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EMI Group said it had withdrawn its offer for Time Warner recorded music business, saying it was no longer possible to reach an agreement on acceptable terms.

Amlin British insurer which operates in the Lloyds of London insurance market said the outlook for underwriting in 2004 was "good" as it posted a 18 percent to 743 million pounds rise in gross written premiums for the first nine months. of 2003

Virgin Express Belgian-based no-frills airline reported a net profit of 1.7 million euros for the third quarter, down from 4.5 million euros the previous year. Revenues slipped eight percent to 62.1 million euros, while operating profit came in at 1.87 million euros, down from 4.45 million euros.

UBC Business Media first half loss narrows.

Glaxo: A US federal appeals court on Friday rejected the drug-maker's bid to salvage patent protection for its antibiotic Augmentin, once its second-biggest selling product.INVENSYS The engineer struggling under 1.6 billion pounds in net debt could run out of cash by next June if its programme to sell non-core assets fails, British house prices edged up again in November and a crash in 2004 is highly unlikely even though interest rates are likely to rise further

 Innovation Group (F), Merchant Retail (I), RM (F), UBC Media Group (I), Workspace Group (Q2), Aggreko (F)

Skandia (Q3)

07.00 EMU Oct German Import Price Index m/m 0.2% exp

Croc@SnappyTrader.com  WWW.SnappyTrader.com

 Innovation Group (F), Merchant Retail (I), RM (F), UBC Media Group (I), Workspace Group (Q2), Aggreko (F)

Skandia (Q3)

07.00 EMU Oct German Import Price Index m/m 0.2% exp

Enterprise Inns (F) PBT 169m exp. AbacGroup (F),

Acambis (Q3), Autologic Holdings (Q3), Care U.K (F). Character Group (F), De La Rue (I), Gen(I), ICAP (F), Intec Telecom Systems (F), Jarvis (I), Kingston Communications (I), London Merchant Securities (I), New Look (I), Quintain Estates & Dev (I), Signet Group (Q3), South Staffordshire (I), TBI (I), Topps Tiles (F), Tribal Group (I)

Tesco Q3 Sales

09.30 3rd Quarter Business Investment q/q 09.30 Oct Car Production 3m y/y

Aloy Inc (Q3), HJ Heinz (Q3)

13.30 3rd Quarter Preliminary GDP 7.5% exp. 13.30 3rd Quarter Preliminary Personal Consumption 6.5% exp. 15.00 Nov Consumer Confidence 85.0 exp. 15.00 Oct Existing Home Sales 6.5m exp.

AWD AG (Q3), Munich Re (Q3), Fortis (Q3)

09.00 EMU Nov German IFO Expectations Survey 108.1

British Land (I) PBT 83.7m exp. Carlton Communications (F) PBT 66m exp. Granada (F) PBT 155.3m exp. Lonmin (F) EBITDA 334 exp. Avocet Mining (I), Connaught (F), Countryside Properties (F), Nord Anglia Education (F), Paragon Group (F), Speedy Hire (I)

09.30 3rd Quarter Revised GDP q/q 0.6% 09.30 Index of Distribution 3m y/y Anglo Irish Bank (Q3) 11.00 Queens Speech Outlining Government Agenda

13.30 Oct Personal Income 0.4% exp. 13.30 Oct Personal Spending flat exp. 13.30 Oct Durable Goods Orders 0.5% exp. 13.30 Initial Jobless Claims (w/e 21/11) 360k exp. 14.50 Nov Final Michigan Sentiment 94.0 exp. 15.00 Oct New Home Sales 1138k exp. 15.00 Nov Chicago PMI 57.0 exp. 15.00 Oct Help Wanted Index 38.0 exp. 19.00 Fed Beige Book

Hanover Re (Q3), Ahold (Q3)

Ex Dividend: Amec (3.6), Brixton (3.95), Brown Group (1.74), Detica Group (1.8), Euromoney Institute (9.75), Geest (8), Great Portland Estates (3.5), HSBC Holdings (US$ 0.12), J Sainsbury (4.33), Mice Group (0.5), Mucklow A&J (6.03), Natioanl Grid Transco (7.91), Next (11), Safeway (3.05), Vodafone (0.954), Westbury (4.45)

Johnson Matthey (I) PBT 92.1 exp. Pennon Group (I) PBT 41m exp. Reporting: Brewin Dolphin Holdings (F), Castings (I), Daily Mail & General Trust (F), Helical Bar (I), Investec (I), Pillar Property (I)

Kesa Electricals Sales Update HSBC Investor Day (5 year plan)10.30 Nov GfK Consumer Confidence Survey

Thanksgiving Day Markets Closed

TUI (Q3)

09.00 EMU September M3 Money Supply 3m ma 7.6% exp.

Courts (I), Plasmon (I), Regent Inns (EGM), Telecom Pl(I), Tops Estates (I)

11.00 EMU Nov Consumer Confidence 16.0 exp. 11.00 EMU Nov Flash CPI 2.1% exp.

BSS (I), BTG (I), Christian Salvasen (I) Dawson Holdings (F), Richmond Foods (F)

Oct consumer credit (0930 GMT) Final M4/M4 lending (0930 GMT) CBI service sector survey

WS Atkins (I), Cobra Bio (I) Focus Solutions Group (I), Sage Group (I) Scottish & Newcastle (I), Warner Estate (I) Robert Wiseman Dairies (I), Compass Group (F) Enterprise Inns (F), Ultraframe (F)UK DMO announces result of 2 pct 20035 index-linked gilt auction

Expro International (I) Wagon (I), De Vere (F) ScS Upholstery (F), Wolverhampton & Dudley Breweries (F)Downing Healthcare (AGM), Iaf Group (AGM) Inventive Leisure (AGM)

11am Confederation of British Industry quarterly distributive trends survey

Ex Dividend:

AWG (I), Dyson (I), Findel (I), Securicor (F) Premier Farnell (Q3), Avon Rubber (F) Dewhurst (F), Holidaybreak (F), Mitchells & Butlers (F)White Young Green (AGM), French Connection (EGM)

UK BRC shop prices (after 1000 GMT) BoE interest rate announcement (1200 GMT)

A quieter week ahead with retailers such as Tesco, Kesa, New Look and Signet in the spotlight. They will be closely watched for signs that spending remains buoyant in the face of an interest rate riseMondayRM a leading supplier of IT equipment to schools, reports full-year figures which should see a modest 5% rise in turnover to 212m. The bottom line should be much healthier following a recent programme to take out excess costs. A pre-tax profit of 8.5m has been pencilled in compared to a profit of 4.9m last year.Aggreko, Investors will be keen to hear the outlook for mobile power plant group after it reported a slump in demand for its products in August alongside news that the North American market remains difficult TuesdayTesco's. with 27% of the British grocery market are the the UK's biggest supermarket chain. grocer, It has been looking for more ways to grow its business and recently took control of a Turkish hypermarket chain, and is also said to be interested in expanding its presence in Hungary. Recent weekly store data suggests that they've continued to take market shareNew Look Group report interims but it has already warned that it sold a high mix of lower priced summer trends. They should also be providing an update on the ibuyout offer from its founder Tom Singh with speculation that he may delay making an offer until after the crucial Christmas period. De La Rue release 6 month half-time figures and the company said in September that interim results should be "significantly" ahead of market expectations. This was largely due to an order for bank notes destined for Iraq that was delivered ahead of schedule.TBI interims will be keenly read for an update by the CEO on a threat of legal action if the regional airport operators Luton airport is frozen out of the government's imminent White Paper on South east expansion. ICAP First half results from will be overshadowed by the news that three of the inter-dealer broker's employees may be among the 47 brokers arrested by FBI agents. However, the group has previously iterated that underlying profits should be ahead of current market expectations. Jarvis release interims amidst recent reports that suggest the 65-year-old chairman Paris Moayedhe is under pressure to resign. Enterprise Inns is expected to provide further details of its financing arrangements to buy the remaining stake in the 4,100-strong Unique pubs chain.WednesdayCarlton and Granada both report final results with attention focused on any details on the cost savings they expect to make and outlook for advertising revenue for the key Christmas period.. The two commercial television companies are expected to deliver significant improvements in earnings. Granada's profits are anticipated to rise from 84m to 150m and Carlton is pencilled in for profits of 64m, compared to 53m last time. The two companies should also be proving an update on their merger, which could be completed by February.Lonmin reports final results which are expected to show only a modest rise in turnover and profit could be hit by higher costs and the recent strength of the South African rand. The company is expected to report a sharp increase in the quantity of platinum produced. However, whilst platinum production and platinum prices have remained strong, the price of palladium, another of the company's products, has been depressed through over supply., British Land releases interim results on Wednesday, however of more interest to investors may be the whether the share buy-back programme has enhanced its net asset value. It is forecast to report a near 25% leap in pre-tax profits to 80m and to express fresh optimism about the outlook for the London property market. A rise in profits would be driven by a higher level of rental income following rent reviews and new lettings, as well as the effects of a convertible* bond* and last year's share buyback scheme. ThursdayJohnson Matthey release interims and the metal refiner said first-quarter earnings were ahead of expectations boosted by growth in its catalysts and pharmaceutical materials division.Kesa releases a third-quarter sales update although figures may be overshadowed by the Department of Trade and Industry's ruling on extended warranties, expected in the second week of December.Pennon Group, owner of South West Water, is expected to please investors when it reveals it is on track to outperform regulatory targets when it reports first-half figures Analysts at Gerrard say it is likely to turn in interim pre-tax profits of 41.9m against 42.2m previously.Daily Mail & General Trust releases final results on Thursday, and investors will be keen to hear if the group has any plans to purchase assets from Hollinger, owner of the Daily Telegraph.  It is hoped they will follow other media companies in saying the UK advertising market is recovering and give an upbeat assessment of trading in October and November, perhaps focusing on positive movement in circulation revenues. Analysts expect DMGT to post pre-tax profits of 183m compared with 177m last yearFridayAnite IT solutions and services group updates on trading and of most interest will be whether the group is still determined not to sell any of its four businesses after reporting falling profits for last year. The group slashed its headcount this year to cut costs.

Thoughts

As expected last week the FTSE lost ground with the FTSE now once again testing its 6 month support as can be seen in the top chart. For a little fun I dressed the bottom 5 year FTSE chart with some early Christmas tree decorations which do show the regular market cycle over that period. It also shows how the current uptrend for this year is at a crucial point forming a wedge with 4 year downtrend which coincides with the point where the cycle would normally start to turn down. The start of this new downside may have some persuasion from the recent signs that the improvement in the World economy is faltering and of course the recent rise in terrorism.

As far as next week is concerned I feel it could be volatile as the Bears & Bulls lock horns at this crucial point and I would not be surprised to see the FTSE test 4250

As always I look forward to your thoughts and comments on the week ahead!  David (Crocodile) David@SnappyTrader.com  www.SnappyTrader.com

All the above comments are purely a personal opinion and no investment advice is intended.  Please do your own research.

Headlines 23rd November THUS A telecoms firm is to scrap its 118 directory inquiries service after it was criticised by the industry's regulator. Glasgow-based Thus said it plans to withdraw its 118 service "to protect our reputation and quality ethos". British Sky Broadcasting Group's finance director Martin Stewart, who recently missed out on the CEO job, may quit the pay-TV company, the Observer newspaper has reported. Jarvis Plc's chairman Paris Moayedi is likely to step down from the role next week when the engineering and services company reports first-half results, several Sunday newspapers have reported. Private equity firm Apax Partners has explored a possible management buyout of Skandia Life, the British arm of Swedish savings products firm Skandia Insurance, The Sunday Times newspaper has reported. Loss-making German bank WestLB will have to raise its risk provision for its exposure to UK television rental chain Boxclever by some 150 million pounds, a report to be published in Der Spiegel magazine on Sunday says. The financial watchdog is investigating the nation's fund management industry after initial inquiries found it may be guilty of abuses now plaguing U.S. mutual funds, The Financial Times says.

Martha Lane Fox's working day LastMinute.com Vodfather peps up his mobile family, Vodafone HSBC Pick out the stocks that offer best of both worlds LastMinute.com Interview: Andrew Davidson: Martha Lane Fox seeks new worlds to conquer BT Group, Shell, LGEN, Pick out the stocks that offer best of both worlds Hays, Last Minute, Rexham Pick out the stocks that offer best of both worlds Judgment Day: Should you buy shares in Icap? Working Space LastMinute.com Sharewatch: Robert Wiseman

Ratner tackles Signet over suppliers BAE Shipbuilders may split duties in bid to cut cost of Navy carriers Ireland: Watchdog may scupper sale of First Active

Clipper class, Clipper Ventures LastMinute.com 'It wasn't a last-minute decision'

Easyjet Stelios on the buses L&G takes a risk

OBSERVER Soaring food sales at Tesco leave rivals far behind BSkyB finance boss ready to quit British Energy BNFL hopes sell-off threat is over Blackstone plots 1.5bn EMI ambush

Sainsbury Can he be King of all he purveys? Double talk at Telewest Shell, BP Small is smart in oil patch LastMinute.com Dotcom's pin-up princess pulls out

SUNDAY MAIL Warner chief 'wants EMI merger' Bronfman may need to share costs Market report: Friday close HSBC leads fightback after attack BT 'is sneaking' euro into Britain Eurosceptic MP accuses over kiosks Terrorism fear may hit spending, Consumers are feaerful for the future Portman onslaught 'toxic and terrifying' Society threatens affair whistleblower Mr Quality wanted 'lower spec' meals, New Sainsbury chief's M&S cost-cut plan

Jarvis chief Moayedi set to resign, Exit comes after damning crash report Jaeger moves on menswear stores, Upmarket brand eyes Ciro Citterio MMO2 is a target for Japanese, DoCoMo eyes rival mobiles firm Bonanza if Boeing ok's 7E7, Futuristic jet deals worth millions British connection in Moscow oil saga, Khodorkovsky ally thought to be in UK Hostile bid on the cards at Derwent, Noe targets London property group

Sky to fight 150m a year dish tax bill Murdoch Jnr battles with OfCom boss

INDEPENDENT  Rivals ruled out of Telegraph race Daily Mail & General Trust British Energy US puts $90m pressure on BNFL project

William Morrison The Week Ahead : The City switches from rugby to ITV

Marks & Spencer, Morrison The bags full of problems that face the new king of Sainsbury's The Week Ahead : The City switches from rugby to ITV, Granada, Carlton The bags full of problems that face the new king of Sainsbury's

SCOTLAND ON SUNDAY  Investors hope for good advertising news from Daily Mail Carlton, Granada SMG prepares to fight on in battle over ITV brand Safeway seeks 300p a share bid for Morrison takeover Thus makes move across Border to challenge ailing rivals

Munro heads west, or is it east? Ryanair Holdings

Iomart set for share price jump after upbeat results Allied Domecq Right spirit of self-censorship

INVESTORS CHRONICLE Tips: Buy Marks & Spencer (MKS) at 283p - Fenner (FENR) at 86p - Finsbury Foods (FIF) at 57p - Bristol & West (BWE) at 9p - UA Group (UAS) at 535p. Sell MyTravel Group (MT) at 13.25p. Updates: Buy Victoria (VCP). Sell NXT (NTX). BTG (BTG) is fairly priced. Paladin Resources (PLR) is good value.Company Results: Buy Vodafone (VOD) - Latchways (LTC) - Imperial Tobacco (IMT) - easyJet (EZJ).Sell Capital Radio (CAP) - Invensys (ISYS) - Cambridge Antibody Technology (CAT).  

SHARES MAGAZINE Plays of the Week: Buy Tenon Group (TNO) at 30.25p - Dewhurst (DWHT) at 105p - Printing.com at 26p. Sell Dixons Group (DXNS) at 134.5p.Updates: Take profits in Xansa (XAN) and Pilat Global Media (PGB).Buy Dimension Data (DDT), XKO (XKO) and Caffe Nero (CFN), Hold Hornby (HRN).Five to Buy on a Fundamental View: Cable & Wireless (CW) - Reuters (RTR) - BHP Billiton (BLT) - Man Group (EMG) - Old Mutual (OML).Five to Sell: Alliance & Leicester (AL) - EMI Group (EMI) - Centrica (CNA) - Scottish Power (SPW) - United Utilities (UU).

Croc@SnappyTrader.com  WWW.SnappyTrader.com