DJ EUROPEAN MORNING BRIEFING: All Eyes On ECB Rate Decision

US SUMMARY: Strong Earnings Shove Rate Worries Aside

DJIA 11193.93 gain 74.20 up 0.7%
NASDAQ 2078.81 gain 16.82 up 0.8%
S&P 500 1278.55 gain 7.63 up 0.6%
Dow Future 11227.00 loss 8.00 dn 0.1%
NASDAQ Future 1510.25 gain 0.50 0.0%
S&P Future 1283.50 loss 0.75 dn 0.1%
Euro-USD 1.2760 loss 0.0022 dn 0.2%
10-Yr US Treasury: 4.96% down 0.02
(Futures values, Treasury, EUR/USD Data as of 0450 GMT)
Investors put their interest rate worries on hold Wednesday by sending stocks higher. Strong earnings reports from Time Warner Inc. and Procter & Gamble restored some of the market's recent flagging confidence.

STOCKS: Time Warner's $1 billion profit, compared to a loss a year ago, exceeded the market's expectations and gave hope to investors disappointed with the media sector's recent performance. A strong showing from P&G assuaged fears of a drop in consumer spending.

Most analysts believed the day's stock runup would be short-lived, given the fact that the monthly jobs report has been increasingly difficult to predict. Tropical Storm Chris, expected to strengthen into a hurricane as it heads for the oil-rich Gulf of Mexico, could also come into play towards the end of the week.

"If you see that storm head into the gulf, all bets are off," said Bill Groenveld, head trader for vFinance Investments. "You're going to see oil spike higher than it is now, and that'll take things right back down."

In corporate news, shares of Starbucks fell 8.9% after the coffee retailer raised its 2006 capital expenditures forecast to about $800 million from a range of $750 million to $775 million, and said it expects even greater 2007 capital expenditures in the range of $950 million to $1 billion.

Ford Motor Co said that its second-quarter loss was more than double what the automaker previously reported due to higher-than-expected pension costs, and added that its luxury car division will not turn a profit this year based on recent sales trends.

FOREX: The dollar opened lower against the euro and steady against the yen, pending the interest-rate verdicts from the European Central Bank and Bank of England.

BONDS: U.S. Treasury prices settled firmer Wednesday, as early weakness attracted modest buying from investors confident the Federal Reserve will soon cease raising rates.

The July employment report is due Friday and the outcome of the Federal Open Market Committee meeting is set for next Tuesday.

"There is an underlying bid, and the mood is one of buying any dip in prices," said John Spinello, chief technical analyst at Jefferies & Co in New York.

In the interlude before the jobs data and the FOMC decision, Treasury yields and prices are seen remaining around current levels.

Jason Evans, head of government trading at Deutsche Bank in New York, said: "We're at technical levels in the market which are going to keep most people on a knife-edge and I think we're going to be here or hereabouts going into Friday's payrolls."

David Ader, head of government bond strategy at RBS Greenwich, noted that the benchmark yield curve - the spread between two- and 10-year rates - had become positive for the first time in a month over the past couple of days. He said if the Fed is seen pausing, the curve could lift to a positive 7.5-10 basis points, from the current one point.

OIL: With a tropical storm threatening Florida and energy usage soaring in the sweltering eastern United States, rising energy prices are threatening to stall the stock market's momentum. A barrel of light crude settled at $75.81, up 90 cents, on the New York Mercantile Exchange, while prices for natural gas are sharply higher this week.

ASIAN SUMMARY: Shares Mixed; Oil Steady; Metals Lower

USD-Yen 114.76 gain 0.09 up 0.08%
AUD-USD 0.7637 loss 0.0002 dn 0.03%
Nikkei 225 15463.33 loss 0.96 0.0%
Hang Seng 17034.99 gain 2.24 0.0%
S&P/ASX 200 4950.50 gain 43.90 up 0.9%
Taiwan Index 6478.91 gain 7.49 up 0.1%
S.Korea Kospi 1294.21 loss 0.90 dn 0.1%
JGB Yield 1.8850% down 0.0200
(All values as of 0450 GMT)
STOCKS: Japanese stocks were mixed, as were other markets in the region. Australian stocks market rose with solid gains from miners.

FOREX: The dollar was steady against the yen, which Japan institutional investors bought earlier, leaving a range of Y114.00-Y115.00 likely for Thursday.

BONDS: Prices of Japanese government debt gained in line with U.S. Treasurys.

OIL: Prices rose 4 cents to $75.85 Thursday after Wednesday's gain on news that U.S. crude and gasoline inventories had fallen.

METALS: Spot gold fell to around $648.25 an ounce from $651.60 in New York, while copper led base metals lower.

EUROPEAN OUTLOOK: Stocks Seen Little Changed

Euro-USD 1.2760 loss 0.0022 dn 0.2%
Stlg-USD 1.8758 loss 0.0005 dn 0.03%
USD-Franc 1.2334 gain 0.0018 up 0.2%
(All values as of 0450 GMT)
European shares are seen opening mixed Thursday, ahead of the European Central Bank's rate setting meeting. Government debt is little changed with the euro lower.

STOCKS: European markets are set for a mixed opening as investors await the rate decision from the European Central Bank.

U.K. spreadbettor CMC Markets is calling the FTSE up 4 points at 5934, the DAX down 5 at 5676 and the CAC up 5 at 5031.

European stock markets closed sharply higher on Wednesday, as strong earnings outlooks from food groups Danone and Cadbury Schweppes supported markets.

FOREX: Dealers sold off the euro overnight after counting an expected ECB rate hike into the equation. If ECB President Jean-Claude Trichet signals a pause in rate hikes, the market is prepared to sell off the euro.

BONDS: Government bonds are likely to trade little changed to start, pending the ECB meeting.

BNP Paribas expects the ECB to be hawkish given recent economic data and the rescheduling of the central bank's meeting timetable.

The Bank of England's Monetary Policy Committee outcome is less certain among analysts, with 24 of the 30 economists polled expecting policy to remain on hold.

For the first time since the Bank of England cut rates to 4.50% a year ago, a significant number of economists say that there could be justification for a 25-basis-point rise to 4.75%, citing concerns over inflation as energy prices cling to historic highs.

The Bank Of England announces its interest rate decision at 1100 GMT, the ECB at 1145 GMT with its press conference at 1230 GMT.

European government bond prices fell Wednesday as investors tidied positions ahead of Thursday's interest rate decisions by the European Central Bank and the Bank of England.

CALENDAR: Thursday, Aug 3: Services Data; ECB, BoE Rates

GMT Expected Previous
0700 GER Governing Council Mtg, Frankfurt
0745 ITA July PMI Services 60.4 60.3
0750 FRA July PMI Services 61.1 61.6
0755 GER July PMI Services 60.0 61.0
0800 EU July Euro Zone PMI Services 60.1 60.7
0830 UK July PMI Services 58.5 58.7
0900 EU June Euro Zone Retail Trade (June 1st est, 0.8%MM -0.6%MM
May final) 1.5%YY 0.8%YY
1100 UK Bank of England MPC interest rate 4.75% 4.5%
decision
1145 GER ECB interest rate decision, Frankfurt 3.0% 2.75%
1230 GER ECB press conference, Frankfurt
1230 US Jul 29 Jobless Claims +7K -7K
1400 US Jul 22 DJ-BTMU Business Barometer -0.2%
1400 US June Factory Orders +2.0% +0.7%
1400 US July ISM Non-Mfg Index 57.0 57.0
1430 US July 28 US Energy Dept Natural Gas Stocks (in -7
billion cubic feet)
1845 US Pres Bush speaks on immigration reform
in Mission, Texas
2030 US July 28 Money Supply
N/A US July Chain Store Sales

-By Dennis Baker; Dow Jones Newswires; [email protected]

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August 03, 2006 01:45 ET (05:45 GMT)

03 Aug 2006 05:45 GMT =DJ EUROPEAN MORNING BRIEFING: Corporate Events

Agora (AGO.WA): 2Q Earnings
Average net profit (DJ, 5 analysts): PLN19.9M (PLN48.2M)
Average EBITDA : PLN46.1M (PLN79.2M)
Average sales: PLN310.6M (PLN325.3M)
Note: Revenues driven by falling income from sales of its flagship daily Gazeta Wyborcza. EBITDA hit by costs of campaign to defend Wyborcza's market position from its major competitor Dziennik published by Axel Springer (SPR.XE).

AXA (AXA): 1H Earnings
Average underlying earnings (DJ, 6 analysts): EUR1.95B (EUR1.76B)
Note: Underlying earnings including capital gains - which AXA describes as adjusted earnings - are forecast to rise 12% to EUR2.38B from EUR2.13B. AXA has said it will book between EUR600M and EUR800M in capital gains this year and analysts expect more than half of this to be taken in the first half.

Earnings should also be helped by the relative strength of financial markets. This will have lifted investment income, while increasing cash inflows for AXA's asset management business. Analysts will be looking for an update on the integration of Winterthur Group (WTHUR.YY) which AXA has agreed to buy from Credit Suisse Group (CSR) for EUR7.9B. Some analysts have said they are worried that the tie-up leaves AXA overexposed to the mature Swiss insurance market where it could struggle to promote earnings growth.

JP Morgan insurance analyst, Nicholas Byrne, said he expects the strong sales of life and savings products seen in the first quarter to have continued through the rest of the first half - particularly for high margin variable annuities in the U.S. Byrne said the U.S. market counts for around 25% of AXA's new business profit following the full integration of the MONY financial services business there.

Bank BPH (BPH.WA): 2Q Earnings
Average net profit (DJ, 6 analysts): PLN308M (PLN250M)
Average net interest income: PLN536M (PLN490M)
Note: Analysts eye strong growth in fees and commissions driven by robust consumer and mortgage loan growth. But even better-than-expected results won't boost the share price, analyst say, blaming still unclear terms of BPH's merger with Pekao SA (PEO.SA).

Barclays (BARC.LN): 1H Earnings
Average pretax profit (Co, 15 analysts): GBP3.40B (GBP2.69B)
Note: Analysts expect a healthy performance in Barclays Capital, BGI and in UK business banking as well as growth and synergy gains from its investment in South Africa's ABSA Bank (ABSA.JO). But they also expect sharply higher impairment charges at its Barclaycard credit card business. Analysts at Keefe Bruyette & Woods also see rising costs due to investments in Barclays Capital and BGI, while no material improvement in the UK retail business is also a key issue.

Beiersdorf (BEI.XE): 2Q Earnings
Average net profit (DJ, 4 analysts): EUR95M (EUR87M)
Average EBIT: EUR158M (EUR138M)
Average sales: EUR1.347B (EUR1.26B)
Note: Net profit helped by a general upswing in consumption and higher sales of sun-protection products during June's warm weather, analysts say. Sales seen +6.9%, while EBIT seen +14%. Analysts are looking for more detail on FY '06 forecasts and supply-chain restructuring.

Bulgari (BUL.MI): 2Q Revenue
Average revenue (DJ, 5 forecasts): EUR231.7M (EUR209.8M)
Note: They say they expect a pickup in perfumes division compared with 1Q 06 on US product launches. Jewelry and watches seen extending good run in 1Q 06. But no change expected in full-year guidance of high single-digit perecentage growth in revenue and earnings. Numbers expected after market closes Thursday.

Central European Media Enterprises (CETV): 2Q Earnings
Average net profit (DJ, 6 analysts): $13.7M ($25.5M)
Average sales: $147.6M ($113.1M)
Note: Profits will be squeezed by foreign currency losses, financial expenses from loans, and corporate tax, analysts say. 2Q revenue should be up by more than 30% a year earlier on full consolidation of Slovak station Markiza into the results, higher sales in Romania and Ukraine, and an improved situation in the Czech Republic, analysts say.

Continental (CON.XE): 2Q Earnings
Average net profit (DJ 7 analysts): EUR234M (EUR243M)
Average pretax profit: EUR358M (EUR377M)
Average EBIT: EUR381M (EUR406M)
Average EPS: EUR1.57 (EUR1.67)
Average sales: EUR3.7B (EUR3.56B)
Note: The decrease is expected to be caused by restructuring charges for the US passenger car tire operations and a one-off gain related to a change of its US pension accounting booked in 2Q last year. Details on full-year outlook, raw material costs and possible acquisition plans are expected to be in the limelight Thursday.

Douglas (DOU.XE): 3Q Earnings
Average net profit (DJ, 5 analysts): EUR4.4M (EUR2.4M)
Average EBITDA : EUR34.8M (EUR30.2M)
Average sales : EUR583.2M (EUR526M)
Note: Analysts say Douglas is likely to have benefited from this year's late Easter and from the World Cup tournament in Germany. The jewelry business is expected to have profited in particular from the positive calendar effect, while sales in the fashion segment are also seen rising due to store openings.

(MORE TO FOLLOW) Dow Jones Newswires

August 03, 2006 01:45 ET (05:45 GMT)

03 Aug 2006 05:45 GMT =DJ EUROPEAN MORNING BRIEFING: Corporate Events -2-

Fresenius Medical Care (FMS): 2Q Earnings
Average net profit after special items (DJ, 10 analysts): US$123M (US$116M)
Average EBIT before special items: US$321M (US$238M)
Average sales: US$2.12B (US$1.67B)
Note: The negative effects of restructuring charges seen offset by divestment of clinics. 2Q is the first quarter which shows the full earnings impact of the US$3.5 billion Renal Care acquisition. This acquisition is expected to help sales climb 27%. EBIT before special items seen increasing by 35% from US$238M on acquisition. Analysts are looking out for comments on full-year guidance which sees sales of US$8.1B and net income growth of around 25%.

GKN (GKN.LN): 1H Earnings
Average pretax profit from continuing operations - excluding the impact of resctructuring and impairment charges and other
one-off items (DJ, 10 Analysts): GBP108M (GBP103M)
Note: Profits are seen driven higher by restructuring and the company's smaller aerospace operations. Focus is on outlook for US and Asian automotive markets.

Golden Telecom (GLDN): 2Q Earnings
Average net profit (DJ, 6 analysts): US$21.1M (US$19.8M)
Average EBITDA: US$55.0M (US$50.5M)
Average sales: US$187.2M (US$165.5M)
Note: Golden Telecom is expected see higher sales to business and corporate clients as well as other providers as the number of users and amount of services they use normally rises in 2Q. Profitability is expected to suffer from a new interconnection regime which allows local incumbents to charge companies like Golden high connection fees. Dial-up internet is also expected to be loss-making. As a result, the EBITDA margin is expected to drop to 29.4% from 30.5%.

Gold Fields (GFI): 4Q Earnings
Average EPS excluding items: (DJ, 3 analysts): ZAR1.56 (ZAR0.27)
Note: Gain seen on a higher gold price offsetting higher costs at the company's Ghanaian and Australian operations. Market watching for news on progress at Kloof and the company's intention for Western Areas (WAR.JO).

Hugo Boss (BOS.XE): 1H Earnings
Average net profit (DJ, 5 analysts): EUR53.5M (EUR45.5M)
Average EPS: EUR0.77 (EUR0.64)
Average sales: EUR700.5M (EUR624.3M)
Note: Net profit partly driven by growth in women's fashion and accessories. Sales seen +12%. Earnings are traditionally weak, but analysts are watching 2Q revenue with an eye on full-year targets. In April company raised 2006 forecast to 10%-12% growth in sales and net profit from previous growth forecast of 7%-9%.

Imperial Chemical Industries (ICI) : 2Q Earnings
Average pretax profit (DJ, 8 analysts): GBP134M (GBP123M)
Forecast range: GBP130M - GBP138M
Note: However, excluding Uniqema, which is being sold to Croda International (CRDA.LN), analysts expect pretax profit of GBP128M with projections ranging from GBP125M-GBP131M. 2Q performances in paints, national starch units, which had a splendid 1Q, will be in particular focus, says one analyst. Restructuring progress, guidance also in focus.

Komercni Banka (BAAKOMB.PR): 1H Earnings
Average net profit (DJ, 6 analysts): CZK4.62B (CZK4.18B)
Note: Analysts say the net result will be up on last year largely due to the bank's net interest income, fueled by steadily expanding mortgage and consumer credit lending. 2Q net seen +14% at CZK2.31B from CZK2.02B a year ago.

Morgan Crucible (MGCR.LN): 1H Earnings
Average pretax profit (Co, 8 analysts): GBP32.7M (GBP26.1M)
Average sales: GBP330M (GBP391.7M)
Note: Sales are seen at -16% due to the disposal of its magnetics division in October 05. Analysts are interested in the progress of the technical ceramics business and whether the improvement in Morgan's European division is sustainable

Munich Re (MUV2.XE): 2Q Earnings
Average net profit (DJ, 9 analysts): EUR803M (EUR167M)
Average gross premiums: EUR9.23B (EUR9.22B)
Note: The absence of large disaster claims, sufficient reserving at American Re, and stable premiums seen boosting earnings - unlike in 2Q05, when a reserve boost undermined net profit by EUR750M. Lower non-life reinsurance combined ratio - seen at 93.5% vs 103.0% - is expected to reflect lower disaster claims in the quarter. Analysts will be waiting for comments about July 1 US contract renewals, possible update on share buyback, and on prospects for ratings upgrade by S&P eyed.

Numico (37561.AE): 2Q Earnings
Average net profit (DJ, 4 analysts): EUR46M (EUR54M)
Average sales: EUR658.5M (EUR491M)
Note: Profits hurt by restructuring charges, sales are up supported by acquisitions. Analysts to focus on the product pipeline of Numico's Clinical Nutrition unit, company seen reiterating its FY06 outlook of sales growth of 12% to 13%, and an operating profit margin of 18.75%. Report due Thursday at 0500 GMT.

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August 03, 2006 01:45 ET (05:45 GMT)

03 Aug 2006 05:45 GMT =DJ EUROPEAN MORNING BRIEFING: Corporate Events -3-

PPR (12148.FR): 2Q Revenue
Average Sales (DJ, 6 analysts): EUR4.03B (EUR3.99B)
Note: Analysts expect the company's luxury division to post double digit growth, tracking 1Q performance. Retailing sales growth is seen weaker and analysts expect lower figures than its EUR3.6B in 1Q sales. The World Cup, a later French sales season and the sale of Printemps are among factors seen affecting the division.

Publicis (PUB): 1H Revenue
Average revenue: EUR2.196B (EUR1.932B)
Note: Organic revenue growth for the full year forecast at 6.2%. Publicis shares have been weighed down by large account losses, but seen improving in the second half. Margins seen under pressure in the first half due to the set up costs of business won in 05.

Puma (PUM.XE): 2Q Earnings
Average net profit (DJ, 6 analysts): EUR49.2M (EUR58.9M)
Average EBIT: EUR69.7M (EUR81.9M)
Average sales: EUR552.2M (EUR395.5M)
Note: Analysts cite high marketing costs related to the World Cup for the drop in earnings. Other factors also contribute to the decline, like Puma's investment in its own retail businesses. Analysts will be watching order developments and expansion in North America.

Rio Tinto (RTP): H1 Earnings
Note: UBS tips 1H net gain of 62% to $3.38 billion, which is 3% below market consensus $3.49 billion. Expects 4% div rise to 40 US cents. "Watch for a special dividend or off-market buyback," it adds, puts as a possibility but not forecasting either.

Societe Generale (13080.FR): 2Q Earnings
Average net profit (DJ, 5 analysts): EUR1.23B (EUR957M)
Average gross operating profit (DJ, 5 analysts): EUR1.89B (N/A)
Average sales: EUR5.28B (N/A)
Note: Improving markets will likely have a positive impact on SocGen's corporate investment bank earnings but should also help other key divisions, such as asset management, international retail banking and financial services, the analysts said. They said there would be a slight shortfall between bottom-line growth and revenue because of higher operating costs linked to SocGen's continuing focus on organic growth both at home and abroad.

SocGen Co-Chief Executive Philippe Citerne said in May that the bank is further expanding its international retail banking business and expects to open around 300 new branches abroad this year.

Swedish Match (SWMA.SK): 2Q Earnings
Average pretax profit (SME Direkt, 11 analysts): SEK706M (SEK595M)
Estimates range : SEK655M - SEK764M
Note: Earnings are seen boosted by higher margins at the cigar division. The closely watched operating margin on snuff is seen narrowing to 47.5% from 48.5%, squeezed by higher marketing costs and growing competition from low-cost brands. Comments on market share development, share buy backs and acquisitions will also be in focus.

Thales (12132.FR): 1H Earnings
Average net profit (DJ, 4 analysts): EUR170M (EUR176M)
Average sales: EUR4.77B (EUR4.74B)
Note: Analysts expect the company to take restructuring charges, which will hit net profit. Also, the restructuring of the naval division means certain programs are being shut down while others are waiting to ramp up. "By 2007 we should see revenues start to grow again," a Paris based analyst says.

Total (TOT): 2Q Earnings
Average net profit (DJ, 4 analysts): EUR3.44B (EUR2.91B)
Average EBIT: EUR6.65B (EUR5.44B)
Note: Overall output will be closely watched, as it is expected to slide around 8% during the quarter, on combined effects of higher oil prices, disruptions in Nigeria and Venezuela production fields, as well as maintenance projects, analysts say.

Trinity Mirror (TNI.LN): 1H Earnings
Average pretax profit (Co, 4 analysts): GBP95M (N/A)
Average EPS : 22p (26.7p)
Average sales: GBP579M (GBP565M)
Note: Analysts and investors will be seeking guidance on the UK advertising market, amid a continuing downturn for consumer media companies.

Unilever (UL): 2Q Revenue
Average pre-exceptional (DJ, 5 analysts): EPS: EUR0.33 (N/A)
Note: The sales growth number is seen as the key figure by analysts following disappointing 1Q numbers, with forecasts ranging from 3% to 4%. Pre-exceptional EPS of EUR0.33 is expected, though one analyst describes this figure as purely academic, given the restructuring charges being made. Underlying operating margins meanwhile are expected to be flat or slightly lower. Analysts are also looking for an update on the sale of the frozen food business.

Vedior (39085.AE): 2Q Earnings
Average net profit (DJ, 4 analysts): EUR45.9M (EUR51M)
Forecast range: EUR44.7M - EUR49.1M
Note: Company had exceptional gain of EUR15 million on sale of a unit during quarter. Results supported by improving markets in France, acquisitions and better margins in US. Focus is on comments about prospects US, French markets. Numbers due 0500 GMT Thursday.

Vinci (12548.FR): 1H Revenue
Average sales (DJ, 5 analysts): EUR11.8B (EUR10.1B)
Note: Growth is seen boosted by the acquisition of tollroad operator ASF in March. Look for orders to keep pace with sales and for good trends in 1Q to have continued into 2Q, say analysts.

(MORE TO FOLLOW) Dow Jones Newswires

August 03, 2006 01:45 ET (05:45 GMT)

03 Aug 2006 05:45 GMT =DJ EUROPEAN MORNING BRIEFING: Corporate Events -4-

OTHER SCHEDULED EVENTS:

Aixtron (AIX.XE): 2Q Earnings

Alanheri (44002.ae): 1H Earnings

Aldata Solution (ALD1V.HE): 2Q Analyst Meeting

Bluewater Insurance (BLU.OS): 2Q Earnings

Buongiorno Vitaminic (BVIT.MI): 2Q Earnings

CryptoLogic (CRYP): 2Q Earnings

Ergo Versicherungsgruppe (EVG2.XE): 1H Earnings

Hansa Trust (HAN.LN): AGM

IDS Scheer (IDS.XE): 2Q Earnings

Inchcape (INCH.LN): 1H Earnings

IT Way (ITW.MI): 3Q Earnings

Logista (LOG.MC): 2Q Earnings

Mapeley (MAY.LN): 1H Earnings

Muenchener Rueck (MUV2.XE): 2Q Earnings

Neste Oil (NES1V.HE): 2Q International Conference

Pfeiffer Vacuum Technology (PFV.XE): 1H Earnings

RAJAR: U.K. Radio Listening Figuress

Ryanair (RYA.LN): July Traffic Data

Sabaf (SAB.MI): 2Q Earnings

SeaBird Exploration (SBX.OS): 2Q Earnings

Senior (SNR.LN): 1H Earnings

Sentera (SNR1V.HE): 2Q Earnings

Signet (SIG.LN): 2Q Revenue

Sol Melia (SOL.MC): 1H Earnings

Sponda (SDA1V.HE): 2Q Earnings

SR Pharma (SPA.LN): AGM

Sysopen Digia (SYS1V.HE): 2Q Analyst Meeting

Takkt (TTK.XE): 1H Earnings

Taylor Woodrow (TWOD.LN): 1H Earnings

Trefoil Ltd (TREF.OS): 2Q Earnings

Vacon (VAC1V.HE): 1H Earnings

WM Morrison Supermarkets (MRW.LN): Trading Update

Xpertise Group (XPG.LN): 1H Earnings

(MORE TO FOLLOW) Dow Jones Newswires

August 03, 2006 01:45 ET (05:45 GMT)

03 Aug 2006 05:45 GMT =DJ EUROPEAN MORNING BRIEFING: Div Payments & Ex Div Dates

F&C Global Smaller Companies (FCS.LN): FY 2005 Dividend Payment Date

F&C Global Smaller Companies (FCS.LN): Special Dividend Payment Date

London Merchant Securities (LMSO.LN): FY 2005 Dividend Payment Date

ProSiebenSat.1 Media (PSM.XE): FY 2005 Dividend Payment Date

ProSiebenSat.1 Media (PSM.XE): FY 2005 Ex-Dividend Date

(END) Dow Jones Newswires

August 03, 2006 01:45 ET (05:45 GMT)