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News Headlines:    US stocks rallied to a higher close as the Fed's decision to keep the fed funds rate at its 45-year low gave some strength to buyers in the last hour of the session.

Torex software said on Wednesday its outlook remained very buoyant and stressed it believed the way forward for the company was July's proposed merger with rival iSoft Group. They reported profit for the six months to end-June of 14.6 million pounds

Balfour Beatty construction and engineering posted a six percent rise in half-year profits which rose to 51 million pounds in the six months as it continues to win government orders.

AstraZeneca has won approval to sell its cholesterol-lowering medicine Crestor, its biggest new drug hope, in the lucrative U.S. market

Numis Securities has raised its investment rating on Sainsbury to "add" from "sell", arguing that Britain's third-biggest supermarket chain could be a merger or takeover target. CSFB has increased its price target on recruitment firm Michael Page International to 160 pence per share from 119p. Smith Barney, has increased its earnings estimates for drug giant GlaxoSmithKline on the back of higher forecasts for GSK's asthma drug Advair. Nomura Securities has raised its rating on mmO2 to "buy" from "neutral", UBS has lowered its rating on Intercontinental Hotels to "neutral" from "buy" and kept a 529 pence share price target on the stock. UBS said it raised its share price target for Whitbread to 875p from 822p and maintained its "buy" recommendation

Aegon raises its stake in British Airways above 2.5%

Calendar All GMT	United Kingdom (F)inals (I)nterim	United States (Click Flag)	Europe & World
Wed 13th         Ex Dividend	Balfour Beatty (I) PBT 128.5m exp. BPP Holdings (I), Torex (I) 09.30 July Unemployment +5k exp. Europe: MAN AG (Q2) 09.30 June Average Earnings 3m y/y 3.3% exp. 10.30 Bank of England Quarterly Inflation Report	NTL (Q2), Tiffany & Co (Q2), Wal-Mart (Q2) 13.30 July Import Price Index m/m 0.2% exp. 13.30 July Advance Retail Sales 0.9% exp. 15.00 Business Inventories June 0.1%	11.00 Q1 Labour Costs y/y 2.7% exp.
	Ex dividends in pence: Alliance Unichem (5.7), Amvescap (5), BP (4.039), Barclays (7.05), DS Smith (6), DTZ Holdings (4), Diagonal (0.7),Filtronic (1.8), Foreign & Colonial (1.8), GKN (3.8), HBOS (10.3), Inchcape (12), Jersey Electric Company (32.8), Lloyds TSB (10.7), Quintain Estates (5.25), Reed Elsevier (3.3), Rio Tinto (18.45), Rotork (5.25), Royal Bank of Scotland (14.6), St Modwen Properties (2.2), Scottish & Newcastle (20), Shell (6.1), Smith & Nephew (1.85), Standard Chartered (US$0.155), United Business Media (3.3)
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