A Brief Look At The Week Ahead

Lloyds TSB is set to deliver its pre-close update on Monday against a backdrop of generally strong results from its domestic rivals. Analysts are not expecting any earth-shattering revelations, with the bank following a steady-as-she-goes strategy. While the share price is supported by an attractive dividend yield and perennial takeover speculation, any real sign of declining asset quality in the unsecured book or margin compression on new business may be harshly dealt with. Cadbury Schweppes will also release its trading update this week, with analysts hoping there will at least be more of the same, with top-line growth offsetting margin decline. Like other manufacturers, Cadbury Schweppes has seen its costs forced up by rising energy prices. The City is also looking for an update on the rollout of the group's new distribution system. In October, the Spanish-themed restaurant group La Tasca said its H1 performance was "encouraging" with sales "well ahead" of last year. The chain will open 14 new restaurants in its first year, up from the planned 10. Investors will be hoping for a bullish outlook when results are published on Tuesday. Altium Securities, is predicting an interim adjusted pre-tax profit of around 2.6m. "There are a number of operators bucking the trend in a slowing market and are taking market share. La Tasca is one of them. It's well run with tight financial controls and an innovative profit share arrangement." In contrast, RHM, the maker of Hovis and Mr Kipling cakes, is struggling and has already disappointed the market with a profit warning since its July flotation. Health-conscious Brits are shunning cakes, and the division has seen sales slump by 12%. ABN Amro are forecasting H1 underlying earnings of 70.5m in results published on Wednesday. It's anyone's guess how British Energy interim results will look on Tuesday. A major financial restructuring earlier this year has made comparable numbers useless. JP Morgan is forecasting operating profit of 224m. Investors will be hoping for good news from travel specialist MyTravel on Thursday. Last week, rival First Choice Holidays unveiled well-received interim numbers and it is hoped that MyTravel will do likewise. Dresdner Kleinwort Wasserstein, is upbeat about MyTravel's prospects, predicting a pre-tax profit of 43m and steady 3.5% UK margins. The stock has been slammed for its lack of jet fuel price hedging, costing it an estimated 40m to 50m extra in 2005. But that strategy may not be so silly this half, with fuel prices now 20% below their August peak. Among others in the spotlight this week will be Ashtead and Carpetright on Tuesday; Baggeridge Brick on Wednesday and Carnival and Minorplanet on Friday. Enough there to keep away the pre-Christmas blues, I think. Good hunting! Greystone (Greystone is Alan English, City Editor at MoneyAM.)

Weekend press

Good morning traders!

In Asia today, the Nikkei has just closed up 334.65 points at 15,738.70, while the Hang Seng ended the morning up 64.45 points at 14,974.96.

Oil prices were higher in Asian trading hours as weather forecasters predicted continued low temperatures in the northeastern US. New York's main contract, light sweet crude for January delivery, was up 41 cents at $59.80 a barrel from its close of $59.39 in the US Friday.

Early broker notes:

MARKS & SPENCER UPGRADED TO 'OVERWEIGHT' VS 'EQUAL-WEIGHT' AT MORGAN STANLEY
INTERTEK CUT TO 'UNDERWEIGHT' VS 'OVERWEIGHT' AT MORGAN STANLEY
NEXT CUT TO 'UNDERWEIGHT' VS 'EQUAL-WEIGHT' AT MORGAN STANLEY

Happy trading!

G.

Outlook

ASOS SHARES SUSPENDED PENDING DAMAGE ASSESSMENT AFTER BUNCEFIELD BLAST

LONDON (AFX) - Leading shares are tipped to open higher, following gains on Wall Street Friday, with a raft of corporate updates providing investor focus, dealers said. According to spread betting firm IG Index, the FTSE 100 is set to open 18 points higher at around 5,530.

MARKETS
Tokyo: Nikkei closed at 15,738.70 up 334.65
Hang Seng midday: 15,186.66 down 13.72

TODAY'S PRESS
* Controversial US Sarbanes-Oxley law costs BP 100 mln usd a year - Telegraph
* MACQUARIE plays down fears of increased fees at LONDON STOCK EXCHANGE - Times
* EURONEXT waiting in the wings for LONDON STOCK EXCHANGE as MACQUARIE faces
'put-up or shut-up' bid deadline this Thursday - Daily Mail
* TESCO set to seize corner shops crown, according to Verdict Research report
- Daily Express
* BALFOUR BEATTY thought to be planning to trump CARILLION's bid for MOWLEM -
Times
* Sir Richard Branson ready to cut a deal with NTL which would value his
VIRGIN MOBILE stake at significant discount to minority share offer - FT
* At least 5 bidders have proceeded to the second round in the auction for
FIBERNET - FT
* NORTHGATE INFORMATION head office damaged by Buncefield oil depot fire -
Times
* CVC and Montagu Private Equity front-runners to acquire BSN Median, a joint
venture between SMITH & NEPHEW and BEIERSDORF as Apax drops out - FT
* Opec confident oil stay above 50 usd a barrel boosted by strong
demand, as cartel leaders gather for meeting today in Kuwait City - FT
* CADBURY SCHWEPPES tax case, which begins today, could hit EU coffers - FT
* Plus trading platform to offer trades on all UK small cap stocks - FT
* Tokyo Stock Exchange admits error after 128 mln stg botched trade - FT

PRESS COMMENT
FT
The Lex Column: VIACOM (Dreamworks deal can plug holes in Paramount pipeline
with films already in progress and a three year deal with Stephen Spielberg's
team for new movies); Asian Remittances (Fund flows from overseas workers is
now a main source of overseas funding for some countries, according to the
World Bank); Growth & Equities (Despite the lack of clear correlations,
investors cannot ignore the business cycle)

Independent
Small Talk: TEN ALPS (New house broker can only mean deals); PHARMAGENE
(Merger with Asterand not likely to be its last bit of corporate activity);
Gas Turbine Efficiency (AIM flotation tomorrow); COOLABI (plans to extend
Hammer Films relationship)

Times
Rumour of the day: AWG (considering sending Morrison Construction)

morning all

Midday Market Summary

Good afternoon all,

Bit late today.

lw,just a bit :-)

Not as late as me, Afternoon All.

Hi MB :-) (and stan too!)

Evening all.... ;-)

End-of-day market Summary