Hello traders!

US stocks ended higher tonight, buoyed by better-than-expected results from IBM, Merrill Lynch and others.

The Dow Jones Industrial Average rose 71.57 points to 10,646.46. The Nasdaq Composite gained 28.31 points to 2,173.18, a new high for the year, and the S&P500 was up 8.22 points at 1,229.35, a fresh four-year high.

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

G.

WILLIAM HILL UPGRADED TO 'BUY' VS 'HOLD' AT DEUTSCHE BANK

Good morning traders!

Trading in Asia was more relaxed following the strong performance on Wall Street. The Hang Seng Index ended the morning up 57.68 points at 14,625.42. At last check, the Nikkei was ahead 42.38 points at 11,807.22.

Oil prices rose marginally as the market focused on the US hurricane season and US inventory data due out later today. New York's main contract, light sweet crude for delivery in August, was at $57.61 a barrel, up 15 cents from its close of $57.46 in the US overnight.

Lots of broker notes out in the UK today. Will try to fid a summary.

Happy trading!

G.

TRADING STATEMENTS

GUS

Peter Hambro Mining

LogicaCMG

The unified Shell weighting is expected to rise to around 8.1% of the FTSE All-Share index, from a current 3.25%, while increasing to 9.8% of the FTSE100 from 3.9%.

AFX UK at a glance share guide - 2

MARKETS
FTSE 100 5,201.5, down 12.7
FTSE 250 7,415.1, down 19.9
DJIA 10,646.60, up 71.60
Nasdaq Comp 2,173.18, up 28.31
S&P 500 1,229.35, up 8.20
Tokyo: Nikkei closed at 11,789.35, up 24.51
Hang Seng midday 14,625.42, up 57.68
Gold 419.75 usd (421.75 usd)
Oil - Brent - Sep 57.36 usd (56.99 usd)

BREAKING NEWS
* Brown averts risk of tax rises; view on economic cycle gives 12 bln stg leeway; spending to remain unchanged until 2008; chancellor accused of 'fiddling figures' - FT
* PepsiCo understood to have engaged Morgan Stanley and UBS to advise on a possible takeover move for Danone, the French food group valued at more than 23 bln eur (15.8 bln stg) - FT
* BRITISH AIRWAYS fleet review to start Boeing-Airbus supply race - FT
* SABMILLER confirms it will buy Bavaria, South America's second-largest brewer, in a 4.5 bln stg deal
* ABBEY NATIONAL has been losing ground in the mortgage market since it was taken over by Santander Central Hispano last year - FT
* LUMINAR says it has not received any approaches likely to result in "acceptable" offers for its entertainment division
* INVENSYS impresses with 134 mln stg Lambda disposal - FT
* LAND SECURITIES expected to announce today the acquisition of three office buildings in the City of London worth a total of 157 mln stg - Times

PRESS COMMENT
FT
THE LEX COLUMN comments on SABMILLER's acquisition of Bavaria, France Telecom, Brazil, Hewlett-Packard - ARM HOLDINGS (probably have some upside) - UNIVERSAL SALVAGE (look a speculative buy) - SCOTTISH POWER (Eon bid speculation)
Times
RUMOUR OF THE DAY: RENEWABLE ENERGY HOLDINGS (said to be buying Windpark - an offshoot of France's EdF) - DIRECTORS' DEALINGS: SERVICE POWER TECHNOLOGIES (director buys stock for 253,125 stg) - TEMPUS: ARM HOLDINGS (buy), SABMILLER (buy on weakness), CONSOLIDATED MINERALS (buy)
Independent
THE INVESTMENT COLUMN: ARM HOLDINGS (trade on more than 30 times 2005 earnings, which won't worry long-term shareholders but, with the Artisan integration looking difficult, ought to warn off new investors for now), LOW & BONAR (worth holding), THORNTONS (given the heady price-earnings ratio of 16, we remain unimpressed)
Guardian
EMPIRE ONLINE (suggestions it could be a takeover target for PARTYGAMING)
Telegraph
QUESTOR: BURBERRY (still worth buying), ARM HOLDINGS (too pricey to get excited about), LOW & BONAR (more promise elsewhere)
Mail
EVOLUTION GROUP (cash-rich Evolution's interims are due in September and should not disappoint)
Express
TRADING EMISSIONS (talk of a deal with a multi-national company) - SHARE WHISPER: RENEWABLE ENERGY HOLDINGS (speculation it is poised to pay about 30 mln stg for a wind farm business in Germany) - WHO'S DEALING: TANFIELD GROUP (chief executive takes his stake to 20.55 pct)

Good morning all