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
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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