MARKETS
FTSE 100 4,747.9 down 3.3
FTSE 250 6,656.0 up 35.6
DJIA 10,592.21 up 7.09
Nasdaq Comp 2,147.96 up 4.39
S&P 500 1,191.17 up 0.84
Gold 450.15 usd (447.02 usd)
Oil - Brent Jan 39.36 usd (40.15 usd)

BREAKING NEWS - WEEKEND
* Japan warning the White House that there will be 'enormous capital
flight' from the dollar if the Bush administration maintains its
laissez-faire approach to the mounting currency crisis - Observer
* SMITHS GROUP in 1 bln usd negotiations to buy US healthcare group
Medex - Sunday Telegraph
* ALLIED DOMECQ launches a major investigation into conduct at its
marketing division after suspending one of its top executives, Kim
Manley, for alleged 'personal financial irregularities' - Mail on Sunday
* David Blunkett's political future under renewed threat last night
after he admits a 'messy affair' with a civil servant nearly 20 years
his junior who worked in his Whitehall office - Mail on Sunday
* FSA grills fund managers in SHELL reserves probe; City regulator
demands records of meetings between investors and former executives -
Sunday Telegraph
* Government set to raid 15 bln stg lying 'dormant' in Britain's bank
accounts to raise enterprise and skills in some of Britain's
hardest-pressed areas - Observer
* Electricite de France will give UK investors the chance to become
significant shareholders in the French state-owned energy giant when it
announces the details of its 27 bln stg flotation within the next two
weeks - Sunday Telegraph
* British companies may have to pay two or three times as much into
their pension schemes as a result of an obscure clause in the new
Pensions Act - Independent on Sunday
* EUROTUNNEL, the debt-burdened operator of the Channel tunnel, faces a
potentially disastrous revolt by haulage firms over plans to increase
prices and other demands - Sunday Times
* Banks owed more than 6 bln stg by EUROTUNNEL will seize a 15 pct
stake in the company in return for allowing the cross-channel rail
operator to skip interest payments totalling 500 mln stg since 1998 -
Observer
* WH SMITH expected to be forced to issue another devastating profits
warning early in the New Year as competition and sluggish sales bite
into profits in the run-up to Christmas - Mail on Sunday
* Credit Suisse First Boston this week expected to announce 3,000
global job cuts - with 20 pct of them in London - Sunday Express
* Financial Sunday Express has learned the British Retail Consortium
data for November will show like-for-like sales fell 1 pct on the same
month last year
* Premiership clubs to lose millions as EU ends Sky live matches
monopoly - Observer Sport
* BARCLAYS could get approval to acquire a majority stake in South
Africa's largest consumer bank, Absa, for 1 bln stg by next week -
Sunday Express
* BBC to decide which 6,000 staff will be axed this week - Sunday
Telegraph
* BBC will announce on Tuesday that it will sell its programme
scheduling and services division, BBC Broadcast, and seek partners for
its BBC Resources outside broadcast division - Independent on Sunday
* PUNCH TAVERNS emerges as frontrunner to buy 350 pubs being sold by
rival operator Spirit Group for around 300 mln stg - Sunday Times
* Francis McKay, chief executive of TRAVIS PERKINS, registers his
interest in acquiring FOCUS WICKES, Britain's second-largest DIY chain,
which is worth more than 1 bln stg - Sunday Times
* TRAVIS PERKINS eyes 600 mln stg bid for Wickes, part of the Focus
Wickes DIY group - Sunday Telegraph
* Management of COURTS, the furniture retailer that went into
administration last week, hatching a plan to buy all or part of the
retailer's UK business - Sunday Telegraph
* Mounting levels of red tape are costing the economies of the European
Union more than 1 trln eur a year in lost output, a devastating
report from the European Commission concedes - The Business
* MG Rover's planned Chinese venture deal could deal a serious blow to
its commercial strategy by threatening an arrangement to import cars
from India - Sunday Times
* SHELL and its partner Exxon in last-minute negotiations with US oil
firm Apache and Ireland's TULLOW OIL to rescue the 220 mln stg sale of
its Schooner and Ketch complex of oil and gas fields - The Business
* Kazaa fights for Web's future; a case being fought this week in
Australia could cost companies ranging from EMI to Microsoft billions of
dollars in lost revenues - and decide the future of the internet; in one
corner are 30 record labels, including EMI, Sony BMG and Warner Music;
in the other is internet song-swap site Kazaa, which allows music fans
to download copyrighted music for free - The Business
* House prices will decline 2 pct over the next year as the market
experiences a "measured slowdown", the Halifax says
* Gordon Brown may need to raise even more extra tax than the 26 bln
stg he has pencilled in during the next Parliament should Labour be
re-elected, the Institute of Fiscal Studies warns
* LEGAL & GENERAL says tax changes announced by the Chancellor on
Thursday likely to cost the company 20 mln stg a year
* Internet provider PIPEX COMMUNICATIONS to launch a voice over
internet service for small businesses that could cut phone bills by as
much as 75 pct - The Business
* European and UK institutions expected to launch a bid of up to 200
mln stg early in the new year for MARTIN CURRIE, the Edinburgh-based
fund management company - The Business
* FSA close to reduced settlement figure to resolve split trusts
scandal - Saturday FT
* US economy created 112,000 new jobs last month, disappointing
expectations of a much stronger reading and signalling that businesses
remain cautious about adding to their payrolls
* Falling oil prices may prompt Opec to agree to reduce its output when
it meets next week in Cairo, two officials of the oil cartel hint -
Saturday FT
* Government plans to encourage greater saving for retirement may not
deliver benefits to life assurers and could actually damage their
solvency, Ned Cazelet, the independent life assurance analyst warns -
Saturday FT
* GLAXOSMITHKLINE faces threat of UK class action over Seroxat -
Saturday Independent
* ITV drops Cazenove as its adviser
* ITV on course to make a profit of 1.2 mln stg from viewers phoning in
to vote to eject contestants from its I'm a Celebrity Get Me Out of
Here! show - Sunday Telegraph
* Brandes, the US fund manager that played a pivotal role in the Marks
& Spencer takeover battle, increases its stake in J SAINSBURY to 9.1
pct from 8.3 pct - Saturday Telegraph
* Bruce Wasserstein, the combative chief executive of investment bank
Lazard, expected to agree this week that he will quit the group unless
he can pull off a successful stock market flotation by the end of next
year - Sunday Telegraph
* Private equity firm CVC sells 46 mln shares in HALFORDS, halving its
stake to 19.8 pct from 40 pct
* DM Private Equity poised to buy Unwins
* WOLVERHAMPTON & DUDLEY announces a 120 mln stg offer for BURTONWOOD
of Cheshire, sparking speculation about a wave of sector consolidation;
analysts say BELHAVEN, the Scottish brewer with 263 pubs, could be the
next most likely target - Saturday FT
* BRITISH AIRWAYS will face tougher competition on some of its most
profitable routes after the Civil Aviation Authority announces its
decision on lucrative additional traffic rights for flights between the
UK and India - Saturday FT
* BRITISH LAND facing a head-to-head battle with Canary Wharf to win
permission to develop Wood Wharf, a 2 bln stg site next to Canary's East
London estate - Saturday Times
* BT continues its march overseas by acquiring full ownership of
Albacom, the Italian telecommunications operator in which it held a 26
pct stake - Saturday FT
* JOHN LAING takes a 29.7 pct stake in Gdansk Transport Company, the
preferred bidder on a 484 mln stg project to build the A1 motorway in
Poland
* COX INSURANCE chief executive Andrew Fisher lining up a management
buyout of the Lloyd's of London motor insurer which has been the subject
of takeover talks - Sunday Express
* Some of the UK's largest power suppliers could share a compensation
package of about 1.2 bln stg for loss of power supply contracts to TXU
Europe, the energy group that collapsed two years ago - Saturday FT
* JARVIS selling its Private Finance Initiative bidding business to
Germany's Hochtief for 1.2 mln stg
* Shareholders in QXL RICARDO, the online auction site due to be sold
to its management for 11.9 mln stg, form a group to fight the sale -
Sunday Express

SATURDAY PRESS COMMENT
FT
THE LEX COLUMN comments on Transport for London (as a private company
TfL would be insolvent), Government borrowing, ABB (yesterday's share
price drop has removed its premium; but, with performance slipping and
asbestos back on the agenda, a further de-rating cannot be excluded),
IBM (investors in Hewlett-Packard will want to know why it is staying in
PCs, if IBM is going) - PHYTOPHARM (if it can deliver a steady stream of
positive data, the share price should start to look less emaciated) -
Weekend share watch: HAMMERSON (with a dividend yield of 2.16 pct and a
discount to NAV of only 6 pct, the shares do not look a must-have), BEMA
GOLD (Russian drilling results look promising), GET GROUP (it has
secured a deal to provide sockets and switches for the entertaining and
corporate areas in Wembley stadium; but margin pressure could come from
price deflation in older products and high raw material prices)

Guardian
LONDON STOCK EXCHANGE (talk that Deutsche Boerse bid will emerge in the
middle of next week) - RAYMARINE (expected to have a very buoyant first
day of dealings on Monday)

Independent
No Pain, No Gain: Derek Pain takes stock of the portfolio's progress;
he is still seeking recruits: CHORION (now out of my reach), VITESSE
MEDIA (I may be tempted into buying), GOURMET HOLDINGS (another I am
looking at) - COX INSURANCE (Cox chief in the frame for buyout bid) -
REGAL PETROLEUM (word it is close to a major drilling success) - PACE
MICRO (vague bid talk; Scientific Atlantic of the US traditionally
viewed as the most likely buyer) - AVANTI SCREENMEDIA (rumours it is
close to securing yet another major contract)

Mail
INVESTMENT EXTRA: ULTIMATE LEISURE (now could be the time for an
Ultimate party), URBIUM (also offers good value) - SMITH & NEPHEW
(continuing gossip it could be interested in bidding for SSL
INTERNATIONAL) - REGUS (revived rumours of a US bid) - PARAGON (reports
of a pending bullish broker circular) - DATACASH (retailers should go
running to the company to sign up for its chip and PIN technology; deals
have been slow to materialise so far but that should soon change)

Times
MICE GROUP (rights issue fears) - COX INSURANCE (talk that Neil Utley,
the former chief executive who is backed by Duke Street Capital, will
offer 110 pence) - TEMPUS: Robert Cole says water company dividends may
yet become a trickle; hold the shares; just do not expect big capital
returns from here on)

Express
CADBURY SCHWEPPES (talk that rival Nestle is taking a bigger bite of
the UK chocolate market while competition in American soft drinks is
about to intensify) - NAMIBIAN RESOURCES (hopes for a positive update) -
STERLING ENERGY (big seller cleared out) - AEROBOX (Watermark sells its
stake) - GATEKEEPER (expected to perform strongly when trading starts
next week)

Telegraph
MEDICAL SOLUTIONS (rumours that Nomura is holding a fundraising for the
company) - FIRST CALGARY (speculation it will deliver a positive update
on its reserves shortly) - QUESTOR COLUMN: ANGLO IRISH BANK (buy),
ENODIS (worth a cautious look), TOROTRAK (road ahead is just too bumpy)
- An investor's guide to fringe benefits. Some shares come with
attractive discounts but check the maths, says Melanie Wright (DE VERE
GROUP, BRITISH AIRWAYS, HOLIDAYBREAK, NEXT, THE BIG FOOD GROUP, FIRST
CHOICE, BARRATT DEVELOPMENTS, GIEVES & HAWKES, LOOKERS)

SUNDAY PRESS COMMENT
The Business
SMALL-CAP INVESTOR: WINCANTON (good value even if there is no bid
activity) - AIM INVESTOR: CHORION (on 14 times forecast 2005 earnings
per share - a fair price for a proven business model set to achieve
growth targets) - BENCHMARK: Grant Clelland comments on German labour
market, WestLB's sale of its 31 pct stake in TUI, New accounting
standards of the Sarbanes-Oxley Act

Mail on Sunday
COMPANIES AND MARKETS: THE BIG FOOD GROUP (chief executive forced to
accept a 52 mln stg cut in the price that Baugur would pay for the
company after a further alarming fall in sales, insiders disclose),
LEPTIS MAGNA (will join AIM tomorrow after raising 1 mln stg from a
share issue), ROLLS-ROYCE (government backing a bid by Rolls-Royce to
supply 800 mln stg worth of turbine engines for 27 frigates in the
French and Italian navies); SECRET DEALINGS: BEGBIES TRAYNOR (among
those who backed the float was private investor Bob Morton, who holds
500,000 shares, or 0.77 pct; Citywire AAA-rated fund manager Giles
Hargreave has also invested, buying 1.16 pct for his Marlborough Special
Situations fund) - MIDAS: EUROPEAN NICKEL (a speculative buy)

Sunday Express
SCI (close to signing Keanu Reeves for its latest game based on a new
movie featuring the Hollywood star)

Sunday Times
JUDGMENT DAY: SHOULD YOU BUY SHARES IN WORKSPACE GROUP Andy Brough,
fund manager at Schroders, says hold, while Tim Steer, fund manager at
New Star, says buy - INSIDE THE CITY: Hitch a ride on the back of the
iPod. John Waples comments on PIXOLOGY (its shares have recovered
strongly, but there could be much more to come if this small company can
hang on to its early leadership in a burgeoning sector), WOLFSON
MICROELECTRONICS (being baled out by the iPod; with Sony about to launch
its portable PlayStation next week, some are wondering whether Wolfson
has secured another important new customer for its chips); RENTOKIL
INITIAL (investor sentiment will be driven by the calibre of the
incoming chief executive); MARKET MOLE: REDROW (Old Mutual star Dan
Nickols, who has a Citywire AA-rating, and the top-performing Aberforth
team sold out last month) - DIRECTORS' DEALINGS: GREAT PORTLAND ESTATES
(chairman sells 600,000 shares at 320-1/2 pence per share) - Green
energy firms are the new hot stocks (OCEAN POWER TECHNOLOGIES, ALKANE
ENERGY, DI OILS - Should you buy shares in utilities CENTRICA (buy),
NATIONAL GRID TRANSCO (buy), SCOTTISH POWER (sell), SCOTTISH & SOUTHERN
ENERGY (hold), UNITED UTILITIES (hold)

Sunday Telegraph
Award-winning companies pave the way for making a profit out of energy
efficiency (CERES POWER, TOROTRAK) - TEA WARS (while UNILEVER has been
building global brands, trouble is brewing for PG Tips, its UK tea, for
years the undisputed market leader (BUSINESS p.7) - Equity View: BLUE
CHIP VALUES: SEVERN TRENT (lock in profits and bail out), SAGE GROUP
(keep buying); Look who's trading: BOC GROUP (chief executive exercises
options and sells; short-term investors may want to take some profits
but the shares, which are yielding over 4 pct, are a long-term buy);
SMALL CAP COMMENT: FRENCH CONNECTION (keep selling), PREMIER OIL (hold),
1st DENTAL LABORATORIES (buy), ATTENTIV SYSTEMS (worth a long-term bet)
- TAKING STOCK: Edmond Jackson comments on RAVEN MOUNT, HONEYGROVE (with
better management, OAKDENE should be able to unlock value in
Honeygrove's assets, so I shall accept its offer and hold its shares
firmly), PLANESTATION (I should have cut my exposure on the grounds that
a chief executive had not been frank with the AGM about his strategy)

Observer
THROG STREET: Richard Wachman comments on banking sector (the whole
notion of a soft economic landing requires something of a leap of
faith), EMAP (if boss Tom Moloney can change the impression that Emap
gets things wrong when it buys other firms, the shares will fly),
RENTOKIL INITIAL (when is a profits warning not a profits warning)

SAN FRANCISCO (AFX) - US stocks, which have climbed recently thanks to falling oil prices, encouraging economic data and healthy corporate profit reports, are likely to keep pressing higher this week as positive factors dominate, strategists said.
They said that, barring an unforeseen destabilizing event such as a sudden and steep fall in the US dollar, a spike in the price of oil or terrorist attack, equities are likely to keep making modest gains for the rest of the year.
"Barring any major event risks and with energy being relatively stable, I think the market trades higher," said Jay Suskind, director of trading at Ryan Beck & Co. "Not a lot higher, but the glass is half full, not half empty."
While a steady decline in the dollar -- it hit a record low against the euro again on Friday -- and a disappointing November jobs report at the end of the week tempered some optimism among investors, strategists said that, for the time being, the positives and traditional end-of-year buying pressure will win out.
"We may at least temporarily have broken the back of oil prices and while the dollar is falling, it's falling slowly, so as long as that doesn't accelerate, it should not have too much effect," said Paul Nolte, director of investments at Hinsdale Associates. ..............................................Economists had been looking for stronger growth of about 204,000 in November, according to a survey conducted by CBS MarketWatch. None of the 42 economists surveyed forecast a figure as low as 112,000. "People are having second thoughts about what these job figures mean," said Michael Metz, chief investment strategist, at Oppenheimer & Co.
"They raise questions about how self-sustaining the economy is." Metz pointed to Wednesday's personal income and spending data for October, which showed that spending was outpacing wage rises.
"People are not saving anything and that's absolutely unsustainable and this figure indicates that unless we get more rapid job creation, the economy is just not going to maintain its momentum."

BRC to reveal November sales drop

LONDON (AFX) - The British Retail Consortium admitted UK high street sales were weak in November but described a press report claiming like-for-like sales fell by almost 1 pct on the month as "no more than an informed guess".
"It's no secret that November's been a tough month. A lot of retailers have found it very slow and the consumer's been cautious to spend," BRC spokesman David Southwell told AFX News.
He was speaking after the Sunday Times claimed the lobby group's closely watched monthly report tomorrow would reveal a 1 pct year-on-year decline in sales, the first drop in eleven months.
Southwell denied the report had been leaked to the paper, which did not cite its sources.
The report nonetheless looks set to heighten fears the UK retail sector is set for its worst Christmas in years.
The expected slide in November, which follows a modest 0.5 pct rise in October, will provide further evidence that consumers are tightening their belts after a series of five interest rate rises over the past 13 months.
A number of the country's leading high street retailers are believed to be pondering an early start to their winter sales in a desperate attempt to shift unwanted stock before Christmas.
Ailing retailer Marks & Spencer Group PLC last week cut prices by 20 pct for one day in an effort to boost flagging sales.
Woolworths and Debenhams are among other retailers to have held one-off 'spectaculars' in recent weeks.
Southwell confirmed that the BRC data will reveal retailers of so-called 'big ticket' items, such as electrical goods stores and furniture chains, were hardest hit in November.
Fashion retailers fared somewhat better, the Sunday Times said.

Nice one kayak.

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

BAT AND IMPERIAL TOBACCO DOWNGRADED TO 'HOLD' FROM 'BUY' BY DEUTSCHE BANK

MARKETS
Tokyo: Nikkei 10,981.96 down 92.93
Hang Seng 14,209.33 down 2.51

BREAKING NEWS - MONDAY
* DLA of the UK and Piper Rudnick of the US will today unveil a ground-breaking merger that will put it among the six biggest law firms in the world - FT
* BT could defy Ofcom controls if its ability to compete is curtailed - FT
* GLAXOSMITHKLINE to seek approval from US regulators for the first non-prescription anti-obesity treatment - FT
* INTERACTIVE PROSPECT TARGETING, an online direct marketing company, starts trading on AIM on Thursday after raising 4.5 mln stg in a placing - FT
* STAFFLINE RECRUITMENT floating this Wednesday, having successfully raised 7.3 mln stg through a placing at 80 pence a share - Express
* A national chain of five-a-side football centres, GOALS SOCCER CENTRES, joining AIM tomorrow - Express
* INDIA OUTSOURCING SERVICES makes its AIM debut today - Times
* A rearguard action being launched today by BAA to prevent the closure of the Gatwick Express - Independent
* MM02 to unveil faster downloads than 3G rivals - Guardian

MONDAY PRESS COMMENT
FT
THE LEX COLUMN comments on Japan/dollar, Mobile handsets, US coal
Independent
Small Talk: Michael Jivkov comments on SCI ENTERTAINMENT (today's annual results very unlikely to disappoint), DURLACHER ((not looking to raise new money), CAPE (is the building materials group a takeover target), INTERACTIVE PROSPECT TARGETING (AIM float Thursday), ZI MEDICAL (looks to be a risky proposition for investors), EGDON RESOURCES (expect it to move from Ofex to AIM within the next few weeks and raise some fresh cash on the way)

Morning punters!

HSM - profit warning accompanying interims
http://www.uk-wire.com/cgi-bin/articles/200412060700020045G.html

DSC - disposes property 1.25m over book value
http://www.uk-wire.com/cgi-bin/articles/200412060700030108G.html

VAN - update on contract with IBM/LLOY
http://www.uk-wire.com/cgi-bin/articles/200412060700040168G.html

SYM - court case ended. No judgement yet
http://www.uk-wire.com/cgi-bin/articles/200412060700050235G.html

DTM - acquisition
http://www.uk-wire.com/cgi-bin/articles/200412060700050248G.html

MGCR - trading statement got a bit of both. $ weighs
http://www.uk-wire.com/cgi-bin/articles/200412060700050251G.html

LAC - PE 46 on reduced interims? Hmm
http://www.uk-wire.com/cgi-bin/articles/200412060700060260G.html

SEG - nice set of FY
http://www.uk-wire.com/cgi-bin/articles/200412060700070262G.html

EDP - decent results
http://www.uk-wire.com/cgi-bin/articles/200412060700070274G.html

ACL - interims already in the price? Not the best outlook, though
http://www.uk-wire.com/cgi-bin/articles/200412060700080311G.html

FER - contracts
http://www.uk-wire.com/cgi-bin/articles/200412060700090312G.html

MPH - the Korean connection
http://www.uk-wire.com/cgi-bin/articles/200412060700090315G.html

ULE - nice trading update, methinks, and new contracts
http://www.uk-wire.com/cgi-bin/articles/200412060700100319G.html
http://www.uk-wire.com/cgi-bin/articles/200412060700100320G.html
http://www.uk-wire.com/cgi-bin/articles/200412060700120321G.html

CAR - turnaround continues?
http://www.uk-wire.com/cgi-bin/articles/200412060700100322G.html

JHD - AGM statement
http://www.uk-wire.com/cgi-bin/articles/200412060700120325G.html

MLB - result of trial
http://www.uk-wire.com/cgi-bin/articles/200412060700130332G.html

NIS - interims seem very good
http://www.uk-wire.com/cgi-bin/articles/200412060700150336G.html

SMIN - acquisition
http://www.uk-wire.com/cgi-bin/articles/200412060700160346G.html

GSD - increased losses, but bullish outlook. Price moved in anticipation last week
http://www.uk-wire.com/cgi-bin/articles/200412060700180351G.html

JRVS - disposal
http://www.uk-wire.com/cgi-bin/articles/200412060700200355G.html

DTK - new orders
http://www.uk-wire.com/cgi-bin/articles/200412060700260373G.html

MWLM - trading update doesn't sound too clever
http://www.uk-wire.com/cgi-bin/articles/200412060700270377G.html

CRG - trading update - hit by $ weakness
http://www.uk-wire.com/cgi-bin/articles/200412060730030310G.html

That's it, have a good day.

morning all

Morning all.

Morning

Good morning all.

A snatched "morning all".

Thanks Kayak, managed to read all of your "thoughts". An excellent read.

AVIVA DOWNGRADED TO 'IN-LINE' FROM 'OUTPERFORM' BY GOLDMAN SACHS

UK and European brokers' recommendations issued today, as collated by AFX News from a range of market sources.

ALTIUM SECURITIES
Downgrade Hold to add Dimension Data

JP MORGAN
Reiterate Overweight Delhaize, ups target to 64 eur from 58 -- Underweight FKI, cuts estimates -- Global Strategy: Positive on Equities over Bonds from 2005; Ups Consumer Discretionary sector to Overweight; Reiterate Overweight Late Cyclical Industries; Overweight US Equities and Japan -- Neutral ABB, cuts target to 6.4 sfr from 7.0

EVOLUTION
Reiterate Add Ottakar's, cuts target to 350 pence from 380

GOLDMAN SACHS
UK Insurers: Downgrade In-line from outperform Aviva; In-line L&G, cuts fair value to 115 pence from 120, reduces estimates -- Reiterate Underperform Bradford & Bingley, adjustes estimates -- Underperform Heineken, ups estimates -- Outperform Philips, cuts estimates -- In-line Reed Elsevier, adjust estimates -- Outperform TDC, adjusts estimates

INVESTEC
Downgrade Reduce from hold Rank Group, cuts estimates

UBS
Initiates Buy Intralot, target 21.5 eur -- Reiterate Buy SSAB, ups target to 175.5 skr from 160 -- Buy Kesa, ups target to 325 pence from 320 -- Neutral Publigroupe, cuts target to 350 sfr from 410 -- Buy Wolves & Dudley, ups target to 1,180 pence from 1,100 -- Neutral Cadbury Schweppes, target 465 pence, revises estimates -- Neutral Xstrata, target 925 pence, adjusts estimates --Swedish Banks: Downgrade Neutral from Buy SEB, target 135 skr, valuation call; Downgrade Neutral from buy Swedbank, target 140 skr valuation call -- European Banks: Top 10: Add Barclays and DnB Nor; Remove San Paolo IMI and Swedbank -- French, Dutch and UK Banks most attractive; Reiterate Neutral Deutsche Bank, ups target to 70 eur from 63, raises estimates; Upgrade Neutral from reduce Commerzbank, ups target to 16.0 eur from 14.25 -- Downgrade Neutral from buy British Land, ups target to 940 pence from 890 -- Downgrade Neutral from buy Zodiac, target 135 skr -- Downgrade Reduce from neutral Deutsche Post WorldNet -- -- Reiterate Buy OPAP, ups target to 22.0 eur from 18.7

NUMIS
Upgrade Add from hold Smiths Group, ups target to 820 pence from 775

WESTLB
European Insurers: Downgrade Neutral from outperform CNP, cuts target to 55 eur from 58; Reiterate Outperform Munich Re, ups target to 100 eur from 95; Outperform Aviva; ups target to 636 pence from 603; Neutral Scor, ups target to 145 eur from 143

DEUTSCHE BANK
Tobaccos: Downgrade hold from buy BAT; Downgrade Hold from buy Imperial Tobacco -- Downgrade Hold from buy Ryanair

SG SECURITIES
Downgrade Hold from buy Invensys, fair value 20 pence -- Downgrade Hold from buy Wendell Investissement, fair value 50 eur

NOMURA
Initiate Reduce Peugeot, fair value range 40-42 eur

CITIGROUP SMITH BARNEY
Downgrade Hold from buy Alfred McAlpine, target 290 pence -- Reiterate Hold Pillar Property, ups target to 730 pence from 700

DRESDNER KLEINWORT
Downgrade Sell from reduce H&M, target 185 skr; Reiterate Buy Inditex, target 25 eur

MORGAN STANLEY
Reiterate Overweight Autoliv, ups target to 51 usd from 45

CSFB
German Autos: Cuts estimates across the board on currency factors; Neutral Daimler-Chrysler, cuts target to 36 eur from 40; Outperform BMW, target 40 eur; Neutral VW, target 41 eur

MERRILL LYNCH
Reiterate Buy St Gobain, ups target to 52.0 eur from 50.5 -- Buy Anglo Irish Banks, ups target to 18.5 eur from 15.5 -- Buy Warner Estates, ups target to 550 pence from 500

LEHMAN
Telecom Equipment: Reiterate Equal-weight Nokia, target 12 eur, ups estimates

small short BLND 801.5 s/l on

thats it for me till 14.30 ,putting me christmas decorations up at the moment :-)

cant handle all this excitment today :-)

Kayak,forgot to say great post !!!

Mega...