LONDON (AFX) - Leading shares are expected to open slightly higher this morning, encouraged by a positive performance by Wall Street last night, with another drop in crude prices lifting sentiment on both sides of the Atlantic, dealers said.
According to spread-betting firm IG Index, the FTSE 100 is seen opening around 5 points higher at 5,365, after closing at 5,359.2 yesterday.

MARKETS
FTSE 100 5,365.9, up 6.7
FTSE 250 7,850.3, up 54.9
DJIA 10,633.50, up 44.30
Nasdaq Comp 2,172.03, up 5.17
S&P 500 1,236.35, up 2.95
Tokyo: Nikkei midday 12,541.11, down 66.48
Hang Seng midday 15,174.18, down 50.39
Gold 445.20 usd (443.95 usd)
Oil - Brent Oct 62.89 usd (64.67 usd)



TRADING STATEMENT
McCarthy & Stone

ALSO EXPECTED
AstraZeneca drug discovery update

ECONOMICS
UK July new construction orders (0830 GMT)
BoE interest rate decision (1100 GMT)

TODAY'S PRESS
* US drive to boost fuel output; refiners told to delay maintenance schedules; Washington raises oil forecast to 70 usd a barrel; rules eased to allow more petrol supplies - FT
* HUNTINGDON LIFE SCIENCES postpones US listing because of potential protests from animal rights activists - FT
* BBC and ITV to launch satellite service - FT
* Credit card growth slows, according to research by the Association of Payment Clearing Services - FT
* Hedging boom in commodities; leap in number of companies using derivatives as volatility refuge; welcome development for both bankers and investors - FT

PRESS COMMENT
FT
THE LEX COLUMN comments on ITV (fresh catalysts are needed; ITV should consider including other channels in its free satellite venture with the BBC, or, say, buying Top Up TV and bidding for football rights), Dividend swaps (with payout ratios in Europe and the US below historical averages, using swaps could, ahem, pay dividends), BAE SYSTEMS (no longer cheap, but - touch wood - BAE has become a safe investment), US economy (if the Fed does pause in its tightening campaign, it is likely to prove short-lived) - UK COAL (if a takeover by Alchemy or Wilbur Ross does not materialise, there is a risk that UK Coal's shares will look overvalued) - ASSOCIATED BRITISH PORTS (remain a strong hold) - GALLAHER (slight premium to its UK peers looks undeserved) - EVOLUTION (does not look expensive) - UKBETTING (a good long-term bet) - RENTOKIL INITIAL (fizzling takeover talk)
Express
SHARE WHISPER: PRIMARY HEALTH PROPERTIES (hopes of corporate activity) - WHO'S DEALING: INSPACE (Chief operating officer buys 35,000 shares at 162 pence)
Mail
OTTAKAR'S (talk of an imminent 420 pence-a-share knock-out offer from HMV
Times
HELPHIRE GROUP (bullish AGM expected today) - DIRECTORS' DEALINGS: CADBURY SCHWEPPES (chairman sells 1.06 mln stg of stock) - SIMON GROUP (hopes that Belgium's Cobelfret will ultimately take control) - TEMPUS: ITV (should be held), WILSON BOWDEN (worth holding), GALLAHER buy)
Independent
THE INVESTMENT COLUMN: GALLAHER (time to kick the habit of buying Gallaher), BEAZLEY (buy)
Guardian
EASYNET (word is that OneTel, CENTRICA's telecommunications division, is considering a cash offer of 130 pence a share) - CIELO HOLDINGS (talk it is close to announcing an exciting deal)
Telegraph
QUESTOR: ITV (keep switched off for now), SYGEN (take some profits now, only don't go the whole hog), CARILLION (hold; there should be more upside left considering the strength of the pipeline)

End of day market wrap