Market Comment

Headlines this morning

This Morning in London the FTSE-100 is expected to open around twenty-points lower, with British Airways making the headlines as strike talks end without agreement. In the diary, interim results are due from Origin Enterprises, Indigo Vision, Group NBT and Queen's Walk Investment. Final results are scheduled from Arbuthnot Banking Group, Charlemagne Capital, Cineworld Group, Clarkson, Computacenter, Dignity, Dolphin Capital Investors, Flying Brands, Johnston Press, William Morrison Supermarkets, Old Mutual, Omega Insurance Holdings, Tikit and JD Wetherspoon. Whilst a trading statements is expected from Home Retail Group.

Small Cap News Flash

On Wednesday, our analysts’ recommendations included BUYs for Alkane Energy at 17p, Caretech at 385p and Nature Group at 33p; a SPECULATIVE BUY for Proventec at 37.5p; along with HOLDs for AMINEX at 15.5p, Anite at 33.25p and Cheerful Scout at 7p. A full round-up of today’s recommendations can be found on our website via the link below. 

What other brokers are saying

Bank of America have a buy for Misys at 239.9p

Bernstein has outperform on SABMiller
The broker has outperform on Diageo

Citigroup says hold Aviva at 390.8p

CSFB is neutral on Man Group

JP Morgan is overweight on Great Portland Estates
The broker is neutral on Land Securities Group

Morgan Stanley are equal=-weight on Trinity Mirror at 162.1p

Panmure Gordon recommend buying Sage Gorup, moving targets from 274p to 284p

Royal Bank of Scotland say buy Spirent Communications at 119p

Seymour Pierce advises selling JD Wetherspoon

Shore Capital have a buy for Barclays at 341.8p

UBS have a neutral stance on United Business Media at 499.8p
The broker is neutral on Dairy Crest Group
UBS is neutral on IM at 635p 

What the papers say

SHARES MAGAZINE

Plays of the Week:
*Buy Babcock International at 521.5p
*Buy ClearStream Technologies at 25.5p

Updates:
*Hold Discovery metals
*Take profits in RBS covered warrant

The Griller:
*Buy ITE (interview with Russell Taylor, Chief Executive)

FINANCIAL TIMES
 
The Lex Column:
*Barclays: dreaming of America - US expansion makes some sense, but the price has to be right
*Fujitsu: strange affair - poor handling of former president's resignation has damaged the company
*Gambling in the US - punters are returning to the tables in the US but are spending less
*Bank capital - bank regulators are urging caution again
*Eastern Europe - the question is how soon investment flows will surge back
*Banning CDS - Greece has a thatched roof and a bad habit of having lit candles unattended

The Lombard Column:
*Charles Allen's task is to ensure EMI's record is a long-player
*Malcolm Calvert: of Caz and carrots
*Tullett Prebon: don't discount Mr Smith

Further news:
*Regus uses insolvency tools to cut office rents
*Low path for growth for African Barrick
*Citicorp targets $20 billion profit
*Harbinger bid hopes fade at Inmarsat
*Bid gossip lifts Aveva and Connaught

THE TIMES
 
The Tempus Column:
*Pass on Inchcape
*Melrose: still around for the next big deal
*Buy Chime Communications on weakness

The Business Editor's Column:
*There's no place like home for Standard Life
*Factory output: don't look on the bright side
*EMI: will Charles Allen play a better tune?
*Malcolm Calvert: one up for the FSA this time
*Stimulus is a tricky matter

Deal of the Day:
*Barclays

A Tiddler to Watch
*Ascent Resources

THE TELEGRAPH

The Questor Column:
*Buy Melrose and Cape

The Comment Column:
*Terra Firma investors would rather not feel the pain of acquiring EMI
*Prudential could strike gold but the risks are high

Further news:
*A fifth Labour MP, Harry Cohen, to face police probe into expenses
*Prudential accused of 'cold-shouldering' UK investors
*Markets fear a Brown victory more than a hung parliament

THE GUARDIAN

The Viewpoint Column:
*FSA takes another look into the abyss
*RBS: it's not just gawping
*EMI: same old song

THE INDEPENDENT
 
The Investment Column:
*Hold Inchcape
*Buy Interserve
*Hold Laird Group

The Outlook Column:
*Index-linked gilts: the more the merrier
*Dump the phoney Budget
*Why Barclays must not get ahead of itself

Interviews:
*Lib-Dem leader Nick Clegg
*Gudjon Reynisson, Hamley's chief executive

Further news:
*Bargain hunters see value in Shanks

DAILY MAIL
 
Interview:
*Jeremy Darroch, chief executive BSkyB

Further news:
*Bid talk bolsters Connaught stock

DAILY EXPRESS

*Predators eyeing Connaught
*Hopes for positive drilling update lifts Amerisur Resources
*Talk of private equity bid interest in Luminar Group 

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Across the pond

Last Night in New York the Dow Jones added 3 points at 10,567, the Nasdaq Composite gained 18 points at 2,359 and the S&P-500 rose 5 points to finish the session at 1,146. In Asia today, the Nikkei was up 87.52 points at 10,651.44, while the Hang Seng ended the morning off 74.07 points at 21,134.22. 

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Headlines this morning

This Morning in London the FTSE-100 is expected to open the session marginally better-off, following cautious sessions in New York and Asia overnight, with Tullow Oil a headline maker as it published final results. In the announcement schedule interim results are due from Regenersis and ReneSola. Final results are scheduled from Ark Therapeutics, Brady, Cape, Chime Communications, Costain Group, F&C Asset Management, Glanbia, Inchcape, Interserve, Laird, Melrose, Oxford Biomedica, ReneSola, SQS Software Quality Systems, StatPro Group, Standard Life, Terrace Hill and Yule Catto. Whilst trading statements are expected from IG Group Holdings and Glisten. 

Small Cap News Flash

On Tuesday, our analysts’ recommendations included BUYs for Advanced Medial Solutions at 42p, BrainJuicer at 145p and Eckoh at 5.125p; SPECULATIVE BUYs for Chaarat at 53.5p, Synchronica at 2.5p and Victoria Oil & Gas at 4.2p; HOLDs for St. Ives at 54.25p and Essenden at 17p; along with a SELL recommendation for Forbidden Technologies at 18.5p. A full round-up of today’s recommendations can be found on our website via the link below.

What other brokers are saying

Bank of America has a buy for Bovis Homes Group, moving targets from 490p to 495p
The broker say buy Hammerson at 389.8p

Citigroup advise selling Misys at 235.5p, with a 190p price target
The broker says buy Bovis Homes Group at 382p

CSFB has outperform on Bodycote at 179.4p

Deutsche recommend buying Cairn Energy at 366.7p
The broker have a hold for Bovis Homes Group

FinnCap recommend a buy for Weir Group at 912p
The broker has a hold for Shanks Group at 102.3p

JP Morgan have an overweight view on Inchcape

Panmure Gordon says buy Weir Group, raising targets from 885p to 960p

Royal Bank of Scotland have a buy for Jardine Lloyd Thompson Group at 518p

UBS has a buy for Aggreko at 1,055p, raising targets from 985p to 1,200p
The broker have a buy for Davis Service Group, raising targets from 450p to 480p
UBS are neutral on Cobham at 246.1p 

What the papers say

FINANCIAL TIMES
 
The Lex Column:
*Optical delusion: however successful cinematic fantasy lands have been HD has not lost its novelty tag just yet
*EADS - its share price may be starting a long descent
*Kroll on the block - Kroll's suffering during the downturn has disproved the idea that detective work is counter cyclical
*French entrepreneurs - the French have come across an American style remedy. Mr Bush's successor might take note
*Merck/Sanofi Aventis - Merck's chief executive believes that the businesses 'deserve to be together'. Regulators are unlikely to agree entirely

The Lombard Column:
*Liberty International: demergers risk less and add more than most mergers
*Rocket-fuelled Inmarsat
*Shanks Group: what a waste

Interview:
*Jacek Rostowski, Poland's finance minister

Further news:
*China: a populist rising
*Traders suggest Barratt Developments could be vulnerable to an offer

THE TIMES
 
The Tempus Column:
*Hold on to International Power
*Hold Inmarsat
*Wait until May before buying into Gartmore

The Business Editor's Column:
*Prudential: you can't build trust in 45 minutes, Mr Thiam
*Lawyers: making the case for a float
*Private equity firms: once burnt, twice shy
*Musical clients in audit world

A Tiddler to Watch:
*Landore Resources

Further news:
*Plenty of suitors but few proposals as Resolution falls out of the FTSE 100
*Rumours that Lamping, a Chinese zinc miner, might be mulling a bid for Griffin Mining

THE TELEGRAPH

The Questor Column:
*Buy Antofagasta and Hill & Smith

The Comment Column:
*The government's plans to cut the deficit is lacking something... the cuts
*Investment needed to reform economy
*Prudential: as underwriters' risk falls so should fees
*A decade on and Nasdaq's dotcom darlings are still strutting their stuff
*No respite for pound's travails

THE GUARDIAN

The Viewpoint Column:
*Masters of the universe with money problems
*Depressed economic data
*EMF: a euro manoeuvre

THE INDEPENDENT
 
The Investment Column:
*Hold Antofagasta
*Avoid Gartmore
*Clipper Windpower a speculative buy

The Outlook Column:
*The battle for fiscal credibility
*No backsliding on rip-off loan cover please

Further news:
*Vodafone builds on mobile internet hopes

DAILY MAIL
 
*Buyers back to sniff at Tullett Prebon

DAILY EXPRESS

*Tasty gains on Compass menu
*Talk of an upbeat presentation lifts PetroNeft Resources 

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Across the pond

Last Night in New York the Dow Jones added 12 points at 10,564, the Nasdaq Composite gained 8 points at 2,341 and the S&P-500 was 2 points higher at 1,140. In Asia today, the Nikkei was up 4.15 points at 10,571.8, while the Hang Seng ended the morning ahead 7.95 points at 21,215.5.

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Headlines this morning

This Morning in London the FTSE-100 is expected to start the session fairly flat to marginally lower, following slow trade on Wall Street last night and in Asian markets this morning.  Investors will be keeping an eye out for UK trade data due for release at 9:30am. Elsewhere, interims results are due from Interior Services, St Ives, Ashtead Group, Endeavour International and Globus Maritime. Whilst finals results are scheduled from Abcam, Advanced Medical Solutions, Antofagasta, BrainJuicer Group, Endeavour International Corp, Gartmore Group , Globus Maritime, Hill & Smith, Inmarsat, International Power, John Menzies, Johnson Service Group, Liberty International, Lookers, Mears Group, OAO Severstal, Plethora Solutions Holdings, ROK, STM Group and Weir Group.

Small Cap News Flash

On Monday, our analysts’ recommendations included BUYs for DM 8p, Galleon at 13.25p and Management Consulting Group at 21p; SPECULATIVE BUYs for Anglesey Mining at 31.25p, Coms at 5.75p and Renewable Energy Holdings at 19.25p; along with HOLDs for Tarsus Group at 114.5p, Telit Communications at 24p and Helesi at 21p. A full round-up of today’s recommendations can be found on our website via the link below. 

What other brokers are saying

Barclays Capital is overweight on United Business Media, moving targets from 515p to 565p

Citigroup has a sell recommendation on United Business Media

Goldman Sachs are netural on RBS at 40.25p
The broker has a buy for GKN at 121.3p

HSBC is overweight on Schroders, moving targets from 1,625p to 1,645p

ING Barings have a hold for Pearson at 998p, moving targets from 800p to 1,000p

Morgan Stanley is overweight on Schroders

Nomura has a buy for United Business Media at 492.5p, raising their targets from 538p to 607p
The broker says buy Legal & General, moving targets from 125p to 130p
Nomura says buy Stagecoach Group at 179.1p

Numis has an add recommendation for Schroders at 1,397p

Panmure Gordon reiterates buy United Business Media, moving targets from 550p to 650p
The broker reiterates its buy recommendation for Stagecoach Group
Panmure Gordon say hold Prudential

UBS has a buy for Schroders 

What the papers say

FINANCIAL TIMES
 
The Lex Column:
*Eurozone IMF - a European Monetary Fund could be a solution to the next eurozone debt crisis, not Greece's current problems
*Shell/Arrow - the most intriguing aspect of the joint Royal Dutch Shell and Petrochina offer for Arrow Energy is the fact that it is being made at all
*MetLife: taking the US leader's slot - as international expansions go, the insurer is playing things safe
*US-Brazil trade - sanctions are second-largest authorised by World Trade Organisation
*Essar seeks listing - conglomerate makes country's biggest ever overseas listing
*UK outsourcing - the race to be the best Jack-of-all-trades is intensifying

The Lombard Column:
*Prudential now has hard task of wooing core investors
*Robert Walters and City recruitment
*Tullett Prebon and technology

Interview:
*Jim Marsh, chief executive able & Wireless Worldwide

Further news:
*Italian finance - an exposed position
*Man Group gains as AHL fund gets vote of confidence
*F&C Asset management rises amid dividend optimism
*Positive exploration updates hopes lift Victoria Oil & Gas and Circle Oil

THE TIMES
 
The Tempus Column:
*Hold on to Intertek
*Petrofac a solid hold
*Buy Tarsus

The Business Editor's Column:
*James Dyson: science may be sexy but its attraction is limited
*Germany holds all the aces
*Prudential's change looks hurried
*Royal Mail: post haste

Deal of the Day:
*Emblaze

A Tiddler to Watch:
*China Private Equity

THE TELEGRAPH

The Questor Column:
*Buy Capita Group and Petrofac

The Comment Column:
*The question shareholders must ask about Prudential's move for AIG
*Why devaluation is no panacea for UK
*James Dyson gets into a spin but his hi-tech message comes out in the wash

THE GUARDIAN

The Viewpoint Column:
*Kraft: bidders should be forced to honour their promises
*Lord Myners' speech: something to lose
*Dear Prudential

THE INDEPENDENT
 
The Investment Column:
*Buy Bovis Homes, Tullett Prebon and SThree

The Outlook Column:
*Women's Day: fathers get away with having it all
*Where are the new banks?
*Time to give Kraft some home truths

Further news:
*Coventry/Stroud & Swindon: the disappearing mutuals
*Flagship fund hopes keep Man Group on firm footing

DAILY MAIL
 
City Focus:
*Japan needing a high-tech future

Further news:
*UK Coal heats up on cash bid talk 

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Across the pond

Last Night in New York the Dow Jones lost 14 points at 10,553, the Nasdaq Composite added 6 points at 2,332 and the S&P-500 was flat at 1,139. In Asia today, the Nikkei was down 8.65 points at 10,577.27, while the Hang Seng ended the morning up 39.66 points at 21,236.53. 

Site Address:
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Headlines this morning

This Morning in London the FTSE-100 is tipped to open around 30-points higher, following on from triple-digit gains for the Dow on Friday and in Asia this morning. In the corporate diary for the day, final results are due from AFI Development GDR, Bovis Homes Group, Chaucer Holdings, Intertek Group, Management Consulting Group, Petrofac, Renewable Energy Holdings, Tarsus Group and Tullett Prebon. Trading Statements are exepected from Stagecoach and SThree. Chrysalis Group and Blackstar host AGMs. 

Small Cap News Flash

On Friday, our analysts’ recommendations included SPECULATIVE BUYs for Media Square at 14p and Boomerang Plus at 91p; a HOLD for Portrait Software at 24.75p; along with a SELL for Eleco at 37p. A full round-up of today’s recommendations can be found on our website via the link below. 

What other brokers are saying

Citigroup has a buy for Balfour Beatty, with a 344p price target
The broker has a hold for Aggreko at 1,033p
Citigroup recommends holding Diageo at 1,077p

FinnCap says buy United Business Media

Goldman Sachs is neutral on Amec at 775p

Morgan Stanley is overweight on Vodafone at 146.65p

Nomura says buy AMec, with a new price target of 915p
The broker has a buy for Aviva, raising targets from 600p to 603p

Numis advises buying WPP Group at 622.5p
The broker has a buy for Whitbread
Numis says add Schroders at 1,373p
The broker also has an add stance on United Business Media

Seymour Pierce says buy Brown (N.) Group at 214.9p

Shore Capital has a buy for Prudential at 512.5p

UBS has a buy for Amec 

What the papers say

FINANCIAL TIMES
 
The Lex Column:
*Perpetual motion - all click-checking falls silent eventually
*When on to a good thing - an empty gesture over the remninbi
*Stability accounting - regulators must find their backbone elsewhere

Interviews:
*Shiri Ebadi, Iranian Nobel laureate
*Lee Suk-Chae, chief executive ICT Group
*Aidan Healey, chief executive Tullow Oil

FTfm:
*Accounting rule threat to defined benefit pension plans
*Face to face with Nils Bolmstrand, chief executive Skandia Investment Group
*New Zealand aims to compete as international hub

Profile:
*Burton Mackiel, Alphashares CIO

Fund Focus:
*Henderson New Star European

Further news:
*Small explorers eye big role in North Sea
*Germany: vision begins to blur
*Prudential's ambitions and a question of value
*Orders surge at GT Group
*Santander deal heralds rowing confidence
*Europe the new frontier in shale as rush

THE TIMES
 
The Monday Manifesto Column:
*Anne Lauvergeon, chief executive of Areva

Further news
*BT Group turns tables on Virgin in fight over underground pipes

THE TELEGRAPH

The Comment Column:
*A year on and quantitative easing is paused - but when will it return?

Interviews:
*Foreign secretary David Milliband
*Henry Englehardt, founder of Admiral

Further news:
*Prudential faces investor revolt over bank fees
*Capita boss joins calls for savings in public services
*Foxtons reveals a £218 million loss in its latest accounts
*2,000 Bradford & Bingley Pibs bond holders to miss out on compensation
*Commodities: iron ore price could almost double by April

THE GUARDIAN

*Lord Mandelson raises stakes in Lord Ashcroft row
*Taxpayers may be left with £400 million bill for Tube public-private partnership

THE INDEPENDENT
 
Small Talk:
*Chile disaster can help Discovery Metals
*Regulation is making AUIM less attractive
*Kenmare Resources to raise £180 million

Further news:
*Massive rise in interest rates on personal loans
*Morrisons is awaiting arrival of new boss

DAILY MAIL
 
*Japan: a nation sinking in a sea of its own debt

DAILY EXPRESS

The Investment Analyst Column:
*Whitbread continues to benefit from recession

The AIM Market Column:
*Q Resources in line for rich rewards from African adventure
*Sherborne Investors (Guernsey) likely to join the market this month
*Bellzone rings the changes 

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Across the pond

Last Friday in New York shares rose broadly following the US government's report of fewer job losses than expected for February, which gave a big boost to industrial stocks such as Boeing and Caterpillar and financial companies including American Express. The Dow Jones climbed 122.06-points to 10566.20 (its highest closing value since 20th January), the Nasdaq added 34.04-points to 2326.35, while the S&P rose 15.73-points to 1138.70. 

Site Address:
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Headlines this morning

This Morning in London the FTSE-100 is anticipated to start the final session of the week around 25-points better-off, following on from a strong trading day on Wall Street and gains in Asia. With only a smattering of corporate news in the UK today, attention will be focused on critical US employment data due out this afternoon. Announcements that are scheduled today include final results from Hardy Underwriting Bermuda, Michael Page International, WPP Group and UBM. 

Small Cap News Flash

On Thursday, our analysts’ recommendations included BUYs for AssetCo at 54p and Maintel at 138p; SPECULATIVE BUYS for Synchronica at 2.125p, Serabi at 2.125p and Hydrodec at 13.75p; along with HOLDS for Cap-XX at 34p, Character Group at 92p and Imaginatik at 6p. A full round-up of today’s recommendations can be found on our website via the link below. 

What other brokers are saying

Astaire Securities says buy Whitbread at 1,457p

Bank of America has a buy for BT Group, with a new price target of 155p
The broker advises buying Standard Chartered at 1,694p

Bernstein rates BT Group as outperform at 150p

CSFB has outperform on HSBC Holdings, with a 810p price target

Goldman Sachs says buy Centrica at 283.2p

JP Morgan is neutral on Pearson, moving targets from 990p to 1,055p

Morgan Stanley has equal-weight on Standard Chartered, moving targets from 1,500p to 1,630p

Nomura says buy BATS, whilst moving targets from 2,350p to 2,405p

Panmure Gordon has a buy recommendation for Anglo American at 2,607.5p
The broker has a hold recommendation for Misys at 242.9p

Royal Bank of Scotland has a buy for BG Group at 1,174.5p

UBS says buy BAE Systems, moving targets from 430p to 460p
The broker is neutral on Marks & Spencers
UBS is remains neutral on Standard Chartered, with a 1,780p price target 

What the papers say

INVESTORS CHRONICLE

Bearbull:
*Arm Holdings too far ahead

Tips:
*Buy IG Group at 402p - Pure Circle at 242p - International Biotechnology at 134.5p
*Sell RSA Insurance at 125p - Logica at 120p

Updates:
*Buy Falkland Oil and Gas - Haynes Publishing - Pace - Ithaca Energy - William Hill
*Sell Game Group

Company Results:
*Buy Hansard Global - Segro - Town Centre Securities - A&J Mucklow - Ricardo - Centrica - Medusa Mining - Anglo Pacific - Goldplat - Dori Media - Rheochem - Senior - BAT - Rank - Capita - Serco - Ultra Electronics - Victoria Oil & Gas - Persimmon - Staffline - Lancashire Holdings - Brit Insurance - ANT - Corin - Futura Medical - ITV - Xchanging - Jardine Lloyd - MJ Gleeson - Primary Health - Swallowfield - Sinclair Pharma - Lonrho - Varillion - RPS - Standard Chartered - Provident Financial
*Sell Rightmove - CRH - Restaurant Group - International Personal Finance

FINANCIAL TIMES
 
The Lex Column:
*Greece: the heavy lifting in the Eurozone bond markets has started
*Currency 'collision' - any investigation and outrage over a cabal is absurd
*California wakes up - Calpers may be the canary in a financial coalmine
*Anheuser-Busch Inbev - there are good reasons to be positive about the world's largest brewer
*Teen dollars - speciality clothing retailers chase a lucrative but fickle market
*Emerging markets - Indonesia shows investors' attitudes are changing
*UK company tax migration - mistargeted tax rules make moving overseas attractive

The Lombard Column:
*Phoney war declared as Babcock tries to outflank VT Group
*Petrofac's harvest festival
*Warren Buffett's comments on risk management feels like a slap in the face for Sir David Walker

Small Talk
*Turnround helps Access Intelligence access more cash
*Quercus chasing the dragon

Interview:
*Michael Gove, shadow schools secretary
*ean-Bernard Levy, chief executive Vivendi

Further news:
*Prudential: a premium to pay for AIG's Asian unit
*Petropavlosk rises amid growing talks of iron-ore spin-off
*Improving volumes boost ICAP
*Rumours of formal offer from Golden Star Resources lifts Cluff Gold

THE TIMES
 
The Tempus Column:
*Hold Schroders
*Pass on Spirax-Sarco
*Hold on to Spirent Communications

The Business Editor's Column:
*Aviva: the European tortoise vs the Asian hare
*Engineering industry: we (nearly) told you so
*Amec: Ernst & Young whoop it up
*Delta destiny back in doubt
*Final orders for pub chains

Deal of the Day:
*Antrim Energy

A Tiddler to Watch:
*Intandem Films

THE TELEGRAPH

The Questor Column:
*Buy Amec
*Buy IMI

The Comment Column:
*HSBC: relocation payment puts paid to any kudos Michael Geoghegan earned
*Aviva: where does the future grow?
*Primark: a shining light of UK retailing honoured

THE GUARDIAN

The Viewpoint Column:
*Red mist descends at Goldman Sachs
* A pop at the Pru
*HSBC: a moving target

Interview:
*Peter Sands, chief executive Standard Chartered

Further news:
*Lord Ashcroft faces new claims of tax avoidance

THE INDEPENDENT
 
The Investment Column:
*Hold Aggreko
*Avoid Partygaming
*Buy Intandem Films

The Outlook Column:
*Why we have to call the banks' bluff
*Greece is on the march
*Tesco makes a tentative step into property

Further news:
*Weaker sterling gives strength to ARM Holdings

DAILY MAIL
 
*Football facing a financial red card

DAILY EXPRESS

*Construction hopes in Greece lift Minoan 

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Across the pond

Last Night in New York the Dow Jones rose 47 points at 10,444, the Nasdaq Composite added 12 points at 2,292 and the S&P-500 gained 4 points at 1,123. In Asia today, the Nikkei was up 223.71 points at 10,369.43, while the Hang Seng ended the morning ahead 178.52 points at 20,754.3. 

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Headlines this morning

This Morning in London the FTSE-100 opened 0.5% lower, with insurers remaining in the spotlight as Aviva reports final results. The Bank of England Interest Rate Decision is due at noon, with most analysts expecting no change and no restart of quantitative easing. In the announcement diary for today, final results are due from Aggreko, AMEC, Aviva, Avis Europe, Balfour Beatty, Cobham, Fiberweb, Galiform, Grafton Group, Hardy Oil & Gas, Hutchison China Meditech, IMI, Novae Group, PartyGaming, Portmeirion, Psion, Robert Walters, Schroders, Spirax-Sarco Engineering, Spirent Communications, SVG Capital, Trinity Mirror and Total Produce. Whilst Kazakhmys and Whitbread are expected to issue trading statements. 

Small Cap News Flash

On Wednesday, our analysts’ recommendations included BUYs for Dialight at 284.5p, Lighthouse Group at 9.12p and Vislink at 25.5p; SPECULATIVE BUYS for Sarantel at 2.25p, Neovia Financial at 58.5p and IdaTech at 73p; HOLDS for Avacta  at 1.75p, Belgravium Technologies at 3.375p and Cashbox at 2.5p; along with a SELL for Pursuit Dynamics at 196p. A full round-up of today’s recommendations can be found on our website via the link below.

What other brokers are saying

Bank of America has a buy for Persimmon, moving targets from 687p to 697p
The broker is neutral on Admiral Group at 1,231p

Daniel Stewart has a hold for Spirent Communications, with a 99p price target
The broker has a buy for 888 Holdings at 100.2p
Daniel Stewart has a hold for Ladbrokes at 145.2p
The broker recommends PartyGaming as a buy

Jefferies says buy Informa, moving targets from 360p to 393p
The broker says hold IMI at 575.5p

JP Morgan has an overweight recommendation on British American Tobacco
The broker is neatural on GlaxoSmithKline
JP Morgan is neutral on Tomkins at 208.5p

Seymour Pierce has a buy for Morrisons at 304.7p
The broker has a hold for Marks & Spencer
Seymour Pierce says sell Restaurant Group at 205p
The broker has Tesco marked as a buy at 435p 

What the papers say

SHARES MAGAZINE

Plays of the Week:
*Buy Penna Consulting at 189p
*Buy Planet Payment at 120p

Updates:
*Buy BAT - Persimmon - Rightmove - Hold Land Securities

Time to buy the banks:
*Barclays the top pick

The Griller
*Mike Tobin, chief executive Telecity (buy)

Sector Report:
*Buy Scottish & Southern Energy - Reneable Energy - Indian Energy

FINANCIAL TIMES
 
The Lex Column:
*Standard Chartered - after seven successive years of record recovery and profits, it should not come last in anyone's portfolio
*Google vs China: to leave or not to leave
*Pfizer/Ratiopharm - generics is attracting some leading research-led drugmakers
*ITV - 'day zero' for the broadcaster and expectations are high
*Prudential/AIA - structure of cash-call results in a field day for hedgies
*Peugeot/Mitsubishi - French carmaker will have to seek partnership elsewhere
*Adecco - world's largest temporary employment agency struggles
*Tech companies' cash piles - more money than they know what to do with.

The Lombard Column:
*Omega board is fighting a losing battle with Invesco
*Whitbread's new pilot
*Prudential: rights and refusals

Further news:
*Minerva plays bid part from shadows
*Fading concerns over insolvency rules helps life insurers advance

THE TIMES
 
The Tempus Column:
*Buy Carillon
*IPF a buy for the brave
*Hold on to The Restaurant Group

The Business Editor's Column:
*The Prudential must play fair by all its shareholders
*Subsidy awaits patient Arriva
*Taylor Wimpey pining for plots
*Where to after Whitbread?

Further news:
*Merger talks drives Arriva higher

THE TELEGRAPH

The Questor Column:
*Buy Standard Chartered
*Avoid ITV

The Comment Column:
*Archie Norman plays down ITV's recovery, but then he would, wouldn't he?
*Cenkos shareholders eye Omega nervously

Further news:
*Sterling crisis might break our paralysis - Jeremy Warner

THE GUARDIAN

The Viewpoint Column:
*Market is still unsure about the plan from the Prudential
*ITV: fizzing... or fizzling
*Whitbread: how big a payload?

THE INDEPENDENT
 
The Investment Column:
*Hold Arriva
*Buy Carillion
*Buy Lavendon Group

The Outlook Column:
*Less cream for fat cats of pensions
*No time to set up road blocks for Toyota

Interview:
*Bookmaker Victor Chandler
 

DAILY MAIL
 
Interview:
*Peter Sands, chief executive Standard Chartered

Further news:
*Unite is banking on student boom
*Apache Oil bid rumours stimulate Nighthawk Energy

DAILY EXPRESS

*'Predator to prey' talk lifts Prudential
*Joint venture partner hopes lift Gold Oil 

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Across the pond

Last Night in New York the Dow Jones lost 9 points at 10,397, while the Nasdaq Composite and S&P-500 were flat at 2,281 and 1,119, respectively. In Asia today, the Nikkei was down 105 points at 10,148.14, while the Hang Seng ended the morning off 110.54 points at 20,766.25.

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Headlines this morning

This Morning in London the FTSE-100 is tipped to open around 10 points lower, with Standard Chartered the last of the major banks to report for this season and BA announcing a trading update. The latest UK PMI Services reading is due for publication at 9:30am. Elsewhere in the announcement schedule today, quarterly results are due from Sportingbet. Whilst final results are expected from Arriva, Carillion, Dialight, FBD Holdings, Hydrogen Group, International Personal Finance, ITV, Just Car Clinics Group, Lavendon Group, LSL Property Services, Macfarlane Group, Restaurant Group, RPS Group, Stadium Group, Taylor Wimpey, Unite Group and Yamana Gold.

Small Cap News Flash

On Tuesday, our analysts’ recommendations included BUYs for Jetion Solar at 74.5p, Scotty Group at 11.25p and Staffline at 78p; SPECULATIVE BUYS for IdaTech at 75.5p, Focus Solutions at 32.5p and Coms at 4.38p; along with HOLDs for Advanced Computer Software at 40.25p, Corin at 55.5p and Cryptologic at 205p. A full round-up of today’s recommendations can be found on our website via the link below. 

What other brokers are saying

Bank of America has underperform on Pearson, moving targets from 850p to 915p
The broker has a buy for Prudential at 486.2p

Barclays Capital is underweight on Pearson, increasing targets from 925p to 995p

Citigroup reiterate their buy stance on Centrica, maintaining their 290p target

Deutsche says hold Pearson at 957p

ING Barings has a buy recommendation for Anglo American at 2,480p

Nomura says buy Anglo American, increasing targets from 3,500p to 3,600p
The broker says buy Rio Tinto at 3,521p

Panmure Gordon has a buy for Spirent Communications at 103.1p
The broker says buy Whitbread at 1,476p
Panmure Gordon says hold Cookson Group at 461.6p

Royal Bank of Scotland carries a buy recommendation for Balfour Beatty at 280.3p
The broker also has a buy for Barratt Developments at 117.1p
Royal Bank of Scotland has a sell for Pearson

UBS has a buy for HSBC Holdings at 698.9p 

What the papers say

FINANCIAL TIMES
 
The Lex Column:
*Sterling: Little cause for panic...yet; bond markets may soon effectively be governing the UK
*BP - oil giant grapples with perception that easy gains are past
*South Africa - still battling to convince investors
*Terra/CF Industries - CF Industries is fed up with being mucked around
*Reliance/Lyondell - one last spell from the pavilion and for Mukesh Ambani?

THe Lombard Column:
*Manchester United: a good match is not necessarily a lucrative one
*Pace setter
*Provident Financial borrowers

Interviews:
*Michael Barnier, EU internal market commissioner
*Dame Marjorie Scardino of Pearson

Further news:
*Takeover talk lifts Dana Petroleum and Tullow Oil

THE TIMES
 
The Tempus Column:
*Pass on Meggitt
*Buy Jardine Lloyd Thompson on weakness
*Hold on to Keller Group

The Business Editor's Column:
*It's now or never for the Pru, if it can calm nerves
*Provident Financial: view from the doorstep
*Sizing up debt default lines
*Goodbye to the Paul Volcker plan

Deal of the Day:
Renovo

A Tiddler to Watch:
*Coms

Further news:
*British Airways carried aloft as passenger figures rise in the East
*Griffin Mining: talk of a positive resource upgrade for an asset in China

THE TELEGRAPH

The Questor Column:
*Take profits at Fresnillo
*Avoid Admiral

The Comment Column:
*Results at Provident Financial show that Britons are still worryingly anything but
*Sports Direct's Mike Ashley gambles away remaining good will
*Tetley's decision is hard to swallow

THE GUARDIAN

The Viewpoint Column:
*Red Knights' footsoldiers can force a deal through
*BP: boost profits

THE INDEPENDENT
 
The Investment Column
*An overview of Britain's banged-up banks: Hold Barclays, Hold HSBC, Sell Lloyds, Avoid RBS

The Outlook Column:
*Starting over on protecting consumers
*A better light for banks
*'Red Knights' were once seen as devils

DAILY MAIL
 
*ARM Holdings is boosted by chip demand

DAILY EXPRESS

*Talk of a Jubilee Platinum deal with Sylvania Resources
*Swedish iron ore deposit hopes sustain Beowulf Mining 

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Across the pond

Last Night in New York the Dow Jones added 2 points at 10,406, the Nasdaq Composite rose 7 points to 2,281 and the S&P 500 gained 3 points at 1,118. In Asia today, the Nikkei was up 12.98 points at 10,234.82, while the Hang Seng ended the morning ahead 5.86 points at 20,911.97.

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Headlines this morning

This Morning in London the FTSE-100 is expected to open around ten points lower, with weak Sterling continuing to dominate the headlines and house builders in the limelight as Persimmon reports results. The latest UK PMI Construction figures are due for release at 9:30am. In the diary for the day, full-year results are due from Admiral Group, Allied Irish Banks, Cookson, Corin Group, CRH, Cryptologic, Fresnillo, Futura Medical, Goldenport, Hydro International, Informa, IP Group, Jardine Lloyd Thompson Group, Keller Group, Meggitt, Pace, Paddy Power, Provident Financial, Rotork, Telit Communications, Vitec Group and John Wood Group. 

Small Cap News Flash

On Monday, our analysts’ recommendations included a BUY for British Polythene at 285p; SPECULATIVE BUYS for Physiomics 0.35p, Nexus Management at 0.505p and Mirada at 24p; along with HOLDs for Abbeycrest at 7p, Arena Leisure at 26.75p and E2V at 37.25p. A full round-up of today’s recommendations can be found on our website via the link below.

What other brokers are saying

Citigroup has a buy for British American Tobacco, despite lowering targets from 2,460p to 2,380p
The broker says hold HSBC Holdings at 678.4p
Citigroup has a buy for Lloyds Banking Group at 49.65p
The broker says buy Prudential, with a 780p target

Goldman Sachs is neutral on Kingfisher, moving targets from 260p to 265p
The broker has a buy for Lloyds Banking Group at 49.65p

JP Morgan is overweight on BG Group

Panmure Gordon has a buy for AstraZeneca
The broker says buy Aviva at 373.10p
Panmure Gordon reiterates its buy recommendation for GlaxoSmithKline
The broker has a sell recommendation on Ladbrokes at 143p
Panmure Gordon says hold Pearson at 939.5p
The broker says hold Prudential, lowering their target price from 732p to 656p

Royal Bank of Scotland has a buy for Hays, yet downgrades price their price target from 131p to 125p

UBS has a buy for GKN 

What the papers say

FINANCIAL TIMES
 
The Front Page
*Asian state funds line up to back Pru deal
 
The Analysis Page
*A longer range: Aerospace
 
The Lex Column
*Pru romance - The UK insurer will pay $35.5-billion for a cleaned-up AIA portfolio
*HSBC - The journey has only just begun
*Country risk premiums - Geography is what matters once more
*Merck/Millipore - It boils down to the German group wanting to diversify earnings
*BT pensions - Rivals want to dispel idea that deficit is an 'act of God'
 
The Lombard Column
*Tidjane Thiam launches endgame for Prudential's British pillar
*Life after Candover
*Not code for nationalisation – As a tool of nationalistic industrial policy, the Takeover Code is no use
 
Power Player
*Barry Stowe, Prudential Asia CEO
 
Further news
*Pearson lifts share of market
*Tesco shares jump as Warren Buffet increases holding
*Rank rally link to dividends news
*Activist lifts Sutton Harbour
*Fundraising talks hit Gulf Keystone Properties

THE TIMES
 
The Front Page
*Tory donor’s secret tax deal saved him millions
 
The Dashboard Pages
*Orders, orders, as exporters stop playing by the book

The Business Editor’s Commentary Column
*More unloved than even Mugabe’s dollar - Sterling had a pitiful day as it suffered its biggest rout on the currency markets for more than a year
*Quibbling that defies logic (Prudential)
*Copper in the spotlight
*Stirred but not shaken (Dollar carry trade)
 
The Tempus Colum
*Amlin - Hold
*Xchanging - Buy on weakness
*Arena Leisure - Worth a flutter

Deal of the Day
*Eckoh
 
A Tiddler to Watch
*The Restaurant Group
 
Further news
*HMV waits for broker to put music retailer back on centre stage

THE TELEGRAPH

The Front Page
*Pound slumps over fears of election stalemate
 
The Comment Column
*If speculators are on the money, the pound still has a long way to fall
*Eastern promise doesn't come cheap (Prudential)
*Time to give BT a wake-up call
 
The Jeremy Warner Column
*Last one out should turn off the lights
 
The Questor Column
*HSBC - Hold
*Pearson - Buy
 
Further news
*Miners help FTSE-100 surge to 6-week high
*Bid speculation lifts Connaught and Arriva
*Senior’s (Engineering) prospects give shares a lift

THE INDEPENDENT
 
The Front Page
*Ashcroft: The unanswered questions
 
The Outlook Column
*The Tory-Labour divide is a political, not economic, one
*Man at the Pru takes a huge leap of faith
 
The Focus Page
*Marks & Spencer sets out its sustainable stall
 
The Investment Column
*Buy - SDL
*Hold - WSP Group
*Buy - Goals Soccer Centres
 
Further news
*Pearson profits rise by 13% as FT publisher embraces digital future
*Hopes for profits send Wolseley higher

DAILY MAIL
 
The Alex Brummer Column
*Tidjane’s great leap forward
 
At a Glance
*Allergy Therapeutics
 
The City Focus Column
*East promises business boom
*Pearson expands digitally with iPad
 
Further news
*Speculation that Sir Stuart Rose may step down at Marks & Spencer 'in a few months'
*Aggreko moves into the top flight* Expect activity around AIM-listed Angel Mining

DAILY EXPRESS

*Takeover gossip lifts SIG.

BID NEWS AND GOSSIP

*Insider dealers to face fines of at least £100,000 under FSA code
*Lord Mandelson calls for radical reform of takeover rules for hostile bids
*HSBC underwhelms as Asia fails to meet expectations
*HSBC heads for clash on pay
*Goldman Sachs made at least £67-million in net trading revenues on 131-days last year
*City bankers line up £1-billion bid for Manchester United
*Diageo looks to buy Chinese spirits maker Sichuan Shui Jing Fang
*BP to form US shale gas venture with Lewis Energy
*Asian state funds line up to back Prudential deal
*Merger of Orange and T-Mobile in the UK approved by EC
*Lenders seize equity of two 3i companies, Global Garden Products and Ultralase
*Astellas in $3.5-billion bid to expand role in US
*Warren Buffett raises stake in Tesco to 3%
*Crystal Amber acquires 8.6% stake in Sutton Harbour
*Baxter to buy biologics maker for up to $330 million
*Babcock given 12th April deadline for VT Group bid
*Dominion Petroleum raises £33-million for Ugandan drill
*Moody's believes Anglo Irish bank is likely to split up

OTHER NEWS

*An assault on the pound by hedge funds and the increasing prospects of a hung parliament has sent sterling to its sharpest intra-day fall in more than a year.
*Global manufacturing activity expanded at a slower pace last month, but employment in sector rose at its fastest pace in 29-months
*US consumer spending rose slightly more than expected, up 0.5%, but incomes rose less than expected in January
*Institute of Supply Management index of national factory activity declined to 56.5 in February from 58.4 in January
*US January construction spending fell 0.6%
*US January personal income rose 0.1%
*EU says Greece must do more to tackle debt crisis
*New figures on bank lending offer mixed picture of UK economy although the message is tempered by another strong reading on a manufacturing survey
*Tory peer, Lord Ashcroft, admits to 'non-dom' tax status
*Real Madrid heads football club 'rich list' for 5th straight year
*Air Worldwide sees $2-billion losses from Chile earthquake
*London Tube network hit by £400-million funding gap. 

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Across the pond

Last Night in New York, shares closed higher, fuelled by an uptick in manufacturing employment and personal spending that helped boost technology stocks. Insurance giant American International Group (AIG) also gained after agreeing to sell its Asian operations to the Prudential. The broad rally sent two of the three US large-cap stock indices into positive territory for the year to date; only the Dow Jones, which gained 78.53-points to 10403.79, still shows a 0.23% loss for the year so far. The Nasdaq Composite crossed into positive territory yesterday by closing up 35.31-points at 2273.57 (the Nasdaq had not been positive year-to-date since 21st January), while the S&P gained 11.22-points to 1115.71 (registering its first year-to-date gain since 22nd January).

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Headlines this morning

This Morning in London the FTSE-100 is expected to open around 30-points higher, with investors eagerly awaiting results news from banking giant HSBC. The latest UK CIPS Manufacturing PMI reading is due for release at 9:30am. Elsewhere, interims are scheduled from Allergy Therapeutics, Petmin and Tongaat-Hulett. Whilst final results are expected from Access Intelligence, Amlin, ANT, Arena Leisure, British Polythene, Candover Investments, Hiscox, KazMunaiGaz, Kingspan Group, Landkom International, Pearson, SDL International, Senior, Tomkins, Ultra Electronics, WSP Group and Xchanging. 

Small Cap News Flash

On Friday, our analysts’ recommendations included BUYs for Molins at 60.5p and Cryo-Save at 477.5p; SPECULATIVE BUYS for Asia Digital Holdings at 0.5p and NXT at 13.25p; HOLDs for Rheochem at 7.125p and Harvey Nash at 32.5p; along with SELLs for Baqus Group at 3.625p and Minorplanet Systems at 15.5p. A full round-up of today’s recommendations can be found on our website via the link below. 

What other brokers are saying

Astaire Securities says buy Colt Telecom

Deutsche has a buy for Vodafone at 140.3p

Nomura has a reduce rating on RBS at 37.41p
The broker is neutral on SEGRO, moving targets from 379p to 342p

Panmure Gordon has a buy recommendation for Balfour Beatty
The broker says hold Hays, despite downgrading their targets from 110p to 92p
Panmure Gordon also has a hold for Jardine Lloyd Thompson Group at 484.9p
The broker has a buy for Persimmon at at 392.2p
Panmure Gordon advises holding Taylor Wimpey at 35.65p

Royal Bank of Scotland has a buy recommendation for Severn Trent

Seymour Pierce has a buy for Serco Group at 556.5p
The broker recommends buying Davis Service Group

Shore Capital says hold Lloyds Banking Group
The broker says buy Serco Group

UBS recommends buying Wolseley, raising price targets from £15.40 to £17.23 

What the papers say

FINANCIAL TIMES
 
The Lex Column:
*The mandarin from the Pru - AIA suggests yet again bigger is seen as better
*Gazprom - much has changed in relation to Gazprom
*Wockhardt in India - the company is proving a bitter pill for foreign investors

Interview:
*Shintaro Tsuji, founder and president of Sanrio

Further news:
*Gilts lose triple A lustre for investors
*Europe: a meeting of minds
*Barclays targets world's wealthy
*Pace to take second set-top box slot
*Rotork results to reflect solid gains
*Boon for new US mortgage insurers

FTfm:
*Bumpy ride ahead for all bonds (special report)
*Fund houses move to fill finance gap
*Face to face with Sean Healey of Affiliated Manufacturers Group
*Fund focus: Pictet Funds Emerging Local Currency Debt fund

THE TIMES
 
The Business Editor Column:
*Prudential goes a-wooing for a marriage made in heaven
*Join the queue for M&S chair

The Monday Manifesto Column:
*Adrian Healey of Tullow Oil

THE TELEGRAPH

The Comment Column:
*Something 'of the right' needed to shine a little light on the UK economy
*Don't go wobbly on us now Ben Bernanke, or deflation will claim us all

Interview:
*Ian Burke, chief executive Rank Group

Further news:
*Commodities: trouble in store with oil markets all at sea
*HSBC looks to restore pride

THE INDEPENDENT
 
Small Talk:
*Drilling for information on Falklands Oil
*Caretech is a small cap with plans to grow bigger
*£250 million float on AIN Squarestone Brazil

DAILY MAIL
 
*Mutual model is one the government should admire
*Martin Shaw of the Association of Financial Mutuals

DAILY EXPRESS

Investment Analyst:
*Steady growth is in reach for tech leader ARM Holdings

AIM Market:
*Squarestone Brazil
*Caretech

Further news:
*ITV picture may mean profits at ITV. 

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Across the pond

Last Friday in New York, shares held on to a slender gain in light trading, as a flurry of mixed economic data helped boost the market, sending up financials including J.P. Morgan Chase, though insurance giant AIG tumbled after announcing a fourth-quarter loss. The Dow Jones rose 4.23-points to 10325.26, the Nasdaq gained 4.04-points to 2238.26, while the S&P put on 1.55-points to 1104.49.

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Headlines this morning

This Morning in London the FTSE-100 opened just under 50-points higher, with traders displaying confidence following rising consumer confidence data and ahead of the latest GDP revision, which is due for released at 9:30am. In the schedule for today, interim results are due from Helphire Group and Ricardo Group. Final results are expected from Brit Insurance, Cinpart, Davis Service Group, Frontline, Invista Real Estate Investment Management Holdings, Lancashire Holdings, Lloyds Banking Group, Rightmove, Serco Group and William Hill. Whilst trading statements are expected from BCB Holdings, Colt Telecom and Xchanging. 

Small Cap News Flash

On Thursday, our analysts’ recommendations included BUYs for 4imprint Group at 155p, Gartmore Fledgling Trust at 375.5p and IDOX at 10.25p; SPECULATIVE BUYS for Silverdell at 126p and ClearStream Technologies at 25.75p; HOLDs for Communisis at 13.75p, GB Group at 22.5p and Lidco at 19.75p; along with SELLs for Centaur Media at 50p and Pursuit Dynamics at 165p. A full round-up of today’s recommendations can be found on our website via the link below.

What other brokers are saying

Ambrian says buy Centrica at 276.3p

Bank of America says buy HSBC Holdings

Deutsche Bank recommends buying Pearson, moving targets from 680p to 760p

Evolution Securities says buy British American Tobacco
The broker  as a buy for Provident Financial at 940p

KBC Peel Hunt says sell Hays

Panmure Gordon has a buy for BBA Aviation at 162.3p
The broker says buy Bodycote at 176.9p
Panmure Gordon says hold National Express Group
The broker says buy Go Ahead Group at 1,366p
Panmure Gordon says buy Rank Group at 136p
The broker says buy RSA Insurance Group at 129.8p

Seymour Pierce has a hold for Capita Group at 712p
The broker has a hold for Hays
Seymour Pierce says buy Pace at 173.3p 

What the papers say

FINANCIAL TIMES
 
The Lex Column:
*Coke buys bottling: Coca-Cola, like PepsiCo last year, is to bring its North America bottling operations in-house.
*Get shorty: Being able to bet on price declines, not just increases, aids price discovery.
*Bank metrics: For all its supposed appeal to investors, return on equity has never really bothered banks too much.
*European telecoms: Instead of a long-winded results presentation on Thursday, Telecom Italia’s investors awoke to a money-laundering investigation.
*Royal Bank of Scotland: Royal Bank of Scotland may not be out of the woods yet, but at least the undergrowth is thinning.
*KKR / Blackstone: The welcome return of deal-making and more confident markets help explain the big profit figures posted on Thursday by KKR ($2bn) and Blackstone ($703m).

The Lombard Column:
*Hester’s long tightrope walk to freedom will continue.
*Insulated against criticism.
*Reinforced Panel.

Further news:
*China is misread by bulls and bears alike.
*Lessons from the Fed’s past on heading for an exit.

THE TIMES
 
The Tempus Column:
*Segro looks to foreign markets as vacancies remain.

Further news:
*Takeover still on the cards.
*The spectre emerges of dollar-pound parity.
*A worrying lack of cover.
*RBS, the Government’s potential piggy bank.
*Odds turn for Rank after a run of bad luck.

THE TELEGRAPH

The Questor Column:
*Hold St James's Place at 255p (-5p)
*Lloyds' stake remains an uncertainty.
*Buy Logica at 116.9p (-5.6p) – it could reap benefits of EU outsourcing.

Further news:
*Alistair Darling is a dead man talking, and he’s taking sweet revenge.
*ECB's inflation hawk Weber has got it totally wrong.
*Is Google really the new Satan(ish)? 

THE GUARDIAN

The Viewpoint Column:
*Beware double-dip recession; the notion that the US is in strong recovery has been dented – but it hasn't yet affected share prices.
*Short-term punters reverse their policy on Royal and Sun Alliance.
*Hester tries to talk RBS out of trouble.

THE INDEPENDENT
 
The Investment Column:
*Investors should try their luck with Rank, buy at 98.05p (+3.9p)
*Hold Hays at 104.2p (-9.1p).
*Buy GKN at 109p (+5.4p).

The Hamish McRae Column:
*A double dip, then recovery. But what will drive our future growth?

The David Prosser Column:
*It's time for a 'Robin Hood tax', Mr Darling.
*Ofgem has plenty of work to complete.
*Savers must be protected at all costs.

DAILY MAIL
 
The Alex Brummer Column:
*A moral vacuum on bonuses.

The City Focus:
*RBS has turned tide says boss Hester.

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Across the pond

Last Night in New York the Dow Jones was down 53 points at 10,321, the Nasdaq Composite lost 2 points at 2,234 and the S&P-500 fell 2 points to 1,103. In Asia today, the Nikkei rose 25.07 points at 10,127.03, while the Hang Seng ended the morning ahead 259.89 points at 20,659.46.

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Headlines this morning

This Morning in London the FTSE-100 is anticipated to open the session around 15-points lower, on a busy day for corporate reporting, with RBS and Centrica likely to feature strongly. Elsewhere interim results are due from Ashmore Group, Capita Group, Centaur Media, Dunelm Group, Genus, GKN, Go-Ahead Group, Hansard Global, Hays, NXT, Redrow, Rubicon Software, Sinclair Pharma and WYG. Final results are also due from BBA Aviation, British American Tobacco, Communisis, Filtrona, Hunting, London Capital Group, Ote ADS, Rank Group, RSA Insurance Group, SEGRO and STV Group. Trading statements are expected from Bodycote, Dunelm, Hansard Global, National Express and Virgin Media.

Small Cap News Flash

On Wednesday, our analysts’ recommendations included a SPECULATIVE BUY for Surface Transforms at 8.5p; along with HOLDs for AEA Technology at 22p, Blacks Leisure at 53.5p and Driver Group at 41.5p. A full round-up of today’s recommendations can be found on our website via the link below.

What other brokers are saying

Astaire Securities says sell Logica.

Brewin Dolphin says buy Melrose Resources at 308p.

Daniel Stewart says buy Rathbone Brothers.

Investec Securities says hold Barratt Developments at 116p.

JP Morgan has a buy for St James's Place at 255.7p.

Panmure Gordon has a buy for Barratt Developments, moving targets from 172p to 180p.
The broker has a buy for Aegis Group.
Panmure Gordon recommends selling Sefco Group at 360p.
The broker advises buying St James's Place.

Oriel says hold Travis Perkins at 711.5p.

Seymour Pierce has an outperform recommendation for Travis Perkins at 711.5p.
The broker a buy for Logica at 118.4p.

Shore Capital says sell Barratt Developments.
The broker says hold Man Group.
Shore Capital has a hold for Rathbone Brothers at 824p.

What the papers say

FINANCIAL TIMES
 
The Lex Column:
*Google’s problem: a matter of trust: Google is used to love, so the sting of a backlash must be acute.
*Accor: It took a boardroom bust-up a year ago and a chief executive’s U-turn, under pressure from two private equity shareholders, but Accor is now committed to splitting in two – and by July, sooner than expected.
*Greece: Germany has decried the profligacy of its southern peers, especially Greece.
*Kabel Deutschland IPO: his month’s withdrawal of high-profile initial public offerings including Travelport, New Look and Merlin Entertainment, left equity market investors assuming the door was shut for new issues.
*US banks: A large jump in the fourth quarter means that about 9 per cent of US banks are now on the Federal Deposit Insurance Corporation’s “problem list”.

The Lombard Column:
*Ashley the activist must still prove he’s best for Blacks.
*To hell and back.
*Capital’s false security.
*Rock takes another step towards rehab.

Further news:
*It is time to treat Wall Street like Main Street.
*How to stop another derivatives inferno.
*Make the Bank give credit where it is due

THE TIMES
 
*Time to put down the Liver bird.
*Praying for China to start spending.
*Takeover regime comes under siege.

THE TELEGRAPH

The Questor Column
*Buy Drax at 410.8p (-6p) – profits may be down but it remains bullish.
*Hold International Ferro Metals at 33.25p (-2.25p).

The Comment Column
*Osborne leaves no room for doubt as to Tories' intentions to tackle deficit.
*Private companies are being taxed to near destruction to pay for public debts.
*Goldman Sachs's mistake is its failure to understand the anger towards it.

THE GUARDIAN

The Viewpoint Column
*RBS has got its bonuses: now it should stop complaining.
*The Northern Rock mystery.
*Household difficulties with HSBC chief's bonus.

THE INDEPENDENT
 
The Investment Column
*Melrose is not your average E&P, so buy at 310.4p (+8.4p).
*Buy Henderson at 122.1p (+2.5p).
*Sell New World Resources at 609p (+23p).

The David Prosser Column
*Savers must be protected at all costs.
*Ashley's tough tactics.
*The case of the vanishing mutuals.

Further news:
*Customers want real change, not yet more initiatives.

FINANCIAL TIMES
 
The Lex Column:
*Google’s problem: a matter of trust: Google is used to love, so the sting of a backlash must be acute.
*Accor: It took a boardroom bust-up a year ago and a chief executive’s U-turn, under pressure from two private equity shareholders, but Accor is now committed to splitting in two – and by July, sooner than expected.
*Greece: Germany has decried the profligacy of its southern peers, especially Greece.
*Kabel Deutschland IPO: his month’s withdrawal of high-profile initial public offerings including Travelport, New Look and Merlin Entertainment, left equity market investors assuming the door was shut for new issues.
*US banks: A large jump in the fourth quarter means that about 9 per cent of US banks are now on the Federal Deposit Insurance Corporation’s “problem list”.

The Lombard Column:
*Ashley the activist must still prove he’s best for Blacks.
*To hell and back.
*Capital’s false security.
*Rock takes another step towards rehab.

Further news:
*It is time to treat Wall Street like Main Street.
*How to stop another derivatives inferno.
*Make the Bank give credit where it is due

THE TIMES
 
*Time to put down the Liver bird.
*Praying for China to start spending.
*Takeover regime comes under siege.

THE TELEGRAPH

The Questor Column
*Buy Drax at 410.8p (-6p) – profits may be down but it remains bullish.
*Hold International Ferro Metals at 33.25p (-2.25p).

The Comment Column
*Osborne leaves no room for doubt as to Tories' intentions to tackle deficit.
*Private companies are being taxed to near destruction to pay for public debts.
*Goldman Sachs's mistake is its failure to understand the anger towards it.

THE GUARDIAN

The Viewpoint Column
*RBS has got its bonuses: now it should stop complaining.
*The Northern Rock mystery.
*Household difficulties with HSBC chief's bonus.

THE INDEPENDENT
 
The Investment Column
*Melrose is not your average E&P, so buy at 310.4p (+8.4p).
*Buy Henderson at 122.1p (+2.5p).
*Sell New World Resources at 609p (+23p).

The David Prosser Column
*Savers must be protected at all costs.
*Ashley's tough tactics.
*The case of the vanishing mutuals.

Further news:
*Customers want real change, not yet more initiatives.

DAILY MAIL
 
The Alex Brummer Column
*Bernanke sounds the sirens
*Safety first
*Reality dawns.

The CIty Interview
*Penguin boss unfazed by march of ebooks.

 
The Alex Brummer Column
*Bernanke sounds the sirens
*Safety first
*Reality dawns.

The CIty Interview
*Penguin boss unfazed by march of ebooks.

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Across the pond

Last Night in New York the Dow Jones rose 92 points at 10,374, the Nasdaq Composite added 22 points at 2,236 and the S&P-500 gained 11 points at 1,105. In Asia today, the Nikkei was down 105.46 points at 10,093.37, while the Hang Seng ended the morning off 155.91 points at 20,311.83.

Site Address:
HBMarkets PLC, 131 Finsbury Pavement, London, EC2A 1NT
t: 020 7382 8300
e: info@hbmarkets.com
w: www.hbmarkets.com

Headlines this morning

This Morning in London the FTSE-100 is expected to start the session flat to slightly higher, with traders cautious after sharp falls in New York and Asia, with commodity issues taking the strain. Company announcements for the day include interims from A&J Mucklow, Barratt Developments, Galliford Try, MJ Gleeson, Henderson Group, Kier Group, Tenon, Town Centre Securities and Talvivaara Mining Company. Whilst final results are listed from Huntsworth, Logica, Moneysupermarket.com, New Britain Palm Oil Limited, New World Resources, Rathbone Brothers, St. James's Place, Talvivaara Mining Company, Telekomunikacja Polska and Travis Perkins. Elsewhere a trading statement is expected from Huntsworth.

Small Cap News Flash

On Tuesday, our analysts’ recommendations included a BUY for DQ Entertainment at 95p; SPECULATIVE BUYs for Eatonfield at 1.6p and Nighthawk Energy at 30p; HOLDs for Pendragon at 25p, EG Solutions at 38.5p and Brammer at 131.25p; along with a SELL recommendation for Forbidden Technologies at 16p. A full round-up of today’s recommendations can be found on our website via the link below. 

What other brokers are saying

Bank of America has a buy for Wolseley at 1,607p.

Bernstein has market perform on Marks & Spencer.

Brewin Dolphin says add Croda International at 886p.
The broker has a hold for Dechra Pharmaceuticals at 467.2p.

Liberum Capital has a buy for Barratt Developments.

Panmure Gordon has a buy for Kier Group at 1,000p.
The broker says buy Next.
Panmure Gordon has a hold for Redrow.
The broker says buy Travis Perkins at 750p.
Panmure Gordon has a sell for Wolseley at 1,607p.

Shore Capital has a hold for National Express.
The broker says hold Go Ahead Group.
Shore Capital says sell SABMiller.

Societe Generale has a sell for GlaxoSmithKline. 

What the papers say

FINANCIAL TIMES

The Lex Column:
*Toyota congressional hearing - carmaker faces terrifying prospect to avert commercial damage.

Further news:
*Google in Brussels antitrust inquiry - Search rankings and advertising service to be probed.
*Weather helps freeze global recovery - Sudden drop in spending and confidence.
*Experts eye possible Greek bail-out - Language softens in spite of denials from governments
*Toyota "lost way" in rapid expansion - Embattled chief admits missteps over recall.
*Poor data reverse earlier rally in stocks - UK gilt and US Treasury yields fall as traders move to avoid risk.
*Online retail - Bricks and mortar return to complement websites.
*Russia's market - The country has decent chances of outperforming.
*Merck KGaA - The pharmaceutical company needs drug approvals quickly.
*Ferrovial - Financing costs continue to weigh on share price.
*UK superfast broadband - A tax on telephone lines to fund a fibre-optic network is not the answer.

THE TIMES

The Tempus Column:
*Hold Croda International.
*It's not too late to buy Mondi.
*Hold onto Spectris.

Further news:
*Santander gives first-time buyers new hope - will raise the maximum loan size for FTBs to 80% of value.
*Osborne puts debt at centre of election battle.
*Shell to abandon Waterloo HQ for redevelopment and move east to Canary Wharf.
*HSBC is set to scrap its chief's pay rise.
*Sterling sinks as King talks of releasing more.
*Toyota boss - we went for growth over engineering.
*Reckitt accused of abuse over Gaviscon prices.
*Drax outlines ambition for coal free future.
*Fidelity could earn huge fees from China fund.
*3i drops Ambea float and sells stake instead.
*Wall Street bankers' bonuses jump 25%.
*IMF: Europe faces 20 years of paying deficit.
*Microsoft adds social networking to Outlook.

THE TELEGRAPH

*Google accused of breaching EU competition rules.
*Cutting deficit before 2011 risks double-dip recession.
*Concerns grow over China's sale of US bonds.
*Wall Street bonuses rise to $20.3bn.
*Toyota boss Akio Toyodo to apologise to US Congress.
*OFT alleges Reckitt abused Gaviscon's dominance Farmers told to produce more food to prevent high inflation AstraZeneca to pay UK £505m to settle tax dispute.

THE GUARDIAN

*Too soon to cut public spending in UK, IMF warns.
*King: Quantitative easing may restart.
*AstraZeneca pays £505m in tax dispute.
*Wall Street bonuses top $20bn.
*Hedge funds pose little risk to financial system - FSA.
*Lloyds's 'vandalism' towards charitable foundation.
*BA cabin crew vote to strike.
*BMW insures pension fund against rising life expectancy.
*BBA: Mortgage approvals slump.

THE INDEPENDENT

The Investment Column:
*Croda's prospects are more than skin-deep.

Further news:
*Europe's winter of discontent - Strikes threaten to cause paralysis as workers reject government attempts to cut spending and wages.
*Bank warns on house prices as QE anxiety hits sterling.
*Reckitt could face £80m fine over Gaviscon 'market abuse'.
*Cable: 'Banks must do more to help businesses'.
*Chavez: 'Queen of England, the empires are over... give the Falklands back'.
*AstraZeneca agrees to pay £505m to settle 15-year tax battle.
*GSK to face FDA meeting over Avandia safety record.
*GM's Hummer deal with China threatened.

DAILY EXPRESS

*Pendragon vrooms back into the black.
*£505m tax bill is less than Astra expected.
*Unfair: Gaviscon tactics could cost Reckitt £770m.

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Across the pond

Last Night in New York the Dow Jones plunged 101 points to 10,282, the Nasdaq fell 29 points at 2,213 and the S and P-500 lost 13 points at 1,095. In Asia today, the Nikkei was last down 169.74 points at 10,182.36, while the Hang Seng ended the morning off 182.02 points at 20,440.98. 

Site Address:
HBMarkets PLC, 131 Finsbury Pavement, London, EC2A 1NT
t: 020 7382 8300
e: info@hbmarkets.com
w: www.hbmarkets.com

Headlines this morning

This Morning in London the FTSE-100 is expected to open marginally higher, with little newsflow scheduled to provide impetus, with BA strike worries a possible focus. In the diary today, interim results are due from Dechra Pharmaceuticals and Minerva. Final results are due from Brammer, Croda International, Dragon Oil, Drax Group, Kerry Group, Mondi, Morgan Sindall, Pendragon and Spectris. Whilst Kingdom Hotel Investments, Brammer, Elementis, Fresnillo, International Ferro Metals, Minerva and Spectris will ussue trading statements. 

Small Cap News Flash

On Monday, our analysts’ recommendations included BUYs for Imaginatik at 4.5p and Impellam at 64p; SPECULATIVE BUYs for Vitesse Media at 10.5p and Sky High at 23.5p; HOLDs for Animalcare Group at 120p abd Printing.com at 34p; along with a SELL recommendation for Waterman Group at 44p. A full round-up of today’s recommendations can be found on our website via the link below.

What other brokers are saying

Brewin Dolphin says add Albemarle & Bond and has a buy for Printing.com.
The broker says buy CVS Group and has a hold for Animalcare Group.

Daniel Stewart says hold Spirent Communications and has a buy for ReNeuron.

Canaccord Adams says buy Serco Group and hold Capita Group.

Charles Stanley recommends accumulating Reed Elsevier and has a hold for Blacks Leisure.

Citigroup says hold WS Atkins.

Evolution Securities has a buy for Associated British Foods.

Jefferies has a buy for Morgan Crucible.

Numis has an add recommendation for Rightmove.

Seymour Pierce says buy Bunzl and has outperform on Blacks Leisure.
The broker has a hold for Churchill China and says buy Vitesse Media, Sports Direct International and African Eagle Resources.

Shore Capital has a hold for Glaxosmithkline and recommends buying Associated British Foods.

Panmure Gordon has a hold for Optos, and buys for Bunzl, Rentokil Initial and Associated British Foods.
The broker has a sell recommendation for Shire.
Panmure Gordon says buy Whitbread and has a hold for Barratt Developments.
The broker says buy Narvey Nash, Genus and Dechra Pharmaceuticals.
Panmure Gordon has a hold for Intercontinental Hotels and a buy for CVS Group.

UBS has a buy for Ladbrokes.

What the papers say

FINANCIAL TIMES

The Lex Column:
*Obamacare: a political battle looms.
*Lowe’s in space: the home improvement retailer was upbeat back in 2007, then anticipating a housing market stabilisation.
*Japan’s debt: very simply Japan remains haunted by the spectre of deflation, while borrowing is funded almost entirely at home.
*Longevity risks: defined benefit pension schemes already face a triple whammy from retirees’ rising life expectancy, heavy historic exposure to equities and failure to hedge real interest rate risk.
*UK commercial property: the flood on to the market and the resultant effect on valuations could shatter the current optimism.
*UK economy: analysis of the FTSE 350 by Pricewaterhouse Coopers shows a steady decline in the number of corporate headquarters located in the Midlands and north over the past 10 years, across all sectors of the economy.

The Lombard Column:
*Lloyds chief Eric Daniels waives for the cameras.

Further news:
*The purpose of business is to win respect.
*Greece threatens more than the euro.

European View:
*Venice is facing long-term economic and social decline.

THE TIMES

The Tempus Column:
*The French connection makes Hammerson one to hold.
*Pure Circle.
*Animalcare.

Further news:
*Tories not so hot on property.
*Ashley comes off the bench.
*Sheep that went astray are back in the fold.
*Spending cuts must be spelt out to save stumbling sterling.
*Long live longevity.

THE TELEGRAPH

*Europe's monetary union has become an instrument of deflation torture.
*Why George Osborne's cut-price bank shares could cost the Tories three million votes.

THE INDEPENDENT

The Investment Column:
*Petra Diamonds is a sparkling investment, buy at 59.75p (+2p).
*Buy Albemarle & Bond at 275p (+3p).
*Buy Skywest Airlines at 14.11p (+1.61p).

The James Moore Column:
*Daniels gives up bonus but where's UKFI?
*What's the big deal with Aviva and its shares?
*BA and unions need to stop.

DAILY MAIL

The Alex Brummer Column:
*Bankers beat a hasty retreat.
*Poison pill.
*Double speak.

The City Focus Column:
*Summit puts style above substance. 

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Across the pond

Last Night in New York the Dow Jones lost 19 points at 10,384, the Nasdaq fell 2 points at 2,242 and the S and P-500 slipped a point to 1,108. In Asia today, the Nikkei was last down 44.9 points at 10,355.57, while the Hang Seng ended the morning up 252.24 points at 20,629.51. 

Site Address:
HBMarkets PLC, 131 Finsbury Pavement, London, EC2A 1NT
t: 020 7382 8300
e: info@hbmarkets.com
w: www.hbmarkets.com

Headlines this morning

This Morning in London the FTSE-100 is anticipated to open around 25-points higher, with BA making the headlines on renewed fears of strike action, and higher commodity prices a driver. In the corporate diary for the day, interim results are due from Albemarle & Bond, Petra Diamonds and Waterman Group. Bunzl, Hammerson and XP Power are listed to report final results. Whilst Associated British Foods will issue a trading statement. 

Small Cap News Flash

On Friday, our analysts’ recommendations included a BUY for Clarity Commerce Solutions at 38.5p; a SPECULATIVE BUY for Baobab Resources at 8.25p; along with HOLDs for ADVFN at 4.9p and Lo-Q at 74.5p. A full round-up of today’s recommendations can be found on our website via the link below. 

What other brokers are saying

Citigroup has a buy for British Land.
The broker has a buy for Halfords at 438.7p.
Citigroup says buy Hammerson at 387.6p.
The broker has a buy for Land Securities at 643p.

HSBC is overweight on Vedanta Resources.

KBC Peel Hunt has a buy for Charter.

Nomura has a buy for British American Tobacco, with a revised target price of 2,350p.

Seymour Pierce says buy Brown (N.) Group.
The broker says hold Debenhams.
Seymour Pierce has a hold for Marks & Spencer.
The broker says buy Next at 1,918p.
Seymour Pierce has a sell recommendation for Rentokil Initial.
The broker says buy Talvivaara Mining Company.

Singer Capital Markets has a buy for Logica at 119.4p.

UBS is neutral on easyJet. 

What the papers say

FINANCIAL TIMES

The Lex Column:
*Pharming it out: for pharmaceuticals companies, farming out their research function is a risky move.
*Prime brokerage: the business of providing clearing, financing and custody to hedge funds has always been very tight-knit.
*Russian IPOs: Shares of Rusal, the Russian aluminium giant, closed last week at 30 per cent below their January 27 debut on the Hong Kong stock exchange.

Further news:
*Inflation must not become a moving target.
*The euro will face bigger tests than Greece.
*Britain should not fear foreign ownership.

THE TIMES

*You can’t write trust into a contract.
*Crisis? Blame the baby-boomers, not the bankers.

THE TELEGRAPH

*Europe's monetary union has become an instrument of deflation torture.
*Osborne's shares plan: a silly little gimmick?
*We've got to see sense on the dangers of reckless borrowing.

THE GUARDIAN

*The credit crunch has shattered America's 'neoliberal dream'.

THE INDEPENDENT

The Small Talk Column:
*Iron boost for African Minerals.
*Sable will help run DMC.
*Daisy's £10m cash purchase.

The Stephen King Column:
*Look beyond the UK for a true guide to economic austerity.

DAILY MAIL

The Monday View:
*Defence sector is in line for a major shake-up.

Interview:
*Tui boss Peter Long is optimistic for travel after surviving hurricanes, terrorism and swine flu.

Further news:
*Alliance Boots is kicking its workers. 

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Across the pond

Last Friday in New York, shares rallied modestly, as investors focused on the optimism underpinning the Fed's discount-rate increase, which sent industrial shares like Boeing soaring. The Dow Jones climbed 9.45-points to 10402.35 (its 4th consecutive day of gains), the Nasdaq added 2.16-points to 2243.87, while the S and P put on 2.42-points. 

Site Address:
HBMarkets PLC, 131 Finsbury Pavement, London, EC2A 1NT
t: 020 7382 8300
e: info@hbmarkets.com
w: www.hbmarkets.com

Headlines this morning

This Morning in London the FTSE-100 is expected to open around 25-points lower, taking a lead from heavy falls in Asian markets following a decision by the US Fed to raise its discount rate. British Airways will hear today whether the High Court agrees its proposed contract changes for cabin crew are lawful. UK Retail Sales data is due for release at 9:30am. In the corporate diary for the day, interim results are due from BlueBay Asset Management. Final results are listed from Anglo American, Millennium & Copthorne Hotels, Rentokil Initial and Shire. 

Small Cap News Flash

On Thursday, our analysts’ recommendations included a BUY for Office2Office at 140.5p; SPECULATIVE BUYs for Northamber at 42.5p and Cove Energy at 23.7p; along with HOLDs for SpaceandPeople at 52p, Pinnacle Telecom Group at 0.47p and Innovation Group at 13.25p. A full round-up of today’s recommendations can be found on our website via the link below. 

What other brokers are saying

Ambrian says hold Anglo American.

Brewin Dolphin says buy Charter International.

Panmure Gordon has a buy for Anglo America.
The broker says hold British Land.
Panmure Gordon has a hold for Hammerson.
The broker says hold Hays.
Panmure Gordon says hold Land Securities.
The broker says buy Morgan Crucible.
Panmure Gordon says buy Reed Elsevier.

Seymour Pierce says hold Kingfisher.

Shore Capital has a hold for Arriva.
The broker has a buy for Bunzl.
Shore Capital has a buy for Diageo.
The broker has a hold for Kingfisher.
Shore Capital has a hold for Lloyds Banking Group. 

What the papers say

FINANCIAL TIMES

The Lex Column:
*Banks’ size: a dubious benchmark.
*Walmart: the juggernaut that is Walmart finally showed signs of grinding to a halt in the fourth quarter.
*High-yield debt: the IPO market has seized up, bond issuance has slowed, and bank lending remains as tight as ever.
*Daimler: Daimler’s reputation as the most shareholder-friendly of the big three quoted German carmakers has hit another pothole.
*BAE Systems: The British defence industry is under surveillance on both sides of the Atlantic.

Editorial:
*A fence to mend: the bullying of Iceland over compensation for Icesave depositors has reached the brink.

Opinion:
*Europe cannot leave Athens on its own.
*Toyota’s woes can spark new thinking.

The Lombard Column:
*EasyJet handcuffs bizarre way to run airline.
*Halfords’ll fix it.
*Gloomy BAE prognosis.

European View:
*The relentless demand for performance can have devastating effects on workforces.

Insight:
*US proposals to curb proprietary trading could have a catch.

THE TIMES

The Tempus Column:
*Reed hopes it’s third time lucky in challenging outlook.
*Morgan Crucible.
*Antisoma.

Further news:
*Is VT just one bid too far for Babcock?
*BAE and the cost of the peace dividend.
*Moral hazard of bailing out Icesave.
*Worried about national debt? Things are worse for Mr and Mrs Average.
*Thinking the unthinkable.
*UKFI gulps and slides a foot on to the tightrope.

THE TELEGRAPH

The Questor Column:
*Buy HSBC Infrastructure Fund at 117½p.
*Buy Regal Petroleum at 79¾p – its Greek tragedy is history.

Further news:
*Britain at risk of worse deficit crisis than Greece.
*The sooner the election is held, the sooner the economy can recover.
*Studying history is vital - there are obvious lessons for Cameron.
*Should Alistair Darling abandon the Budget and focus on fixing Britain's public finances?

THE GUARDIAN

The Viewpoint Column:
*Investors won't always swallow a golden carrot: Sir David Michels's role in controversial pay deals at easyJet and Marks & Spencer will not go unnoticed.
*Battle of the bogofs: Andy Bond, chief of Asda, has declared war on 'buy one, get one free'.

THE INDEPENDENT

The Investment Column:
*Hold Reed Elsevier at 486.2p (-7.3p) as a longer-term punt.
*Hold Ladbrokes at 151.1p (- 5.5p).
*Buy Morgan Crucible at 169.5p (+3.5p).

The David Prosser Column:
*The bankers might just save Labour.
*A chance for Toyota to pull clear of crisis.

The Hamish McRae Column:
*Implosion in tax receipts leaves us with debts that could soon top GDP.

DAILY MAIL

The Alex Brummer Column:
*UK's borrowing time-bomb.
*Sandler's flip.
*Lax defences.

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Across the pond

Last Night in New York the Dow Jones gained 83 points at 10,393, the Nasdaq Composite added 15 points at 2,242 and the S and P-500 was up 7 points at 1,107. In Asia today, the Nikkei was down 181.15 points at 10,154.54, while the Hang Seng ended the morning off 463.88 points at 19,958.27. 

Site Address:
HBMarkets PLC, 131 Finsbury Pavement, London, EC2A 1NT
t: 020 7382 8300
e: info@hbmarkets.com
w: www.hbmarkets.com

Headlines this morning

This Morning in London the FTSE-100 is expected to start the session flat to marginally higher, with traders cautious ahead of public sector borrowing and money supply data due for release today. Mortgage approvals data and the latest CBI Industrial Trends Survey are also expected. In the diary, interim results are due from Antisoma and final results from BAE Systems, Ladbrokes, Morgan Crucible, ProStrakan and Reed Elsevier. Kingfisher is expected to release a trading statement. 

Small Cap News Flash

On Wednesday, our analysts’ recommendations included BUYs for Thorntons at 107.5p and First Derivatives at 250p; SPECULATIVE BUYs for DDD Group at 20p, Sarantel Group at 2.55p and Specialist Energy Group at 59.5p; along with HOLDs for Mulberry at 162.75p, AEA Technology at 23p and Jarvis at 12.5p. A full round-up of today’s recommendations can be found on our website via the link below. 

What other brokers are saying

Barclays Capital has overweight on Daily Mail and General Trust at 453.3p.

Goldman Sachs is neutral on Barclays.

WH Ireland has outperform on Domino's Pizza at 337.5p.

JP Morgan is neutral on Trinity Mirror at 140.2p.
The broker is overweight on Reed Elsevier.

Nomura says buy Barclays.

Panmure Gordon has a buy for Logica.
The broker says buy WS Atkins.

Royal Bank of Scotland has a buy for Barclays at 302.95p.
The broker says hold Electrocomponents at 190.6p.

Seymour Pierce has a buy recommendation for Imagination Technologies.
The broker has outperform on Rexam.

Shore Capital says buy Legal and General at 76.45p.

UBS has a buy for United Utilities, raising targets from 565p to 575p.
The broker says buy Pennon Group, moving their price target to 545p. 

What the papers say

FINANCIAL TIMES

The Lex Column:
*Regulatory overkill: beware the dangers of regulatory overkill. Fixing “too big to fail” will take its toll on economic growth.
*Paper industry: given that many paper stocks have doubled since March, investors may want to take any paper gains they have now.
*Walgreens/Duane Reade: with many city blocks holding the population of a small town, it is no surprise that New York-based Duane Reade boasts the highest sales per square foot of any US drug store chain.
*Iceland: in just over two weeks, about 240,000 angry Icelanders are set to decide whether the nation should guarantee repayment of a €3.9bn Icesave loan from the UK and the Netherlands.
*BNP Paribas: with liquidity of €190bn and core tier one capital of 8 per cent, BNP heads into regulatory uncertainty from a strong base, at least compared to its European peers.

The Lombard Column:
*Babcock sharpens pencil as it pushes assault on VT.
*Keeping track.
*Surveying the surveyors.

THE TIMES

Business Big Shot:
*Tim Eggar, former Energy Minister.

Further news:
*Tourism should venture back to Business.
*Proving residency is simply too taxing.
*The private cost of public savings.
*People who aren’t even looking mask true jobless total.
*Fighting over the future of a London wasteland.
*Return of the generous brewer - after drying out.
*Maintaining a high profile.

THE TELEGRAPH

The Questor Column:
*Buy Domino's Pizza at 327p (-0.7p), it's not just a recession winner.
*Buy Hargreaves Services at 736½p (+40p), as coal is far from burnt out.

Comment:
*Economic policies look impotent in calming the storm.
*The wizardry that cast a bad spell on Greece - the world's financial system is still rigged to reward excessive risk-taking, argues Tracy Corrigan.
*How the publishing industry is failing eBook customers.
*Private equity-backed flotations are stories of successful turnarounds.
*We must seize this opportunity to shake up the regulators - the Treasury Select Committee has called for a closing of the regulatory gap in financial services.

THE GUARDIAN

The Viewpoint Column:
*High price of regulating the banks - JP Morgan's banking brains have added up the cost of all the proposed regulation – and it makes frightening reading.
*The MPC and economic headwinds.
*Mervyn, the driller killer - Mervyn Davies has always been such an affable chap, but a short spell in government as a trade minister seems to have turned him into some sort of driller killer.
*Suitors for DFS.

THE INDEPENDENT

The Investment Column:
*As a General rule – hold inexpensive L&G at 76.35p (+2p).
*Hold Rexam at 277p (-5p).
*Buy WS Atkins at 571.5p (+9p).

The David Prosser Column:
*The pension fund dilemma.
*The cost of staying true to your principles.

The Sean O'Grady Column:
*So where on earth have all the proper jobs gone?

DAILY MAIL

The Alex Brummer Column:
*Voting down the bonus binge.
*Digestion problems.

The City Interview:
*Time for a shake-up at the Bank, says Sir John Gieve, the former deputy governor at the Bank of England.

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Across the pond

Last Night in New York the Dow Jones gained 40 points at 10,309, the Nasdaq was up 12 points at 2,226 and the S and P-500 added 5 points at 1,100. In Asia today, the Nikkei was little changed at 10,306.25, while the Hang Seng ended the morning off 12.12 points at 20,521.89. 

Site Address:
HBMarkets PLC, 131 Finsbury Pavement, London, EC2A 1NT
t: 020 7382 8300
e: info@hbmarkets.com
w: www.hbmarkets.com

Headlines this morning

This Morning in London the FTSE-100 is anticipated to start the session around 35-points higher, following on from a strong performances in New York last night and across Asia this morning. The minutes from the last meeting of the Bank of England Monetary Policy Committe will be released at 9:30am, along with the latest unemployment and average earnings data. In the schedule for today, interims are due from Thorntons and final results are penned-in from Cyprotex and Rexam. Whilst Laura Ashley, Assura Group, Legal & General, Umeco and WS Atkins are expected to release trading updates. 

Small Cap News Flash

On Tuesday, our analysts’ recommendations included BUYs for Electric Word at 4.75p, Red24 at 8p and Holidaybreak at 244.25p; SPECULATIVE BUYs for Synchronica at 3p, Planet Payment at 120p and Nexus Management at 0.35p; HOLDs for Savile Group at 32p and EG Solutions at 36p; along with a SELL for Turbotec at 24.5p. A full round-up of today’s recommendations can be found on our website via the link below. 

What other brokers are saying

Bernstein has outperform on Royal Dutch Shell 'B'.

Daniel Stewart says buy Rathbone Brothers.
The broker says buy RM Group at 165p.

ING Barings has a buy for BHP Billiton.

Jefferies has a buy for Admiral Group.

Nomura says hold Imperial Tobacco, with a 2,100p target.

Panmure Gordon has a hold for Babcock International.
The broker says buy Balfour Beatty.
Panmure Gordon says buy Keller Group at 612.5p.
The broker has a buy for Kier Group at 947p.
Panmure Gordon has a buy for Premier Foods, with a 45p price target.
The broker has a buy recommendation for T Clarke at 147p.

Seymour Pierce says buy Babcock International.
The broker has a buy for Domino's Pizza.

Singer Capital Markets has a buy for RM Group at 165p. 

What the papers say

FINANCIAL TIMES

The Lex Column:
*Barclays: Barclays’ investors can thank taxpayers’ implicit guarantees and cheap money from economic stimulus programmes on both sides of the Atlantic.
*General Growth Properties: Simon Property Group’s $10bn offer to buy bankrupt US mall owner General Growth Properties could prompt others still browsing to reach for their wallets.
*Hewlett-Packard and Dell: with results due from Hewlett-Packard after the close on Wednesday evening, and fellow hardware manufacturer Dell tomorrow, investors should look closely for signs that companies are starting to spend on technology again.
*European car industry: General Motors’ Opel confirmed last week it will close its Antwerp, Belgium, factory this year as part of a 20 per cent reduction in European capacity.
*UK inflation: The rise in UK January inflation to 3.5 per cent, a percentage point above the level that triggers an exchange of letters between Mervyn King, Bank of England governor, and Alistair Darling, chancellor of the exchequer, is probably temporary.
*Foster’s: Five years after Foster’s Group, Australia’s largest brewer, officially did just that, trumpeting a transformation to a “multi-beverage organisation”, it seems no closer to making the blend work.
*Accounting rule convergence: a single set of global accounting standards would make investors’ lives easier as they compare companies across countries.
*Sovereign CDS: There is a fine line between sense and nonsense; the debate over sovereign credit default swaps has crossed it.

The Lombard Column:
*Barclays still needs help.
*Shell keeps them sweet.
*The £8k Gem of Tanzania.

Comment:
*Brussels and the Greek debt trick: As information has emerged in the press in recent days about a trick the Greeks employed that disguised their fiscal deficit, the European Union has had a sense of humour failure.

European View:
*France and Russia cloud Ikea’s image.

View of the Day:
*The US earnings season bodes well for the equity market.

Further news:
*Let Greece take a eurozone ‘holiday’.
*How to walk the fiscal tightrope that lies before us.

THE TIMES

The Tempus Column:
*InterContinental waits for normal service.
*Green Dragon Gas.
*Low & Bonar.

Further news:
*Inflation is a threat but not the biggest one.
*The issue is performance-related: You can be sure of Shell to mess it up on executive pay.
*On the day the Queen’s stockbroker featured in a criminal insider dealing trial, the Financial Services Authority handed out the biggest ever fine against an individual for market abuse.
*The chairman of Cukurova, a Turkish conglomerate that has a controlling stake in Turkcell, has been sentenced to 11 years in jail and handed a $312 million fine for embezzlement dating back to 2002.

THE TELEGRAPH

The Questor Column:
*Buy ICAP at 326.6p - it'd be wrong to underestimate Michael Spencer.
*Hold British Airways at 200.6p - there's still turbulence ahead.

Further news:
*Greece loses EU voting power in blow to sovereignty.
*Barclays has changed the rules of the game and bankers should take note.
*It's official – stagflation is back, albeit not yet à la 1970s.

THE GUARDIAN

The Viewpoint Column:
*Inflation makes Mervyn King's letters too regular: inflation was supposed to be curbed by Bank of England independence – now the target is being missed all too often.
*No chorus of approval for financial self-sacrifice by Barclays' executives.
*Shell curbs reward for failure: Shell has decided not to move the incentive goalposts when targets have been missed.

THE INDEPENDENT

The Investment Column:
*Premier Foods shares look cheap, so tuck in at 33.2p (+0.9p).
*Buy Mondi at 346.3p (+5.4p).
*Sell InterContinental Hotels at InterContinental Hotels.

The David Prosser Column:
*Why higher inflation may spell job cuts.
*Darling's Budget bonus.
*Are the banks over the worst of bad debts?

The Brendan Barber Column:
*Barclays bonus pot is not justified.

The David Buik Column:
*Barclays bonus pot is justified.

DAILY MAIL

The Alex Brummer Column:
*Waving goodbye to Britannia.
*Shaking defences.
*Avenger.

The City Focus Column:
*Mobile phone giant under attack. 

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Across the pond

Last Night in New York the Dow closed up 170 points at 10,269, the Nasdaq Composite was up 31 points at 2,214 and the S&P500 gained 19 points at 1,095. In Asia today, the Nikkei was last up 250.17 points at 10,284.42, while the Hang Seng ended the morning ahead 359.03 points at 20,627.72. 

Site Address:
HBMarkets PLC, 131 Finsbury Pavement, London, EC2A 1NT
t: 020 7382 8300
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w: www.hbmarkets.com

Headlines this morning

This Morning in London the FTSE-100 is anticipated to start the session some 15-points higher, with investors keen to see the latest UK inflation figures and expecting strong results from Barclays Bank. The latest UK inflation figures are due for release at 9:30am. In the diary for the day, interim results are due from Monitise and final results from Axis Shield, Barclays, Devro, Domino's Pizza, Heavitree, Intercontinental Hotels Group, Low & Bonar and Premier Foods. Trading statements are expected from Devro, Holidaybreak and Intec Telecom Systems. Whilst Southern Cross and Heavitree Brewery host AGMs.

Small Cap News Flash

On Monday, our analysts’ recommendations included BUYs for First Derivatives at 240p and Norcon at 75.5p; a SPECULATIVE BUY for UBC Media at 4.75p; along with HOLDs for Plant Health Care at 199p and Intandem Films at 3.38p. A full round-up of today’s recommendations can be found on our website via the link below.

What other brokers are saying

Brewin Dolphin says add Salamander Energy, with a new price target of 311p.
The broker says hold Speedy Hire at 27p.

Citigroup has a hold for Hargreaves Lansdown.

Daniel Stewart says buy ICAP at 330p.

Panmure Gordon has a buy for Autologic Holdings.
The broker has a buy for ICAP.
Panmure Gordon says buy Fidessa, with a new target price of 1,454p.
The broker has a buy for Inchcape, with a target price of 32p.
Panmure Gordon says sell Ladbrokes at 152.4p.
The broker has a hold for Northgate.
Panmure Gordon has a buy recommendation for Restaurant Group at 191.8p.
The broker says buy Speedy Hire.
Panmure Gordon says buy UBM at 426.1p.
The broker has a buy for VT Group at 491.4p.

Seymour Pierce says buy Griffin Mining.

What the papers say

FINANCIAL TIMES

The Lex Column:
*Regulatory reform: US regulatory reform remains aspiration rather than reality.
*Sovereign debt: Sovereign debt sustainability was an exercise investors used to impose regularly on emerging markets.
*Yara/Terra: The new year is less than seven weeks old, but already $10bn of deals have been thrashed out in the fertiliser market.
*BA/AA: Fortune is smiling on British Airways and American Airlines, 13 years after they first tried to join forces on lucrative north Atlantic routes.
*Bharti/Zain: After twice failing to merge with South Africa’s MTN, Bharti has plumped for a different route into the continent: the African assets of Kuwait’s Zain.

The Lombard Column:
*Defence contractors leave investors shell-shocked.
*IPOs back in action.

Further news:
*Europe cannot afford to rescue Greece.
*Crisis proves Switzerland remains a haven.
*Struggling eurozone states need to keep unit labour costs down.

The Tempus Column:
*Fidessa braces itself for the Lehman wave to reach it at last.
*Telecom Plus.
*Regal Petroleum.

Further news:
*A bid too far for shareholders?
*Could the co-op come to the public sector?
*A deal that flies under a flag of convenience.

THE TELEGRAPH

*Employment offers students a fine education without the debts.
*Brussels has given Greece two weeks to answer allegations that it used complex derivatives earlier this decade to mask its public debt, and called for even tougher austerity measures to bring its budget deficit under control.
*Should the euro zone hire Supernanny? Calls for the International Monetary Fund to step in and take care of the Greek crisis are multiplying, as many investors don't seem to believe the EU is up to the task of disciplining one of its own members.

THE GUARDIAN

The Viewpoint Column:
*Alphameric share register under wraps; why won't Alphameric let us look at who owns its shares?
*Never mind the market – watch the 'fear index': even Superdry may not be cool enough to float successfully when so many others are feeling the heat.

THE INDEPENDENT

The Investment Column:
*In a bad world, arms maker BAE is a buy at 341.3p (-0.3p).
*Hold Fidessa at 1330p (+30p).
*Buy Playtech at 478.25p (+7.5p).

The David Prosser Column:
*Credit card lenders pass on their pain.
*Time to start regulating buy-to-let.

The Vanessa Rossi Column:
*Give China a break... its economy is saving the rest of us from a slump.

DAILY MAIL

The Alex Brummer Column:
*Wall Street back under fire.
*Three-card trick.
*Open skies.

The City Focus Column:
*British Airways flight of fancy with American Airlines takes off.

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Across the pond

Last Night in New York the markets were closed for the President's Day holiday. In Japan today, the Nikkei was up 22.62 points at 10,035.92. Hong Kong markets remain closed for Lunar New Year.

Site Address:
HBMarkets PLC, 131 Finsbury Pavement, London, EC2A 1NT
t: 020 7382 8300
e: info@hbmarkets.com
w: www.hbmarkets.com

Headlines this morning

This Morning in London the FTSE-100 opened marginally higher, with many Asian markets closed for the Lunar New Year, with BA a likely focus on news of clearance for its tie-up with American Airlines. In a fairly subdued corporate announcement schedule for the day, final results are due from Fidessa, while Morson Group and Ora Capital host AGMs. 

Small Cap News Flash

On Friday, our analysts’ recommendations included a BUY for DQ Entertainment at 95.5p; SPECULATIVE BUYs for Transense Technologies at 8.5p, Ideal Shopping at 136p and DDD Group at 16.75p; a HOLD for International Greetings at 53.5p; along with a SELL for First Artist Group at 21.75p. A full round-up of today’s recommendations can be found on our website via the link below.

What other brokers are saying

Bank of America has a buy for Tullow Oil.

Brewin Dolphin has a buy for Halma.

Canaccord Adams has a buy for Fidessa.

CSFB has outperform on Rio Tinto at 3,174.5p.

FinnCap says buy Shaftesbury at 374.6p.

Investec Securities says buy Halma.

Nomura says buy HMV Group at 73.7p.

Panmure Gordon says sell Aquarius Platinum, with a new target price of 300p.
The broker reiterates hold Fidessa.
Panmure Gordon has a buy recommendation for St James's Place at 242.8p.
The broker says hold InterContinental Hotels Group at 920.5p.
Panmure Gordon says buy Micro Focus International at 456.6p.
The broker says buy Rentokil Initial at 115.6p.

Shore Capital says buy Diageo.

UBS is neutral on Debenhams, with a 70p price target.

What the papers say

FINANCIAL TIMES

The Lex Column:
*Shares and tortoises: The US stock market has so far rallied for a year without prompting great inflows to equity mutual funds from retail investors.
*India on the offensive: In the same week that Bharti Airtel’s $10.7bn splash into Africa highlights India’s ascent, another attempt to quell the Maoist uprising across the country’s mineral-rich tribal belt is a reminder that investors are still dealing with an emerging market.
*Vale in the mix: Carnaval has come early to Brazil this year, although arguably last year’s party never ended.

Further news:
*The political constraints of the eurozone.
*Why we should not fear the spectre of deflation.
*Scapegoating will not stop another crisis.

The Real Deal:
*Hedge funds and Berkshire Hathaway’s takeover of Burlington Northern.

THE TIMES

*Germany is part of Greece’s woe, not just its remedy.

THE TELEGRAPH

*Germany growls as Greece balks at immolation.
*The current Greek crisis is merely act one of a much wider tragedy.

THE INDEPENDENT

*China proved, yet again, that it is recession-proof, even withstanding a once-in-a-century global shock.
*Small Talk: Falkland Oil and Gas to drill in disputed South Atlantic waters.

DAILY MAIL

The Monday View:
*A tip from China could stop the rot in banking.

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Across the pond

Last Friday in New York the Dow Jones ended the week 45.1 points lower at 10,099.1, whilst the Nasdaq was little changed at 2,183.5. In Japan today, the Nikkei was down 59.91 points at 10,032.28. The Hong Kong markets are closed for Chinese New Year celebrations. 

Site Address:
HBMarkets PLC, 131 Finsbury Pavement, London, EC2A 1NT
t: 020 7382 8300
e: info@hbmarkets.com
w: www.hbmarkets.com