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News Headlines:    US Stocks fell back despite the day's positive earnings reports and a surprising dip in jobless benefits claims last week. The turnaround was fast, with the Dow dropping 60 points in less than 30 minutes which was blamed on a computerised automated sell program kicking in and not anything more.

UBS Upgrades Wolseley to Buy from Neutral

Alliance & Leicester the UK's 8th largest bank says its first-half profits rose 12 percent, at the top end of forecasts, as it rode a boom in the UK housing market. Pre-tax profits for the six months to June 30 rose to 262 million pounds from 233 million last year, against analysts forecasts of 212-265 million. Basic earnings per share rose 17 percent to 39.2 pence and it set an interim dividend of 14.3 pence a share, up 10 percent on a year earlier.

ICI could be a sell following very bad figures from Rhodia combined with an early sell off on the FTSE

Carillion says it has been named preferred bidder for a new hospital development in south England worth more than 1 billion pounds

Calendar All GMT	United Kingdom (F)inals (I)nterim	United States (Click Flag)	Europe & World
Fri 25th	Alliance & Leicester (I) PBT 227m exp. Telemetrix (I) 09.30 UK Q2 Preliminary GDP 0.45 q/q 1.9% y/y exp	13.30 US June Durable Goods Orders 1.1% exp. 15.00 US June New Home Sales 1100k exp. 15.00 US June Existing Homes Sales 6.0m exp.	Europe: Pirelli (Q2)
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