S&P Futures

US markets close lower for the second session as technology stocks trigger a broad-based sell off. Britain's trade deficit hit a record high in January due mainly to the weakness of the dollar to the pound.

Smiths Group met forecasts with a 7% fall in first-half profit to 141 million pounds and said it expected a second-half recovery in the detection unit. It said its aerospace, medical and specialty engineering divisions all achieved strong profit growth and improved margins during the half.

Carillion construction group reported a slight rise in annual profit to 50.8 million pounds that met forecasts and said it expected earnings growth in 2004.

Balfour Beatty construction and engineering reported an inline 10% rise in annual profit to 130 million pounds and said it expected further growth in 2004 as it wins more government contracts.

Amlin insurer full year profit was up a forecast beating 117% at 120.3 million pounds and said its short-term outlook was excellent

Countrywide Assured the UK's biggest estate agency, reported annual profit down 10% to 74.2 million pounds but ahead of expectations. It said it would return 85 million pounds to shareholders plus a final dividend of 4.75 pence a share

BAA reported a 8.9% rise in February passenger traffic to 9.5 million passengers in February boosted by an extra leap year day. without that the underlying increase was 4.7%

Luminar, The UK's biggest nightclub operator said sales fell 3% in the 8 weeks to Feb 29 but it expected full year results in line with expectations.

SMG media / radio profit fell more than 25% fell to 17.5 million pounds below forecasts due to the advertising slump and the effects of a restructuring, but that the first four months of 2004 were encouraging.

Smiths Group (I), Amlin (F), Balfour Beatty (F), Carillion (F),Concurrent Technologies (F), Countrywide Assured (F),  Future Network (F), Interserve (F), Mayborn Group (F), Schroder Ventures IT (F), Shore Capital (F), SMG (F), Traffic Figures - BAA, Centrica (AGM), Inflexion (AGM). London Merchant Securities (AGM)

Energy Corp CMS Energy Q4 Comverse Technology Inc Comverse TechnologiesQ4

13:30 Trade Balance Jan - $41.8B 15:00 Wholesale Inventories Jan 0.4%

A M B Generali Holding AG(F), E.ON AG (F), Adidas-Salomon AG (F),

Deutsche Telekom AG (I)

Publicis Groupe SA (F), Atos Origin (F)Credit Agricole SA (F)

Ex Dividend: Albion (4.30p), Alumasc Group (3.0), Anglo American (24.96), Avis Europe (2.6), Blick (9.50), Bwd Secs (12.00), Chrysalis Group (1.00), Close Brothers (9), Cosalt (12.50), Go-Ahead Group (11.00), HBOS (20.60), Lincat Group (5.80), Reuters Group (6.15), Rio Tinto (18.68), Reed Health Group (0.73), Regent Inns (1.82), Rolls-Royce (5.00), Royal Bank of Scotland (35.7), Scottish American Investm (1.42), Tops Estates (1.05),Treatt (5.70),Windsor (1.45)

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