Wall Street added to Mondays gains and closed 52 points to the good

The positive sentiment was not carried over into Asia however with the nikkei down 120 points.  Hang seng up around 10 and the  Aussie markets off  50 points plus.  London finished yesterday's session with modest gains of 17 points and the early call for this mornings open is another 18 points better.

From a technical standpoint the bulls can take comfort whilst we are above 5843 (in sept futures) but they will be aware that there is a further test of their resolve at the next round number 5900 and above here at 5917.

Market Talk Press & Early Indications

Reuters  first half profit lower following sale of tibco & discontinued operations - on continuing ops operating profit up 16%  - sales rose 12% helped by telerate purchase - ups revenue outlook increases dividend.

Peugeot profits drop 60% company warns on profit margin sites higher energy & raw material costs.

Northern Rock  profits up after strong lending.

CSR   pre tax pft $43.3 mln  vs $19.4 mln  management looks forward to "accelerating revenues in 3rd quarter" strong performance  from blue tooth division.

NRK.L  down 10 to 15p   RTR  up 2p  CSR up 25p   WLF up 15P

Broker  Upgrades  Downgrades

DEUTSCHE BANK

IT Software & Services: Downgrade to Sell from Hold Computacenter, Downgrade to Hold from Buy Misys, Reiterate Buy Sage, Reiterate Buy SAP, Buy LogicaCMG, Hold Dimension Data, cuts price target to 36p from 51: -- Upgrade to Buy from Hold Temenos -- Reiterate Hold STMicroelectronics -- Buy UBM -- Buy Arm -- Hold BCP (preview) -- Hold Casino -- Buy Alten

GOLDMAN SACHS

Upgrade to Neutral from Sell Spirent -- Upgrade to Neutral from Sell Colt telecom -- Sell Telecom Italia -- Neutral Norsk Hydro -- Neutral ARM -- Neutral Safilo -- Buy LVMH -- Sell TF1 -- Neutral SCA -- Neutral Danone

(preview) -- Buy Nutreco (preview) -- Neutral UBM -- Sell Unilever NV

(preview) -- Buy TomTom

MORGAN STANLEY

Initiate Overweight Fastweb, price target 28 eur -- Initiate Overweight Grifols, pice target 7.40 eur -- Reiterate Overweight Capio -- Overweight TomTom -- Underweight Valeo -- Overweight PSA Peugeot-Citroen

HSBC

Downgrade to Neutral from Overweight Deutsche Euroshop -- Reiterate Overweight Eli Lily, cuts price target to 60.5 usd from 66.25

MERRILL LYNCH

Initiate Buy Soco International, price target 1500p -- Upgrade to Buy from Neutral First Choice -- Resume Neutral MyTravel -- Reiterate Neutral Outokumpu -- Buy Nokia, cuts price target to 19.3 eur from 21.3 -- Neutral TomTom (preview) -- Neutral Bradford & Bingley (preview) -- Buy LVMH, cuts price target to 90 eur from 100 -- Neutral Casino -- Neutral Aegon

(preview) -- Sell TUI -- Buy Stada -- Buy VNU

JP MORGAN

Capital Goods:Upgrade to Overweight from Neutral GEA, Reiterate Neutral

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