Summary of Overnight News:
? The FTSE-100 may open sharply higher this morning next last night’s strong gains in New York, as dovish comments by Provided chairman Ben He and sliding essential oil prices allowed investors to put the particular crisis in typically the Middle East in order to one side and set a bit regarding blue on our displays to match the particular skies outside.

? myminershop surged larger on Wall Road yesterday evening after Government Reserve Chairman Dan Bernanke reassured the particular market with his look at that economic growth seems to be moderating and pumpiing remains contained, investors noted.

? ‘Clearly all of us don’t want to tighten too much in order to cause our economy to grow more slowly than its potential, ‘ Bernanke stated during questioning ahead of the Senate Banking Committee.
? Investors interpreted Bernanke’s testimony as a sign the Provided is close to be able to ending its streak of interest price hikes, dealers added.
? The DJIA closed 212. 19 points higher at 11, 011. 42, the best performance of 2006, while typically the Nasdaq ended upwards 37. 49 factors at 2, 080. 71.

USA

Numbers out Today:
thirteen: 30 US unemployed claims (w/e 15/7) k Prev 332
13: 30 FLORIDA wholesale sales (May) %m/m Prev zero. 1
15: 00 US leading signals (Jun) % Prev -0. 6
17: 00 US Phila. Fed (Jul) Prev 13. 1
19: 00 US Moments of 29 Jun FOMC Meeting

? Yesterday? s 0. 3% rise in the US June key CPI tipped the particular balance to one more 25bp rate walk on 8 September. But a much less hawkish than anticipated and fairly noncommittal testimony from Chairman Bernanke added a fraction more ambiguity towards the chance regarding an imminent level hike, with the emphasis seemingly read more about typically the longer term effect on inflation from moderating growth. His accounts, which gave sturdy boost to US and European discuss prices and Treasury bonds, came because the Fed released forecasts suggesting that it is ready to deliver US inflation lower gradually, to reduce the damage in order to the real economy.

UK

Figures out Today:
09: 30 Store sales (Jun) %m/m Exp 0. two Prev 0. five
09: 30 Retail sales (Jun) %y/y Exp 2 . not several Prev 4. 0
09: 30 PSNB (Jun)? m Experience 7000 Prev 6583
09: 30 PSNCR (Jun)? m Experience 13000 Prev 16246
? UK retail sales (09: 30) are usually forecast to get stinging up during June, by around 0. 2%. Overall, the particular quarterly performance regarding the retail sector should have increased considerably in Q2 that ought to underpin tomorrow? s release for GDP, expected in order to have grown 0. 7% in Q2, inline with typically the MPC? s central projection.

Japan

Figures out Today:
summer: 00 JN BoJ Monetary Policy Minutes
EURUSD @ one. 2590 GBPUSD @ 1. 8435 GBPEUR @ 1 ) 4640 USDJPY @ 116. 85

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