29/08/07   FTSE 100 6102.2, -117.9 Dow 13041.8, -280.3 FTSE 250 10793.8, -175.7 Nasdaq 2500.64, -60.61 FTSE All Share 3151.43, -58.03 S&P 500 1432.35, -34.45 Nikkei 16012.8, -274.7 Hang Seng 23032.1, -331.7 Oil (Brent) $70.42 Gold $662.88 Base Rate 5.75% 10 Yr Gilt 4.99% £/$ 2.0035 Euro/Gbp 0.6787 Market report  US stocks took a battering on Tuesday after the minutes from the last Federal Reserve policy meeting failed to reassure investors worried about weak housing, consumer confidence reports and ongoing credit and mortgage market woes. The DJIA lost 280.28 points to close at 13041.85, the S&P500 fell 34.43 points to 1432.36 and the Nasdaq fell 60.61 points to close at 2500.64. Stocks fell through the mid afternoon, as investors eyed reports that showed a big drop in home prices, weaker consumer confidence and more problems for the financial sector. The release of the minutes from the Fed meeting added fuel to the fire, despite offering little new information on the central bank's outlook on the economy. The minutes showed that at the time, the bankers were not overly worried about the impact of the sub prime and credit market turmoil on the economy. Although the Fed did state that if the economy should deteriorate, it was prepared to cut rates. State Street closed $2.72 lower at $61.16 on reports that the money manager has exposure to $22bn of asset backed commercial paper conduits, the kind of assets that have hurt European rivals recently, according to The Times newspaper. After the close, share of Dillards fell after the department store operator reported a quarterly loss, versus a profit a year ago. PDL Biopharma slumped 15 percent after the biotech company withdrew its 2007 financial guidance, said it will sell its marketed drugs and said that an experimental drug in late stage trials failed. In other corporate news, Warren Buffets Berkshire Hathaway has reportedly bought another 10m shares in Burlington Northern Santa Fe. Treasury prices rose, lowering the yield on the 10 year note to 4.52 percent from 4.57 percent late Monday. In currency trading, the dollar rose versus the euro and eased against the yen. US light crude oil for October fell 27 cents to settle at $71.70 a barrel on NYMEX. COMEX gold for December delivery fell $2.70 to settle at $673.50 an ounce. Japanese stocks slid nearly 3 percent today as a strong yen sparked sales of exporters such as Sony Corp after worries about the US economy set off a Wall Street tumble, but later recouped some losses. The Nikkei average lost 274.66 points to close at 16012.83 The FTSE100 closed 117.9 points lower on Tuesday as jittery investors returned after the bank holiday. The banking sector accounted for about 31 points of the index's fall. HSBC fell 1.9 points, and Lloyds by 3 percent. In other banking news, Barclays shed 3.6 percent despite denying a FT report that it has several hundred million dollars of exposure to failed debt vehicles structured by its investment banking arm. Britain's mortgage banks also fell, with Bradford and Bingley down 5.2 percent, after JP Morgan cut its price target and said it saw the UK mortgage market at a turning point. HBOS fell by 2.3 percent, Alliance and Leicester by 3.9 percent and Northern Rock by 3.7 percent. Oil stocks fell, along with the price of London Brent, on concerns about global economic woes and as peak summer driving demand was drawing to a close. BP lost 1.9 percent and Royal Dutch Shell dipped 2.4 percent. J Sainsbury lost 2.5 percent after the FT reported on Saturday that the firm had given Qatari based investment fund Delta Two more time to boost the equity component of its £10.4bn takeover bid. The Times reported on Monday that Delta Two is considering seeking informal guidance from the OFT on whether its plan to bid for J Sainsbury would lead to a regulatory inquiry. Economic report  There is no major economic news today. 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. Aventus Capital Management is a trading style, "Aventus" is a trade mark and the Aventus logo is a registered trade mark of Rickerbys Solicitors.  Rickerbys is regulated by the Solicitors Regulation Authority.  Authorised and regulated by the Financial Services Authority.