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News Headlines:    U.S. stocks fell for the second session in a row following weak earnings or forecasts from Ford, Motorola and Lucent.

Northern Rock lent a record 7.8 billion pounds in the first half of this year and posted a 22 percent surge in pre-tax profits, roughly in line with market expectations. Despite warning that it expects UK house price growth to slow over the next year the bank increased its interim dividend by 15.4 percent to 7.5 pence.

Marconi says tough market conditions reduced its sales to 367 million pounds in the April-June quarter, down 31 percent from a year earlier. They said the lower sales reduced gross margin by two percentage points to hit the quarterly operational performance.

British American Tobacco says it is buying Italian state-owned tobacco company ETI for 2.32 billion euros, a price sources close to the deal say exceeds rival bids by 800 million euros.

Galen Holdings says it is in talks that might lead to a takeover bid for the company.

Misys: Produce results ahead of some analysts expectations and increase dividend

Calendar All GMT	United Kingdom (F)inals (I)nterim	United States (Click Flag)	Europe & World
Thu 16th	Misys (F) PBT 117m exp. ,Bespak (F) Northern Rock (I) PBT 175m exp.New Look AGM & Q1 Trading Statement Dairy Crest (AGM), De La Rue (AGM), Northern Foods (AGM)	Honeywell (Q2), Microsoft (Q2),Coca Cola (Q2), GM (Q2), 13.30 US June Housing Starts 1745k exp. US: 13.30 US Initial Jobless Claims (w/e 12/07) 425k exp. 17.00 US July Philly Fed 7.0 exp.	Nokia (Q2), SAP (Q2) 11.00  May o-Zone Industrial Production m/m 0.4% exp.
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