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Hang Seng -17

Nikkei (Awaiting day Chart) +26

News Headlines:    US Stock markets back initially on the news that the Fed had held its target federal funds rate steady at a 41-year low of 1.25 percent but then rallied.

FTSE called up 15 but with negative US futures and European markets called down I am looking for a FTSE drop of over 10 points at some point in early trading.

Lloyds & Barclays shares may rise after the Commerzbank group & Paribas exceeded market expectations for the first quarter and posted a surprise net profit.

Sage: said it continued to view 2003 with confidence as it reported first half pre-tax profits of 74.3 million pounds in line with its guidance.This was up 14 percent on the year-ago period. "Whilst we have seen no improvement in market conditions, our business progressed well in the first half," the firm said in a statement.

Reckitt Benckiser:reported a 15 percent rise in first-quarter net profits to 82 million pounds compared to analysts forecasts of 80-81 million. and said it was still on track to meet its 2003 financial targets.

EasyJet:posted a steep first-half net loss of 46.9 million pounds on Wednesday, within market expectations, and said fare yields remain under pressure. The airline, which acquired rival British budget airline Go last year, also said it was too early to "to have visibility" on the financial outcome for the full year.

Taylor Woodrow: which has benefited from rising house prices and low interest rates, said it expected year results meeting market forecasts.

Marconi said that core sales fell seven percent in its fourth quarter compared with the previous three months and that it was close to completing its financial restructuring. The company also said the markets for its products and services continued to decline.

Billiton: said its third quarter net profit rose 11.6 percent, in line with expectations, as oil prices hit 12-year highs in the run-up to the Iraq war. They posted a net profit of US$444 million for the January-March quarter. That compared with US$398 million a year ago and in line with forecasts which centred on a quarterly profit of $446.3 million

Scottish Power announced a strong annual profits recovery and set a basis for future dividends from the cut it announced last year.

Calendar All GMT	United Kingdom (F)inals (I)nterim	United States (Click Flag)	Europe & World
Wed 7th May	BHP Biliton (Q3), eBookers (Q1), Reckitt Benckiser (Q1), Sage (I), Scottish Power (F), Surfcontrol (Q3), Big Yellow Group (F), Bett (I), EasyJet (I), Fenner (I), Incepta Group (F), Rathbone Brother (AGM), Spectris (AGM), Unilever (AGM),Amersham (AGM), Aviva (AGM), Bovis (AGM), Cairn Energy (AGM)	15.00 US March Wholesale Inventories +0.2% exp. March consumer credit (1900 GMT)	BNP Paribas (Q1), Bayer AG (Q1),Commerzbank (Q1) 11.00 EMU March German Factory Orders 0.8% exp.
	Ex Dividend: Abbot Group (2.75), Alfred McAlpine (5.9), Anglo Irish Bank (EUR0.049), Antofagasta (11.385), Ashtenne Holdings (5.4), Bertam Holdings (5.5), Bunzl (7.55), Clinton Cards (6.75), Collins Stewart (4.5), GlaxoSmithKline (9), Goshawk Insurance (2), Highland Gold Mining (US$0.01), Intermediate Capital (21.5), John wood Group (US$0.02), Laird Group (5.4), McCarthy & Stone (3.9), Metalrax Group (3.75), Michael Page International (2.3), Rentokil Intital (3.95) Rexam (9.7), Rowe Evans Investments (4.75), Thistle Hotels (3.4), Trinity Mirror (12.3), Whitbread (14.3), William Hill (5.8)
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