20/07/07 FTSE 100 6640.2, +73.1 Dow 14000.4, +82.2 FTSE 250 11880.2, +154.2 Nasdaq 2720.04, +20.55 FTSE All Share 3433.75, +38.01 S&P 500 1553.1, +6.95 Nikkei 18157.9, +41.4 Hang Seng 23220.8, +201.5 Oil (Brent) $78.74 Gold $678.10 Base Rate 5.75% 10 Yr Gilt 5.39% £/$ 2.049 Euro/Gbp 0.6729 Market report  The Dow Jones finished above 14,000 for the first time ever yesterday, bolstered by strong earnings from the industrial and technology sectors. The release of the Federal Reserve's minute's was not enough to dampen the mood, although it did result in the financial sector being left out of the market's rally. Ben Bernanke, speaking for a second day of testimony in front of the Congressional committee, said losses in the subprime mortgage sector could hit $100 billion. He also stated that more economic data would be required before the central bank is convinced that inflation was moderating. The Dow Jones gained 82.2 points to close at 14,000.4, the S&P 500 added 6.95 points to end at 1,553.1. The Nasdaq jumped 20.55 points to finish at 2,702.04. IBM led the Dow into record territory following a jump in quarterly profit, whilst raising its outlook for 2007 earnings. The world's largest technology services company finished 4.3% higher at $116.48, having risen to a five year high of $116.48 earlier in the session. Also in the tech sector, Hewlett-Packard rose after research reports from Gartner and IDC showed worldwide personal computer sales posted robust second quarter growth. Shares added 2.7% to close at $48.40. Honeywell International Inc finished 0.7% higher at $60.98. The diversified manufacturer gained after earnings that beat analysts estimates. Citigroup was 0.9% lower at $51.13 following the negative comments from the Fed concerning subprime mortgages. On a broader scale and index of banking stocks slipped 0.7%. US light crude oil for August delivery rose $0.87 to $75.92 a barrel giving commodity related stocks a boost. Exxon Mobil climbed 1.3% to $92.29. COMEX gold advanced $4.40 to $678.10. Treasury prices went higher, lowering the yield on the 10 year note to 5.01% from 5.03%. The Nikkei ended 41.4 points higher at 18,157.9 this morning, boosted by the strong performance in the US. Nippon Steel and Canon Inc climbed on speculation that their earnings will beat estimates. Automakers rebounded after parts supplier Riken said an earthquake damaged factory will resume operations next week. The Hang Seng is 201.5 points at 23,220.8 this morning. China Mobile climbed as it added a record number of subscribers for the ninth month running. Ping An Insurance led the sector higher after the nation reported premiums grew 21% in the first half. Cnooc led oil producers higher in line with the underlying commodity.   The London market was back on the front foot yesterday as investors regained their nerve after Wednesday's sell-off on both sides of the Atlantic. The FTSE 100 Index closed up 73.1 points at 6640.2, regaining some of the 92 points lost yesterday amid fears over sub-prime mortgages in the US and the country's wider economy. Rising copper prices and takeover speculation helped investors shrug off sluggish UK retail sales data, which was largely written off as being due to the wet weather. Antofagasta led the session's risers, on the back of firmer prices. The firm, which has three copper mines in Chile, gained more than 5%, or 37p to 725.5p, and cheered the sector. BHP Billiton followed not far behind, up 55p to 1499p, while Xstrata also gained 124p to 3419p, and Vedanta Resources rose 73p to 1804p. Another strong performance came from insurance firm Old Mutual up 5% to 175.9p on reports that its NedBank business in South Africa was a takeover target for Standard Chartered. The speculation did little for Standard Chartered, which has played down the rumours, with the shares off 13p at 1671p. Standard Chartered said the company's growth in South Africa was likely to remain "organically led" and declined to comment on the reports. Supermarket chain Morrisons was on the front foot as the company said that it was on track to meet its expectations, despite reporting slower like-for-like sales growth in recent weeks. Traders appeared content with the 3% figure, driving shares up by 12.25p to 328p. Mobile phone giant Vodafone also reassured the market that it was on track to meet full-year profits forecasts. The stock soared almost 2% on the news although it lost some early impetus to stand 2.8p higher at 161.9p. In the defence sector, approval from US regulators for BAE Systems' proposed £2bn takeover of Armor Holdings helped the firm gain 19.25p to 421.25p. Pubs chain Mitchells & Butlers was the Footsie's leading faller off more than 3% at 863p on reports of increased costs for the firm following a rumoured property deal with entrepreneur Robert Tchenguiz. British Energy was also down as the business warned of more outages at its nuclear power stations to fine-tune its boilers. The stock was off 6.5p at 523p. Other fallers included telecoms firm Cable & Wireless, which shed 0.7p to 188.8p after rival Digicel said it was launching a "multi-million pound" suit against C&W for allegedly delaying its entry into Caribbean markets. C&W has said it will "vigorously defend" the claim. Economic report     UK GDP (Q2, preliminary) 0930 BST Analysts expect GDP growth to be 0.7% in the second quarter as the PMIs point to average/trend growth. Within this, analysts expect some moderation in service sector activity to be offset by a small increase in industrial production. UK Index of Services (May) 0930 BST This is a new data series produced by the ONS and is the equivalent of the industrial production data for the services sector and does feed into the GDP estimates. Analysts expect growth in the service sector to remain buoyant for now as global growth continues to boost business services and finance. But later in the year it is expected that this support will offset weakness in the distribution and real estate sector. The details published in this e-mail are intended for information only and should not be construed as advice under the Financial Services and Markets Act 2000. Aventus Capital Management will not accept responsibility for any actions taken (or not taken) on the basis of information published in this e-mail. 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