It was a grand day of racing in Valencia today as conditions and match-ups conspired to provide some spectacular action.

The opening flight was a clash of the titans as Alinghi was paired with Luna Rossa Challenge, while further North, Emirates Team New Zealand faced BMW Oracle Racing.

Luna Rossa appeared to tie up Alinghi in knots during the pre-start, leading the Defenders off the start line and sailing out to a comfortable lead. The Italians appeared a little too comfortable with their lead up the second windward leg, however, when they allowed the Swiss to get out to the right hand side and find better breeze out there.

Skipper Francesco de Angelis looked nervously over his shoulder as the Defenders came rolling right up to them again. But the Italians managed to carry Alinghi past the wrong side of the windward mark, and when ITA 86 dived back towards the buoy they banked a useful lead of four boatlengths. This time there was no mistake and the jubilant Italian team handed Alinghi their first defeat of 2006.

BMW Oracle's Chris Dickson (USA 87) claimed the better start to the right although boatspeed soon pulled NZL 84 back on level terms.

Neck and neck at the top mark, the boats engaged in an aggressive circling duel before the Americans led the way back downwind. However an early hoist by the Kiwis saw them roll the opposition and force an early gybe from Dickson.

When the boats rejoined battle towards the bottom of the run, an ambitious gybing technique by the Kiwis saw their red spinnaker tear to shreds, and although their recovery was admirably rapid, the damage was done. The Americans never faltered on their way to a useful win in the first battle between two new-generation boats.

At the end of the day, BMW Oracle Racing is the only team to remain undefeated. But after a abandoned match due to the time limit against +39 Challenge, they share the lead four ways with Alinghi, Luna Rossa and Emirates Team New Zealand.

Further down the scoreboard, the Spanish syndicate was in a great position to join the logjam at the top of the leaderboard. They handily dispatched Mascalzone Latino-Capitalia in the first flight of races for their fourth straight win, but then lost to Team Shosholoza, which after not winning once in its first four races, won twice today.

All other races finished in a more or less expected manner and, ath the end of the day, Spanish and Swedish challengers have now four points each, one point before Mascalzone Latino-Capitalia Team.

Things don't look pretty for Areva Challenge, Team Germany and +39 challenge, tied at the bottom of the table, just one point before China Team which is the lone team yet to earn a point at the Valencia Louis Vuitton Act 10.

Flight 5 Results

+39 Challenge def. China Team (1'36'')
BMW Oracle def. Team NZ (0'47'')
Victory def. Team Germany (0'48'')
Areva Challenge lost to Shosholoza (0'14'')
Alinghi lost to Luna Rossa (0'34'')
Desafío Español 2007 def. Mascalzone (0'40'')

Flight 6 Results

China Team lost to Team NZ (7'07'')
+39 Challenge vs BMW Oracle - Abandoned
Mascalzone lost to Victory (1'53'')
Desafío Español lost to Shosholoza (0'33'')
Areva Challenge lost to Alinghi (2'18'')
Luna Rossa def. Team Germany (5'07'')