MARKETS
FTSE 100 4,703.2, down 46.6
FTSE 250 6,577.4, down 12.3
DJIA 10,428.00, down 47.90
Nasdaq Coq 2,096.81, down 10.06
S&P 500 1,173.80, down 4.75
Tokyo: Nikkei closed at 10,784.25, down 115.00
Hang Seng miday 14,005.53 down 54.52
Gold 448.97 usd (452.85 usd)
Oil - Brent Jan 45.58 usd (45.75 usd)

BREAKING NEWS
* 'Four rate increases needed'; OECD suggests Bank of England makes interest rate rises by the end of 2005; idea defies market thinking; Bank upbeat on economy - FT
* RANK GROUP, which has interests ranging from casinos to the Hard Rock cafe chain, signals it would consider delisting from the US as a result of the "burden" imposed by the Sarbanes-Oxley corporate governance legislation - FT
* Bondholders in MYTRAVEL will seek leave to appeal against last week's High Court ruling that they had no right to a say in the tour operator's 800 mln stg restructuring - FT
* Gazprom to bid for production unit of Yukos
* KrG has sent at least 25 confidentiality agreements to companies interested in buying the UK business of COURTS, the stricken furniture retailer, which collapsed this week with debts of 280 mln stg - FT
* Creditors express concern over the potential for renewed turmoil at EUROTUNNEL following the resignation of Pierre Cardo, a French board member and r who attacked the company's recovery plans and the board for not taking a hard enough line with creditor banks - FT
* THE BIG FOOD GROUP to recommend lower 326 mln stg offer from Baugur - FT
* MARLBOROUGH STIRLING up for sale - FT
* MARLBOROUGH STIRLING incurs wrath of institutional fund managers as its former chairman tried to sell his 7.5 mln stg stake just hours before the firm issued a profits warning - Times
* MARKS & SPENCER shares fall on speculation that it will hold a second 20 pct-off one-day sale tomorrow - the day of the Pre-Budget report - Telegraph

PRESS COMMENT
FT
THE LEX COLUMN comments on RENTOKIL INITIAL (quite possible that Rentokil's revenues splutter back to life but its profits keep shrinking; if that turns out to be the case a year from now, McGowan will have to revisit the idea of a break-up), HARMONY/GOLD FIELDS, BBVA, Yukos/Gazprom - ENTERPRISE INNS (at a discount to Mitchells & Butlers that may be inappropriate) - ARLA (share price could be dull for a while) - RICHMOND FOODS (p/e of 11.3 is justified but limits further outperformance)
Express
WHO'S DEALING: TOPS ESTATES (director declares maiden stake, picking up 5,000 shares at 336 pence) - SHARE WHISPER: ITNET (talk of a possible bidding war) - BROKER'S VIEW: COrUTACENTER (sell from hold - Shore Capital) - Tipster Trevor Webster invests in JESSOPS, SCOTTISH POWER (a firm hold), CLINTON CARDS (still look cheap), FIRST GROUP (take profits), TAYLOR WOODROW (take a loss)
Independent
THE INVESTMENT COLUMN: ENTERPRISE INNS (hold), TOPPS TILES (buy), PATIENTLINE (remain attractive)
Guardian
IFX (talk that Durlacher had received an order to buy 14.9 pct of the company from property tycoon Vincent Tchenguiz)
Telegraph
QUESTOR: COrASS (avoid), NORTHERN ROCK (take profits), HOMESERVE (buy)
Times
DIRECTORS' DEALINGS: DETICA (chief executive sells stock for 700,000 stg) - TErUS: COrASS (sell), KINGSTON COMMUNICATIONS (buy), WARNER ESTATE HOLDINGS (hold)
Mail
WH IRELAND (dealers believe its days of independence are numbered and await more details of yesterday's 'nosey' transactions)

Shares in Mitchells & Butlers PLC were reiterated a 'buy' at Merrill Lynch with a raised price objective of 330 pence after the bars group posted top of the range full year result

Morning punters!

BOY - trading statement got no big bug bears.
http://www.uk-wire.com/cgi-bin/articles/20041201070000P552F.html

CFM - joint venture in Congo and ramping their holdings in others! ;-)
http://www.uk-wire.com/cgi-bin/articles/200412010700058354F.html

PDL - tie up with BLT
http://www.uk-wire.com/cgi-bin/articles/200412010700078420F.html

ASD - been doing nicely recently. Was my fave boi 5 years ago!
http://www.uk-wire.com/cgi-bin/articles/200412010700088430F.html

ILX - acquisition, share issue with lock-in
http://www.uk-wire.com/cgi-bin/articles/200412010700098437F.html

IVL - AGM statement
http://www.uk-wire.com/cgi-bin/articles/200412010700118458F.html

CBM - nice profit from their investment - 4-bagger in 15 months
http://www.uk-wire.com/cgi-bin/articles/200412010700118463F.html

SAR/ERX - cancer collaboration
http://www.uk-wire.com/cgi-bin/articles/200412010700148485F.html

SVS - buying Japanese property. Well, our market's fooked! ;-))
http://www.uk-wire.com/cgi-bin/articles/200412010700178493F.html

BBY - preferred bidder for Yorks NHS
http://www.uk-wire.com/cgi-bin/articles/200412010700188501F.html

FNET - buys What Laptop magazine!! Big deal. ;-)
http://www.uk-wire.com/cgi-bin/articles/200412010700258517F.html

VTI - "clarification of Chairman's address". Strange
http://www.uk-wire.com/cgi-bin/articles/200412010700338538F.html

CMG - pretty bullish FY
http://www.uk-wire.com/cgi-bin/articles/20041201070000P2782.html

TCN - small maiden profit
http://www.uk-wire.com/cgi-bin/articles/200412010700038295F.html

OSH - in need of a trend reversal. Not sure this will do it
http://www.uk-wire.com/cgi-bin/articles/200412010700138477F.html

EXR - Seems well in line with expectations
http://www.uk-wire.com/cgi-bin/articles/200412010700158489F.html

SHB - pretty much in line, NAV above all-time share price high
http://www.uk-wire.com/cgi-bin/articles/200412010700178496F.html

BRW - a bit of a comeback this year. Big divi hike back to previous level
http://www.uk-wire.com/cgi-bin/articles/200412010700198508F.html

WAGN - interims look OK
http://www.uk-wire.com/cgi-bin/articles/200412010700218513F.html

DVR - +/- in line
http://www.uk-wire.com/cgi-bin/articles/200412010700268521F.html

Probably missed a couple of things there, but Weds always busy. Will leave you with this final one and we'll see what happens here, shall we? ;-))

SEO - cat, pigeons, amongst, BPRG
http://www.uk-wire.com/cgi-bin/articles/200412010727078548F.html

Have a simply spiffing day!

Good morning all.

SABMILLER DOWNGRADED TO 'HOLD' FROM 'BUY' BY CITIGROUP SMITH BARNEY

Morning all.

Long SPS 54 earlier

long SOF 153 s/l on

long RGU 87.50 s/l on

London shares - midmorning features

FTSE 100 risers
Sage Group 194-1/2 up 1-1/2
FY profits up 20 pct; CAI Cheuvreux/Cazenove'outperform'
Enterprise Inns 691-1/2 up 8-1/2
Arbuthnot/UBS/Deutsche Bank/Morgan Stanley positive
GlaxoSmithKline 1,119 up 18
Recent upbeat Pfizer statement; CSFB favourite
Vodafone 143-1/2 up 1-1/2
Buys back 41 mln shares; CSFB positive
Man Group 1,491 up 1
'Outperform' - Cazenove; Morgan Stanley ups target to 1,545 pence from 1,480
Hilton Group 260-1/4 up 2
Seymour Pierce 'buy'
Daily Mail & General 726-1/2 up 6
Citigroup reiterates 'buy'; Panmure 'buy' with 825 pence target

FTSE 100 fallers
Associated British Foods 735-1/2 xd down 12-1/2
Sanford Bernstein initiates coverage with 'underperform'
SAB Miller 878 down 2-1/2
'Hold' from 'buy' - Citigroup; buys remaining ABI shares
Old Mutual 130-3/4 down 1/2
'Reduce' from 'neutral' - UBS
Wolseley 895-1/2 down 5-1/2
'Sell' from 'hold' with target cut to 800 pence from 880 - Deutsche Bank

FTSE 250 risers
Shaftesbury 330-3/4 up 26-3/4
FY results; NAV up 20 pct; Merrill 'buy' with NAV ests upped; Cazenove 'buy'
Mitchells & Butlers 311 up 9
FY results beat forecasts; Cazenove 'outperform'; Investec 'strong buy'
Virgin Mobile 218 up 5
'Equal-weight' - Morgan Stanley
Geest 596 up 11
Bakkavor now free to bid
Arla Foods 55 up 1
Results yesterday
De Vere Group 445 up 6-1/4
FY profits up 14.7 pct; CSFB ups target to 480p; Cazenove 'outperform'
Millennium & Copthorne 365 up 4
2 mln stg payment withheld on Birkenhead sale
Bradford & Bingley 278 up 3
Rules out housing market crash; upbeat statement
Punch Taverns 603-3/4 up 1-1/2
CAI Cheuvreux prefers to Mitchells & Butlers
Rank Group 304-3/4 up 1-1/4
Seymour Pierce 'buy'

FTSE 250 fallers
Premier Farnell 197 down 7-1/2
Q3 results due Dec 9; 'underperform' with 165 pence target - CSFB
Bodycote 155 xd down 4
Trading update; 'hold' from 'add' - Deutsche Bank; Altium 'sell'
HIT Entertainment 255 down 5
'Neutral' from 'buy' with 275 pence target - UBS
WS Atkins 695 down 10
Panmure Gordon downgrades to 'hold' from 'buy' after H1 results
Stanley Leisure 446-1/2 down 1/2
Seymour Pierce reiterates 'sell'

Other risers
Croma Group 6.00 up 0.50
Narrowing full-year losses; upbeat outlook statement
WH Ireland 108 up 9
Speculative support following recent market activity
Mano UK 13.50 up 1.00
Diamond production joint venture
Ist Dental Laboratories 32 up 2
Benchmark acquisition completed; Corporate Synergy trebles earnings f'casts
Burtonwood 500 up 28-1/2
Awaiting bid developments
Central African Mining & Exploration 7.12 up 0.25
Congo joint venture
ASOS 73-1/2 up 3-1/4
Rally after recent post-interim profit-taking
Sareum Holdings 2.62 up 0.12
Collaboration with EiRx Therapeutics
Inion 161
New issue offered at 130 pence
Glen Group 4.75
New issues placed at 3 pence
Gippsland 4.00 up 0.50
RAB fund buys 20 mln shares

Other fallers
Advance Visual Communications 0.05 down 0.12
Liquidation threat following continuing losses
Marlborough Stirling 30 down 11-1/2
Revenue alert; Panmure 'sell' with target cut to 25p; Bridgewell cautious
Tricorn 9.75 down 0.75
Widening H1 losses
Chapelthorpe 19-1/4 down 1
Swing to interim losses
Hardman Resources 66 down 5
Tiof-3 ST2 appraisal well to be suspended

long more SOF 153.50 s/l on

Paypoint (PAY) added within PEP ahead of results next week.

Afternoon all,

First chance I've had to drop in long enough to post.

Good to see things are generally lot more positive.