Hello traders!

US stocks closed lower tonight amid signs the year-end rally may have given way to sideways trading, after General Motors fell within striking distance of its all-time low stock price.

The Dow Jones Industrial Average was down 30.98 points at 10,805.55 at its unofficial close. The S&P500 fell 0.31 points to 1,259.61 and the Nasdaq Composite dropped 0.32 point to 2,222.42.

See you in the morning with updates....

Sleep tight!

G.

Chevron jv makes deepwater oil discovery in Gulf of Mexico - UPDATE

(Updating to include joint venture details)
SYDNEY (AFX) - Chevron Corp said it and its partners have made a "significant" deepwater oil discovery in the Gulf of Mexico.
The company said the well, which is located at the Knotty Head Prospect in Green Canyon block 512 about 170 miles southeast of New Orleans, is deepest ever drilled in the gulf.
Chevron said there will be further drilling to determine the extent of the find.
Chevron owns 25 pct of the block, which is operated by 25 pct owner Nexen Petroleum Offshore USA Inc, a wholly owned subsidiary of Nexen Inc.
BHP Billiton holds 25 pct and the remaining 25 pct is held by Anadarko Petroleum Corp.
BHP Billiton Group president energy, Philip Aiken described the discovery as encouraging.
"We will be working with our partners to determine next steps, including the drilling of a sidetrack from this wellbore to further delineate the lateral extent of the oil sands we've found thus far," Aiken said in statement.

Good morning kiddiwinks!

In Asia today, the Nikkei just closed up 316.31 points at 15,957.57, while the Hang Seng ended the morning session up 76.46 points at 15,245.63.

The price of oil eased with New York's main contract, light sweet crude for delivery in January, down 23 cents at $57.75 a barrel from its close of $57.98 in the US yesterday.

Off to find some UK news.....

Happy trading!

G.

LONDON (AFX) - Leading shares are expected to start the session a touch higher, despite overnight falls on Wall Street, with minutes from the latest meeting of the Monetary Policy Committee set to grab investors' attention, dealers said.

According to spreadbetting firm IG Index, the FTSE 100 is set to open 3 points higher at around 5,551, having closed yesterday at 5,547.9, a four year high.



MARKETS

FTSE 100 5,547.9, up 8.1

FTSE 250 8,596.1, up 1.8

DJIA 10,805.50, down 31.00

Nasdaq Comp 2,222.42, down 0.32

S&P 500 1,259.60, down 0.30

Tokyo: Nikkei closed at 15,957.57, up 316.31

Hang Seng midday 15,245.63, up 76.46

Gold 502.30 usd (507.10 usd)

Oil - Brent Jan 56.17 usd (56.11 usd)



TODAY'S PRESS

* EU targets cartels in antitrust overhaul; plans include private claims and 'double damages' - FT

* Union fury as RENTOKIL INITIAL directors escape pension hit - Times

* A fleet of new ships built for BG and other companies to meet Britain's growing energy needs by bringing in liquefied natural gas from abroad hit by leaks and safety scares - Guardian

* UNWINS backer to sue ex-owners; private equity firm behind off-licence chain threatens action against previous shareholders; company closes with debts of 30 mln stg - FT



PRESS COMMENT

FT

THE LEX COLUMN comments on Morgan Stanley (fourth quarter provides evidence of the cyclical upswing in investment banking, but not of Morgan Stanley's transformation), South America (investors should not underestimate the region's capacity for serial disappointment), Japanese consumption tax (Mr Koizumi needs continued cheap money and crowded shops to justify his forbearance), Gaz de France (tariff freeze will knock 250 mln eur from first-quarter profits), HANSON (Lafarge might not have the same appetite for unquantifiable liabilities (as Koch); but, in the current market climate and in an industry that is slowly consolidating, that is unlikely to deter speculation)

Express

SHARE WHISPER: LOOKERS (speculation it could offer above 850 pence a share (for REG VARDY), compared with PENDRAGON's 800 pence bid)

Mail

TADPOLE TECHNOLOGY (small army of miffed shareholders plan to vote US directors Steig Westerberg and John P Dilts off the board because they want to dethrone chairman David Lee and put their own associates on the board)

Times

Directors' dealings: TANZANITE ONE (non-executive chairman sells stock for 705,000 stg) - Rumour of the day: NUMIS CORPORATION (talk of merger with PANMURE GORDON) - TEMPUS: FORTH PORTS (should be held for long-term returns), HANSON (avoid), MISYS (hold on)

Independent

THE INVESTMENT COLUMN: CAPITA (worth having for the long term), HANSON (sell), FORTH PORTS (hold)

Guardian

NEWPORT NETWORKS GROUP (talk it is set to return to the market for more cash)

Telegraph

QUESTOR: HANSON (only worth buying if you're in for the long haul), FORTH PORTS (worth holding), BBA (buy)

Good morning all.

Morning All,

Any news on SOM anyone?

morning campers

Stan - Nothing beyond yesterday's news of them buying some stores from Morrisons.

Good Morning all

Thanks GS,

Completely forgotten that takeover Is all but complete. Just an outfit I was once Interested In.

Midday Market Summary

Good afternoon all

End-of-day Market Summary