European markets are expected to open broadly unchanged this morning

We have interest rate decisions this week,and with school holidays beginning in ernest, so we shall be expecting a fairly slow week.

FTSE Support/Resistance

Support 5892.1,5854.8,5795

Resistance 5951.8,5974.2,6033.9

200 dMA 5719    50 dMA 5725

Market Talk/Press/Early Indications

* Analysts expect the Bank of England to keep base rates on hold at 4.5% this week

* House prices are set to drop in the US for the first time on record, according to Goldman Sachs
* Recent surge in house prices in Britain is running out of steam with stuttering growth expected for the reat of the year, according to Hometrack

* Figures produced by the Broadcaster's Audience Research Bureau show that ITV's audience share fell to 16.3% for week ending July 17

* Sales of Cadbury's chocolate have plummeted by 25% since a salmonella scare last month, according to The Grocer

* Mike Ashley, who owns Lillywhites and Sports World, has built up a secret stake in rival JJB Sports

* Xstrata plans a £2 billion-plus rights issue to fund cash bid for Falconbridge

* A group of private equity firms is considering launching a £5 billion takeover of Severn Trent

 

Broker Upgrades/Downgrades

UBS
Downgrade Buy from neutral Imperial Tobacco, target 1,900 pence -- UK Utilities: Downgrade Reduce from neutral Kelda; Downgrade Reduce from neutral Severn Trent -- Downgrade Reduce from neutral Corio

CREDIT SUISSE
Upgrade Outperform from neutral Rank Group -- Reiterate Outperform Lagradere --  Outperform Medion -- Neutral Orion -- Outperform Clariant, preview --  Underperform Cabdbury Schweppes, preview -- Neutral Unilever

MERRILL LYNCH
Downgrade Neutral from buy Great Portland Estates -- Upgrade Buy from neutral Buy from neutral Azimut -- Initiate Neutral Tiscali, target 2.2 eur-- Reiterate Neutral Deutsche Postbank -- Neutral Alliance & Leicester --Buy Air Liquide -- Neutral Infineon -- Neutral Scania -- Neutral Thomson --Neutral Pennon -- Neutral HBOS, preview -- Buy Telecom Italia -- Buy Fastweb, cuts target to 36 eur -- Buy Unicredito, preview --  Neutral NH Hotels -- Buy Michelin  -- Neutral Shire -- Buy Temenos -- Buy SABMiller

GOLDMAN SACHS
Reiterate Buy ACS, ups target to 36 eur from 35

HSBC
Reiterate Overweight Prudential, ups target to 778 pence from 763

JP MORGAN
Reiterate Overweight Shire -- Underweight Alliance & Leicester -- Neutral Finansbank -- Overweight SABMiller -- Neutral Scania -- Neutral Serono --Neutral RWE -- Overweight Alpha Bank

DEUTSCHE BANK
Resume Hold ThyssenKrupp, ups target to 30 eur from 18 --  Reiterate Buy Shire -- Hold Alliance & Leicester

 

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