A Brief Look At The Week Ahead

There is a particularly hectic timetable slated for this week. Companies that dominate the FTSE100 are reporting, with major oil players, banks, pharmaceutical giants and Vodafone all stepping up to the oche. The six biggest blue chips updating investors have a combined value of over 450bn. The market will be looking for confirmation from Vodafone that growth is on target as well as any news about the mobile giant's performance in Japan. Vodafone is not the only telecoms group reporting. BT posts first-quarter results on Thursday. Most analysts expect a reasonable set of figures but a number remain concerned about the threat posed by the unbundling of the local loop. BP kicks off the heavyweight division with Q2 numbers, while Shell, which recently underwent its historic change of persona to become a single company run by one board, follows later in the week. Both are expected to show that while everyone else worries over the price of crude, the record highs continue to improve their bottom lines On Thursday, investors will hear from all three FTSE100 drugs companies: AstraZeneca, GlaxoSmithKline and Shire Pharma. It has been a difficult few months for the sector, with US authorities, in particular, highlighting a number of concerns about individual drugs. Analysts will want to hear reassuring noises about the pipeline of new releases. The banks' reporting season also fires off, with numbers from online offering Egg, Northern Rock and Lloyds TSB. Financial Times owner, Pearson, has interim numbers out on Monday. Its profitability leans heavily towards the second half but analysts will still, at the interim stage, want to see clear signs of an improvement at its Penguin book division and at the FT. Trinity Mirror also has numbers out, along with Reed Elsevier, while Reuters is scheduled to publish details of a new cost-cutting plan alongside its interim results on Tuesday. Drinks conglomerate, Pernod Ricard, Allied Domecq's new owner, will update on sales for the last 18 months (the one-off unusual time scale is due to a change in the year end). The London market will also say farewell to Allied Domecq, which delists. Reckitt Benckiser, owner of a host of household products, from Lemsip to Harpic, also has numbers out. Other BB favourites reporting this week include Games Workshop, Plusnet, Electric Word and Wolfson Microelectronics. So, a week with something for everyone. That should keep us all busy. Greystone (Greystone is Alan English, City Editor at MoneyAM.)

AFX UK at a glance share guide

MARKETS
FTSE 100 5,241.80 up 20.2
FTSE 250 7,495.8 up 28.4
DJIA 10,651.18 up 23.41
Nasdaq Comp 2,179.74 unchanged
S&P 500 1,233.68 up 6.64
Gold 425.60 usd (425.00 usd)
Oil - Brent August 58.65 usd (57.13)

BREAKING NEWS - WEEKEND
* SCOTTISH POWER chief executive Ian Russell and his board faced a barrage of angry questions at a fiery annual meeting in Glasgow yesterday - The Daily Mail
* Former SHELL chairman Sir Philip Watts is set for another legal battle with the Financial Services Authority on Monday - The Daily Mail
* Banks and building societies have moved to pre-empt a Bank of England cut in base rates by making sharper than expected reductions in their savings rates - The Weekend FT
* ALLIANCE & LEICESTER has hired Citigroup to explore a sale of its cash machine network, which could value the ATM business at 100 mln-150 mln stg - The Weekend FT
* Bankers acting for SKANDIA are attempting to drum up a consortium to bid against OLD MUTUAL, the London listed financial services group that is in talks to acquire the largest insurer in the Nordic region - Weekend FT
* MG Rover was last night sold to Nanjing, China's fifth-biggest car manufacturer, which has promised to create up to 2,000 jobs in the West Midlands and keep production of MG sports cars in the UK. - The Independent
* John Pluthero, the chief executive of ENERGIS, is set to take over as the head of CABLE & WIRELESS UK division provided the merger of the two telecoms companies goes ahead - The Independent
* The gap between house prices in London and the rest of the UK has narrowed to its lowest level in nearly eight years, research showed today - The Independent
* SUPERSCAPE, the mobile games developer, is holding a beauty parade for advisers on a sale, with Lazard believed to be the front-runner - The Independent
* Russia's Urals Energy is looking to raise as much as 75 mln stg from the issue of 90 million shares on the Alternative Investment Market early next month - The Independent
* Hopes that China's decision to revalue its currency would defuse mounting trade tensions faded yesterday after Europe's trade chief said it was unlikely to stop fresh disputes - The Independent
* Peter Simon, the MONSOON chairman who famously hates the City, yesterday took the first step towards turning his back on it for good. The founder of the retailer is considering making an offer for the 24.6 per cent of the company his family does not already own - The Independent
* The economy grew at its slowest annual rate for 12 years over the spring, according to figures that cemented forecasts for an imminent rate cut and cast doubt on the Government's economic forecasts - The Independent
* BPB, the world's leading maker of plasterboard, has firmly rejected a proposed 3.37 bln stg takeover offer from the French glass and building materials company SAINT GOBAIN as too low and unwelcome - The Independent
* Coca-Cola named the world's most valuable brand for the seventh successive year in an annual ranking of the top 100 - The Guardian
* HOUSE OF FRASER looked set to snap up rival BEATTIES after a rival suitor abandoned its interest - The Telegraph
* Car seats-to-pushchairs firm Britax Childcare is reported to have attracted auction offers worth more than 200 mln stg - The Telegraph
* Mittal Steel, the world's largest steel manufacturer will today seal a partnership with state-owned India's Oil and Natural Gas Group - The Weekend FT
* Goldman Sachs vowed to vote in favour of the merger between the New York Stock Exchange and Archipelago, the electronic trading firm - The Times
* SAIC, the Chinese automotive company which lost out to rival Nanjing Automobile in the bidding for MG Rover on Friday night, has vowed to fight on in its bid to buy the remaining assets of the defunct Birmingham carmaker - The Business
* Tessa Jowell, the UK culture secretary, has been forced into an embarrassing delay of the government's plans to roll out digital TV by 2012 because turning off the analogue signal in London will clash with the Olympic games - The Business
* Shriti Vadera, the close aide of Chancellor Gordon Brown who infamously dubbed Railtrack shareholders "grannies", is putting up resistance to the government giving Airbus 400 mln stg of state aid to build wings for a new plane in the UK - The Business
* UK nuclear generator BRITISH ENERGY will admit it has sunk into the red when it reports its long-delayed results for the year to 31 March on Wednesday - The Business
* REUTERS will announce plans for a rolling share buy-back programme that will see up to 600 mln stg returned to shareholders at the turn of the year, amid talk of a further 700 mln stg by 2007 - The Business
* UK-based mobile phone operator O2 is under intensive takeover speculation this weekend, with Germany's DEUTSCHE TELEKOM and Spain's TELEFONICA both believed to be sizing up a bid - the Business
* VODAFONE will report solid customer growth across its major markets, with more than 3 mln new additions in the last quarter when it unveils its performance figures on Monday - The Business
* ASTRAZENECA, the Anglo-Swedish drugs giant which is homing in on an internal replacement for departing chief executive Sir Tom McKillop, will trounce rivals with an estimated 23 pct increase in quarterly earnings per share this Thursday - The Business
* ROYAL DUTCH SHELL's flagship 2.7 bln usd Bonga project off Nigeria is believed to be suffering damaging delays, just a week after the company stunned investors by doubling the costs of its Sakhalin gas project to 20 bln usd - The Business
* BP is set to trump ROYAL DUTCH SHELL on Tuesday with record 5.7 bln usd quarterly profits, thus overtaking its arch rival as the most profitable UK company - The Business
* Carlyle, the private equity firm with historic links to the family of the US president, is set to make a profit of at least 270 mln stg on a 42.2 mln stg investment it made just over two years ago in a defence business owned by the British Government. The spectacular returns will be reaped later this year when Qinetiq, the defence technology business, is floated on the London Stock Exchange, with an expected price tag of more than 1 bln stg - The Sunday Telegraph
* Hutchison Whampoa is preparing a 1 bln usd bid to buy Formula 1 - The Sunday Telegraph
* Britain's economy is experiencing a sharp summer slump, according to a report to be published by the E&Y Item Club, the only forecasters to use the Treasury model of the economy- The Sunday Telegraph
* Eliot Spitzer, the New York state attorney general, is to fine Sony BMG Music at least 10 mln usd as part of his investigation into alleged illegal relationships between music companies and US radio stations - The Sunday Telegraph
* Institutional investors in BPB have told the management of the world's largest manufacturer of plasterboard not to sell the company for less than 800 pence per share - valuing the business at more than 4 bln stg - The Sunday Telegraph
* Bupa has emerged as the frontrunner to acquire ANS, the care home chain put up for sale for 300 mln stg - The Sunday Telegraph
* Sibneft, the Russian oil giant, has hit back at SIBIR ENERGY, the company which has accused it of stealing assets worth up to 2 bln usd - The Sunday Telegraph
* The top two executives at SOMERFIELD have linked up with the Apax-led consortium that is one of two groups locked in a 1.1 bln stg bidding war for the supermarket chain - The Sunday Telegraph
* A free daily business newspaper will be launched in London later this year posing a threat to the Financial Times - The Sunday Telegraph
* Terry Green, the former chief executive of the department-store group ALLDERS, is in talks to join TESCO - The Sunday Times
* Russian investors will launch an attack on SCOTTISH & NEWCASTLE, accusing it of using highly questionable and unethical, tactics" - The Sunday Times
* The operator of ULTIMATE BET, one of the worlds leading on-line poker firms, is gearing up for a 200 mln stg flotation - The Sunday Times
* Shanghai Automotive Industry Corporation, which failed to buy collapsed car maker MG Rover on Friday night, will threaten to block the successful bid by its Chinese rival, Nanjing, if it does not share the spoils - The Independent on Sunday
* ITV's main channel, ITV1, suffered its worst-ever monthly audience slump last month in homes equipped with Freeview, raising fresh concerns that the television company could see a steep fall in advertising revenue this year - The Independent on Sunday
* The Government is planning to seize one of BNFL's last remaining assets, its 570 mln stg stake in a European uranium company, casting doubt over the nuclear group's long-term future - The Independent on Sunday
* BRITISH AIRWAYS has staged a major about-turn over fees imposed on credit card bookings, after a three-year battle with American Express - The Independent on Sunday
* Government refuses request from cigarette giant as it pushes for 'snus' to be legalised in Europe - The Independent on Sunday
* AUTONOMY, one of the boom stocks of the dot-com era, is considering spinning off its new consumer operations into a separate company - The Independent on Sunday
* US-based shareholders in the cable company TELEWEST will accept a lower bid from rival NTL to kick-start their delayed merger - The Independent on Sunday
* Laxey Partners, the activist shareholder group is to requisition an extraordinary meeting this week to remove David Williams, chairman of WYEVALE GARDEN CENTRES - The Sunday Times
* Sir Roy Gardner is preparing to stand down as chief executive of CENTRICA - The Sunday Times
* ELECTRA PARTNERS, a leading British private equity firm, has raised 1.25 bln eur for its second fund in a whirlwind nine weeks, one of the fastest fundraising efforts the industry has seen - The Sunday Times
* Carl Icahn, the American billionaire with a reputation as a corporate raider, has mounted a last minute threat to SHIRE PHARMACEUTICALS' troubled bid to acquire TRANSKARYOTIC THERAPIES, a US drug developer - The Sunday Times
* SAINT GOBAIN, the French building materials giant, will have to pay at least 750 pence per share to acquire BPB - The Sunday Times
* The chief executive and joint founder of The Money Portal, on of the fastest growing firms of independent financial advisers, has dramatically quit in controversial circumstances - the Mail on Sunday
* The bidding war for the LONDON STOCK EXCHANGE may flare up again this week when the Competition Commission lays down terms for Continental rivals EURONEXT and DEUTSCHE BORSE to take over the company - The Mail on Sunday
* Yardley could be put up for sale by Procter & Gamble - The Mail on Sunday
* An MP is urging Ofwat to speed up its investigation into overcharging by SEVERN TRENT as the water giant announced that its finance director was quitting less than a year after joining the board - The Mail on Sunday
* CARPHONE WAREHOUSE plans to take on BT over monthly charges for fixed line phone services - The Mail on Sunday
* The Financial Times is still losing money, media giant PEARSON's chief executive Dame Marjorie Scardino will report tomorrow - The Mail on Sunday
* ITV is understood to be weighing up plans to pay off part of its 580 mln stg pension fund shortfall. The move could pave the way for potential bidders to table an offer - The Mail on Sunday
* Blackstone, the US private equity group is set to buy nursing home business ANS for 300 mln stg - The Observer
* Unions are warning that a dispute over the sacking of an official at ROLLS ROYCE's Bristol plant could spill over into national industrial action - The Observer
* BP will this week reveal the highest quarterly earnings in UK corporate history - as much as 5.55 bln usd for the three months to June, according to City analysts' estimates - The Sunday Express
* The latest terrorist attacks on London have sparked fears that shoppers and tourists will shun the city centre for fear of more bombings - The Sunday Express
* MELROSE RESOURCES will begin exploratory drilling off the coast of Bulgaria next month at a site holding gas reserves worth up to 240 mln usd - The Sunday Express
* Homeowners are set for further disappointment this week from reports showing house prices are still falling - The Sunday Express
* BROWN & JACKSON, the listed retailer operating the Poundstretcher chain is shedding its image by changing its name to Instore plc this week - The Sunday Express

SATURDAY PRESS COMMENT
The Weekend FT
THE LEX COLUMN comments on the Renminbi (Its a regime change, but not as we know it. Further renminbi revaluation is likely, but speculators will need patience: the new regime is more crawling peg than hybrid float), MANAGED FLOATS (The history of managed floats is not a happy one. Japan, more than most, bears the scars to this day. There is little likelihood of China treading a similar path, however), EMERGING MARKET M&A (An oil company comes up for sale and emerging market interest is piqued. Sound familiar Except this is not about Unocal, but another smaller oil producer, PetroKazakhstan), BPB SAINT-GOBAIN (BPB's statement holds some clues as to where that price may be. It states it is experiencing very favourable trading conditions. Some analysts interpret this as showing scope for 5-10 per cent earnings upgrades, which implies an offer price nearer to 742 pence. It is unclear whether SAINT-GOBAIN will raise it sights that far. But, partly due to antitrust concerns, there are no obvious counter-bidders. Those hoping for a swift conclusion may be disappointed), STARWOOD/TAITTINGER (Champagne has been to blame for many a folly. Luxurious lodgings clearly add to its magic. No wonder, then, that STARWOOD CAPITAL is paying up for TAITTINGER and its affiliate, SOCIETE DU LOUVRE), UK INTEREST RATES (Strong retail sales data this week dented the picture of a slowing economy, but the underlying trend shown by Friday's weak gross domestic product figures suggests rates will still be cut next month), SCHERING (The world's largest maker of contraceptive pills has a history of poor profitability. In terms of the margin on earnings before interest and tax, the 2 percentage point lead enjoyed by its European peers back in 1990 had widened to 8 by 2004. For that, blame low productivity and a relative lack of exposure to the US market) -- Weekend Share Watch: CHLORIDE (The run on the shares has meant that CHLORIDE is now trading on a forward multiple of about 14.5 times, a justified premium to the sector, with many predicting more upside to come), URBIUM (If a deal is not secured, investors might rue the rejection of REGENT INNS' approach and find the management's plan to lift profits by 25 pct over the next three years long and thirsty work), SPRING GROUP (Until there are signs that the market is picking up, the shares may not have much upside) -- Market Report: CSR (fears of further competition among bluetooth providers after Broadcom of the US said it was expanding in the three largest areas of the market), VIROTEC INTERNATIONAL (Talk the environmental technology group would win an expansion to its contract to treat waste in Pennsylvania),
The Daily Mail
Market Report: CARDPOINT (Rumours suggest that America's TRM, which holds a 10 pct stake in MONEYBOX, has been nibbling away at CARDPOINT'S offer price of 43 pence and could be ready to launch a counter bid of 46 pence per share) -- INVESTMENT EXTRA (Guest written by John McClure of Unicorn Asset Management: RENISHAW (One of the few UK manufacturing companies that is growing organically on the international stage), FENNER (is expected in due course to benefit from marketing Wellington products through its global distribution network)
The Independent
Market Report: talk of strong demand for LO-Q's queuing technology.
The Daily Telegraph
Market Report: MICHAEL PAGE (talk that a large short position had been built up in the recruitment group ahead of its better-than-expected trading update this month) -- QUESTOR COLUMN: ROYAL DUTCH SHELL (Royal Dutch Shell B shares trade on 10.6 times prospective 2005 earnings, yielding 3.5 pct. On this basis, the shares are cheap and rate a buy for a long-term), OTTAKARS (the company remains highly geared, so when sales improve the shares should bounce from this week's 257 pence. Probably worth holding on), LONDON ASIA CAPITAL (The successful Framlington smaller companies fund is one of the major shareholders and should provide some comfort to investors, especially those worried that the China bubble could burst. At 15.5 pence, a long-term buy), EARTHPORT (The spat with Baltimore has been resolved and a new management team is expected to announce at an extraordinary meeting next week that it has secured some new funds)
The Times
TEMPUS: CAPITAL GROUP COMPANIES (the patient, case-by-case approach to equity investment apparently followed by Capital is highly commended)
The Daily Express
Market Report: FIRST CALGARY PETROLEUM (traders suggested a predator was circling the company), LO-Q (speculation that the company could prove into profit this year)
The Guardian
Market Report; O2 (supported by reports that France Telecom had agreed to buy Spanish operator Amena for 10 bln eur, which dealers say values O2 at 180 pence per share), DS SMITH (rumours of a bid approach of 180 pence a share)
SUNDAY PRESS COMMENT
The Business
THE ALCHEMIST: (Clem Chambers says most of the old-style value stocks in the UK market are gone. This is a result of tow factors; asset strippers and a long rally in value stocks) - SMALL-CAP INVESTOR: ALPHAMERIC (The shares are trading on less than 13 times forecast earnings. Good value) -- AIM INVESTOR: TELLINGS GOLDEN MILLER (The shares surely have more upside potential than down and are a speculative buy) -- BENCHMARK: GORDON BROWN (In order to meet the rule - which allows him to borrow only to invest - the Treasury now says the economic cycle lasts nine years , not the seven Brown always used. Conveniently, this leaves him with billions of pounds up his sleeve, which means he should be able to get away without raising taxes to meet his extra spending), FRANCE TELECOM (Now, the company is on the verge of spending more than 10 bln eur to buy Amena, Spain's third mobile operator, and investors are asking what happened to that belated commitment to fiscal probity), HEWLETT PACKARD (Another nail in the peculiar culture that is Hewlett-Packard (HP) was announced last week. The Silicon Valley icon announced 14,500 redundancies as the fallen computer giant tries to find its feet after years of turmoil under Carly Fiorina),
The Independent on Sunday
UK TOURISM: London's hotels could be left half empty this summer, contributing to a 4 bln stg slump in revenues, as tourists steer clear of the city in the wake of July's attacks.
The Mail on Sunday
COMPANIES AND MARKETS: Beleaguered retailers WOOLWORTHS and MORRISONS are expected to announce continued poor sales in trading updates this week -- KP RENEWABLES will join the junior AIM this week at 1-1/4 pence per share after raising 4 mln stg in a pre-flotation placing of shares -- Health & Fitness group ADDLEISURE will unveil its first deals tomorrow to provide exercise kit to top clubs -- MIDAS: EUROVESTECH (A speculative buy)
The Observer
THROG STREET: ROYAL DUTCH SHELL (The new company has not had a harmonious birth and still looks a long way from finding its feet, let alone catching up with the likes of EXXON and BP), Friends of the Earth and CBI dispute (Expect to see the convoluted war of words over regulation carry on in the next few months- and the temperature continue to rise)
The Sunday Telegraph
EQUITY VIEW - BLUE CHIP VALUES: SABMILLER (The shares are a long term buy), ROLLS-ROYCE (In the longer term, Rolls will continue to benefit from strong growth in the post-sale servicing business, which now accounts for more than 50 pct of the group's revenues. Keep buying), SMALL CAP COMMENT: THORNTONS (Buy), WHATMAN (Given the strong rise in the shares and the current management turmoil, it is time to take profits), ROK PROPERTY (Readers who followed our original tip and have made a 336 pct profit should bank it now), EUROPEAN NICKEL (Buy)
The Sunday Times
JUDGMENT DAY: Should you buy shares in ROLLS-ROYCE Andy Brough, fund manager at Schroders, says the shares look reasonably priced, Hold, but Tim Steer, fund manager at New Star, says Buy -- INSIDE THE CITY: BPB Everything has its price, including hypocrisy. If SAINT GOBAIN is to buy BPB, it will have to pay top dollar), PRUDENTIAL (Mark Tucker, the new chief executive is looking at evolution, not revolution) -- MARKET MOLE: AGA FOODSERVICE (Framlington fund manager Roger Whiteoak sold the Throgmorton investment trust's 1 mln share stake, while last month Ted Scott sold the F&C Stewardship fund's stake)

Good evening all - may not have the time to post on Monday (Too many weekly reports to finalise before I can actually do any work!) Afterwards I then get the chance to "other things"!

Evening all looking forward to a good week ahead {just a feeling } lol .

Good morning traders!

Asian bourses have been positive this morning with the Hang Seng recently up 49.61 points at 14,836.07 and the Nikkei 79.78 points better at 11,774.83.

New York's main oil contract, light sweet crude for delivery in September, was at $58.85 a barrel, up 20 cents from its closing price of $58.65 in the US on Friday.

In the UK, M&B has been upgraded to overweight by Morgan Stanley.

Happy trading!

G.

AFX UK at a glance share guide - 3

MARKETS
Tokyo: Nikkei 225 (Midday) 11,752.22, up 57.17
Hang Seng (midday) 14,836.07, up 49.61

BREAKING NEWS - MONDAY
* UPS eyes a UK-based acquisition, believed to be in the package delivery
sector, ruling out EXEL - FT
* C&W threatens BT GROUP with formal complaint over delays in broadband
switching - Guardian
* Regulator tipped to put limits on LONDON STOCK EXCHANGE bidders - Times
* PANMURE GORDON sets up co-operation agreement with small US investment bank,
CE Unterberg Towbin - FT
* ARCELOR reconsidering plans to take stake in Chinese rival - FT
* MAN AG chief sees no value in break-up - FT
* Private healthcare firm Bupa leads the field to buy Associated Nursing
Services - FT
* Co-op Bank turns down 9 mln stg of 'unethical' custom - Independent
* UK workers 'do not believe pensions warnings: Institute for Public Policy
Research - Times
* Confectionery maker Mars discovers hidden benefits of cocoa as an aid to
treat diabetes and strokes - FT
* Olive oil prices set to soar as drought hits crop in Spain - Times

MONDAY PRESS COMMENT
FT
Lex Column: Moody's (The real anomaly is not that Moody's researchers have
changed their view. It is that the market is prepared to attach such special,
quasi-regulatory, importance to them in the first place); DVDs (Low DVD
penetration abroad offer long-term growth opportunities - although piracy
remains a big problem); Comprehensive Income (Comprehensive income, as
proposed by the International Accounting Standards board to supplement net
income, is a fundamentally desirable outcome, although its parameters will be
controversial)

Express
The Aim Market: SEEING MACHINES (Placing set for September)

Times
Smaller Stock to Watch: AT COMMUNICATIONS (Aim debut today) -- Rumour of the
Day: VODAFONE's Arcor (Apax Partners thought to be lead contender for the
German fixed line business)

ALLIED DOMECQ SHARES SUSPENDED PENDING ANNOUNCEMENT

Morning All.