DJ EUROPEAN MORNING BRIEFING: Stocks To Extend Gains

(This repeats an item published at 0500 GMT)
US SUMMARY: Late Rebound Sends Stocks Higher

DJIA 11103.71 gain 52.66 up 0.5%
NASDAQ 2073.90 gain 12.06 up 0.6%
S&P 500 1268.88 gain 7.97 up 0.6%
Dow Future 11120.00 loss 7.00 dn 0.1%
NASDAQ Future 1491.50 loss 0.75 dn 0.1%
S&P Future 1271.75 gain 0.25 0.0%
Euro-USD 1.2580 gain 0.0003 up 0.02%
10-Yr US Treasury: 5.07% up 0.02
(Futures values, Treasury, EUR/USD Data as of 0450 GMT)
A late-day rebound gave stocks a moderate advance Tuesday as sharply lower oil prices and an unexpected jump in consumer confidence soothed investors' unease over a batch of mixed earnings. Treasurys and oil fell, while the dollar gained.

STOCKS: The market fluctuated through much of the session after disappointing results from UPS and 3M stoked concerns about the health of corporate profits. McDonald's and AT&T both had strong earnings, but anxiety over interest rates and Middle East violence held back gains.

Wall Street found some support from the day's economic news. Consumer confidence rose in July despite soaring gasoline prices, and a modest slowdown in existing home sales last month also brightened hopes of a soft landing for the economy.

"We're looking at a picture of the Fed having raised interest rates to levels above neutral, and may have to raise again," said Brian Gendreau, investment strategist for ING Investment Management. "The economy is slowing, and there are still concerns about inflation. Plus central banks around the world are also hiking rates."

Hewlett-Packard shares lost 3.6% in late trading after it agreed to acquire Mercury Interactive in a deal worth around $4.5 billion. H-P said the acquisition would cut its profit before one-time items by around 4 cents a share in fiscal 2007.

Amazon.com shares shed 10% after the online retailer's second-quarter profit dropped 58% as the cost of employee stock options and other expenses offset higher sales.

Sun Microsystems posted a 29% jump in sales in its fiscal fourth quarter yet reported a net loss, in part because of acquisition and restructuring charges.

Blackstone Group is considering a possible bid to top the $21.3 billion leveraged buyout of hospital chain HCA, according to a person familiar with the matter.

FOREX: The dollar rallied against its widely traded counterparts Tuesday after U.S. economic data came in stronger than expected. The data, in turn, revived expectations of more Fed tightening that would support the dollar. Fighting in the Middle East also underpinned the dollar on the safety bid.

After the data, the fed funds futures market increased the likelihood of a Fed interest rate hike at its next meeting in August to about 60% from somewhat under 50% on Monday.

BONDS: Treasury prices ended lower Tuesday because of the economic data that proved better than forecasters had reckoned, especially on consumer confidence.

"Confidence rose in July, as consumers looked past tensions in the Middle East and high gas prices to focus on the current state of the labor market," said Wachovia Securities economist Gina Martin. "We doubt this report is an indication of a bounce-back in spending, however," she said.

OIL: Prices tumbled as energy traders awaited developments in the conflict between Israel and Hezbollah in Lebanon. A barrel of light crude sank $1.30 to $73.75 on the New York Mercantile Exchange.

ASIAN SUMMARY: Stocks Mixed; CPI Spike Hits Sydney Market

USD-Yen 117.06 loss 0.16 dn 0.2%
AUD-USD 0.7558 gain 0.0030 up 0.4%
Nikkei 225 14970.41 loss 84.43 dn 0.6%
Hang Seng 16586.21 gain 2.35 up 0.01%
S&P/ASX 200 4943.40 loss 49.00 dn 1.0%
Taiwan Index 6374.58 loss 16.41 dn 0.3%
S.Korea Kospi 1278.36 loss 1.41 dn 0.1%
JGB Yield 1.8600% down 0.0100
(All values as of 0450 GMT)
STOCKS: Japanese stocks were slightly lower Wednesday on technical selling, as investors awaited a string of earnings reports, including Honda and Matsushita Electric, later in the day.

Spooked by surging inflation, Australia's share market was sharply weaker. Second quarter CPI rose 1.6% versus market expectations of 1.0%. Dealers said the inflation data could push the benchmark index below support technical support near 4900.0. Banks were lower and miners were mixed.

FOREX: Dollar/yen may stay in a 115.00-118.00 range this week until the market firms up its view of the Fed's intentions, traders say. If upcoming U.S. data show weakness, traders will sell dollars.

BONDS: Japanese government bond prices edged up. The Bank of Japan will gradually adjust interest rates but is likely to maintain an accommodative monetary stance for a while, BOJ Policy Board member Miyako Suda said Wednesday. Dealers viewed the statement as vague enough so as to have little effect on JGBs.

OIL: Prices dipped 6 cents to $73.69 as traders awaited the weekly report on U.S. petroleum inventories. "The market is a bit nervous about the U.S. inventory report. The numbers have been a bit confusing over the past two to three weeks" because of holidays in the U.S., said Tobin Gorey, a commodity strategist at Commonwealth Bank of Australia. "The numbers this week should give us a reasonably clean read on what is going on."

METALS: Spot gold was at $615.40/oz, down $2.55 on the New York close. Gold will remain within the current $600-$655 trading range for now, says James Moore at TheBullionDesk.com. "Trading conditions are likely to become more volatile."

LME 3-month copper inched up in Asia, around $7,505/ton, up $75. It's likely to remain in the $7,000-$7,600 trading range until more light is shed on what unions decide to do at Escondida, says Man Financial. Unions at the world's largest privately-held copper mine are to hold a strike vote July 28.

EUROPEAN OUTLOOK: Stocks Likely To Continue Higher

Euro-USD 1.2580 gain 0.0003 up 0.02%
Stlg-USD 1.8418 gain 0.0022 up 0.1%
USD-Franc 1.2522 loss 0.0016 dn 0.1%
(All values as of 0450 GMT)
European shares should open firmer, with prices of government debt and the euro under some pressure.

STOCKS: European markets should enjoy a bright opening session buoyed by Wall Street's late recovery.

U.K. spreadbettor CMC Markets is calling the FTSE up 25 points at 5876, the DAX up 21 at 5586 and the CAC up 27 at 4960.

"We're still in defensive mode for the markets, but some uncertainty has been removed on the U.S. front...which is positive for markets," said Charles Dautresme, part of the European equity strategy team at Standard & Poor's.

Morgan Stanley's European equity strategists agreed.

"Over the next six to twelve months we are quite confident that markets can go significantly higher on the back of a pause or an end to Fed tightening, slowing but still solid growth, and a peak in inflation expectations," they said.

European stock markets traded mostly higher on Tuesday, as gains in the commodity sector, and earnings from companies such as luxury goods retailer LVMH provided cheer.

FOREX: The euro opens under pressure, but the German Ifo figures will dictate its next immediate move. Any strength in the Ifo could boost the euro on the notion that the ECB could tighten beyond one more hike of 25 basis points.

Meanwhile, with the Fed outlook again jumbled, the market will turn to remaining U.S. data this week, including U.S. durable goods orders, the Fed's Beige Book survey of economic conditions in its 12 districts and second-quarter gross domestic product growth.

BONDS: Prices of European government debt are likely to start slightly lower, with technicals weighing as investors assess the latest European and U.S. data.

Analysts said the impact of the strong U.S. data may be fleeting. "I know that the data suggest that there is more in terms of (U.S.) growth than anticipated, but these are secondary numbers," said Andre de Silva, fixed-income strategist at HSBC in London. "The key issue will be the (U.S.) GDP release." That comes on Friday.

On the yield curve, the long end remains in positive territory ahead of Wednesday's auction of EUR6 billion of 30-year bunds. Market participants still expect the European Central Bank will raise rates by 25 basis points to 3.0% after its monetary policy meeting Aug. 3.

Analysts said following the mixed sentiment surveys from Italy and France, the market was now looking forward to the closely-watched German business climate gauge from the Munich-based Ifo Institute for Economic Research.

The Ifo's main indicator of business sentiment, which is due at 0800 GMT Wednesday, is expected to ease to 106.0 in July from 106.8 the previous month, according to a Dow Jones Newswires survey of economists.

European government bond prices were weaker Tuesday with gilts and bunds losing early technical-inspired gains following stronger-than-expected U.S. consumer confidence and home sales data, analysts said.

CALENDAR: Wednesday, July 26: German Ifo; US Energy Data

GMT Expected Previous
0800 GER July Ifo Business Sentiment 106.0 106.8
0915 GER ECB allocates long-term refi ops bids,
Frankfurt
1100 US Jul 21 MBA Refinancing Index -1.6%
1130 GER Govt press conf, Berlin
1400 US June Chicago Fed Natl Activity Index -0.16
1430 US Jul 21 Energy Dept Gasoline Stocks (barrels) -280,000 +1.5M
1430 US Jul 21 Energy Dept Crude Oil Stocks (barrels) -50,000 +200,000
1430 US Jul 21 Energy Dept Distillate Stocks (barrels) +1.6M +1.2M
1800 US Federal Reserve Beige Book
N/A GER Federal auction of 30-yr bonds

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

(MORE TO FOLLOW) Dow Jones Newswires

July 26, 2006 01:45 ET (05:45 GMT)

26 Jul 2006 05:45 GMT =DJ EUROPEAN MORNING BRIEFING: Corporate Events

Air Liquide (12007.FR): 2Q Revenue
Average sales (DJ, 4 analysts): EUR2.77B (EUR2.57B)
Note: Like-for-like growth should be in-line with the 7% seen in 1Q but overall growth rate seen down on falling natural gas price, analyst says. Key is outlook on 1H ebit margin, with year earlier's 17.6% level seen challenging to repeat. Company reports Wednesday pre-market.

Autoliv (ALV): 2Q Earnings
Average pretax profit (SME Direkt, 8 analysts): US$129M (US$133M)
Forecast range: US$125M - US$135M
Average sales: US$1.55B (US$1.66B)
Note: Earnings at the car-safety products maker are seen weighed down by lower car production in Autoliv's key markets. Focus will be on product mix and market outlook.

Banco Bilbao Vizcaya Argentaria (BBV): 2Q Earnings
Average net profit (DJ, 7 analysts): EUR2.16B (EUR998M)
Average net interest income: EUR2.07B (EUR1.82B)
Note: The 2Q profit data is expected to be inflated by more than EUR1B in asset divestments and, stripping out all of these gains, analysts expect BBVA's 2Q net profit to rise 11% to EUR1.1B, backed by robust growth in loans and deposits in Spain, Mexico. Analysts to focus on evolution of margins, loan and deposit volumes.

Cintra (CIN.MC): 1H Earnings
Average net profit (DJ, 4 analysts): EUR17M (EUR51.3M)
Average EBITDA: EUR254M (EUR212.4M)
Average sales: EUR389M (EUR321.7M)
Note: Absence of one-time gains that boosted results last year, higher debt level and operating costs are expected to be just partially offset by solid traffic figures.

Endemol (34569.AE): 1H Earnings
Average net profit (DJ, 4 analysts): EUR45M (EUR38M)
Average sales: EUR460M (EUR421M)
Note: Better results according to analysts mainly driven by organic growth in US and UK. Analysts pay special attention to potential remarks on pending sale of Endemol by parent company Telefonica (TEF).

Gas Natural (GAS.MC): 2Q Earnings
Average net profit (DJ, 7 analysts): EUR163.2M (EUR129.8M)
Average EBITDA: EUR423.4M (EUR334.1M)
Average 1H net profit: EUR439.8M (EUR368M)
Average 1H EBITDA: EUR926M (N/A)
Note: Results seen boosted by electricity business following a significant expansion of its gas-powered generation park, coupled with high wholesale prices. Gas distribution in core Spanish market also seen driving results on higher margins, with increased contribution from Latam business. More Enagas (ENG.MC) divestments also seen contributing to earnings. Focus will be on survival strategy in takeover war for Endesa (ELE), with its bid still suspended by courts and rival E.On's (EON) bid expected to be approved this week by regulators, analysts say.

GlaxoSmithKline (GSK): 2Q Earnings
Average pretax profit (DJ, 13 analysts): GBP1.9B (GBP1.7B)
Average sales: GBP5.7B (GBP5.2B)
Note: Glaxo's asthma inhaler Advair, which next year is facing competition from AstraZeneca's (AZN) rival drug Symbicort, should lead contributions to pharmaceutical revenue, with sales rising 9% to GBP791M. Earnings will also be boosted at GSK by a one-off gain from the sale of marketing rights to blood pressure treatment Pritor to Bayer (BAY), in addition to a strong performance from vaccines and diabetes drugs Avandia, Avandaryl and Avandamet.

Some analysts have speculated that drug price increases in the U.S. and ongoing efforts at cost containment may even lead to revised guidance for GlaxoSmithKline's full year. "With expectations of a stronger second-quarter the market may be disappointed if guidance is not raised with the second quarter results," analysts at Lehman wrote in a note to investors.

Lonza (LONN.VX): 1H Earnings
Average net profit (DJ, 8 analysts): CHF105M (CHF87M)
Note: Analysts expect profit to rise more than sales, which they expect to have risen 10% to CHF1.35B from CHF1.23B, because sales of high-margin ingredients for the pharmaceutical industry have outpaced revenue growth of traditional fine chemicals. Analysts expect to learn details about planned capacity expansion in Singapore, details and terms of the partial-IPO of the Polymer Interdiates unit and a potential entry into vaccines. Lonza will report before market opens.

Merck KGaA (MRK.XE): 2Q Earnings
Average net profit (DJ, 13 analysts): EUR514M (EUR248M)
Note: Earnings are seen benefitting from an extraordinary 2Q pretax gain of EUR400M as Merck sold its 21.4% stake in Schering (SHR) to Bayer (BAY). 2Q sales are seen +7.4% at EUR1.59B versus EUR1.48B. Some analysts expect liquid crystal sales to rise although operating margins in that business are seen declining by around 50% versus 1Q. Analsyts expect the company to confirm high double-digit sales and EBIT growth in its full year guidance. Analysts are looking for an update on how the generic challenge for respiratory drug Duoneb is evolving in the US. Report due 0530 GMT.

Modern Times Group (MTG-B.SK): 2Q Earnings
Average net profit (SME Direkt, 9 analysts): SEK328M (SEK191M)
Average sales: SEK2.52B (SEK1.98B)
Average pretax profit: SEK482M (SEK257M)
Note: Analysts will be interested in details on costs associated with program investments and efforts to boost Scandinavian pay-TV subscribers base. Eyes also on progress of Eastern European and Russian operations.

MTU Aero Engines (MTX.XE): 2Q Earnings
Average net profit (DJ, 6 analysts): EUR23M (EUR1.7M)
Average EBIT: EUR43.4M (EUR21M)
Note: Analysts say main earnings driver will likely be maintenance, repair and overhaul unit. Sales seen up 12% to EUR567.9M from EUR516M. Analysts expect company to raise FY 06 target for EBITDA adjusted for special items like restructuring, R&D in light of recent CEO comments and strong business development year-to-date. So far, MTU targets adjusted EBITDA of EUR270M in 06.

Northern Rock (NRK.LN): 1H Earnings
Average underlying attributable profit (Co consensus): GBP172M (GBP149.4M)
Note: The bank's strong volume growth will also draw attention to its interest margin and credit quality, say analysts at Credit Suisse, who have a neutral rating on Northern Rock's shares. They expect a "modest uptick in arrears to about 0.45% of loans from 0.39% in December." But the real story for them will be for margins and volumes in the second half, Credit Suisse says, when interest rate expectations rise.

The real challenge will be in the second half, analysts say, when the Bank of England may be tempted to resume raising interest rates if the housing market continues to heat up, thereby slowing the bread and butter businesses of all three. In a preview of earnings, analysts at UBS noted "even without a rate rise from the Bank of England, the proportion of take-home earnings taken up by mortgage interest payments at the average household will be close to a 15-year high by the end of 2006, at 47.3%." A further 25 basis-point rate rise would push this "above the top of its historical range" and suggest a slowing in the second half, UBS said.

(MORE TO FOLLOW) Dow Jones Newswires

July 26, 2006 01:45 ET (05:45 GMT)

26 Jul 2006 05:45 GMT =DJ EUROPEAN MORNING BRIEFING: Corporate Events -2-

PSA Peugeot-Citroen (12150.FR): 1H Earnings
Average net profit (DJ, 6 analysts): EUR423M (EUR681M)
Average operating profit: EUR755M (N/A)
Average sales: EUR29.3B (N/A)
Note: Operating margin is seen at 2.6% versus 4.1%. Analysts fear management will be more downbeat on 2H prospects than previous guidance.

Rautaruukki (RTRKS.HE): 2Q Earnings
Average pretax profit (SME Direkt, 11 analysts): EUR148M (EUR182M)
Note: The company is not seen matching its unexpectedly strong 2Q '05 profitability level which stemmed from exceptionally high steel prices, but sales are expected to go up 3% to EUR969 million from EUR939 million in the year-ago quarter on strong global demand and firming steel prices during the quarter. Eyes are on near-term company guidance as steel prices rise. Report due at 0900 GMT.

Reuters (RTRSY): 1H Earnings
Average trading profit (Co, 13 analysts): GBP150M (GBP156M)
Average revenue: GBP1265M (GBP1139M)
Average EPS: 8p (6.4p)
Note: Reuters returned to revenue growth last summer, after more than three years of decline, but analysts and investors will be looking particularly for signs of acceleration from Reuters Core Plus growth program, which seeks to tap into new markets and generated 0.5% in organic revenue growth in 1Q '06.

RHI (RHI.VI): 1H Earnings
Average pretax profit (DJ, 3 analysts): EUR51.4M (EUR43.7M)
Average sales: EUR664.3M (EUR601.9M)
Average EBIT: EUR63.8M (EUR56M)
Note: Earnings are seen bolstered by higher steel production in Europe and 1Q price increases, say analysts.1H '05 results have been adjusted to exclude RHI's Heraklith Group, which was sold in 1Q '06.

Saipem (SPM.MI): 2Q Earnings
Average net profit (DJ, 5 analysts): EUR83M (EUR55M)
Average EBIT: EUR121.2M (EUR82M)
Average sales: EUR2.02B (EUR1.17B)
Note: The 2005 data don't include Snamprogetti's figures. Saipem bought the Eni's division at the beginning of 2006 but consolidation has taken place after April 1. During 2Q Saipem won several worldwide contracts worth over $3.8B and this will have a positive impact on order backlog, analysts say.

Serono (SRA): 2Q Earnings
Average net profit (DJ, 7 analysts): US$176M (US$175M)
Note: Analysts expect product sales to have risen 6.7% to $652M from $611M, on the back of a 6.1% increase in worldwide sales of flagship drug Rebif to $346M from $326M. US sales of Rebif are expected to have risen 18% to $113M from $96M. Analysts will be watching for comments on how the company plans to acquire products or smaller rivals to reduce its dependency on Rebif.

SGL Carbon (SGG): 2Q Earnings
Average net loss (DJ, 5 analysts): EUR3.6M (EUR11M net profit)
Average EBIT: EUR28.6M (EUR33.3M)
Average sales: EUR302.6M (EUR280.8M)
Note: Net loss was due to a EUR75.7M fine for price fixing imposed by the European Court of Justice in June. 2Q EBIT would have increased on strength in its core business, Carbon and Graphite, and a market capable of absorbing price rises, analysts say. Analysts are watching the impact of the fine on full-year forecasts.

Snam Rete Gas (SRG.MI): 2Q Earnings
Average net profit (DJ, 5 analysts): EUR107M (EUR134M)
Average EBITDA: EUR334M (EUR372M)
Average sales: EUR429M (EUR454M)
Note: Net income decrease is expected to be due to falling gas consumption, both for domestic and industrial use, and to higher operating costs, analysts say. Analysts will take a close look at Snam's debt level, seen at around EUR5.0B. Company reports Wednesday.

Stora Enso (SEO): 2Q Earnings
Average pretax profit (SME Direkt, 17 analysts): EUR141M (EUR11.9M)
Average operating profit: EUR1741M (EUR5.7M)
Average sales: EUR3.6B (EUR3.19B)
Note: Sales are seen climbing 13% on strong global demand, while 2Q operating profit is seen increasing on higher paper prices. Eyes are on operating costs as energy prices rise, company price development, and possible restructuring plans.

Syngenta (SYT): 1H Earnings
Average net profit (DJ, 8 analysts): US$946.8M (US$912M)
Average sales: US$5.24B (US$5.39B)
Note: Net profit attributable to shareholders is seen up from a year ago. Sales seen dropping 2.8% on difficult market conditions in Latin America, hurting sales of its crop protection business. Analysts want to see if company was able to offset higher raw materials-related input costs with savings stemming from the operational efficiency program. Focus is also on comments about business development in the 2H and hoped-for reiteration of full-year guidance.

Telefonica Moviles (TEM): 1H Earnings
Average net profit (DJ, 3 analysts): EUR921.9M (EUR927.6M)
Average operating income before depreciation and amortization: EUR3B (EUR2.58B)
Average sales: EUR8.84B (EUR7.76B)
Note: Net profit is weaker than the previous year due to weakness in Brazil and lower margins in Spain. Revenue is seen +14%. Focus is on LatAm outlook.

TPSA (TPS.WA): 2Q Earnings
Average net profit (DJ, 5 analysts): PLN559.6M (PLN455M)
Average sales: PLN4.61B (PLN4.6B)
Note: Despite only a small increase in sales revenue as analysts expect growth in mobile business margins and no new provisions. Analysts will be looking for hints on potential provisions to cope with recent regulatory decisions expected to dent revenues next year.

(MORE TO FOLLOW) Dow Jones Newswires

July 26, 2006 01:45 ET (05:45 GMT)

26 Jul 2006 05:45 GMT =DJ EUROPEAN MORNING BRIEFING: Corporate Events -3-

OTHER SCHEDULED EVENTS:

Aguas de Barcelona (AGS.MC): 2Q Earnings

Antofagasta (ANTO.LN): Trading Update

Autogrill (AGL.MI): 1H Earnings

Autonomy Corporation (AU.LN): 2Q Earnings

AWG (AWG.LN): AGM

Banco Espirito Santo (BES.LB): 1H Earnings

Carbone-Lorraine (3962.FR): 2Q Revenues

Celsis International (CEL.LN): AGM

Clinical Computing (CLC.LN): AGM

Croda International (CRDA.LN): 1H Earnings

CSR (CSR.LN): 1H Earnings

Dalet (7617.FR): 2Q Revenues

Digigram (3578.FR): 2Q Revenues

Elcoteq (ELQAV.HE): 2Q Earnings

Euro Disney (12587.FR): 3Q Revenues

Hermes International (5229.FR): 2Q Revenues

Honda Motor (7267.TO): 1Q Earnings

I.Net (INE.MI): AGM

Imerys (12085.FR): Analyst Meeting

Jones Apparel Group (JNY): 2Q Earnings

Kontron (KBC.XE): AGM

Kverneland (KVE.OS): 2Q Earnings

Law Debenture Corp (LWDB.LN): 1H Earnings

Linificio & Canapificio (LI.MI): 1H Earnings

Nicox (7413.FR): 1H Earnings

Oxigene Inc (OXGN): 2Q Earnings

Pergo (PERGO.SK): 1H Earnings

Pilkington (QUG.LN): AGM

PKL Holding (PKL.LN): FY Earnings

Praktiker (PRA.XE): 1H Earnings

Renishaw (RSW.LN): FY Earnings

Sanctuary Group (SGP.LN): 1H Earnings

Scottish Power (SPW.LN): AGM

Severn Trent (SVT.LN): AGM

Teamlog (6496.FR): 2Q Revenue

Temenos Group (TEMN.EB): 2Q Earnings

Viscofan (VIS.MC): 1H Earnings

VT Group (VTG.LN): AGM

Wolfson Microelectronics (WLF.LN): 1H Earnings

Woolworths Group (WLW): Trading Update

(MORE TO FOLLOW) Dow Jones Newswires

July 26, 2006 01:45 ET (05:45 GMT)

26 Jul 2006 05:45 GMT =DJ EUROPEAN MORNING BRIEFING: Div Payments & Ex Div Dates

Ashtead Group (AHT.LN): FY 2005 Ex-Dividend Date

Bankers Investment Trust (BNKR.LN): 2Q 2006 Ex-Dividend Date

Brunner Investment Trust (BUT.LN): 1H 2006 Ex-Dividend Date

Charter Pan-European Trust (CPE.LN): 1H 2006 Ex-Dividend Date

Chemring Group (CHG.LN): 1H 2006 Ex-Dividend Date

City of London Investment (CTY.LN): 4Q 2006 Ex-Dividend Date - Propose

Domino Printing Sciences (ELQAV.HE): 1H 2006 Ex-Dividend Date

Funespana (FUN.MC): FY 2005 Dividend Payment Date

Funespana (FUN.MC): FY 2005 Ex-Dividend Date

Goldshield Group (GSD.LN): FY 2005 Ex-Dividend Date

Hornby (HRN.LN): FY 2005 Ex-Dividend Date

ICAP (IAP.LN): FY 2005 Ex-Dividend Date

Jupiter Dividend & Growth (JDTE.LN): 2Q 2006 Ex-Dividend Date

London Scottish Bank (LSB.LN): 1H 2006 Ex-Dividend Date

Northern Foods (NFDS.LN): FY 2005 Ex-Dividend Date

UK Balanced Property Trust (UBR.LN): 1Q 2006 Dividend Payment Date

(END) Dow Jones Newswires

July 26, 2006 01:45 ET (05:45 GMT)