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10 Year Bond

BIG fall if far east stocks and futures

Imperial Tobacco the world's fourth biggest tobacco firm, reported a 40 percent rise in annual profits to 898 million pounds for the year to September 30 at the top of analyst forecasts of 867-898 million pounds and said it was well positioned for future growth. They are going to pay a higher dividend.mmO2 mobile phone group made its first operating profit with a strong rise in underlying earnings and a 13 percent increase in customers to 19.2 million, though it forecast tougher competition in the second half. Earnings before interest, tax, depreciation and amortisation rose to 621 million pounds compared with 387 million last year and a range of analysts' forecasts between 544 million and 657 million pounds. Revenue rose 21 percent to 2.68 billion pounds, in line with forecasts.

Galen Holdings said it had won approval from U.S. regulators to sell a new version of its Ovcon oral contraceptive pill.

JJB Sports said it had sold its TJ Hughes discount clothing stores to the unit's management for 55.8 million pounds in the face of scepticism from investors

Majestic Wine reported a 42 percent jump in half-year profits on Monday and said like-for-like UK sales rose 7.5 percent in the six weeks since September 30. Profit rose to 3.96 million pounds in the six months to September 29, from 2.79 million pounds the previous year. Sales grew 21.8 percent to 69.1 million pounds.

Chrysalis radio full-year profit soared to 23.9 million pounds from 5.8 million pounds a year earlier, citing increased market share at Heart FM, now London's most popular radio station. Turnover climbed 4.5 percent to 246 million pounds and it expects first-quarter radio revenues to increase 17.5 percent from last year.

 Alliance Unichem (I), Aviva (I), BurtonWood Brewery (I) Majestic Wine (I), Mice Group (I), mm02

Murray International Trust (I), WPP Group (I), Cambridge Antibody (F) Chrysalis (F), New Diploma (F), Imperial Tobacco (F)

MyTravel (Update), TripleArc (Update)

Toys R Us

1:30 Business Inventories Sep - 0.2%

1:30 NY Empire State Index Nov - 30.0

E.ON German utility following consolidation of UK power firm Powergen and German gas importer Ruhrgas

Croc@SnappyTrader.com  WWW.SnappyTrader.com

 Alliance Unichem (I), Aviva (I), BurtonWood Brewery (I) Majestic Wine (I), Mice Group (I),

Murray International Trust (I), WPP Group (I), Cambridge Antibody (F) Chrysalis (F), New Diploma (F), Imperial Tobacco (F)

MyTravel (Update), TripleArc (Update)

Toys R Us

1:30 Business Inventories Sep - 0.2%

1:30 NY Empire State Index Nov - 30.0

E.ON German utility following consolidation of UK power firm Powergen and German gas importer Ruhrgas

600 Group (I), Burberry (I), CML Microsystems (I) Detica Group (I), Glotel (I), GWR Group (I) Imagination Technologies (I), Intelek (ITK.L) James Cropper (I), mm02 (I), TBI (I) Victoria (I), Vodofone Group (I), Whitehead Mann Group (I)

Easyjet (F), Enodis (F), Viridian Group (F) Wigmore Property Investment Trust (F)

Alea Group - IPO trading date.

Profile Therapeutics (Update)

HICP for October RICS Survey for October Retail Price Index for October

Home Depot Inc.

1:30 Core CPI Oct - 0.1% 1:30 CPI Oct - 0.2%

Air France (Q2) after its merger with KLM Finnair (I) Wednesday Credit Agricole and Swiss insurance firm Zurich report quarterly numbers

EMI (I), Land Securities (I) J Sainsbury (I), Northumbrian Water (I) Wyndeham Press Group (I),  Intercontinental Hotels Group (Q3)Eleco (Update), Govett Strategic Trust (Update) Hays (Update), Texas Oil & Gas (Update)

Bank of England publishes minutes of Monetary Policy Committee meeting

Hewlett-Packard

1:30 Building Permits Oct - 1.860M 1:30 Housing Starts Oct - 1.865M

Ex Dividend: Boots Group (8.8p), Bunzl (3.85p), Carnival (12.5p)

FKI (I), GUS (I), Tomkins (I) Great Portland Estates (I) National Grid Transco (I), Royal & Sun Alliance Insurance (I) SABMiller (I), Dimension Data Holdings Limited (F) Lastminute.com (F), Safeway (H1), Hilton group (I)

Retail Sales Y/Y M/M for October

PSNCR for October

PS Net Borrowing for October

TGT retail, Walt Disney

1:30 Initial Claims 11/15 - 360K 15:00 Leading Indicators Oct - 0.2% 17:00 Philadelphia Fed Nov - 26.0

ABB Swiss engineer holds an extraordinary shareholder meeting on Thursday to approve a huge financing plan after the indebted firm nearly went bust last year. Swisscom (I) French-Belgian banking group Dexia (I)

Aggreko (I), Barratt Developments (I) Bovis Homes Group (I), Bunzl (I) Go Ahead Grou (I), Manchester United (I) Redrow (I), SIG (I), BPB (H1)Wolseley (Update)

Erinaceous - IPO trading date.

7:00 Treasury Budget Oct - -$71.0B

Acambis PLC (Q3), De La Rue (H1) Enterprise Inns PLC FY2003 (F) ICAP PLC FY2003 (H1), Jarvis PLC FY2003 (H1) London Merchant Securities (H1), New Look Group (H1)

Lonmin PLC (F)

Ex Dividend: AMEC PLC (3.6p), Brixton PLC (3.95p), Geest PLC (8.0p), HSBC Holdings (0.12p), N Brown Group (1.74p), Next Group (11.0p), Securities Trust of Scotland (1.27p)

Granada (F), Daily Mail & General Trust (F) Pillar Property (H1), South Staffordshire (H1)

We have some big guns releasing figures this week.MondayImperial Tobacco reports final results on Monday. Imperial said in September that it would provide a 'very clear steer' on savings which could be matched with some downgrades to 2004 earnings forecasts, according to broker Gerrard. Headline profits should rise about 38% to 880m, on a 43% rise in sales following the purchase of German firm Reemtsma, which it bought in March last year for 3.5bn. Tuesday, Vodafone issues its half-year results and analysts are expecting a strong showing with a 19% rise in profits to about 5.02bn but Gerard fund manager has hinted that its top line growth may be slowing. The story on will be not so much about customer buys but how much each customer is spending.This may well be masked by currency movements following the expansion of its international businesses. Japan could prove to be a problem where subscriber growth and revenue spending has been a concern. Many shareholders would like to see the group cool down its acquisitive nature now chief executive Chris Gent has departed. Burberry is due to report an 18% rise in interim pre-tax profits to 61.3m and GUS its majority shareholder said it had performed well following new store openings and also by strong performances from its wholesale and licencing businesses.. The future outlook will be the key here ..mm02 will be reporting half-time figures and are expected to say that revenue growth in the first quarter had carried through into the second quarter. But to continue to drive revenues mmO2 will need to introduce more add-on services, such as its recently launched mobile video service. This allowed O2 customers access to video clips of the Rugby World Cup. So what will mmO2 unveil this time?EasyJet releases annual results after a near doubling in passenger numbers to 20m passengers in the twelve months. Revenues are expected to be significantly higher this time, up from 550m to 920m though profits could be little change at 86m.GWR could provide further news on the health of radio advertising. Dixons will place the retail sector under the spotlight when it updates on first half sales on TuesdayWednesdaySainsbury is set to report a smaller increase in profits than its rivals such as Tesco and Wm Morrison, which released strong figures recently. An increase of just 3.5% in half-year profits to 354m and like-for-like sales could even show a small decline fuelling criticism that its pricing has been out of step with rivals. Sainsbury is partly blaming a business transformation programme and has warned that it may not meet its reorganisation timetable. There is also disappointment at lower sales growth at its Shaws group in the US which may be partly offset by cost-cutting. With Safeway about to fall into the hands of Wm Morrison Sainsbury the UK's third largest supermarket chain seem to be sliding down a slippery slope.EMI music release interim figures with interest centred upon whether the group has made any significant progress regarding its Warner Music merger. The company may provide more details of its ongoing talks with Warner Music. Land Securities is expected to highlight the strength of its retail and shopping centres following the sharp decline in the Central London office market. when it reports interims Intercontinental Hotels Group steps up with third quarter results, while rival Hilton Group presents an update on third quarter figures a day later.ThursdaySafeway's interims could be its last before it is taken over by the Wm Morrison supermarket chain with analysts predicting a 7% drop in half-year pre-tax profits to 173.3m. Sales should have increased slightly and the company is believed to be treading water and has cut back on store refits. Shareholders still await an update on the offer for their interests, expected to be close to the initial bid of 277.5p per share. Lastminute.com is expected to report a small profit of 8m on sales of around 105m, which is a big improvement on last year's turnover of 35m.National Grid Transco is expected to report profits of 384.7m against 339m last time with the market looking for fall out from the recent power cuts in the UK and US. Interest is also expected in any further comments about a possible break-up and disposal of parts of the Transco local gas distribution network. Market watchers are also hoping for a big dividend increase. GUS, the owner of Argos and Burberry, is expected to report soaring profits when it posts an anticipated 38.5% rise in interim profits to 342m. The group's first half trading statement exceeded market expectations for all its divisions, with Argos turning in like-for-like sales growth of 7%. There should be an update on initial public offering of South African Retail and the full year integration of its DIY chain Homebase.SABMiller Investors will be keen to hear whats happening following the recent slide in beer volumes. The group is trying to restore its US fortunes after it merged with Miller last year. FridayBPB Plasterboard manufacturer should give further details of its cost reduction plan when it announces interims, there are fears that the closure of its Purfleet site could hike redundancy costs.

Thoughts

The US market is now at a 3 year pivotal point and also more or less on the 300 day point from which it has retreated many times in the past. The FTSE offers better value than that of the DOW as can be seen in the chart above yet UK companies results compare favourably with Atlantic cousins. Last week there were signs that the Dow / S&P was taking a breather and actually fell back despite some encouraging jobs data and the UK markets only managed a few points gain. With the FTSE already having risen some five hundred points since January some believe it has already seen its best levels and the rest only seem to be forecasting gains up to 4500. I really do not feel confident on the market direction but with the current lack of optimism I am going for a down week ahead

As always I look forward to your thoughts and comments on the week ahead! 

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

Sunday News Headlines 16th November

Millions of consumers face higher gas and electricity bills in the New Year.Powergen announced it is to increase electricity and gas prices for the majority of its six million customers from January 5. This month's interest rate rise by the Bank of England was premature and further hikes could stifle the fragile economic recovery, accountants Ernst and Young have warned. Few investors can spend all day evaluating shares. Yet such a limitation should not prevent decent portfolio returns - The Motley Fool UK

Interview: Andrew Davidson: Cadbury boss gets off to a sticky start Judgment Day: Should you buy shares in Games Workshop? Special Report: Ordinary mans triumph at Tesco Vital Statistics - Cadbury Schweppes Working Space - Cadbury Schweppes Todd Stitzer's working day Cadbury Schweppes 'We will deliver this time' Corus Group Sainsbury row turns ugly as Banks demands 15m

Leeds look to Ireland for 20m in finance JD Wetherspoon Ireland sends UK pub chain home Auditors censured over Wiggins profits Eircom MindShare tops McM for 11m Eircom contract Tobacco chief will light up British American Tobacco

GKN Blair sets sights on American defence

Broughton's flight plan for British Airways

Shire Pharmaceuticals Stahel wants 27m stake in Acambis to join as chief Sainsbury clan rallies round Davis JJB Sports PPM grabs TJ Hughes Sainsbury threatened with lawsuit

OBSERVER British Airways Bush pushes Blair to give 13bn deal to Boeing Sainsbury's investors set for sales woe mmO2 punches up first profit Diageo in showdown over Scotch

Reinventing Invensys AGM sketch: BSkyB

Marks & Spencer Group Top jobs for the girls? Far too few in our lifetime AstraZeneca Top jobs for the girls? Far too few in our lifetime

BSkyB When principles mean less than price at Sky Shell Transport Top jobs for the girls? Far too few in our lifetime Marks & Spencer Group Top jobs for the girls? Far too few in our lifetime

SUNDAY MAIL Investors' fury over BP pipeline, Threat of revolt shadows 1.8bn deal Davis faces fight at Sainsbury, Group desperate to name new chief Hollinger probe on insider payments, Black battling to keep Telegraph control CBI urges Ministers to boost pensions, Vital Government makes decision Channel 4 boss eyes ITV job, Treves seeking senior role Exit the Dragon over Furse 'snub', Chinese 'must feel very let down' It's all change as trains run on time, Connex shunted into the sidings Fresh controversy for BSkyB's chief, Lawsuit alleges Rawkus music theft EMI bid favourite for Time Warner, D-day looming in 1bn music takeover

Baugur on brinkof 150m Oasis deal, Fashon outfit set for takeover Weir blocked in move for B&Q top job, Reason behind decision to quit Loan crisis for phones group Three, Low sales could breach 3.2bn deal Property empire clears debt pile, Hall steers firm out of funding crisis New-look Abbey faces 30m setback, Damages claim over 'strangles' Vodafone set to boost dividend, Bumper rise for shareholders Broker Merrill ditches Regus, Rental group 'is too small' Secret dealings: CRC group, Evershed fixes up a good buy

INDEPENDENT  City lines up Norris to be new Jarvis chairman

The Lowdown: He's addicted to profits, not fags Imperial Tobacco

Paris on the brink as City says it's Jarvis that needs renewing The Week Ahead: The City talks telephone numbers EMI, MM02, GUS

SCOTLAND ON SUNDAY  Investors look to Japan as Vodafone profits show promise 10m bonanza for Scots who backed Wolfson Devro aims to take control in Czech buyout Royal Bank of Scotland writes off 22m after equity reshape BSkyB Murdoch's men tried to keep me quiet

Emap plans to head abroad for Heat Ennstone wins 9m order for A92 upgrade Diageo Grants steps up pressure on Cardhu Ryanair faces EC investigation into airport deals

SUNDAY EXPRESS  Awaiting data

INVESTORS CHRONICLE Tips: Buy GKN (GKN) at 288p - Singer & Friedlander (SFL) at 205p - Kewill Systems (KWL) at 58p - Fitzhardinge (FHG) at 112p - Broadcastle (BCST) at 69p - I-Document Systems (IDOX) at 11.5p.Updates: Sell Carpetright (CPR). Buy Invox (INX), Hold Lok'n'Store (LOK), BG (BG) and Cookson (CKSN) are good value.Stocks That Offer Growth: Friends Provident (FP) - Legal & General (LGEN) - Smiths Group (SMIN) - Ben Bailey (BBC) - Gibbs & Dandy (GDYO) - BAA (BAA) - BOC (BOC) - European Motor (EMH) - Rexam (REX).Company Results: Buy BAA (BAA) - Scottish & Southern Energy (SSE) - Aveva (AVV).

SHARES MAGAZINE Plays of the Week: Plays of the Week: Buy Rea Holdings (RE) at 232p - Volex Group (VLX) at 156p - Actif Group (ACT) at 8.12p - Oxus Gold (OXS) at 77p - Hot Group (HOT) at 21p. Updates: Hold International Power (IPR), NCipher (NCH) and Ringprop (RPP).

Croc@SnappyTrader.com  WWW.SnappyTrader.com