail on Sunday
* MANCHESTER UNITED chief executive David Gill considering selling
share options worth up to 1.1 mln stg; decision is an extremely delicate
one because Gill fears retribution from fans if his shares end up in the
hands of Malcolm Glazer - Mail on Sunday
* Malcolm Glazer could be prepared to walk away from his hostile bid
for MANCHESTER UNITED if he can find a buyer for his 28.1 pct stake in
the football club - Sunday Telegraph
* Drax, Europe's largest coal-fired power station, appoints Dresdner
Kleinwort Wasserstein to examine a possible 800 mln stg sale - Sunday
Telegraph
* New lottery licence to run for 15 years; policy U-turn brings
bookmakers (Ladbrokes, RANK) into bidding war - Observer
* NOVAR to launch a two-week drive to tie-up a white-knight bidder for
the group before the Christmas season begins; it has decided to drop its
initial defence plan of breaking up the group and selling it as separate
businesses - The Business
* HSBC ready to swoop on Korea First Bank in a 2 bln stg deal, putting
it head to head with US rival Citigroup in one of the fastest-growing
markets in south-east Asia - Observer
* JARVIS close to losing another contract - a 40 mln stg deal to build
a new school of music in Cork - Independent on Sunday
* Bush intervenes on Northern Ireland; Paisley urged to accept
power-sharing; appeal set to be made to Gerry Adams; president's
telephone diplomacy could boost Blair - Saturday FT
* Inland Revenue underestimates by several hundred thousand the number
of small companies that may be hit by back taxes under a Revenue ruling
- Saturday FT
* Updated GDP data confirm that growth in the three months to September
more than halved from the previous quarter, to 0.4 pct, in the economy's
worst showing since the run-up to the war in Iraq
* Dollar falls to new lows on rumours that China may shift some of its
currency reserves away from the greenback - Saturday FT
* Troubled computer games publisher EIDOS could be the target of a
management buyout led by chief executive Mike McGarvey and supported by
rock star Bono - The Business
* JARDINE LLOYD THOMPSON chief quits amid profit alert; company issues
a profits warning just months after playing down an analyst's prediction
of serious problems at the insurance broker - Saturday Telegraph
* COURTS' share price halves amid fears that its talks with banks could
lead to a significant reduction of existing shareholders' interests -
Saturday FT
* ROYAL BANK OF SCOTLAND says it has not taken lightly its decision to
sue the Sunday Times over diary articles about its chief executive Sir
Fred Goodwin and the bank's new 350 mln stg headquarters in Edinburgh -
Saturday Mail
* United Technologies Corporation of the US expected this week to ditch
plans to launch a bid for KIDDE - Observer
* MYTRAVEL received warnings from a government financial watchdog over
the state of its balance sheet a year ago, court documents show - Sunday
Times
* MYTRAVEL, the holiday group facing legal wrangles with some of its
bondholders, also fighting a fine from the Financial Services Authority
- Saturday FT
* MYTRAVEL clashes with FSA after it vows to appeal against an
unquantified fine levied against it for allegedly misleading the stock
market more than two years ago - Saturday Independent
* MYTRAVEL bondholders will go to the courts this week in a second
atteqt to halt the financial restructuring of the troubled tour
operator - Independent on Sunday
* BT set to expand its international operations into Italy in a further
sign that it is looking overseas to compensate for declining revenues in
its home market - Saturday FT
* BT GROUP disposes of its last remaining stake in a satellite company
with its sale of its 15.8 pct holding in the Paris-based Eutelsat for
363 mln stg
* TESCO finance director, Andrew Higginson, exercises options over
932,812 shares in the supermarket chain at between 164 pence and 205,
selling them all at 305
* Chris Holmes, managing director of AUSTIN REED, quitting the company
to join TESCO after less than three months in the role - Sunday
Telegraph
* KINGFISHER buys five Chinese leasehold hypermarket stores for 6.95
mln stg from PriceSmart
* QXL RICARDO recommends an 11.9 mln stg, or 700 pence a share, cash
bid from Tiger Acquisition Corporation
* Battle for control of COUNTRYSIDE PROPERTIES takes another twist as
it emerges that Rock Pacific, the Bahamas-based investment vehicle, has
taken a 28.1 pct stake in the UK builder and property developer -
Saturday FT
* Joe Lewis, the secretive Bahamas-based billionaire, emerges as a
backer of the company (Rock Pacific) building a stake in COUNTRYSIDE
PROPERTIES, which is subject to a 218 mln stg bid from management -
Observer
* MALCOLM GROUP confirms it has entered into takeover talks with
management
* SIBIR ENERGY hopes to buy Hitchens Global, a private company owned by
its biggest shareholder, in a 153.3 mln usd all-share deal
* ARLA FOODS, Europe's largest dairy group, squares up to the twin
problems of falling milk prices and shrinking European Union subsidies
and confirms it is holding exploratory merger talks with Caqina, its
Netherlands-based counterpart
* Andrew Michelmore, WMC Resources' chief executive, says the
Australian mining group's board would be "happy" to talk to any bidder
that was willing to offer a "material improvement" on the 5.8 bln usd
bid from XSTRATA - Saturday FT
* YOOMEDIA pays 28 mln stg for Digital Interactive Television Group and
The Gaming Channel
* Irish Life & Permanent mulling over a bid for National Australia
Bank's southern Irish operations for up to 600 mln stg - Sunday Express
* Grove Energy, an oil and gas producer with interests in southeast
Europe and the Mediterranean basin, to float on AIM next week, valuing
the company at 30 mln stg - Sunday Telegraph

SATURDAY PRESS COMMENT
FT
THE LEX COLUMN comments on Dollar jitters, Network Rail (the French
government seems not to be the only one adept at propping up ailing
industries), Credit Suisse (highest Tier One capital ratio provides
scope for share buybacks or increased dividends to support the stock's
recent rally), Eastern Europe - Gherkin (30 St Mary Axe) in a pickle as
the City suffers vacant office syndrome; with the equivalent of one in
seven buildings now empty, a recovery is critical for both landlords and
investors in commercial property (MONEY & BUSINESS p.3) - Weekend share
watch: JD WETHERSPOON (on nearly 14 times forecast earnings - which is
too high), BLACKS LEISURE (trading at a slight, and seemingly deserved,
premium to the sector), CARR'S MILLING (analysts forecast more of the
same steady growth) - MY PORTFOLIO: Nick Louth comments on GENUS (trades
at just 12.5 times forecasts for next year's profits, and still offers a
reasonable 2.4 pct dividend yield)

Guardian
WH SMITH (rumours it could be drafting a severe profits warning) - SSL
INTERNATIONAL (rumours abound that a bid could be imminent from RECKITT
BENCKISER at 320 pence to 330) - EBOOKERS (Cendant takeover speculation)
- COUNTRYSIDE PROPERTIES (Rock Pacific, the investment vehicle run by
property entrepreneur Paul Kemsley, could be about to trump management's
agreed 275 pence a share offer)

Independent
No Pain, No Gain: Derek Pain comments on PRIVATE & COMMERCIAL FINANCE
GROUP: look an interesting speculation), VITESSE MEDIA (another tiddler
that has been on the fringe of claiming a portfolio spot) - WH SMITH
(fear over Christmas book sales) - EVOLUTION (heavy hedge fund short
selling) - ANGLO PACIFIC (prime contender for promotion to the FTSE
All-Share index) - RETAIL DECISIONS (vague takeover rumours)

Telegraph
COUNTRYSIDE PROPERTIES (sources reckon Rock calculates Countryside is
worth nearer 300 pence and is considering making an offer) - XSTRATA
(rumours it has signed at contract to supply more than 2.28 mln tonnes
of coal to Mexico) - SSL INTERNATIONAL (latest rumour is it has turned
down a 340 pence-a-share offer) - QUESTOR COLUMN choses a portfolio of
high-yielding shares with a focus on smaller companies: ALTRIUM
UNDERWRITING, BRITISH POLYTHENE, DAWSON HOLDINGS, KELLER, LOOKERS,
MORGAN SINDALL, SAVILLS

Times
SSL INTERNATIONAL (rumours that RECKITT BENCKISER has returned with a
340 pence-a-share offer) - TErUS: Robert Cole comments on the dollar's
slide (exchange rate movements are difficult to call, but the consensus
seems to be that the dollar will be on the ropes for a while yet; UK
investors need to brace themselves for pain, or get shot of US assets)

Mail
TULLOW OIL (Congo discovery talk continues; rumours of a pending
bullish circular) - LODORE RESOURCES (word is that a major deal is in
the pipeline which will lead to an immediate rerating of the stock) -
INVESTMENT EXTRA: Brian O'Connor comments on NAPIER BROWN (Napier deals
may be the icing on the cake; if it can appease the watchdogs, its
prospects are anything but dull); Water gets hotter on bid hopes BRISTOL
WATER (if it were sold at a South Staffs-type premium, there would be
plenty of upside)

Express
EUREKA MINING (gossips suggest an upbeat drilling report is on the way
from its Kazakhstan gold prospect) - RICHMOND FOODS (talk of substantial
orders worth several million of pounds being on their way from
supermarkets) - WHO'S DEALING: TESCO (finance director nets nearly 2.85
mln stg from sale of 932,812 shares at 305-1/2) - SHARE WHISPER:
HOMESTYLE (renewed takeover hopes) - BROKER'S VIEW: XANSA (Altium
Securities says shares are pricing in "perfect execution" on Xansa's
business, which is "overly generous given its history of false starts")

SUNDAY PRESS COMMENT
The Business
TECHNOLOGY INVESTOR: EIRCOM (priced as a yield stock; it is the only
thing it has to offer) - SMALL-CAP INVESTOR: NORD ANGLIA (if it can show
its profits are moving ahead then the shares could rise to near 300
pence) - AIM INVESTOR: JENNINGS BROTHERS (buy) - BENCHMARK: Grant
Clelland comments on France's mountain of petty restrictions that limit
entry to trades and professional services, Time Warner (direction the
shares take after an SEC settlement and after Time Warner again goes on
the hunt for acquisitions will reveal whether it was only the SEC that
was holding the price down or whether there are more fundamental issues
at play, such as the exodus of AOL subscribers to faster and cheaper
internet access), Danon's departure from BT

Observer
THROG STREET: Richard Wachman comments on COrASS, DAILY MAIL & GENERAL
TRUST (VNU, EMAP and REED ELSEVIER trade on less demanding ratings; DMGT
is an impressive company, but is it as good as the share price
suggests), REUTERS (remains vulnerable to a slowdown in financial
services, while its exposure to the weak dollar is significant; nor can
we be sure that Instinet will fetch a decent price), GLAXOSMITHKLINE
(GSK will have to do better than come up with superlatives)

Mail on Sunday
COrANIES AND MARKETS: SOVEREIGN REVERSIONS (former Environment
Secretary John Gummer to join the board), INTERNATIONAL POWER (to enter
the bidding for Intergen, the 1.6 bln stg power stations business put up
for sale by owners Shell and Bechtel), GEEST (Bakkaavor now free to
bid), KIDDE (limbering up to hit the major acquisition trail - as long
as it retains its independence), UNITED BUSINESS MEDIA (Malcolm Wall,
chief operating officer, emerges as favourite to replace Lord Hollick
when he steps down as chief executive next year); SECRET DEALINGS: ANGLO
PACIFIC (fund prospectors dig in for Anglo's coal)

Sunday Times
Branson cuddles up to BRITISH AIRWAYS' Rod; they've made up and now are
getting together...up to a point. Rod Eddington and Sir Richard Branson
may have agreed a deal on Heathrow runway slots but they remain bitter
rivals on many routes (BUSINESS p.3) - TESCO TV takes on the media; the
retailer is moving into advertising, selling space on trolleys, floors
and its own TV channel (BUSINESS p.9) - JUDGMENT DAY: SHOULD YOU BUY
SHARES IN HIT ENTERTAINMENT Andy Brough, fund manager at Schroders,
says sell now and revisit in the new year, while Tim Steer, fund manager
at New Star, says the jury is still out - hold) - INSIDE THE CITY: John
Waples comments on RIO TINTO (balance sheet is under-leveraged and,
unlike peers such as BHP BILLITON, it has not bought back shares or
returned cash to investors; some fund managers are starting to lean on
chief executive Leigh Clifford to find out what he is going to do),
JARDINE LLOYD THOMPSON (don't go chasing the shares; the firm will
recover, but for now the insurance cycle is not moving in its favour);
MARKET MOLE: HALFORDS (Ashton Bradbury's Old Mutual UK Select Mid Cap
unit trust buys 50,000 shares, taking his holding to 610,000, or 0.3
pct)

Sunday Telegraph
Equity View BLUE CHIP VALUES: ANGLO IRISH BANKS (keep buying, even at
this level), INVESTEC (investors should consider taking some profits,
but the shares are still trading on an untesting 12.4 times next year's
earnings and could reach 16 stg); SMALL CAP COMMENT: LASTMINUTE.COM
(keep selling), THE RESTAURANT GROUP (the shares should have further to
go), CLEARSPEED TECHNOLOGY (high risk, but worth a punt), CENTRAL
AFRICAN MINING COMPANY (sell when the shares get to 13 pence); Look
who's trading: BPB (directors exercise options and sell; it's time to
take some profits) - TAKING STOCK: Edmond Jackson explains why he is
cynical about acquisitive companies; he comments on TRIBAL GROUP (I
shall continue to follow Tribal, for its shares may offer value), API
GROUP (may have a decent future, although I am not switching to buy)

Burberry UK sales tarnished by 'chavs' - report

LONDON (AFX) - Burberry Group PLC, the luxury goods group, has seen a sharp decline in UK sales due to the popularity of its trademark camel check among so-called 'chavs', a pejorative term for a low-income social group obsessed with designer brands, cheap jewellery and football, the Sunday Telegraph reported.
A Burberry spokesman said that UK sales had been subdued, but added that the UK represents "a small percentage of Burberry's sales". Burberry says that the famous camel check appears on less than 10 pct of its clothes. According to the report, retailers who stock Burberry products say there is a growing negative association with the brand as the national obsession with 'chav' culture has flourished, thanks to extensive tabloid coverage of the phenomenon and derogatory websites such as chavscum.co.uk.
Some leading retailers claim that sales of Burberry products have been hit hard, dropping in some cases by as much as 40 pct on last year. One unnamed retailer was cited as saying that sales were down by "well over" 30 pct on 12 months ago.
Another household high street name is believed to be considering whether to reduce its stocks of Burberry products, according to the Sunday Telegraph.

Sorry about the date on the header. :-(

Can't change it without deleting the thread and starting again....

G.

OUTLOOK - UK data in coming week to show more evidence of slowdown in activity

LONDON (AFX) - In a week set to be dominated by the government's pre-budget report, UK data will likely fade into the background although ample evidence of a continued slowdown in activity is expected.
The week starts off with data for October consumer credit and mortgage lending. Both are predicted to show further drops in pace as record levels of debt and the interest rate hikes take their toll.
John Butler at HSBC expects the number of mortgage approvals to slump to lows not seen since 1998.
"That is arguably a return to more 'normal' levels rather than a collapse," he said.
Analysts cited data from the likes of the British Bankers Association, Building Societies Association and Council of Mortgage Lenders for their assessment.
"Indeed, the downward momentum could gather pace now that house prices have fallen and even the Bank of England has forecast further modest falls," analysts at Capital Economics.
At the same time, consumer credit is expected to drop to 1.5 bln stg in October from 1.6 bln the previous month -- largely due to the rise in borrowing costs.
The purchasing managers indices measuring activity in the manufacturing and service sectors are also due out during the week and are forecast to show falls.
The first of the two, the manufacturing sector index, scheduled for Wednesday, is seen slipping to 52.5 from 53.0 in September. The index had improved in October, but few expect a repeat.
"The risk is that October's rise was merely a consolidation after the previous sharper-than-expected drops," analysts at CALYON noted.
Yet others, however believe a modest rise is on the cards, boosted by the US economy's emergence from its 'soft patch'.
The week concludes with the service sector PMI on Friday where the median forecast of analysts polled by AFX News points to a drop to 55.6 from 56.3 in September.
The service sector has been one of the main engines for overall UK economic growth and any drop will be unwelcome.
"On balance we think that weakness in housing, retail activity and recorded softness in manufacturing could well see some softening in services and we are pencilling in a modest dip back below 56," said David Page, economist at Investec.
Also during the week some key survey data are due. The GfK's consumer confidence poll on Tuesday is expected to remain static.
Meanwhile, while the Confederation of British Industry's distributive survey for November is predicted to retreat from the recovery it showed the previous month.
But as CALYON analysts noted, the data "has lost some of its appeal given the misleading signals it sent relative to the hard data on retail sales".

ROFLMAO!

Was looking at a different date.

Morning all,

long ARM BUR CTM LAND SOF MNKS BLND RGU S&P

Mega...

MARKET EXPECTATIONS
* Belhaven Group. Arbuthnot Securities forecasts six months to September pretax profit 9.0 mln stg vs 7.7 mln; interim dividend 4.4 pence, up 10 pct
* Dawson Holdings. Altium Securities forecasts year to September pretax profit 15.1 mln stg vs 13.0 mln; total dividend 7.2 pence vs 6.9
* Enterprise Inns year to September pretax profit 222-225 mln stg
* MITIE Group. Altium Securities forecasts six months to September pretax profit 20.7 mln stg vs 18.5 mln; interim dividend 1.3 pence vs 1.1
* Severn Trent six months to September pretax profit before exceptionals 123.8 mln stg vs 136.2 mln; interim dividend 18.04 pence, up 1.5 pct

Digger,all market information is very welcome.Thanks

OUTLOOK UK smoking ban major talking point as pub groups report figures

LONDON (AFX) - The threat of a nationwide smoking ban in public places and its impact on the pubs industry will be a major talking point next week with three of the UK's largest pub group's -- Enterprise Inns PLC, Mitchells & Butlers PLC and Wolverhampton & Dudley Breweries PLC - all poised to announce trading results.
The government's recent White Paper set out proposals to ban smoking in pubs and other establishments that prepare food, by the end of 2008. However, those premises not selling food will be exempt from the ban, although smoking in the bar area will be prohibited. The proposals prompted a major sell-off in pub company shares as some industry watchers predicted a 7.0-8.0 pct fall in trade and a decline in operating profits.
Enterprise Inns -- with full year results on Tuesday -- is thought to be least affected by the ban as its tenanted estate, which focuses on beer rather than food, is likely to be exempt from the ban. But Mitchells & Butlers -- with preliminary results on Wednesday -- could be one of the hardest hit as its estate has a higher proportion of food sales. It operates the Harvester, All Bar One and O'Neills high street brands.
However, analysts are largely working in the dark as to how a ban could really impact performance with only anecdotal evidence from Ireland -- where a ban in pubs and clubs came into force earlier this year -- and local observation providing any clues as to how on-trade volumes have been affected.
Even so, some put the initial fall-off in trade at over 15 pct. In Scotland, which recently announced an all-out ban by 2006, analysts reckon trade will fall by around 7.5 pct.
While a smoking ban in England and Wales will hit trade, analysts reckon the impact will not be as great as either Ireland or Scotland.
Arbuthnot Securities reckons the annualised decline in sales over the first twelve months of the ban could be around 5 pct, while the 2008 deadline will give the pub groups plenty of time to position themselves financially to absorb any short-term impact on trading.
Meanwhile, Enterprise Inns full year results on Tuesday will include a full six months contribution from the now wholly-owned Unique pubs chain and analysts look for pretax profits of about 222-225 mln stg for the twelve months to Sept 2004.
The group indicated in a recent update that trading was "comfortably in line" with expectations, with operating profit per pub up by 8 pct. Stockbroker Williams de Broe is looking for profits of 222.3 mln stg and earnings of 45.9 pence a share. Arbuthnot has pencilled in profits of 221.8 mln stg. A rise in the total dividend from 8.6 to 10.7 pence a share is also anticipated.
Mitchells & Butlers, which runs about 2,000 managed pubs, reports its preliminary results on Wednesday.
Analysts expect pretax profits of about 178-180 mln stg for the year to Sept 2004, compared to a pro forma figure of 199 mln stg last time.
A recent trading update pointed to a 6 pct rise in same-outlet like-for-like sales and the group indicated that the results would be towards the top-end of expectations. A rise in the total dividend to around 9.5 pence a share is anticipated, compared to last time's pro forma 5.65 pence payment.
However, the group is facing increasing cost pressures -- minimum wage increases and rising energy costs -- while the prospect of a nationwide smoking ban is a real and serious threat to the company. Arburthnot Securities reckons that based on its mid-case scenario of a 5 pct decline in sales in the first year of a ban, profits could fall by as much as 26 pct due to the high fixed-costs of running a managed pubs chain.
In the meantime, Arbuthnot expects pretax profits for 2003-04 of 178.8 mln stg, which would give earnings of 21.8 pence a share.
Wolverhampton & Dudley Breweries results on Friday are expected to show the benefit of strong trading over the summer months.
In a pre-close trading update, the company said its Pathfinder Pubs saw like-for-like sales growth in its invested pubs estate increase from 2.8 pct in the first half to 3.6 pct in the second, giving a growth rate for the full year of 3.2 pct.
Like-for-like sales in The Union Pub Company were 4.3 pct ahead of last year for the same 52-week period.
Arbuthnot Securities looks for full year pretax profits of 76 mln stg, compared to last year's reported figure of 73.1 mln stg. A rise in the total dividend from 32.1 to around 35.3 pence a share is also anticipated.
Apart from the figures, analysts will be hoping an independent revaluation of the group's pub assets will throw up a surplus and allow the board to return cash to shareholders or make acquisitions. The group has already indicated that the net increase in asset value is expected to be over 160 mln stg -- an average uplift of 25 pct since the last valuation in 1999.

Mega I try to keep it short ,but always seems a great deal around

London shares outlook - unsettled on lack of earnings news, direction from NY

LONDON (AFX) - The FTSE 100 is set for an unsettled open, as investors search for direction ahead of a quiet day of blue chip earnings results and following an uninspiring session on Wall Street on Friday, dealers said.
Spread betting group IG Index is anticipating an 8 point fall in the FTSE 100 index at the open, after an 11.9 point decline on Friday to 4,741.5.
In the US, the major indexes finished the post-holiday, abbreviated Friday session not far from where they started.
The DJIA finished the day up 1.92 points at 10,522.23, while the Nasdaq Coqosite slipped 0.57 points to 2,101.97.
Intel, down 1.7 pct, was the biggest decliner on the Dow, after the Semiconductor Industry Association said consumer electronics sales in the fourth quarter are expected to be about even with those of this year's third quarter, as high energy prices are holding back discretionary spending.
In Asia today, Japan's Nikkei 225 index ended the day up 144.14 points at 10,977.89, while the Hang Seng finished the morning session 197.83 points higher at 14,092.86.
Focus will still be on the US dollar today, after steep falls in the currency versus the euro last week. The greenback firmed against the euro in Asia, with the European currency easing to 1.3248 dollars in late morning trade.
When asked about pressure to change the yuan's peg to the dollar, Chinese Premier Wen Jiabao criticised the US for not taking measures to halt the slide in the dollar and insisted that China will not revalue the yuan under pressure.
Meanwhile, crude oil futures fell in Asia. At 3.00 am, light sweet crude oil for January delivery on the New York Mercantile Exchange was 0.17 usd lower at 49.27 usd a barrel, down from its close of 49.44 usd in New York Wednesday.
Back in London, the week is set to be dominated by the government's pre-budget report on Thursday.
The week starts off with data for October consumer credit and mortgage lending. Both are predicted to show further drops in pace as record levels of debt and the interest rate hikes take their toll.
John Butler at HSBC expects the number of mortgage approvals to slump to lows not seen since 1998.
"That is arguably a return to more 'normal' levels rather than a collapse," he said.
Consumer credit is expected to drop to 1.5 bln stg in October from 1.6 bln the previous month -- largely due to the rise in borrowing costs.
The purchasing managers indices measuring activity in the manufacturing and service sectors are also due out during the week and are forecast to show falls.
In corporate news, utility stocks will be the main focus this morning, as Ofgem is due to publish its final proposals for the electricity distribution price review.
UBS expects the allowed return for electricity suppliers to be close to the mid-point of the 4.02-5.0 pct range used in the draft proposals.
The broker highlighted that companies have been arguing for an allowed return above the top end of the range, closer to the 5.1 pct used by Ofwat.
UBS cautioned that it anticipates a modestly adverse market reaction if the allowed return is not materially above the 4.6 pct used in the draft.
Still in the utility sector, Severn Trent will report first half numbers today.
Dresdner Kleinwort Wasserstein thinks the interims are likely to be slightly weaker due to the well-flagged 30-35 mln stg pension cost for the full year.
Dresdner forecasts profit before tax and goodwill of 139 mln stg, down 8 pct year-on-year. The broker is also looking for pre-deferred tax ESP of 31.3 pence and a dividend per share of 18.2 pence -- an increase of 2.5 pct on last year's payout.
Management will have to address the claims that the company over-stated bad debts in order to succeed in its 2002 IDoK -- an interim price determination -- application.
Meanwhile, the threat of a nationwide smoking ban in public places and its impact on the pubs industry will be a major talking point this week with three of the UK's largest pub group's -- Enterprise Inns PLC, Mitchells & Butlers PLC and Wolverhampton & Dudley Breweries PLC - all poised to announce full-year results.
Among the small cap pub groups, Belhaven Group is due to release interim numbers this morning. According to Arbuthnot, the pubs group should report another set of strong results, with pubs the main growth driver, supported by steady growth in brewing and drinks distribution.
Arbuthnot forecasts interim group pretax profits of 9.0 mln stg for the six months ended September 2005, up from 7.7 mln. A 10 pct hike in the payout to 4.4 pence would be covered by EPS of 22.2 pence against 21.0.
Also reporting interim results will be Mitie Group.
The first half numbers will reflect the impact of some keenly priced local authority contracts and Altium looks for 6 pct EBITA growth to 7.5 mln stg.
Overall, Altium forecasts group pretax profits of 20.7 mln stg for the six months to end-September 2004, up from 18.5 mln, for EPS of 4.1 pence against 3.6, and a payout of 1.3 pence from 1.1.
Full year results are on the agenda at Dawson Holdings. Altium is looking for 2004 pretax profits of 15.1 mln stg against 13.0 mln. A 7.2 pence dividend total, up from 6.9, would be covered by EPS of 15.5 pence against 13.3.
Intec Telecom Systems will release full-year numbers today, which Baird Equities thinks should show further evidence of acceleration in organic growth.
Baird believes that given the new business momentum in the third quarter and contracts signed in the fourth quarter, Intec's results for the year should at least be in line with expectations.
Baird expects pretax profits of 6.4 mln stg, up from 5.4 mln, for EPS of 2.3 pence against 2.2.
Topps Tiles will report full year numbers, having said in October that it expects to make pretax profit of about 33.5 mln stg. Analysts expect the dividend to go up to around 6.6 pence from 5.5, payable from EPS of nearly 11 pence against 9.
Many M&A stories featured in the weekend press. According to the Sunday Telegraph, Xstrata will this week unveil a 3 bln stg hostile offer for WMC Resources after the Australian copper and uranium mining company rejected an earlier friendly approach. However, the Sunday Times claimed Rio Tinto is considering making a rival offer. According to The Observer, HSBC is ready to swoop on Korea First Bank in a 2 bln stg deal, putting it head to head with US rival Citigroup in one of the fastest-growing markets in south-east Asia.
Novar is to launch a two-week drive to tie up a white-knight bidder for the group before the Christmas season begins claimed The Business. Novar has reportedly decided to drop its initial defence plan of breaking up the group and selling it as separate businesses.
Finally, The Mail of Sunday reported that Marks & Spencer is secretly making moves to sell up to half of its poorly performing Siqly Food convenience stores - a decision that could cost the troubled retailer millions of pounds.

BOC DOWNGRADED TO 'UNDERWEIGHT' FROM 'NEUTRAL' AT JP MORGAN

STOCKWATCH Bunzl started with 'underperform' rating, 400p target at CSFB

REXAM DOWNGRADED TO 'HOLD' FROM 'BUY' BY DEUTSCHE BANK

MARKETS
Tokyo: Nikkei 225 10,977.89, up 144.14
Hang Seng midday 14,092.86, up 197.83

BREAKING NEWS - MONDAY
* BOOTS is having second thoughts about selling sex toys, prompting supplier
SSL to open talks with other stores - FT
* GLAXOSMITHKLINE tells Tony Blair to press G8 for patents reform - Independent
* American flu jabs give GLAXOSMITHKLINE a shot in the arm - Telegraph
* CHIME COMMUNICATIONS walks away from merger talks - Telegraph
* LASTMINUTE.COM chief hints that more job cuts are possible - Guardian
* KINGSTON COMMUNICATIONS to restore dividend payments - Telegraph
* Canary Wharf's board considers Docklands offer - FT
* Germany's Aldi plans 500 mln stg stores push in UK - FT
* E*trade to launch futures platform - FT
* Gordon Brown to boost crackdown on corporate tax avoidance - FT
* Chancellor Gordon Brown defiant as CBI warns of 7 bln stg hole in tax
revenues - Independent
* Contractors urge Chancellor to tackle PFI delays - Times
* Betting chains poised to enter race for National Lottery - Daily Express
* Firms' pensions rejig could cost the Treasury 1 bln stg a year - Times
* Spending on internet advertising set to soar: Zeneith-Optomedia report - FT

MONDAY PRESS COMMENT
FT
Lex Column: US Treasuries (Treasures are clearly not cheap, That does not make them a one-way bet although a catalyst will be required for a significant
shift); TELECOM ITALIA (Proving a deal was at near current prices it could
benefit both TELECOM ITALIA MOBILE and TELECOM ITALIA); Equity Research
(DEUTSCHE BANK may not have a choice. It needs to cut costs and research is an
obvious target. That suggests its peers may not rush to copy Deutsche's
experiment - unless of course it works)

Independent
Small Talk: 121MEDIA (AIM flotation before Christmas should value company at
between 20-30 mln stg if fund managers are attracted); DEBT FREE DIRECT (Watch
out for news); CRESTON (results today will show progress with the integration
of CML Research); BANK RESTAURANTS (might just be a tasty morsel from the
stock market undercard); MONKLEIGH (about to do its second deal since floating
on AIM in July); GLOBAL GAMING CORP. (the plan is to inject a sports
betting company into the cash shell, with widespread expectations such a deal
will value the shares at 12 pence each); ATI OIL (first Ofex company to have
been spun out of an AIM firm starts trading today)

Times
Rumour of the day: CHIME COMMUNICATIONS/INCEPTA (Held extensive merger talks
but have failed to reach agreement. However the prospect of a deal is not dead
and talks are set to restart next year) -- Smaller Stock to Watch:
ANGLO-PACIFIC

Morning all.

STOCKWATCH Severn Trent reiterated 'neutral' at CSFB post-H1

LONDON (AFX) - Shares in Severn Trent PLC were reiterated a 'neutral' at CSFB after the utility group posted slightly better-than-expected interim numbers, dealers said.
In a note to clients, the broker said headline EBITA was down 2.2 pct to 229.3 mln stg, against its own estimate of 224 mln, while pretax profit fell 6.5 pct to 141.3 mln, compared with a consensus estimate of 138 mln.
The fall in year-on-year profit was due to the inclusion of a 15.1 mln stg increase in pension costs, which is expected to impact full-year results by
32 mln, the broker added.

Morning punters!

ARK - partnership with TTC
http://www.uk-wire.com/cgi-bin/articles/20041129070000Z7139.html

NTP - manufacturing partner for lead product
http://www.uk-wire.com/cgi-bin/articles/200411290700077265F.html

CWV - poor trading update, which was in the chart
http://www.uk-wire.com/cgi-bin/articles/200411290700097306F.html

ITH - in bed with Porsche - classy! ;-) Chart says it leaked? ;-))
http://www.uk-wire.com/cgi-bin/articles/200411290700097297F.html

COL - acquisition
http://www.uk-wire.com/cgi-bin/articles/200411290700197332F.html

PRE - disappointing drilling update?
http://www.uk-wire.com/cgi-bin/articles/200411290700287353F.html

KIE - nice AGM statement
http://www.uk-wire.com/cgi-bin/articles/200411290700307355F.html

HNR/ROC/PMO - disappointing drilling update from Mauritania?
http://www.uk-wire.com/cgi-bin/articles/200411290701407406F.html

TLW - looks good in Banglabesh
http://www.uk-wire.com/cgi-bin/articles/200411290700437396F.html

CCT - dispute settled in its favour = exceptional profit!!
http://www.uk-wire.com/cgi-bin/articles/200411290700447403F.html

UKC - not the best trading update?
http://www.uk-wire.com/cgi-bin/articles/200411290700447404F.html

CHW - possible merger with ITA off
http://www.uk-wire.com/cgi-bin/articles/200411290700447401F.html

HYC - interims seem way ahead of FY forcasts.
http://www.uk-wire.com/cgi-bin/articles/200411290700047063F.html

BTSM - nice interims. I'm long!!
http://www.uk-wire.com/cgi-bin/articles/200411290700057169F.html

TOPS - fair discount to NAV
http://www.uk-wire.com/cgi-bin/articles/200411290700127315F.html

DWN - in line FY
http://www.uk-wire.com/cgi-bin/articles/200411290700127314F.html

ASC - decent set of interims, but price has flown this year
http://www.uk-wire.com/cgi-bin/articles/200411290700167324F.html

MTO - interims inline
http://www.uk-wire.com/cgi-bin/articles/200411290700147320F.html

DGG - interims look OK
http://www.uk-wire.com/cgi-bin/articles/200411290700157323F.html

ILX - chart been poor, but interims seem to be pointing to a turn. Hmm
http://www.uk-wire.com/cgi-bin/articles/200411290700267347F.html

Well, that's all folks. I've probably missed something, but such is life!

Have a good day/week.

London shares near highs midmorning; financials up as dollar firms

LONDON (AFX) - UK blue chips remained stronger in solid midmorning trade, hovering near session highs supported by solid gains in financial issues as the US dollar managed a rally after recent declines, dealers said.
At 10.04 am, the FTSE 100 index was 46.4 points higher at 4,788.1, just below the session peak of 4,791.0 having dipped back to 4,739.5 at open.
The broader FTSE indices were more modestly higher.
Volume was fair with 388 mln shares changing hands in 38,180 deals.
Today's UK data provided more evidence of slowing consumer credit and mortgage lending as the Bank of England's recent rises in borrowing costs take their toll.
UK net new consumer credit in October fell for the second month running to reach 1.549 bln stg from 1.624 bln the previous month. The reading was in line with predictions but is still the lowest since April this year.
Strength in financial issues provided the main fuel for blue chips in London midmorning, with hedge funds provider Man Group a good performer, up 25 pence to 1,489, while Old Mutual topped the FTSE 100 risers, ahead 2-1/2 pence at 131.
Bank stocks rallied as well, with Barclays rebounding 9 pence higher to 552 after a dismal performance last week, helped by a target upgrade to 550 pence by JP Morgan.
Other banks were also higher -- Lloyds TSB shares rose 7-1/2 pence higher to 430-1/4, and HSBC gained 13 pence at 904-1/2 aided by strong gains today in Hong Kong.
Away from financials, pharma stocks rebounded as well after being hit last week by the US dollar decline -- GlaxoSmithKline rose 13 pence higher to 1,133 aided by share buy-backs, and AstraZeneca was up 22 at 2,102 helped by news of European approval for a heart drug, Atacand.
And mining issues also benefited from the firmer dollar, with commodity prices higher as a result -- Anglo-American added 19 pence at 1,293, Xstrata gained 4 pence at 942, and Rio Tinto firmed 19 pence at 1,559 amid talk the group could counter-bid Xstrata's hosile offer for Australia's WMC.
Utility stocks stayed in focus after the regulator Ofgem announced that electricity distribution companies will be allowed a 1 pct real, or inflation-adjusted, increase in charges from April 2005.
The allowed increase in charges was in line with expectations, and there was relief that the regulator did not impose stricter guidelines.
In reaction, Scottish Power shares rose 3-3/4 pence higher to 396-1/4, while Scottish & Southern Energy took on 5 pence at 823 pence higher at 819.
Meanwhile water blue chips Severn Trent rallied from initial falls, gaining 1-1/2 pence at 895 as fears over accounting irregularities were countered by the firm's slightly better-than-expected interim results.
Severn Trent posted profit before tax and exceptional items of 126.2 mln stg, down from 136.2 mln stg last time out, but near the top of the 118-128.4 mln stg market range.
There were few blue chip fallers left by midmorning.
Rentokil Initial shares topped the fallers list, down 1-3/4 pence to 152-3/4 ahead of an update due tomorrow, with Citigroup Smith Barney -- repeating its 'sell' rating -- expecting a further deterioration in trading at teh support services firm.
Elsewhere, negative broker comment pulled Dixons shares down 0-1/2 pence to 148-3/4, with Lehman downgrading its stance on the electricals retailer to 'underweight' from 'equal-weight' in a cautious pre-Christmas sector review.
Rexam also suffered, losing 1-1/4 pence at 460 after Deutsche Bank downgraded its rating for the beverage can maker to 'hold' from 'buy' following a strong run by its share price.
There were more weak performers on the second line.
Premier Oil headed the FTSE 250 fallers list, shedding 30 pence to 576 after news that tests on its Merou-1 well offshore Mauritania indicate it is not commercial.
In response, Merrill Lynch stuck to its 'sell' stance, noting Premier has drilled 3 exploration wells in Mauritania, two of which have not been a commercial success.
Elsewhere, Kidde shares shed 6 pence at 150 after the Observer newspaper claimed that United Technologies has decided to walk away from a bid for the firm after the UK group refused access to its books.
There was a buzz around SSL International on reports that Boots is pulling out of a deal in which it would sell a range of SSL's sex toys in its stores.
SSL shares lost 9-1/4 pence at 288-1/4.
Meanwhile shares in MITIE Group fell back 1-3/4 pence to 155-1/2 as a slide in margins at its building and supports services operations offset a 22 pct rise in interim profits and an upbeat outlook.
In response, Investec reduced its stance on the group to 'hold' from 'buy'.
And pubs group Mitchells & Butler shed 4 pence at 297 after being cut to 'hold' from 'buy' by Citigroup Smith Barney on valuation grounds ahead of the group's full-year results due this Wednesday.
But among the midcap gainers, EMI Group shares took on were 4-1/4 pence higher ar 248-1/4 as Citigroup Smith Barney turned buyer on the music group.
The broker argued recent first half results mitigated concerns over 2004/05 earnings, with the group predicting a high level of confidence in profitability and sales given strong growth in October and November.
And Novar shares rose 4-1/4 pence higher to to 164-3/4 amid weekend press reports suggesting Melrose Resources will launch its bid for the firm this week.

Good morning all from a nice sunny North Wales. Nice to see the Banks recover a bit this morning.