DJ EUROPEAN MORNING BRIEFING: Markets On Hold Pending Fed

US SUMMARY: Markets Struggle Ahead Of Fed's Announcement

DJIA 12127.88 gain 10.97 up 0.09%
NASDAQ 2344.84 loss 10.72 dn 0.5%
S&P 500 1377.38 gain 0.36 up 0.03%
Dow Future 12167.00 loss 9.00 dn 0.1%
NASDAQ Future 1726.75 gain 0.50 0.0%
S&P Future 1383.75 loss 1.00 dn 0.1%
Euro-USD 1.2566 gain 0.0006 up 0.05%
10-Yr US Treasury: 4.82 unchanged
(Futures values, Treasury, EUR/USD Data as of 0450 GMT)
Wall Street wobbled through a listless session and closed mixed Tuesday as investors awaited the results of Wednesday's Federal Reserve meeting. Still, modest gains in the Dow Jones Industrial Average were enough for the index to set new trading and closing records. The dollar and Treasurys were little changed, while oil gained.

STOCKS: The Fed's Open Market Committee began a two-day meeting Tuesday. Investors expect the central bank's policymakers to leave interest rates unchanged for the third straight meeting. But they still worried that the Fed could swing to a more hawkish stance, signaling more tightening to come if necessary in order to whip inflationary pressures in the pipeline.

Steve Sachs, director of trading at Rydex Investments, contends that the run-up this month in the Dow and blue chip stocks in general has occurred too quickly to avoid a pullback. "There's probably good reason for the rally to at least pause here."

"I would've liked to have seen the move be a little more broad. We're definitely a little overbought here," he said.

In earnings reports, DuPont Co., the chemical company, posted stronger-than-expected results as did Lucent Technologies Inc., a maker of telecom equipment that is merging with France's Alcatel SA.

Internet retailer Amazon.com shares rose 11% in trading after the closing bell Tuesday. The company reported stronger-than-expected earnings for the third quarter and a 24% jump in quarterly sales.

FOREX: The dollar, which opens in Europe slightly lower, closed little changed Tuesday, holding to well-worn ranges as investors were reluctant to make bold moves ahead of the Fed's decision on interest rates.

The Fed is widely expected to keep its benchmark rate at 5.25% when its two-day policy-setting meeting concludes Wednesday, so attention will focus on the Fed's statement.

BONDS: The U.S. Treasury market shrugged off a well-received two-year note auction and ended little changed Tuesday, ahead of the outcome of Wednesday's Federal Reserve interest rate policy meeting.

"The consensus over the outcome of the FOMC meeting is clustered close together, with scant few expecting any major surprises," said Tony Creszeni, a strategist with Miller, Tabak, in New York. "The consensus is likely to be correct this time around, with the Fed changing very little in its policy statement" compared with the Sept. 20 FOMC policy statement.

If the Fed's statement contains no hawkish surprises, Treasury prices may rally in the coming sessions, analysts say.

OIL: New York crude oil futures rose 54 cents to $59.35 Tuesday as cold weather lifted heating oil and natural gas prices and after Abu Dhabi told customers it is cutting supply next month in line with OPEC production reductions.

ASIAN SUMMARY: Stocks Mixed; Toyota Shares Set Record

USD-Yen 119.26 loss 0.07 dn 0.06%
AUD-USD 0.7610 gain 0.0025 up 0.3%
Nikkei 225 16764.96 loss 15.51 dn 0.1%
Hang Seng 18151.69 loss 1.72 0.0%
S&P/ASX 200 5326.90 gain 38.50 up 0.7%
Taiwan Index 7087.56 loss 9.86 dn 0.1%
S.Korea Kospi 1368.57 gain 2.07 up 0.2%
JGB Yield 1.8100% down 0.0050
(All values as of 0450 GMT)
STOCKS: Asian stocks were mixed Wednesday as a rebound in crude-oil prices lifted Inpex Holdings and other energy shares while Toyota Motor Corp. extended recent gains to touch a new all-time high. Broader gains in Japanese blue-chips were limited ahead of a slew of earnings reports due later in the day.

In Australia, stronger-than-expected inflation data trimmed gains in shares as investors factored in a likely interest rate rise early November.

FOREX: The yen is a tad higher against the dollar, after Japanese exporters sold dollars. That followed the dollar's inability to crack the Y120.00 mark. The tone of the Fed's statement will determine the dollar's next move, dealers said.

BONDS: Prices of Japan's government debt held steady, pending the Fed's decision and Japan's consumer inflation data released later in the week.

METALS: Gold is lower at around $584.35 an ounce, with a downward bias that could accelerate should the Fed downplay inflation prospects. The market would first target $573, then $560. Copper prices were little changed, pending the Fed and whether more tightening this year could curb demand.

OIL: Prices increased 24 cents to $59.59 Wednesday as traders await fresh U.S. government data which is expected to show higher domestic fuel inventories. Meanwhile, the market doubted OPEC will keep its pledge to cut production.

EUROPEAN OUTLOOK: Markets On Hold Pending Ifo, Fed

Euro-USD 1.2566 gain 0.0006 up 0.05%
Stlg-USD 1.8741 gain 0.0007 up 0.04%
USD-Franc 1.2664 loss 0.0003 dn 0.03%
(All values as of 0450 GMT)
European stocks are poised to open a tad higher Wednesday, while government debt and the euro are seen starting little changed pending earnings, the German Ifo and the Fed's monetary statement.

STOCKS: European stocks are expected to open slightly higher. Investors will get a look at a cross-section of European corporate reports, including BBVA, DaimlerChrysler, Electrolux, Endesa and Renault.

U.K. spreadbettor CMC Markets is calling the FTSE up 2 points at 6185, the DAX up 1 point at 6249 and the CAC 2 points higher at 5407.

"The U.S. earnings season is coming out pretty well and that obviously helps European equity markets," said Richard Batty, investment director at Standard Life Investments. "The markets and economies are pretty interlinked and I think that's why you get that read-across."

In corporate news, Vivendi announced it had filed a $7.5 billion suit in a U.S. court to press accusations that Elektrim, its former investment partner in Poland, conspired with Deutsche Telekom to cheat it out of a multibillion-euro investment in Polish cellular network PTC.

Shares of mining giants BHP Billiton and Anglo American lost ground on Tuesday, with chipmakers also under pressure after a profit warning from Texas Instruments, though oil giant BP and technology firm Alcatel closed up after results.

FOREX: The euro opens slightly higher against the dollar, which is losing against the yen and other currencies. Dealers traced the dollar's losses to selling against the yen. For now, dealers look for the euro to trade in the range of $1.2525 to $1.2578.

If the FOMC expresses equal concern for inflation and slow growth, the market may read this to mean that interest rates will remain on hold. But if it emphasizes worries over inflation, expectations of future rate hikes could grip the market, which would boost the dollar.

BONDS: Prices of government debt are unlikely to move much at the start, pending the key German Ifo survey for October due out Wednesday.

"We're seeing a mild consolidation in European government bonds following recent large falls...but the only way for yields over the coming three to six months is up," said Guillaume Menuet, European economist at Merrill Lynch.

Merrill Lynch's European economists remain upbeat about the prospect for economic growth in Europe during the coming two quarters. They have revised upwards their euro-zone 2006 gross domestic product growth forecast to 2.7% from 2.6% previously, with the 2007 GDP forecast unchanged at 2.1%.

"With the euro-zone factory orders for August showing excellent results, and the Dutch industrial confidence rising to its highest level in 21 years, all is well in Europe for the time being," said Menuet.

Merrill Lynch's economists expect the European Central Bank to raise interest rates by 25-basis points to 3.5% in December, before raising them again by 25-basis points to 3.75% in the first quarter of 2007.

Nonetheless with the outlook for growth in the U.S. still muddying the economic picture in Europe, the spotlight falls on the U.S. Federal Reserve Open Market Committee's latest policy decision and issuing statement, due late Wednesday.

David Brown, economist at Bearn Stearns, expects the Fed to err on the more hawkish side and U.S. GDP to post a 3% gain, in Friday's report.

Brown expects Treasurys to maintain a bearish bias as a result, and this to influence European bonds in the same direction.

European government bond prices managed to recover earlier losses Tuesday on news of a fall in the Belgian business confidence for October, albeit in thin trade, while gilts bucked the positive trend.

(MORE TO FOLLOW) Dow Jones Newswires

October 25, 2006 01:45 ET (05:45 GMT)

25 Oct 2006 05:45 GMT =DJ EUROPEAN MORNING BRIEFING:Markets On Hold Pending Fed -2-

CALENDAR: Wednesday, Oct. 25: German Ifo; FOMC Rates

GMT Expected Previous
0600 GER Sep Foreign trade price indices
0645 FRA Oct Indus Outlook 16 18
0645 FRA Oct Business Climate 106 107
0730 ITA Oct ISAE Business Confidence 97.0 97.3
0800 GER Oct Ifo Business Climate 104.5 104.9
0800 GER Oct Ifo Current Assessment 111.7 111.3
0800 GER Oct Ifo Business Outlook 98.0 98.9
0830 GER Oct Ifo German Business Climate Index with
Ifo Business Survey in the German
Services Sector
0900 EU 2Q Balance of Payments
0915 GER 5-Yr Bobl Auction results
0915 EU ECB allocates long-term refi ops bids
1100 US MBA Refinancing Index -5.3%
1400 US Sept Chicago Fed Natl Activity Index -0.18
1400 US Sept Existing Home Sales -1.6% -0.5%
1430 US Oct 20 US Energy Dept Crude Oil Stocks (in +2.7M +5.1M
barrels)
1430 US Oct 20 US Energy Dept Distillate Stocks (in -1.6M -4.5M
barrels)
1430 US Oct 20 US Energy Dept Gasoline Stocks (in -900K -5.2M
barrels)
N/A GER Oct CPI, prelim (latest Oct 25) -0.1%MM -0.4%MM
+0.9%YY +1.0%YY
N/A US Two-day FOMC mtg ends; interest rate
decision expected 1815 GMT

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

(MORE TO FOLLOW) Dow Jones Newswires

October 25, 2006 01:45 ET (05:45 GMT)

25 Oct 2006 05:45 GMT =DJ EUROPEAN MORNING BRIEFING: Corporate Events

Amvescap (AVZ): 3Q Earnings
Average net profit (DJ, 2 analysts): US$112M (US$79.5M)
Forecast range: US$112M - US$120M
Note: Key issues will be net inflows for institutional and retail products and integration of U.S. ETF company PowerShares and private equity operator WL Ross, says Michael Long analyst at Keefe Bruyette & Woods Ltd.

BBVA (BBV): 3Q Earnings
Average net profit (DJ, 9 analysts): EUR1.12B (EUR914M)
Average net interest income: EUR2.03B (EUR1.83B)
Note: Latin America is expected to drive the bottom line, with loan volumes in Mexico seen growing in excess of 25%, while loans in Spain are expected to remain in line with 2Q. Net interest income expected to come in +11%. Focus will be on corporate strategy following recent M&A speculation.

DaimlerChrysler AG (DCX): 3Q Earnings
Average pretax loss (DJ, 10 analysts): EUR47M (EUR755M net profit)
Forecast operating profit: EUR549M - (N/A)
Average sales: EUR36.39B (N/A)
Note: Has reported that it swung to a net loss in the third quarter, due mainly to a weaker financial performance at its Chrysler Group division in the U.S. Higher taxes and other financial items will also weigh on the figure. Third-quarter revenue is expected to fall by 4.6% on the year. The company's closely watched operating profit is expected to fall 70% on the year. as higher earnings at Mercedes Car Group fail to offset a sharp decrease at Chrysler.

Chrysler's results will be in focus following the automaker's profit warning last month. DaimlerChrysler lowered its 2006 operating profit forecast to "in the magnitude of EUR5 billion," from its previous forecast of EUR6 billion, blaming problems at Chrysler. The company said Chrysler was expected to post a third-quarter loss of EUR1.2 billion, but will return to profitability in the fourth quarter.

Elan (ELN): 3Q Earnings
Average 3Q diluted loss per share (DJ, 5 analysts): US$0.23 (US$0.16)
Note: The market will look for Tysabri data, but see a slow rollout. Goodbody Stockbrokers says any surprise on the upside for Tysabri revenue will give comfort rather than drive upgrades; maintains add. Analysts will focus on cash burn and future revenue guidance. Results due Wednesday at 0630 GMT.

Electrolux (ELUXY): 3Q Earnings
Average net profit (SME Direkt, 12 analysts): SEK412M (SEK263M net loss)
Average sales: SEK26.3B (SEK26B)
Note: Analysts on average expect company to record SEK480M in restructuring charges in 3Q, compared to a negative SEK922M recorded in the same period last year. Underlying operating profit growth, excluding charges, seen at 5.6% to SEK1.13B from SEK1.07B.

Endesa (ELE): 9-Month Earnings
Average net profit (DJ, 5 analysts): EUR2.27B (EUR1.56B)
Average EBITDA: EUR5.34B (EUR4.4B)
Note: Net profit was sustained by improved margins, higher energy prices and tax breaks. EBITDA seen +21%. Focus remains on any update on rival takeover bids and Acciona share build-up.

Modern Times Group (MTG-B.SK): 3Q Earnings
Average net profit (SME Direkt, 10 analysts): SEK245M (SEK203M)
Average pretax profit: SEK362M (SEK262M)
Average sales: SEK2.32B (SEK1.84B)
Note: Focus will be on subscriber growth at pay-TV operations, market share development at TV3 channels and growth of eastern European and Russian operations.

M-Real (MRLBV.HE): 3Q Earnings
Average pretax loss (SME, Direkt): EUR3.4M (EUR1M pretax profit)
Average sales: EUR1.39B (EUR1.27B)
Note: As it incurs costs from an extensive restructuring program aimed at cutting 485,000 tons of capacity. Sales are seen climbing 9.4% on recovered paperboard volumes following the lock-out in 05. Focus will be on any further information from the new company CEO regarding the timing of planned mill closures.

Millicom (MICC): 3Q Earnings
Average net profit (DJ, 7 analysts): US$49.1M (US$0.5M)
Average EBITDA: US$167.6M (N/A)
Average sales: US$398.7M (US$261.2M)
Note: Net profit was due to writedowns and high operating costs in the year-earlier period. Sales seen +53%, whilst EBITDA, excluding group costs, seen at +51%. Eyes will instead be on capex guidance, ARPU, subscriber intake and margins.

MTU Aero Engines (MTX.XE): 3Q Earnings
Average net profit (DJ, 7 analysts): EUR24.4M (EUR12.7M)
Average EBITDA: EUR75.5M (EUR64.3M)
Average sales: EUR588.7M (EUR519M)
Note: Sales are seen +13%, while adjusted EBITDA is seen +17%.3M on strong operational performance. Analysts see MTU Aero as better placed than its peers given cyclical risks as new aircraft orders decline from the 2005 peak. Analysts are positive on the company's recent upward revision of '08 margin targets to 14%-15%.

Nordea (NDA.SK): 3Q Earnings
Average operating profit (SME Direkt, 25 analysts): EUR988M (EUR728M)
Average net interest income: EUR974M (N/A)
Average commission income: EUR506M (N/A)
Note: With the figure expected to have been boosted by a EUR200M capital gain from its IMB stake sale. Analysts also cite higher volumes and easing competitive pressure within mortgage lending. Net interest income is expected to come in up 5.9% and commission income up 7.9%. Analysts will particularly scrutinize costs, plans for Russian and targets. Report due at around 0730 GMT.

Novozymes (NZYM-B.KO): 3Q Earnings
Average net profit (SME Direkt, 12 analysts): DKK236M (DKK223M)
Average revenue: DKK1.73B (DKK1.62B)
Average pretax profit: DKK315M (DKK296M)
Note: Eyes are on the sales development for food and feed enzymes, which disappointed in the second quarter, as well as the main business area detergents. Focus is also on any update about the acquisition of Australia's GroPep.

Praktiker (PRA.XE): 3Q Earnings
Average net profit (DJ, 8 analysts): EUR29.7M (EUR28M)
Average EBITDA: EUR41.2M (EUR37.3M)
Average sales: EUR809.1M (EUR771.4M)
Note: Results are expected to benefit from milder weather than in the previous quarters and a better performance in the Central Eastern European region. 3Q sales are expected to come in at +4.9% from a year ago. EBITA expected at 11% higher than the same period a year ago. EPS seen at EUR0.51, +21% from EUR0.42 in 3Q 05. Analysts see the company well on track to reach its full year target of a low single-digit sales rise on the year and EBITA above 05's level.

Renault (13190.FR): 3Q Revenue
Average sales (DJ, 7 analysts): EUR9.254B (EUR9.543B)
Note: Focus will be on car sales in Europe, seen down between 5% and 6%. Most analysts don't expect a downgrade of 2H '06 earnings guidance despite disappointing sales.

Straumann (STMN.EB): 3Q Revenue
Average sales (DJ, 6 analysts): CHF132.2M (CHF115.3M)
Note: Growth is driven by sales in Europe, which analysts expect +16% to CHF79.7M from CHF68.6M. Company doesn't disclose 3Q profit. Analysts will watch out for management comments on status of sales force in US, where company lagged market growth.

Swedish Match (SWMA.SK): 3Q Earnings
Average net profit (SME Direkt, 11 analysts): SEK419M (SEK562M)
Average sales: SEK3.256B (SEK3.461B)
Note: The closely watched operating margin on snuff is expected to drop to 46.9% from 49.5%, due to growing competition, increasing sales of low-price snuff in the US, and higher marketing costs. Focus will be on how Swedish Match will tackle raised tobacco taxes in Sweden.

Telekomunikacja Polska (TPS.WA): 3Q Earnings
Average consolidated net profit (DJ, 6 analysts): PLN535M (PLN937M)
Average sales: PLN4.61B (PLN4.61B)
Note: Analysts say not to worry about the fall as last year's bottom-line was heavily distorted by one-offs, add to watch revenues, performance of mobile, Internet business units, foreign exchange gains, or losses.

(MORE TO FOLLOW) Dow Jones Newswires

October 25, 2006 01:45 ET (05:45 GMT)

25 Oct 2006 05:45 GMT =DJ EUROPEAN MORNING BRIEFING: Corporate Events -2-

OTHER SCHEDULED EVENTS

Advance Developing Markets (ADD.LN): AGM

Aedian (400592.FR): 1Q Revenue

Aker Seafoods (AKS.OS): 3Q Earnings

Alain Afflelou (18418.FR): AGM

Alfa Laval (ALFA.SK): 3Q Earnings

Altri SGPS (ALTR.LB): 3Q Earnings

Amer Sports (AMEAS.HE): 3Q Earnings

ATOSS Software (AOF.XE): 3Q Earnings

Atria (ATRAV.HE): 3Q Earnings

Aufeminin.com (7678.FR): 3Q Revenue

Balda (BAD.XE): 3Q Earnings

Ballingslov International (BALL.SK): 3Q Earnings

Banco Bilbao Vizcaya (BBVA.MC): 3Q Earnings

Banco Comercial Portugues (BCP.LB): 3Q Earnings

Barco (BAR.BT): 3Q Earnings

Beijer Electronics (BELE.SK): 3Q Earnings

Bourse Direct (7425.FR): 3Q Revenue

BP Marsh & Partners (BPM.LN): 1H Earnings

Business Objects (402625.FR): 3Q Earnings

CapMan Oyj (CPMBV.HE): 3Q Earnings

Carbone-Lorraine (3962.FR): 3Q Revenue

Carnegie & Co (CAR.SK): 3Q Earnings

Cegedim (5350.FR): 1H Earnings

Dialog Semiconductor (DLG.XE): 3Q Earnings

Elcoteq SE (ELQAV.HE): 3Q Earnings

Enagas (ENG.MC): 3Q Earnings

Eybl Intl (EBYL.VI): 2Q Earnings

Fast Search & Transfer (FAST.OS): 3Q Earnings

Fidelity Special Values (FSV.LN): FY Earnings

Finnlines Oyj (FLG1S.HE): 3Q Earnings

First Choice Holidays (FCD.LN): FY Trading Statement

Forstaedernes Bank (FORST.KO): 3Q Earnings

Gant Company (GANT.SK): 3Q Earnings

GL events (6667.FR): 3Q Revenue

Havsfrun (HAV-B.SK): 3Q Earnings

Henderson Morley (HML.LN): AGM

Hexagon (HEXA-B.SK): 3Q Earnings

High Co (5423.FR): 3Q Revenue

HiQ International (HIQ.SK): 3Q Earnings

HypoVereinsbank: AGM

IC Companys (IC.KO): AGM

Inter Parfums (402422.FR): 3Q Revenue

JC Decaux (7791.FR): 3Q Revenue

Jones Apparel Group (JNY): 3Q Earnings

Karolin Machine Tool (KMT.SK): 3Q Earnings

Klepierre (12196.FR): 3Q Revenue

Koninklijke Philips (00953.AE): EGM

Lassila & Tikanoja Group (LAT1V.HE): 3Q Earnings

(MORE TO FOLLOW) Dow Jones Newswires

October 25, 2006 01:45 ET (05:45 GMT)

25 Oct 2006 05:45 GMT =DJ EUROPEAN MORNING BRIEFING: Corporate Events -3-

Le Belier (7239.FR): 3Q Revenue

Lonmin (LMI.LN): 4Q Production

Metso (MEO1V.HE): 3Q Earnings

Midway Holding (MIDW-B.SK): 3Q Earnings

NeoNet (NEO.SK): 3Q Earnings

Netwise (NETW-B.SK): 3Q Earnings

Nicox (7413.FR): 3Q Revenue

Nolato (NOLA-B.SK): 3Q Earnings

NOTE (NOTE.SK): 3Q Earnings

OEM International (OEM-B.SK): 3Q Earnings

Oriflame Cosmetics (ORI-SDB.SK): 3Q Earnings

Oxigene Inc (OXGN): 3Q Earnings

Pergo (PERG.SK): 3Q Earnings

PSI Group (PSI.OS): 3Q Earnings

Q-Free (QFR.OS): 3Q Earnings

QPR Software (QPR1V.HE): 3Q Earnings

QXL Ricardo (QXL.LN): 1H Earnings

Raute Oyj (RUTAV.HE): 3Q Earnings

RHI (RHI.VI): 3Q Earnings

Ringkjobing Landbobank (RILBA.KO): 3Q Earnings

S&T System (SNT.VI): 3Q Earnings

Sabaf (SAB.MI): AGM

Sasa Industrie (6037.FR): 3Q Revenue & 1H Earnings

SEZ Holding (SEZN.EB): 3Q Earnings

Simrad Optronics (SIT.OS): 3Q Earnings & EGM

Skane-Mollan (SKMO.SK): 3Q Earnings

Star Reefers Inc (SRI.OS): 3Q Earnings

Stockmann Oyj Abp (STCBV.HE): 3Q Earnings

Stork (39066.AE): 3Q Earnings

Telegate (TGT.XE): 3Q Earnings

TelePizza (TPZ.MC): EGM

Teligent (TGNT.SK): 3Q Earnings

Thorntons (THT.LN): AGM

Tieto-X Oyj (TIX1V.HE): 3Q Earnings

Ulric De Varens (7998.FR): 3Q Revenue & 1H Earnings

Vallourec (12035.FR): 3Q Revenue

Vidrala (VID.MC): 3Q Earnings

Viking Telecom (VIKT.SK): 3Q Earnings

WaveLight Laser Technologie (WLT.XE): FY Earnings

Wilh Sonesson (WSON-A.SK): 3Q Earnings

XTL Biopharm (XLTB): AGM

(MORE TO FOLLOW) Dow Jones Newswires

October 25, 2006 01:45 ET (05:45 GMT)

25 Oct 2006 05:45 GMT =DJ EUROPEAN MORNING BRIEFING: Div Payments & Ex Div Dates

Anglo & Overseas (AOT.LN): FY 2006 Ex-Dividend Date

Balfour Beatty (BBY.LN): 1H 2006 Ex-Dividend Date

Bankers Investment Trust (BNKR.LN): 3Q 2006 Ex-Dividend Date

Brewin Dolphin Holdings (BRW.LN): 2Q 2006 Dividend Payment Date

Brit Insurance Holdings (BRE.LN): 1H 2006 Ex-Dividend Date

British Polythene Industries (BPI.LN): 1H 2006 Ex-Dividend Date

British Sky Broadcasting Group (BSY.LN): FY 2006 Ex-Dividend Date

Cepsa (CEP.MC): 1H 2006 Dividend Payment Date

City of London Investment (CTY.LN): 1Q 2007 Ex-Dividend Date

Dechra Pharmaceuticals (DPH.LN): FY 2006 Ex-Dividend Date

Drax Group (DRX.LN): 1H 2006 Special Dividend Payment Date

Helphire Group (HHR.LN): FY 2006 Ex-Dividend Date

JPMorgan Fleming Overseas (JMO.LN): FY 2006 Special Ex-Dividend Date

Lincat (LCT.LN): FY 2006 Ex-Dividend Date

Manchester & London Investment (MNL.LN): FY 2006 Ex-Dividend Date

McBride (MCB.LN): FY 2006 Ex-Dividend Date

Merrill Lynch Greater Europe (MGE.LN): FY 2006 Ex-Dividend Date

Mitchells & Butlers (MAB.LN): Special Dividend Payment Date

New City High Yield Trust (NCY.LN): 1Q 2007 Ex-Dividend Date

New Star Investment Trust (NSI.LN): FY 2006 Ex-Dividend Date

Premier Pacific (PPI.LN): 3Q 2006 Ex-Dividend Date

Ricardo (RCDO.LN): FY 2006 Ex-Dividend Date

RPS Group (RPS.LN): 1H 2006 Dividend Payment Date

SIG (SHI.LN): 1H 2006 Ex-Dividend Date

Sirdar (SRDR.LN): FY 2006 Ex-Dividend Date

UK Balanced Property Trust (UBR.LN): 2Q 2006 Dividend Payment Date

Wetherspoon (J D) (JDW.LN): FY 2006 Ex-Dividend Date

(END) Dow Jones Newswires

October 25, 2006 01:45 ET (05:45 GMT)