Hello traders!

US stocks ended mixed tonight in uncertain trading after the Fed offered up few fresh insights into the economy, leaving investors unclear about future interest rate moves, although they raised interest rates by a quarter-percentage point to 3%, as expected, and signaled that rates will continue to rise at a 'measured' pace.

Stocks bounced off lows in the dying minutes of trade after the Fed said it had omitted a key phrase on inflation in its statement accompanying its interest rate decision.

The Dow Jones Industrial Average ended up 5.25 points at 10,256.95, the Nasdaq Composite climbed 4.42 points to 1,933.07 while the S&P500 slipped 0.99 points to 1,161.17.

Oh....and in other news, Liverpool beat Chelsea 1-0 to make it to the Champions Leaguen final.....

See you in the morning with breaking news.

There is quite a long ex-d list tomorrow so take care out there.....

G.

LONDON (AFX) - British American Tobacco PLC, the worlds third largest cigarette maker, is expected to reveal a steady rise in first-quarter profit today, driven by cost cutting and share repurchases.
The maker of Dunhill, Lucky Strike and Kent cigarettes is expected to post first-quarter pretax profit of 581 mln stg, up from 575 mln last time, according to a consensus of three analysts compiled by AFX News. Forecasts ranged from 555 mln to 606 mln.
A decline in trading in America-Pacific and Europe regions is expected to trim EBITA from 609 mln stg to 533-562 mln, with cost savings and share buy backs lifting adjusted earnings to 17.3-18.4 pence per share, from 15.9 pence last time.
Sales from Malaysia and Canada in particular will be in focus, where recent tax hikes hit demand for its premium range products as smokers traded down. BAT owns a 50 pct stake in BAT Malaysia, which contributes to about 3 pct of the group's earnings.
Analysts noted that the results may be complicated by the switch to reporting under IFRS for first time and a change in the groups structure, which is expected to results in some significant alterations to the regional profits split.
BAT merged its US business Brown & Williamson with rival RJ Reynolds last year, creating Reynolds America, in which it owns 42 pct. Due to the accounting changes US profit will be recorded post-tax, as under IFRS it is counted as an associate.
Also, it has switched Korea to its Asia-Pacific region, which will hit profit at its America-Pacific area.
In Europe, profit will be affected by the 2004 year-end sale of Italys Etinera to Altadis, but the rest of the region is expected to show growth.

Good morning traders!

In Asia this morning, the Hang Seng has closed its morning session ahead 52 points at 13,946.44. The price of crude has eased on expectations that US inventtories will show another rise.

Early news.....

KINGFISHER, KESA ELECTRICALS CUT TO 'UNDERWEIGHT' FROM 'EQUAL-WEIGHT' BY LEHMAN

BOOTS, NEXT, CUT TO 'EQUAL-WEIGHT' FROM 'OVERWEIGHT' BY LEHMAN

Happy trading!

G.

AFX UK at a glance share guide - 2

MARKETS
FTSE 100 4,861.2, up 59.5
FTSE 250 6,786.9, up 58.0
DJIA 10,256.90, up 5.20
Nasdaq Comp 1,933.07, up 4.42
S&P 500 1,161.15, down 1.00
Tokyo: Nikkei closed
Hang Seng midday 13,946.44, up 52.46
Gold 427.90 usd (436.45 usd)
Oil - Brent June 50.52 usd (51.09 usd)

BREAKING NEWS
* Blair rejects NI rise for NHS; Labour leader says 2002 increase 'takes care of catch-up'; strategists say situation in 80 marginal constituencies is volatile - FT
* Energy investment too small to meet growth in demand, warns Claude Mandil, head of the International Energy Agency - FT
* A bitter dispute between UNILEVER and shareholders set to escalate after a move to halt the Anglo-Dutch consumer group's plan to de-list its preference shares - FT
* Arcelor, the world's second biggest steelmaker, rules out price in next five months, adding to signs of an industry downturn - FT
* DAIRY CREST in advanced talks to buy the UK's largest regional dairy business from the Midlands Co-operative Society
* VANTIS to acquire rival NUMERICA for 16 mln stg
* CMC, the spread-betting and foreign exchange group, considering a stock market flotation of more than 500 mln stg by the end of the year - FT
* SHELL plans to pump 340 mln stg into Libya for gas exports - Times

PRESS COMMENT
FT
THE LEX COLUMN comments on UK mid-caps (only the foolhardy would seek to up the anti at this stage in the mid-cap rally), Deutsche Boerse, UBS (premium rating deserved and the stock should prove resilient in the tougher markets that seem to lie ahead), BMW - TAKING STOCK - FOOD PRODUCERS: An appetite for consolidation (p.26)
Mail
NORD ANGLIA EDUCATION (bears reckon it is now in grave danger of breaching its banking covenants) - JUDGES CAPITAL (worth a closer look following news of the 3.7 mln stg reverse takeover of Fire Testing Technology)
Sun
FRIENDS PROVIDENT (hold)
Independent
THE INVESTMENT COLUMN: PEARSON (hold), NORTHGATE INFORMATION SOLUTIONS (still a buy), ALLIANCE & LEICESTER (sell)
Guardian
NORD ANGLIA EDUCATION (fears it is considering a 20 mln stg rights issue) - HITCHENS, HARRISON & CO (set to start trading at 50 pence this morning and tipped to achieve a premium on the first day)
Telegraph
QUESTOR: FRIENDS PROVIDENT (buy), IG GROUP (worth a small wager), NORTHGATE INFORMATION SOLUTIONS (a risky buy)
Express
Market expert Trevor Webster adds HALFORDS to his 2005 portfolio - SHARE WHISPER: IQ HOLDINGS (said to be close to acquisitions that would boost turnover ten-fold to 2 mln stg) - WHO'S DEALING: CIVILIAN CONTENT (chairman buys 350,000 shares)
Times
RUMOUR OF THE DAY: PETREL RESOURCES (talk it may succeed in winning the contract to develop the Subba & Luhais oilfield in Iraq) - DIRECTORS' DEALINGS: QUADNETICS GROUP (chief executive sells stock worth 515,600 stg) - TEMPUS: BRITISH AIRWAYS (hold), ABERDEEN ASSET MANAGEMENT (buy), WICHFORD (buy)

Good morning all.

Morning all.

Good morning all