Hello traders!

US stocks closed near their weakest levels of the day after crude oil futures resumed their upward rise to close above $59 a barrel.

The Dow Jones Industrial Average was down 54.3 points at 10,596 at its unofficial close. The S&P500 ended down 5 points at 1,229 with the Nasdaq Composite off 12.98 points at 2,166.

See you with the updates in the morning!

G.

Good morning traders!

Official closing figures in the US last night saw the Dow Jones Industrial Average down 54.7 points at 10,596, the Nasdaq Composite down 13 points at 2,166 and the S&P500 down 4.65 points at 1,229. (Earlier the S&P500 hit 1,238, its highest level in more than four years.)

In Asia this morning stocks are mixed and trading in a narrow range after the losses on Wall Street and a gain for crude-oil prices.

The Nikkei was down 26.46 points to 11,736.19 at the end of the morning session. Most regional markets were slightly higher, fueled by optimism for domestic corporate profits. Hong Kong's Hang Seng index was up 0.22% at 14,826.09.

Back soon with some UK news......

Happy trading!

G.

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

BA CUT TO 'UNDERWEIGHT' VS 'EQUAL-WEIGHT' AT MORGAN STANLEY

MARKET EXPECTATIONS

BP second quarter to June net profit including one-off charges $5.55bn vs $4.17bn

Cadbury Schweppes. Williams de Broe forecasts six months to June pretax profit before exceptionals and goodwill under IFRS 370m vs 350m; interim dividend 3.95p, up 4%

Cookson. Arbuthnot Securities forecasts six months to June pretax profit 48m vs 42m; interim dividend 2p vs nil

Games Workshop Group year to May pretax profit 13.1m-13.9m vs 19.9m; interim dividend 18.8p-19.1p vs 18.8p.

Reuters Group six months to June operating profit before restructuring and impairment 150m vs 100m.

AFX UK at a glance share guide - 2

MARKETS
FTSE 100 5,270.7, up 28.9
FTSE 250 7,498.9, up 3.10
DJIA 10,596.48, down 54.70
Nasdaq Comp 2,166.74, down 13.00
S&P 500 1,229.03, down 4.65
Tokyo: Nikkei 225 11,736.19, down 26.46 (midday)
Hang Seng midday 14,764.32, down 29.71 (midday)
Gold 425.90 usd (425.25)
Oil - Brent Sep 57.86 usd (57.58 usd)
BREAKING NEWS * The Financial Services Authority yesterday dismissed former SHELL boss Sir Philip Watts' case against it as "nonsense", in a day long tribunal hearing. The Daily Telegraph * Banks and credit card companies will be given access for the first time to previously secret information about millions of HSBC current account customers after the bank announced yesterday that it will share the full credit record of its personal customers with other regulated financial services companies - The Guardian * Computer games on mobile phones will be the fastest growing format in a mobile entertainment market that will generate sales of 42.8 bln usd by 2010, according to an industry report. - The Guardian * BRITANNIC could make its first acquisition soon after completion of a 2.2 bln stg merger with Resolution Life - The FT * The French stock market regulator, AMF, is considering a full-scale inquiry into this month's surge in the share price of DANONE and alleged manipulation regarding a putative takeover by PEPSICO - The Guardian * Savers will pour 8.5 bln stg into Britain's housing market from next April, when new rules that allow people to spend their pensions on homes are introduced - The Times * The new Chinese owner of MG ROVER's assets will be unable to begin car production without a deal over intellectual property, the losing bidder said yesterday - The Times * FIDELITY INVESTMENTS is set to hive off its institutional fund management arm into a standalone 60 bln usd company to overcome mounting capacity constraints - The Times
PRESS COMMENT
FT
THE LEX COLUMN comments on Mobile Telecoms (If Europe's telecommunications executives sang karaoke, the closing bars of a defiant "I Will Survive" would be building into a rollicking "If I Could Turn Back Time"), CRUDE OIL (For motorists, the oil price that matters is the one displayed on the petrol pump. Investors tend to follow the futures price. But, beneath a headline West Texas Intermediate futures price close to 60 usd a barrel, this years oil rally shows marked differences from 2004), RECKITT BENCKISER (Given its highly rated paper and reputation, this year's tie-up of rivals Gillette and Procter & Gamble provides an alternative possibly more attractive, model), US TREASURIES (Bears should continue finding sustenance from US fundamentals)
Express Market Report: SCOTTY GROUP (talk of a major Eurocopter order), SHARE WHISPER: FIRST AFRICA OIL (talk that a big US fund was buying a stake), WHO'S DEALING: COMINO (executive director David Roots sold 25,000 shares at 265 pence and now holds options 50,598, although holds options over 117,000)
Mail Market Report: FIRST AFRICA (talk that RAB Capital had sold a 6 pct plus stake at 10-1/2 pence to a large blue-chip fund manager)
Times TEMPUS: PEARSON (long term buy), RECKITT BENCKISER (worth holding on to), DOMINO'S PIZZA (Strong growth prospects and a growing cash pile more than justify the rating, however. Buy)
Telegraph
QUESTOR: RECKITT BENCKISER (The shares are not cheap; they trade on 20 times this year's earnings with a 2.3 pct yield. Long term, though, they still look attractive), PEARSON (may seen pricey but the shares, supported by a decent 4 pct yield, are worth holding on to), CRANSWICK (the shares are an attractive long term investment)
Guardian Market Report: BSS (talk of takeover from Irish rival GRAFTON), FIRSTAFRICA OIL (speculation that the group is just weeks away from announcing the acquisition of an oil prospect), FIRST CALGARY (talk that CENTRICA could be potential bidder), BRAEMORE RESOURCES (talk that Shore Capital had pulled a large sell order), SOUTH CHINA RESOURCES (rumours that executive chairman Alastair Clayton has started a City roadshow to highlight the attractions of the Danfeng molybdenum project)
Independent Market Report: VICORP (talk that group is considering a move up to AIM in autumn), BRIGHT THINGS (talk of a distribution deal in the US), EMPIRE ONLINE (rumours of takeover from PARTYGAMING), THE INVESTMENT COLUMN: WOOLWORTHS (trades on a profit/earnings ratio of 12, a warranted discount to the sector. Avoid), CRANSWICK (A solid hold), DOMINO'S PIZZA (Existing investors should keep enjoying their slice)

Morning all.