** US & ASIAN WRAP **

** US MARKETS **
Dow 0.34%; Nasdaq 0.87%; S&P 0.34%; Soxx 1.3%; Russel2k 0.91%; DJAIG 0.35%; 10yr
Bond 0.01%; 10yr Yield 5.15%; Crude future 70.29; Gold 678.75

| Industrials 1.04%| Materials 0.99%| Technology 0.6%| ConsDisc 0.57%| Utilities
0.25%| Healthcare 0.25%| Financials 0.22%| Telecom 0.09%| ConsStaples 0.08%|
Energy -0.64%

** HEADLINES **
– Crude Oil May Fall as U.S. Refiners Bolster Gasoline Output, Survey Shows
- U.S. to Scale Back China Export Controls Proposal After Industry Outcry
- Gold Futures Exceed $680 an Ounce on Inflation Hedge, Iran Nuclear Dispute
- Euro Heads for Fourth Week of Gains as ECB Likely to Raise Interest Rates
- Yuan May Rise Above Eight Against Dollar Next Week, Currency Forwards Show

** IN PLAY TODAY **
The April employment report will be the main focal point
for investors, especially since the data now carry more negative implications
than positive for the equity market given the Fed’s increased policy guidance
from the economic indicators. In fact, a rise in the unemployment rate after
drop in March to a postrecession low of 4.65% and a payrolls figure below the
170K level could actually be bullish for stocks.

Per usual for a Friday, the list of companies scheduled to report earnings is
limited to only a few that could have implications on specific industries. With
pharmacy benefits providers under the microscope following the damage that the
recent TEVA/Ranbaxy ruling on generic Zocor did to competitor Express Scripts
(ESRX), Medco Health Solutions (MHS) may garner some extra attention. Other
notable names posting quarterly results tomorrow before the bell include El Paso
(EP), EOG Resources (EOG), Terex (TEX), Toll Brothers (TOLL) and Warner Music
Group (WMG).

** ASIAN MARKETS **

Nikkei closed; Kospi 0.41%; HSI 0.08%; Taiwan 0.35%; China 1.66%; India 0.36%;
Thailand -1.04%; Australia 1.12%

** ASIAN HEADLINES **
– Telecom New Zealand to Keep Unprofitable AAPT as Earnings Fall 19 Percent
- Australian Central Bank Indicates It Won’t Raise Rates From 5Year High
- Asian Stocks Gain, Led by BHP and Rio as Copper Climbs; Philippines Surges
- U.S. to Scale Back China Export Controls Proposal After Industry Outcry
- Thai Beverage to Sell $1.1 Billion of Shares in Singapore Initial Offering
- Philippine Stocks Post Biggest Jump in Three Years After Inflation Slows
- Asian Development Bank to Raise $3 Billion, Increase Local-Currency Sales