Thursday Papers: tips and comment

FT Lex Column:

 * ArcelorMittal -- announcing second-quarter results well ahead of expectations, chief executive Lakshmi Mittal predicted the good times would last at least another three years. It is tempting to agree

 * European recession -- recession-watch in the US and UK is taken very seriously indeed these days. Could the Eurozone follow a similar path?

 * Lloyds TSB -- for much of the past decade, Lloyds TSB has made a virtue of boring investors silly. The UK bank's first-half results showed the benefits of being dull but dependable

 * Old World oil -- crude oil comes in many varieties and demand patterns for the different products derived from it differ markedly. This is important because it means refining capacity, not just olilfield output, affects the crude price

 * China's Olympics -- Olympics can be famously bad for host cities' financial health. Beijing is set to go one better and prove sporting events can play havoc with corporate earnings too

 * Buoyant Aviva -- the UK insurer has barely missed a beat since the credit crisis exploded last Spring. So why is it being punished by the market?

 * Stabilisation funds -- stabilisation funds, designed to achieve medium-term macroeconomic stability rather than higher returns from excess forex reserves, are shimmying back into the limelight.

Lombard (p.16):

 * Andrew Moss's £1 billion gamble for Aviva shareholders -- Cadbury: Roger Carr gets his teeth in -- Spin and hot air from Centrica

Other comment:

 * Fund focus: Lipper shines light on IFA role (p.23)