Hello traders,

A strong rally in the US tonight saw the DJIA close up 129.91 points at 10,847.41, racking up its largest gain since December. 1st

The Nasdaq rose 38.42 points to 2,243.74, its biggest gain in points since July 8th,
and the S&P500 added 20.51 points at 1,268.80.

See you in the morning with the latest.........

G.

Good morning traders!

Today in Asia, the Hang Seng closed the morning session up 214.73 points at 15,159.50, while the Nikkei was up 250.11 points at 16,361.54 at the last check.

Oil prices eased in late morning trade, coming off their highest levels in almost three months after Russia restored its natural gas supply to Western Europe. New York's main contract, light sweet crude for delivery in February, was down 19 cents at $62.95 a barrel from its close of $63.14 in the US.

In UK news, GW Pharmaceuticals said the US FDA has accepted an Investigational New Drug (IND) Application for Sativex, its cannabis-derived oro-mucosal spray, for the treatment of pain in patients with advanced cancer that has not been adequately relieved by opioid medications.

Happy trading!

G.

Aus close

AFX UK at a glance share guide

LONDON (AFX) - Leading shares are tipped to continue their bullish start to the New Year, amid hopes the current cycle of US rate hikes may be nearing an end, and with Next in focus as the retailer issues a pre-Christmas trading update, dealers said.
Spread bettors CMC Markets expect the FTSE 100 index to open around 38 points firmer at 5720, having closed yesterday 62.7 to the good at fresh 4-1/2 year highs.

MARKETS
FTSE 100 5,681.5, up 62.7 (best level since July 2001)
FTSE 250 8,893.3, up 99.0 (fresh all-time high)
DJIA 10,847.40, up 129.90
Nasdaq Comp 2,243.74, up 38.42
S&P 500 1,268.80, up 20.50
Tokyo: Nikkei closed at 16,361.54, up 250.11
Hang Seng midday 15,159.50, up 214.73
Gold 528.70 usd (512.55 usd)
Oil - Brent Feb 61.35 usd (58.98 usd)

TODAY'S PRESS
* NHS set to miss patient waiting time target; experts call for extra capacity and more reform; 18-week pledge will need private-sector help - FT
* EU pushes to resolve Ukraine's gas dispute with Russia - FT
* RANK shareholders face a near-60 pct cut in the value of the group's 2006 dividend following the sale of its Deluxe Film business, according to house broker Deutsche Bank - FT
* Taiwan Semiconductor Manufacturing rejigs its chip production to reduce costs - FT

PRESS COMMENT
FT
THE LEX COLUMN comments on US dollar (yield support offers little protection when sentiment shifts; the consensus may prove wrong again, with the dollar declining sooner rather than later), RANK GROUP (hard to argue that Rank is worth more than its current share price of just under 300 pence), Singapore casinos (Singapore looks less compelling than Macao, Asia's top gambling den), United Airlines (if fuel prices do not jack up again, United should escape a refiling), European gas (reducing dependence on Russian gas supply is a sensible objective, but also a long-term one)
Express
Market expert Trevor Webster buys CHRISTIAN SALVESEN for his portfolio - SHARE WHISPER: GUS (talk that Morgan Stanley had placed 5 mln shares)
Times
Directors' dealings: GREAT PORTLAND ESTATES (non-executive chairman sells 644,000 stg of stock) - Rumour of the day: AUTOLOGIC (talk of a management buyout at the 145 pence level) - TEMPUS TEN FOR 2006: CENTRICA, ENTERPRISE INNS, FIRST CHOICE, HSBC, ITV, MINORPLANET, PETROFAC, TOMKINS, WOGEN, WOOLWORTHS
INDEPENDENT
INVESTMENT COLUMN: XSTRATA (hold), ANTOFAGASTA (hold), ANGLO AMERICAN (could outperform), BHP BILLITON (buy), GRIFFIN MINING (could perform well again in 2006), TITANIUM RESOURCES (we like the company), PETER HAMBRO MINING (will be an attractive play on the gold price), METALS EXPLORATION (a risky punt)
Mail
CHEERFUL SCOUT (dealers suggest that Addworth, the activist investor led by Mark Watson-Mitchell, has been wading into the firm's shares and could have snapped up as much as 3 pct)
Telegraph
QUESTOR: WILLIAM HILL (buy), SOCO INTERNATIONAL (still worth holding), DEBT FREE DIRECT (buy)

Good morning all. After last night's US close it looks as if we are going to have another up day today. Nice start to the year.

morning campers

Good Morning all,

I think the US realise we weren't going to follow them, so the decided to follow us instead!

End-of-day Market Summary

thanks as ever graystone