08/08/07 FTSE 100 6308.8, +119.7 Dow 13504.3, +35.5 FTSE 250 11235.2, +236.4 Nasdaq 2561.6, +14.27 FTSE All Share 3261.72, +61.57 S&P 500 1476.7, +9.05 Nikkei 17029.3, +107.5 Hang Seng 22360.5, +452.2 Oil (Brent) $71.79 Gold $682.30 Base Rate 5.75% 10 Yr Gilt 5.269% £/$ 2.02 Euro/Gbp 0.6802 Market report  US markets advanced yesterday in another choppy session, but resulted in a relatively small change for the Dow following five straight net moves of more than 100 points! The Federal Reserve left interest rates unchanged at its policy meeting, but it was the accompanying statement that investors were interested in. Although the Fed acknowledged its concern for the growing credit problems in the economy it said it did not believe this would drag on the broader economy. However, they also signalled that inflation was their main concern and a rate cut would not come anytime soon. The Dow Jones added 35.5 points to close at 13,504.3, the S&P 500 rose 9.05 points to end at 1,476.7. The Nasdaq advanced 14.27 points to finish at 2,561.6. Financials went higher, having initially fallen, following the Fed's statement. The S&P financial index closed 0.9% higher, with Citigroup Inc gaining 0.5% to $48.59. Goldman Sachs finished 1.8% higher at $191.25, but denied market rumours that it was liquidating its Global Alpha hedge fund. The two largest US home financing companies rose for a second day, as they sweep into the battered mortgage bond market to buy cheap debt. The stocks have been given a boost on the prospect that regulatory restrictions limiting the size of their portfolios might be lifted. Fannie Mae jumped 3.1% to $64.43, while Freddie Mac added 2.7% to $61.64. Energy companies went higher following a slight rebound in oil prices from Mondays drop. US light crude oil for September climbed $0.36 to $72.42 a barrel. Exxon Mobil rose 2.6% to $85.70, while Duke Energy jumped 5.4% to $18.86 after releasing second quarter results that beat expectations. This helped push the S&P utilities index up 2.1% for the day. After the close, Cisco Systems Inc posted earnings and revenues that topped estimates. The company also forecast revenue growth of 13 to 16% in 2008, sending the shares 5.4% to $31.30 in after hours trading. Treasury prices went lower following the Fed's decision, raising the yield on the 10 year note to 4.78%. COMEX gold for December edged $1.00 lower to $682.30 an ounce. The Nikkei rose 107.5 points to close at 17,029.3 this morning. Lenders led the advance as a measure of banks rose for the first time in 10 trading sessions on speculation recent declines made the shares attractive. Daikin Industries Ltd, the biggest Japanese maker of air conditioners, jumped after first quarter profit more than doubled. The Hang Seng is currently 452.2 points higher at 22,360.5 this morning, following the positive spin from the Fed's policy meeting. Cathay Pacific Airways and Standard Chartered advanced after beating first half profit estimates. PetroChina Co led gains among oil producers after the China Daily newspaper said the company will sell shares in Shanghai. Heavily-weighted banks and mining firms helped the London market surge almost 2% ahead yesterday with strong results and higher copper prices boosting investor confidence. The FTSE 100 Index closed up 119.7 points at 6308.8. Stocks powered ahead, with investors picking up bargains after recent falls on the Footsie and blue chips receiving a boost from impressive results from the likes of banking group Standard Chartered. The banking sector has taken a battering in recent weeks amid growing concerns about the health of the sub-prime credit market in the US. But solid figures from the UK's top banks over the last week have seen investors return to the shares. Asian-facing Standard Chartered rose 4%, or 68p, to 1638p, after it posted a 30% rise in first half pre-tax profits - topping analysts' forecasts. Royal Bank of Scotland lifted 20p to 589.5p and Northern Rock was 19p ahead at 779p. Insurance firms were also on the front foot after Standard Life reported better-than-expected interim sales figures, with life and pension business in the UK up 45% to £6.95bn. Shares rose 11p to 326p. Fellow insurer Prudential also advanced 3%, or 19p, to 704p. Miners too helped boost the market, with copper prices lifting the sector. Anglo American was the strongest riser, up 113p at 2798p, with Antofagasta also up 14.5p at 686.5p and BHP Billiton ahead 33p at 1366p. But Xstrata, which has offered £500 million for a South African platinum firm, suffered falls as investors digested news of the approach as well as first half results, with the performance of its coal arm disappointing some analysts. The group led only two share fallers, off 59p at 2872p, or 2%. Tate & Lyle was the only other to lose ground, down 1.5p at 558.5p. Back among the risers, outsourcing group Capita soared by 6% to lead the day's strongest performers. The group, which has been the centre of vague private equity bid rumours in recent weeks, saw shares lift 39p to 748.5p.   Economic report  UK Bank of England quarterly inflation report (August) 10.30 bst The Bank of England is expected to signal that it is happy with markets looking for UK interest rates to rise to 6 percent but not beyond. With the markets moving so much at the present it isn’t possible to state whether this will move market expectations. US Wholesales Inventories (Jun) 15.00 bst Wholesale inventories are lean as the inventory to sales ratio has dropped from 1.16 in January to a cycle low 1.11 in May. A 0.4 percent rise in June inventories is expected.   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.