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The supermarket chains' sales slowed to 3.4% in the 4 weeks to 11 September (versus 5% in the previous 4 weeks) outperforming the market, which slowed to 1.2% (vs. 3.8%).

The correction comes after similar corrections in Belgium, the Netherlands and France and overall they point toward a potential slowdown in the Euro area in Q4.

Recent environmental disasters suggest that China needs to find a better balance between growth and environmental protection. The obsession with GDP has led to a neglect of growth quality issues.

While our forecasts are conservative and anticipate additional losses in the courtroom for MRK, our operating assumption is that MRK can handle a multi-billion settlement without a major impact on its fundamental business outlook.

Hong Kong is at the epicenter of U.S. monetary tightening and is fully valued.

Our bull case reaches as high as 950p if management were to sell trophy assets (the FT and FT.com would be worth 850 million pounds on a multiple of 8.0 times peak earnings before interest, tax and amortization), return 1.75 billion pounds of cash and bring Pearson's sub-standard margins (11.8% in 2004) up to industry norms of 17% (our 2008 forecast is 14%).

We recognize that this goes against powerful recent flows into emerging markets and Japan. However, in our view, flows are approaching the point of pushing Japan and emerging markets beyond fair value, creating the relative value opportunity in the U.S..

Right now, it's like an absence of bad news is being treated as good news. I see it as just a lot of noise right now. There's still a lot out there to deal with.

Net interest margin and Net interest income were stronger than expected, as BAC kept a tight lid on deposit pricing, shrank the securities portfolio and delivered strong loan growth. This should help reduce investor concerns on the bank's ability to manage through the flat yield curve.

As the company believes that the spike was, in part, an acceleration of losses that would have been incurred later in 2006, it expects to incur a lower level of bankruptcy losses in subsequent months.

The resumption of a dividend, made possible by the imminent closure of the asbestos liability, is also a significant positive.

Now that half of the property value is secured, any potential buyer would need to enhance the operating profitability of the business at a higher pace than what Sainsbury is doing which may appear challenging.

Urals claims to be considering a pipeline of 20-30 deals, and management expects to complete at least one substantial transaction by mid-year. We stress that, in our view, deal-flow expectations are absent from the current share price.

We remain concerned about the sustainability of performance.

While 2006 earnings targets appear achievable, we are concerned with the projected sustainability of volume and margins at the core Auto division. Fiat is not alone in lowering costs within its industrial base. Rival volume makers such as VW, Renault, Peugeot-Citroen, GM and Ford will also make significant restructuring improvements. In addition, Japanese and Korean market share gains are set to accelerate, putting manufacturers like Fiat on the hot seat.

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