Hello traders!

Half an hour from the close, US stocks are sharply lower, pulling back after the Federal Reserve expressed concerns about inflation, acknowledging the worries that have plagued the market in recent weeks.

In the wake of the Fed announcement, the Dow Jones Industrial Average was last down 64 points, about 100 points below its level before the decision was released. The Nasdaq Composite was off 13 points to 1,994 and the S&P500 dropped 7 points to 1,176.

See you in the morning with breaking news.....

Sleep tight!

G.

*WILLIAM MORRISON UNDERLYING FY OPERATING PROFIT FALLS 7 PCT TO 284.7 MLN STG
WILLIAM MORRISON HIKES FINAL DIVIDEND 14 PCT TO 3.075 PENCE PER SHARE

NEXT 7 WEEKS TO MARCH 20 UNDERLYING LIKE-FOR-LIKE SALES DOWN 0.9 PCT

NEXT 7 WEEKS TO MARCH 20 ABSOLUTE RETAIL LIKE-FOR-LIKE SALES DOWN 3.5 PCT

SABMiller PLC said its financial performance for the 11 months to February is in line with the company's own expectations.
Organic growth in lager volumes during the period was 4 pct. Miller's domestic sales to retailers were 0.9 pct up from a year ago. Miller Lite sales have continued to grow, though more slowly as a result a strong comparison period a year ago, and because of a weak trading environment. Domestic shipments to wholesalers were in line with those to retailers.
In Central America, tougher market conditions and an increase in excise on beer in El Salvador contributed to carbonated soft drink volumes being down 7 pct for the year to date, and beer volumes down by 1 pct.
In Europe, organic lager volume growth for the year to date was almost 5 pct, with continuing strong performance from Poland, Russia and Romania being partially offset by weakness in Italy, Hungary and Slovakia.
The Africa and Asia business has continued to record good growth, with anincrease in organic lager volume, on a year to date comparable basis, of almost10 pct.
Beer South Africa volumes grew by 4 pct, while ABI achieved a volume growth of 7 pct. South African volume growth was supported by continuing robust consumer spending, SABMiller said.

MARKETS
FTSE 100 4,937.3, up 3.8
FTSE 250 7,20.0, down 28.5
DJIA 10,470.50, down 94.90
Nasdaq Comp 1,989.34, down 18.17
S&P 500 1,171.70, down 12.10
Tokyo: Nikkei closed at 11,739.12 down 102.85
Hang Seng midday 13,620.22, down 156.25
Gold 431.12 usd (431.65 usd)
Oil - Brent April 54.59 usd (55.65 usd)

BREAKING NEWS
* Tube line fraud trial collapses; six men accused of corruption are acquitted; debate over use of juries renewed; inquiry into debacle that may have cost 60 mln stg - FT
* Fair trade probe gives supermarkets a clean bill in dealings with suppliers - FT
* Fed raises primary rate and signals inflation concerns
* A "secret list" of companies receiving subsidies under the Common Agricultural Policy, disclosed for the first time today under freedom of information rules, is dominated by big food processors and manufacturers, led by TATE & LYLE, which received 127 mln stg in 2003-04 - Telegraph
* Insurers in talks with government over plans to establish a state-backed fund to pick up the bill for claims from the next generation of industrial diseases - Times
* Another suitor emerges for Lara Croft as games publisher SCI ENTERTAINMENT makes a 76.1 mln stg share offer for EIDOS
* BRITISH VITA recommends a 668 mln stg bid from Texas Pacific
* Recovering DRAX POWER plans stock market listing - FT
* LONMIN to pay 100 mln stg for Southern Platinum, a lossmaking Canadian group, having bowed to shareholder demands not to diversify - FT

PRESS COMMENT
FT
THE LEX COLUMN comments on BANK OF IRELAND (looks a good investment - and a tempting morsel for a greedier rival), MANCHESTER UNITED (the Irish duo se themselves as long-term investors; but cold cash may yet win out over misty-eyed notions of the club's future), General Motors, Ski makers - ELECTROCOMPONENTS (looks expensive) - DAILY MAIL & GENERAL (dearer than other quoted publishers; nothing from yesterday will change that view) - BRIXTON (there are worse ways to gain exposure to the industrial property market) - TELEWEST/NTL (former seems more attractive) - EVOLUTION (do not look cheap) - OYSTERTEC (looks cheap, given the expected benefits from restructuring) - SPRING GROUP (have further to go) - TAKING STOCK: A revival in demand helps lift recruitment (ROBERT WALTERS, HARVEY NASH, SPRING GROUP, GLOTEL, PSD, WHITEHEAD MANN)
Telegraph
QUESTOR: ELECTROCOMPONENTS (avoid), BRIXTON (hold), EVOLUTION (avoid)
Mail
MEARS (profit-takers will regret it)
Times
RUMOUR OF THE DAY: INVENTIVE LEISURE (tipped as sector's next bid target; GI Partners could be interested) - DIRECTORS' DEALINGS: SECURE TRUST BANKING (two directors buy stock) - TEMPUS: 02 (buy), ELECTROCOMPONENTS (hold), BRIXTON (buy)
Guardian
o2 (management miffed) - MECOM GROUP (market debut today) - POLAND INVESTMENT FUND (market debut today)
Independent
THE INVESTMENT COLUMN: JOHNSON MATTHEY (buy and tuck away), BRIXTON (sell), CHESNARA (buy) - IBS OPENSYSTEMS (floats on AIM today)
Express
INVENSYS (renewed fears it will have to tap investors for cash in the face of growing competition from Asia) - SHARE WHISPER: DELLING GROUP (watch out for acquisitions) - WHO'S DEALING: STATPRO GROUP (chairman picks up 25,000 shares at 44 pence in two separate transactions)

STOCKWATCH Cookson started as 'buy' by Citigroup Smith Barney, 50p target

Morning all.

Morning all , bright & early so i can get some fishing done.

Morning all,
Its turned out to be a beautiful day now in Hampshire. Its a shame I'm not a home
as I now have wireless broadband and could be out in the garden and on the
internet......

HBOS - in free fall or will it bounce back off 7.80?

Hello Little Woman, how are you these days? Yes great in the summer when you can sit outside in the fresh air and the sunshine with a glass of wine and still do some work.

What an awful day on the markets. :-(

Hi GD, I'm OK - and you, enjoying your retirement from the Teas rooms?

Its time like this I wish I was a "shorter"!

I'm having a mixed, confused good and bad week so far thankyou on all fronts? Regarding the Tea rooms, well yes it's nice to go and sit in someone elses place and enjoy their food and drink without worrying about the costs!! and rats. Lambykins is cool.
:-)

I seem to have a lot of "blues" this afternoon!

HBOS Now?