** US & ASIAN WRAP **

** US MARKETS **

Dow 0,48%; Nasdaq 0,29%; S&P 0,04%; Soxx -1,02%; Russel2k -0,11%; DJAIG 1,55%;
10yr Bond -0,07%; 10yr Yield 5,13%; Crude future 70,61; Gold 702,24

| Materials 0,82%| Energy 0,7%| ConsDisc 0,31%| ConsStaples 0,26%| Financials
0,17%| Industrials 0,17%| Telecom 0,1%| Technology -0,5%| Healthcare -0,61%|
Utilities -0,82%

** US HEADLINES **

Fed’s Campaign Succeeds in Lifting Borrowing Costs, Fails to Slow Economy
- U.S. Criticism of China Yuan Policy May Stop Short of Manipulation Charge
- Gold Reaches 25-Year High, Oil Exceeds $70 on Iran Nuclear Dispute Concern
- Credit Suisse to Pay Enron $90 Million to Resolve Bankruptcy-Related Case
- Dollar May Slide on Speculation Federal Reserve to Indicate Pause on Rates

** US AFTER HOURS **

- Cisco Systems (-1.5% after hours) reported Q3 (Apr) non-GAAP earnings of $0.29
per share. That excludes option expense but includes a $0.02 tax benefit but may
not be comparable to the Reuters Estimates consensus of $0.26. Total revenues
rose 18.0% year/year to $7.3 bln vs. the $7.16 bln consensus. Cisco reported
non-GAAPgross margin 65.7% vs. the 66.2% Street expectation.

- Walt Disney (+2.8% after hours) reported Q2 (Mar) earnings of
$0.37 per share, six cents better than the Reuters Estimates consensus of $0.31.
Total revenues rose 2.5% year/year to $8.03 bln vs. the $8.19 bln consensus.

- Excluding non-recurring items, Symantec (+3.1% after hours) reported Q4 (Mar)
earnings of $0.26 per share, a penny better than the Reuters Estimates
consensus. Total revenues rose 1.0% year/year to $1.30 bln vs. the $1.27 bln
consensus. Co issued downside guidance for Q1, sees EPS of $0.20-0.21 (consensus
$0.24) and revenues of $1.22-1.25 bln (consensus $1.25 bln). Co issued in-line
guidance for FY07, sees EPS of $1.05-1.15 (consensus $1.13) and revenues of
$5.3-5.5 bln (consensus $5.41 bln).

** IN PLAY TODAY **
All eyes will be fixated on the FOMC meeting (20:15 CET), wherein the
Federal Reserve is expected to raise rates another 25 basis points to 5.00% -
the 16th consecutive increase since June of 2004. The weekly oil inventories
report is on the roll at 16:30 CET.

On the earnings front, Federated Department Stores (FD), Aramark (RMK), Legg
Mason (LM), Mittal Steel (MT), and Teva Pharmaceuticals (TEVA) are among a few
notable names posting results before the bell. After the close, Dow component
American International Group (AIG) and News Corp (NWS.A) are scheduled to
report.

** ASIAN MARKETS **

Nikkei 1,23%; Kospi -0,2%; HSI -0,64%; Taiwan -0,87%; China 0,77%; India
0,69%;Thailand -0,25%; Australia 0,56%

** ASIAN HEADLINES **

Citigroup Gives Way on China Bank Takeover to Keep $3 Billion Deal Alive
- Asian Stocks Fall Most in a Month on Dollar’s Decline; Honda, Samsung Drop
- Japan Air Reports First Loss in Two Years; Passengers Defect to All Nippon
- Japan’s Notes Slide on Concern Central Bank Will Soon Raise Interest Rates
- China Vows to Build Strategic Mineral Reserves to Ensure Stable Supplies
- Baidu Reports First-Quarter Profit Jump on Ad Sales; Sina Earnings Decline
- U.S. Criticism of China Yuan Policy May Stop Short of Manipulation Charge
- Australian Companies Lament Budget as Missed Opportunity For Tax Reform
- Singapore Airlines Shares Drop 6% after 4Q Profit Decline