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STOCKS NEWS EUROPE-UK small caps up 0.2 percent midsession

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The FTSE Small Caps index is up 0.2 percent around midday, while theblue chips and the mid caps are modestly lower, both down 0.1percent.

Flybe adds 7.5 percent as Europe's largest regional airline says itperformed in line with revised guidance in the second quarter. The company addsthat it has now formally signed a contract with Finnair to fly 12 Embraer E190regional jets on its behalf.

Tethys Petroleum drops 16.4 percent as the explorer revealspreliminary data from its AKD07 appraisal well in Kazakhstan, which traders saylooks slightly disappointing.

"Whilst the initial drilling and electric log results show potentialhydrocarbons in the Jurassic limestone sequence, the Dyna and Doris sands werefound to be water bearing," says Seymour Pierce in a note.

The broker, however, calls the news "a minor setback" and reiterates its"buy" rating and 72 pence price target on Tethys.

Reuters messaging rm://jon.hopkins.thomsonreuters.com@reuters.net

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