2005-11-06 09:26:49
Natural gas slumps to lowest mark since Aug, crude lower in US trade
SAN FRANCISCO (XFN-ASIA -- Natural-gas futures closed Friday at their lowest
level since August, down almost 13 pct for the week, while crude-oil futures
fell over 1 usd a barrel to end the week with a loss of 1 pct, dealers said.

Good morning traders!

In Asia this morning, the Hang Seng was down 215.99 points at 14,369.80 at the mid-point while the Nikkei closed down 14.36 points at 14,061.60.

Oil prices were weaker in Asian trade as mild weather in the northern hemisphere calmed concerns over demand for heating oil. New York's main contract, light sweet crude for delivery in December, was down 44 cents to $60.14 a barrel from $60.58 in US trading Friday.

Early broker notes:

WHITBREAD INITIATED 'SELL' AT DKW; PRICE TARGET 850P
COMPASS CUT TO 'HOLD' FROM 'BUY' AT DKW
MCCARTHY & STONE CUT TO 'NEUTRAL' VS 'BUY' AT MERRILL LYNCH
INTERMEDIATE CAPITAL GROUP UPGRADED TO 'BUY' VS 'ADD' AT DKW

Happy trading!

G.

LONDON (AFX) - Leading shares are set to open the session flat as the market pauses for breath after 200 point plus gains last week with continued bid fever in the weekend press offset by caution ahead of the Bank of England's rate decision on Thursday, dealers said.
According to spread bettor firm CMC, the FTSE 100 is seen opening 1 point higher at around 5425, after closing on Friday at 5423.6, and having notched up its biggest weekly gain in 2-1/2 years.

MARKETS
Tokyo: Nikkei midday 14,061.60 down 14.36
Hang Seng midday 14,369.80 down 215.99

TODAY'S PRESS
* CBI urges Brown to fix 10 bln stg 'black hole' in public finances; employers steer collision course with chancellor - FT
* Royal Dutch Shell projects 'over-reliant' on contractors; concern that handing over critical exploration and production functions is linked to spiraling costs - FT
* Steel company valuations poised for a fall as increased Chinese output is cutting its reliance on imported supplies; China, for long the main driver of surging demand, making more of its own steel, causing a potential excess of supply in other parts of the world - FT
* Hargreaves Services, the UK's biggest independent importer of coal, planning to float on AIM - FT

PRESS COMMENT
FT
THE LEX COLUMN comments on Hedge fund returns (these are driven more by beta than alpha), Capital accounts, Italian economy (it would be fitting if one of Berlusconi's parting gestures was to impede his successor's ability to act where he has not)
Independent
Small Talk: Stephen Foley comments on Boustead, Trakm8 (will be valued at one-third of the value it hoped for when it began planning for a float in May), First Artist (doing well), Hargreaves (joining AIM)
Times
Luminar (Alchemy Partners understood to be in exclusive talks to acquire the entertainment division of Luminar)

Good morning all.

End-of-day Market Summary

a very late hello!