Hello traders!

US stocks rallied in the final hour of trading on tame inflation data and a drop in oil prices. Hewlett-Packard was a notable gainer.

The Dow Jones Industrial Average was last up 141 points at 10,472. The Nasdaq Composite had gained 29 points to 2,033 and the S&P500 was up 13 points at 1,186.

See you in the morning with all the updates....

G.

Good morning traders!

In the US last night, The Dow closed up 132.57 points at 10,464.45 and has now ained more than 300 points in three days, a move not seen since the period immediately after the re-election of President Bush last November.

The Nasdaq Composite gained 26.50 points to 2,030.65, putting the tech-rich index at its best level in two months.

The S&P500 rose 11.76 points, or 1% to 1,185.56.

In Asia this morning, the Hang Seng Index ended the morning session up 89.91 points at 13,716.92. The Nikkei was recently trading up 210.96 points at 11,046.37.

Off to find some UK news......

Happy trading!

G.

AFX UK at a glance share guide - 2

MARKETS
FTSE 100 4,949.4, up 50.9
FTSE 250 6857.00, up 26.3
DJIA 10,464.45, up 132.57
Nasdaq Comp 2,030.65, up 26.5
S&P 500 1,188.56, up 11.76
Tokyo: Nikkei midday 11,037.14, up 201.73
Hang Seng midday 13,716.92, up 89.91
Gold 419.95 (420.72 usd)
Oil - Brent June 48.15 (49.34 usd)

BREAKING NEWS
* Morgan Stanley ordered to pay 850 mln usd punitive damages to Ronald Perelman - FT
* Rrev, a leading investor advisory service, will now support the re-election of Sir Ken Morrison as executive chairman of WM MORRISON SUPERMARKETS - FT
* EVOLUTION faces credibility challenge over share issues - FT
* Terra Firma housing deal might not add up - FT
* Blair to scrap referendum on the EU constitution if the French vote no - Daily Telegraph
* Two suitors emerge for Equitable Life - Daily Telegraph
* Oriental interest has P&O riding on a wave of speculation - Daily Telegraph
* Derivative users must disclose their stake - Times


PRESS COMMENT
FT
THE LEX COLUMN comments on O2 results (given O2's operational gearing, its shares remain more exposed to setbacks than those of others in the sector; takeover speculation is the perennial confidence booster but would-be bidders seem to be waiting for O2 to stumble. Given the competitive pressures, they might have a point), SCOTTISH & SOUTHERN ENERGY (deserves to trade at premium to UK peers. Rival SCOTTISH POWER offers little growth and has recently fallen behind in terms of market cap. Even the quiet men at SSE must get excited at the opportunities a Scottish wedding would present), Italian banks (ABN's cash offer for Antonveneta is competitive but may not tempt the many nationalistic Antonveneta shareholders. The Bank of Italy must judge whether the cash bid would destabilise Lodi and the answer is surely yes), Korea's pledge to quit intervening in foreign currency markets (assuming current dollar strength peters out, concerns over economic weakness suggest the Bank of Korea will return to the foreign exchange markets before the year is out)
Mail
EXEL (rumours Deutsche Post to bid 50 pence per share) - STANDARD CHARTERED (rumours Bank of America to bid over 1,100 per share)
Express
SHARE WHISPER: RENOLD (market insiders reckon it is continuing to suffer from deteriorating sales in its automotive systems business) - - WHO'S DEALING: Braemar Seascope (CEO Alan Marsh picked up 6,700 shares at 370 pence and 18,300 at 383.16 to take his holding to 5.72 pct)
Telegraph
QUESTOR: O2 (If you sold out at 130p, yesterday's price would not be a bad re-entry point), BUSINESS POST (hold on), LOGICACMG (the stock is worth holding)
Times
RUMOUR OF THE DAY: ARCHIPELAGO RESOURCES (expected to confirm today that it has arranged 50 mln usd in debt finance) - DIRECTORS' DEALINGS: PARKWOOD (finance director buys stock) - TEMPUS: O2 (buy), SSE (buy), AVEVA (well worth buying)
Independent
THE INVESTMENT COLUMN: AMEC (worth holding for news of contract wins), LOGICACMG (wait for more concrete results this year before buying), HOLIDAYBREAK (a worthy hold)

Morning all.

Retail sales up in April! Bit unexpected!

Morning all, good to see recovery in the Dow, although only recovering recent lost ground.