S&P Futures

US markets recover some lost ground after last week's declines as investors await Tuesday's central bank meeting

UBS figures come in 20% above consensus

Thus Group telecoms reported a 61% rise in underlying annual earnings slightly below forecasts, and said it was comfortable with market expectations for the current year. Earnings rose to 43.6 million pounds short of analysts expectations of 44.6 million on turnover up 14 percent to 332.4 million pounds.

Alliance & Leicester (AGM), Cairn Energy (AGM), Cluff Mining (AGM), PetroKazachstan(AGM), Vitec Group (AGM),

 08:30 March consumer credit 08:30 March final M4/M4 lending 10:00 CBI monthly distributive trades survey

Aon, Clear Channel Comms, Emerson Electric, Lincoln National, Tenet Healthcare, Northrop Grumman, Safeway, Prudential Financial, Qwest Comms,

13.30 FOMC Meeting 15:00 Factory Orders

Continental, Pfeiffer Vacuum Technology, Suess Microtec, Bouygues,

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David@SnappyTrader.com   www.SnappyTrader.com

Pre Market Futures

FTSE +19

DAX Unch

DOW +10

S&P +0.8

Nasdaq +2.5

     Bank Holiday

Allegheny Energy, The Goodyear Tire & Rubber, MetLife, EOG Resources, Masco

15:00 Construction Spending 15:00 ISM Index 17:00 Truck Sales 18:00 Auto Sales

Qiagen, Heidelberger Druckmaschinen, Imerys

Alliance & Leicester (AGM), Cairn Energy (AGM), Cluff Mining (AGM), PetroKazachstan(AGM), Vitec Group (AGM),

 08:30 March consumer credit 08:30 March final M4/M4 lending 10:00 CBI monthly distributive trades survey

Aon, Clear Channel Comms, Emerson Electric, Lincoln National, Tenet Healthcare, Northrop Grumman, Safeway, Prudential Financial, Qwest Comms,

13.30 FOMC Meeting 15:00 Factory Orders

Continental, Pfeiffer Vacuum Technology, Suess Microtec, Bouygues,

Scottish Power (F), Big Yellow Group (F),epta Group (F), Jennings Brothers (F), Matalan (F), Whitbread (F), Fenner (I), Bookham (I), EasyJet (I)

BAE Systems (AGM), Provident Financial (AGM), Reckitt Benckiser (AGM), Smith & Nephew (AGM), Broadcastle (AGM), CRH (AGM), Dairy Farm International Holdings (AGM), Fandc Latin (AGM), Pittards (AGM), Rathbone Bros (AGM), Rolls-Royce (AGM), Savills (AGM),

CVS, Edison International, UNUMProvident,

15:00 ISM Services

Bayerische Motoren-Werke, Henkel KGaA, K+S, Adidas-Salomon, Singulus Technologies, Depfa Bank Plc,

Ex Dividend: Abbot Group 172.25 3.10 1.80%, Anglo-Eastern Plantations 180.50 3.27 1.81%, Ashtenne Holdings 382.50 5.70 1.49%, Barr (A G) 687.50 17.00 2.47%, Bunzl 476.25 8.25 1.73%, Clinton Cards 86.50 2.60 3.01%, Computacenter 436.25 5.00 1.15%, Chepstow Racecourse 204.00 1.21 0.59%, Datamonitor 115.50 1.00 0.87%, Evolution Group 141.50 0.25 0.18%, Fyffes 109.25 4.33c 2.62%, Gibbs and Dandy 381.00 8.00 2.10%, G.R. (Holdings) 50.00 0.30 0.60%, Intermediate Capital Group 1217.00 24.00 1.97%, Independent Media Distribution 75.00 0.60 0.80%, Infast Group 26.50 1.20 4.53%, Independent News & Media 1.95 5.15c 2.64%, Laird Group 329.00 5.60 1.70%, LA Fitness 181.00 0.53 0.29%, McAlpine (Alfred) 316.25 6.50 2.06%, McCarthy & Stone 587.00 4.80 0.82%, Michael Page International 182.50 2.30 1.26%, MSB International 80.00 1.40 1.75%, Nestor Healthcare Group 202.75 6.14 3.03%, Northern 2 VCT 85.00 1.50 1.76%, Parkwood Holdings 37.50 1.30 3.47%, Portmeirion Group 198.50 9.95 5.01%, Quester VCT 5 97.50 1.00 1.03%, Rentokil Initial 192.50 4.35 2.26%, Robert Walters 123.50 2.10 1.70%, royalblue Group 540.00 31.45 5.82%, Tibbett & Britten Group 455.00 17.10 3.76%, Trinity Mirror 601.50 12.80 2.13%, John Wood Group 137.25 1.23 0.90%, Whatman 201.50 2.67 1.33%, William Hill 541.00 9.00 1.66%, XP Power 372.50 7.00 1.88%

Blacks Leisure (F), Jennings Brothers (F), Cambridge Silicon Radio (I)m International Power (I), Smith & Nephew (I), Xenova Group PLC (I), Prudential (AGM), Xstrata (AGM), Delcam (AGM), Financial Objects (AGM), Hammerson (AGM), Maclellan Group (AGM), Thompson Clive (AGM), Trinity Mirror (AGM), United Business Media (AGM), Sygnet Group (Trading), British Airways (Traffic)

09:00 BRC April Shop Price Index 11:00 BoE Interest Rate Decision

CMS Energy, Univision Comms, King Pharma,, NVIDIA,

13:30 Initial Claims 13:30 Productivity-Prel

Fresenius, HeidelbergCement, Hochtief, Leoni, Fresenius Medical Care, SCM Microsystems Inc, Aixtron, FJH, GPC Biotech, BNP Paribas, AGF Assurances, Axa, Vivendi Universal, Sodexho Alliance, Bonduelle, CNP Assurances,

Amersham (AGM), Foreign & Colonial Inv Trust (AGM), Premier Oil (Update)

FirstEnergy

13:30 Average Workweek 13:30 Hourly Earnings 13:30 Nonfarm Payrolls 13:30 Unemployment Rate 15:00 Wholesale Inventories 22:00 Consumer Credit

Deutsche Boerse, Epcos,  

Provisional Calendar For UK Equities The Week Following 10th - 14th May

Chrysalis Group (I), Diploma (I), Securicor (I), Windsor (I),CryptoLogic (F),Centrica (AGM)

Centurion Electronics (I), Sage Group (I), Robert Wiseman (F), UKbetting (F),Johnson Service Group (AGM), Macfarlane Group (AGM), Merchants Trust (AGM), Standard Chartered (AGM), WSP Group (AGM)

  Fulcrum (I), Alliance Pharma(F), N Brown(F), Foreign and Colonial Inv Trust (AGM), Guinness Peat (AGM), Quarto Group (AGM), Unilever (AGM)

Ultraframe (I), Zytronic (I), Reckitt Benckiser (AGM)

Old Mutual (AGM)

Trading Thoughts For The Week Ahead  - Sunday 25th April

The week shortened by the UK bank holiday will be dominated on both sides of the Atlantic by interest rate concerns. In the UK the market is braced for an almost certain rate increase on Thursday and in the U.S the Fed meets Tuesday to decide on interest-rate policy. The FOMC will probably decide to keep the rates unchanged for now but will possibly talk about raising the rates during the summer. This indecision on the timing of the rate rise dragged down U.S stock markets last week despite strong earnings results. The Nasdaq had its biggest weekly drop since April 2002 and the falls on the DOW & S&P helped drag down markets across the world. The U.K will be low on results next week but there are plenty of AGM's such as Rolls Royce, Xstrata and Alliance & Leicester to keep investors interested.MondayU.K markets closed for Bank Holiday

The U.S Institute for Supply Management will probably report its manufacturing index unchanged

Tuesday

Thus should produce no surprises when it presents full-year results following its positive comments recently. The city expects profits of 44.1m against 27.1m previously. The rise in earnings will be partly due to the exceptional growth in DSL broadband. Cairn Energy holds its AGM after pleasing its shareholders with a dramatic increase in share price following several oil finds in the northern Indian region of Rajasthan.

BAE's AGM should be interesting as it updates shareholders on its somewhat difficult relationship with the government over conflicts on cost overruns and contracts.  

Wednesday

EasyJet posted a loss of 24.4m for the 6 months results a year ago and this year analysts are wondering if it can break even. Passenger numbers have already been reported as increasing but the margins, average fare and costs will determine the probability. Its passenger numbers will be affected downwards due to this years late Easter break not being included in the figures.Whitbread who own David Lloyd Leisure, Beefeater restaurants, Marrit hotels and Travel Inn hotels previously reported sales growth of 2.4% in line with expectations. Full year profits of 240m are expected against 222m a year ago. Results could be better than expected if the decline in its hotels business had been halted. They should also release an update on how the bid for Premier Lodge budget hotels chain is coming along. Matalan disappointed investors in December after warning that annual profits would fall 'materially short' of market expectations following a disappointing Christmas. Analysts believe the company is still struggling to increase sales and are likely to report a near 50% fall in profits to 60 million pounds from 117 million a year ago.Anglo Irish Bank releases interim results after a previous upbeat market update when it said it looked forward to strong future growth this year. French Connection should have an easy AGM following its success over the last twelve months and forecast of a rosy future in the U.S and Europe. Aviva, Rising bond yields could help the company's outlook.

Smith & Nephew medical devices announces first quarter results after previously saying that it expected sales growth to accelerate in 2004, driven by demand for its replacement knees and hips.

Thursday

Jennings Brothers the Lake District brewing and pubs group which brews Cumberland Ale are expected to increase full-year pre-tax profits to 2.75m this year from 2.5m a year ago. Sales will benefit from its continuing acquisitions and refurbishments in its existing retail outlets.International Power are expected to report lower first quarter profits mainly due to the ongoing weakness in its North American market. Profits for the quarter are expected to be 40.3m, down from 48m last time. The group is unlikely to comment on bid rumours which have recently been doing the rounds.Blacks Leisure previously said that they saw profits for the full year to end-February in-line with current market expectations following a 'satisfactory' performance over the Christmas and New Year period. However the sector is becoming far more competitive following the chain of Decatholon stores that are opening across the UK and also from supermarket diversification into this area.

Prudentials AGM may be sweetened by an general improvement in the sector.British Airways reports April traffic statistics and will hopefully report an improvement in passengers for its trans-Atlantic routes.11:00 BOE Interest Rate Decision, 45 out of 46 City economists predict that there will be a rate rise this week following the renewed strength in the housing market The U.S. Labour Department should report an increase on productivity in the first quarter of 3.5 percent.

Friday

Premier Oil will update the market following the plugging of its oil well located offshore Guinea Bissau in West Africa in April. It added reservoir quality and structuring issues would need to be thoroughly appraised and understood. Also it failed to find any commercial quantities of oil after sinking a drill in the Moray Firth area in the North Sea.

The all important U.S. non-farm payroll numbers will give for clues on the health of the U.S. consumer and future direction for interest rates.  

Thoughts The UK market will probably not react to badly to the expected 1/4 point rate rise on Thursday. In fact it may rise on the day as the central bank shows that it is prepared to keep the lid on inflation.

The upper chart show that the despite the falls on the market the 1 Year uptrend is still intact but with the DOW now threatening to test support at 10200.

The FTSE is just above its middle support line with its major support at approx 4350. Below the Intraday chart shows it is right on the lower trend line and following Friday nights fall on the DOW could dip below on Tuesday morning.

With interest rate uncertainties in the U.S and worsening conditions in Iraq all these support levels will no doubt be tested over the next few days.

As always I look forward to your thoughts and comments and wish you all a good bank holiday weekend.

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