Hello traders!

In the US tonight, stocks were broadly lower but the major indexes managed to hold close to even with Pfizer and Johnson & Johnson buoying blue chips and Applied Materials providing a lift for the tech sector.

The Dow Jones Industrial Average closed down 14.49 points at 10,456 while the Nasdaq Composite edged up 0.88 points to 1,990.22 and the S&P500 added 0.82 points to 1,172.53.

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

G.

From BBC an explosion has rocked an oil refinery in Texas, killing at least four people, according to local TV reports.
Television pictures showed firefighters picking through the smoking wreckage of the BP plant, south-east of Houston.

US gasoline prices are up.

http://news.bbc.co.uk/1/hi/world/americas/4377519.stm

Good morning traders!

In Tokyo this morning, the Nikkei closed up just 6.85 points at 11,745.97.

In the early news.....

Xstrata offer for WMC officially closes, BHP Billiton now sole bidder

JD WETHERSPOON INITITIATED 'SELL' AT MERRILL LYNCH

MARSHALLS CUT TO 'NEUTRAL' VS 'BUY' AT MERRILL LYNCH

Back with more in a moment....

Happy trading!

G.

3I GROUP DOWNGRADED TO 'EQUAL-WEIGHT' FROM 'OVERWEIGHT' BY LEHMAN, TGT 760P

Whitehead Mann expected to announce 13m rights issue

UK blue-chips are expected to open lower this morning, led down by index heavyweight BP, following a blast at its Texas oil refinery last night, while an unconvincing session on Wall Street last night could also weigh, dealers said.
According to spread-betting firm IG Index, the FTSE 100 index is seen opening 10 points lower at 4,900 after closing at 4,910.4 yesterday.
On Wall Street last night, US stocks closed slightly lower as investors continued to digest Tuesday's rate hike and cautious economic outlook by the Federal Reserve, traders noted.
Across Asia overnight, the Nikkei 225 index closed 6.85 points higher at 11,745.97, while the Hang Seng ended its morning session 41.42 points lower at 13,562.19.
In the UK today, BP looks like suffering in early deals following an explosion last night at the group's Texas refinery, killing at least 14 people and injuring over 70.
The plant is the third largest in the US and produces nearly half a million barrels of crude oil a day, almost one third of the group's US output.
Oil prices eased in Asian trade however, as speculators cashed in on strong US inventory levels, discounting news of a big blast at a BP refinery in the US, dealers said.
According to Department of Energy data released last night, crude oil supplies in the week to March 18 were up 4.1 mln barrels to 309.3 mln, the highest inventory level in three years.
Elsewhere, the retail sector looks like remaining in focus, with Sainsbury due to issue a trading update amid hopes that new CEO Justin King and his team are beginning to have a positive effect on sales.
The ailing food retailer, recently touted as a potential takeover target, showed signs of a recovery back in December.
Elsewhere, London Stock Exchange is also due to issue a trading statement and investors will be keen to hear of any further developments in its takeover saga.
Meanwhile, National Grid Transco is also due to update on trading.
Among smaller companies, Digital Classics, Tenon are due to post interims, while Hardy Underwriting and Premier Oil are scheduled to report full year figures.

Investors Chronicle

TIPS - LARGE COMPANIES: WOLVERHAMPTON & DUDLEY BREWERIES (sell), CAPITAL & REGIONAL (buy), MICE (buy); TIPS - SMALLER COMPANIES: CONNAUGHT (buy), IDN TELECOM (buy), WINDSOR (buy); TIPS - UPDATES: KENSINGTON (good value), TANFIELD (buy), UKBETTING (good value), SHIRE PHARMACEUTICALS (sell) - SHARES WITH STAMINA: BT GROUP, UNITED UTILITIES, BARCLAYS, MARSHALLS, YULE CATTO, NATIONAL GRID TRANSCO, DS SMITH, BUNZL

MARKETS
FTSE 100 4,910.4, down 26.9
FTSE 250 7,087.4, down 112.6
DJIA 10,456.00, down 14.50
Nasdaq Comp 1,990.22, up 0.88
S&P 500 1,172.55, up 0.85
Tokyo: Nikkei closed at 11,745.97, up 6.85
Hang Seng midday 13,562.19, down 41.42
Gold 426.35 usd (431.12 usd)
Oil - Brent April 53.04 usd (54.59 usd)

BREAKING NEWS
* Chirac demands end to rebate; refund worth 3 bln stk to UK; call comes in spite of Blair's backing for France on EU vote; move presages clash over budget - FT
* City cuts MORRISON profit predictions as supermarket chain shakes up board - FT
* Petrol futures rise as blast kills workers at BP refinery
* WHITEHEAD MANN, the executive recruitment company, this week expected to announce a rights issue to raise 13 mln stg - FT
* Total opens talks with the government of South Sudan in the hope of getting the new authority to repudiate its oil deal with WHITE NILE - Independent
* Scottish Widows backs CREST NICHOLSON's rejection of Heron offer - Times

PRESS COMMENT
FT
THE LEX COLUMN comments on WILLIAM MORRISON SUPERMARKETS (may still be overpriced), US inflation, US gas prices, German economy - KESA ELECTRICALS (look fairly valued) - BARRATT DEVELOPMENTS (an undeserved discount to the sector) - CHARTER (could still be some upside) - TAKING STOCK: TV producers know their rights (SHED PRODUCTIONS, RDF, ENDEMOL, TEN ALPS COMMUNICATIONS, CHORION, TELEVISION CORPORATION)
Independent
THE INVESTMENT COLUMN: KESA ELECTRICALS (avoid), TOPPS TILES (hold on), BARRATT DEVELOPMENTS (long-term buy)
Times
PLETHORA SOLUTIONS (begins trading on AIM this morning) - DIRECTORS' DEALINGS: BPP (directors sells stock) - TEMPUS: 3i (buy), SLOUGH ESTATES (avoid), CHARTER (buy for continued recovery)
Mail
COBRA BIO-MANUFACTURING (analysts reckon that major drugs firms will now be knocking on the door)
Telegraph
QUESTOR: NEXT (existing shareholders should hang on), BARRATT DEVELOPMENTS (by buying it you are taking a punt on the residential housing market; if you are bullish about that, Barratt doesn't look a bad pick), TOPPS TILES (wait for things to calm down before looking at Topps again)
Express
ZEST (market debut today) - SHARE WHISPER: OILEXCO (dealers expect some positive news over next few days) - WHO'S DEALING: JESSOPS (chief executive and finance director buy stock)
Guardian
EDINBURGH OIL & GAS (Buzzard boost)

Morning all.

Morning all.

US$ strengthed yesterday.... tempory or has it turned?

My bets are on temporary Little Woman, but purely personal opinion.
The market is far more positive then I thought it would be this AM.

mmmmmmm I have just realised that although Oil is going up in price, if the
dollar is weak it means that the actual cost is not going up!

e.g.
if Oil was $55 and the rate is 1.75 that would be 31.43
if Oil was $55 and the rate is 1.95 that would be 28.21
if Oil was $55 and the rate is 2.05 that would be 26.83

So as the rate goes up, the price of Oil goes down without the
actual $price changing.

and it all becomes more and more like a riddle! LOL
But yes you are quite right, it's only if you are buying
in dollars that it could become expensive I suppose, I think....
Too much for the last day of the week for me ;>)

JP MORGAN
Reiterates Underweight Dixons, cuts estimates -- Neutral Kesa, cuts forecasts -- Underweight Barratt Developments, raises estimates
NUMIS SECURITIES
Upgrades to Add from hold Antofagasta, ups target to 1,485 pence from 1,428 -- Hold Cairn Energy, ups target to 1,270 pence from 1,210

DRESDNER KLEINWORT
Downgrades to Add from buy Mothercare

MORGAN STANLEY
Reiterates as Underweight Sainsbury, post-trading update -- Equal-weight Altana, ups estimates -- Equal-weight Deutsche Telekom. 17.50 eur target, ups estimates -- Underweight Wm Morrison, cuts estimates -- Equal-weight 3i Group, cuts NAV estimates

MERRILL LYNCH
Reiterates Buy Cairn Energy, ups target to 1,450 pence -- Downgrades to Neutral from buy Marshalls -- Initiates as Sell JD Wetherspoon -- Sell Wm. Morrison, cuts estimates -- Buy Mediaset, ups estimates

PANMURE GORDON
Reiterate Sell Sainsbury, ups target to 230 pence from 200 -- Buy Topps Tiles, cuts target to 220 pence from 280 -- Buy Next, target 1,750 pence, cuts estimates


GOLDMAN SACHS
Reiterate In-line ABB, cuts estimates -- Underperform Alleanza, cuts estimates -- Underperform Benetton, cuts estimates -- In-line Heidelberg Cement, ups estimates -- In-line Lindt & Sprungli, ups estimates -- Underperform Lukoil, ups estimates -- Underperform Mediolanum, cuts estimates -- Outperform MTS, cuts estimates -- In-line Next, ups estimates -- Underperform Pilkington, ups estimates -- Outperfrom SABMiller, adjusts estimates -- In-line SibNeft, ups estimates -- In-line Virgin Mobile, cuts estimates -- In-line Vodafone, ups estimates -- In-line Woolworths, ups estimates -- Outperform Swatch, cuts estimates -- Outperform Bank of Ireland, cuts estimates

Cheers Digger!
:>)