** US & ASIAN WRAP **

** US MARKETS **
Dow 1,22%; Nasdaq -2,07%; S&P -1,28%; Soxx -2,28%; Russel2k -2,38%; DJAIG
1,97%; 10yr Bond -0,03%; 10yr Yield 5,14%; Crude future 72,76; Gold 717,55

| Healthcare -0,38%| Industrials -0,82%| ConsDisc -0,97%| Telecom -0,99%|
Utilities -1%| ConsStaples -1,11%| Energy -1,14%| Materials -1,47%| Financials
-1,57%| Technology -2,39%

** US HEADLINES **
– U.S. Trade Deficit Probably Widened to $67 Billion in March on Oil Prices
- GM Orders Executives to `Fill ‘er Up With Ethanol,’ and Detroit Adds Pumps
- Dollar Falls on Speculation Report to Show U.S. Trade Deficit Near Record
- Crude Oil Declines After Iran Says It’s Open to Solving Nuclear Dispute
- Congress Backs $69 Billion Dividend Measure, Alternative Minimum Tax Cuts
- Copper, Aluminum Climb to Records in Shanghai on Investment Funds Demand
- Gold Rises in Asian Trading as Dollar Declines U.S. Trade Deficit Concern

** US AFTER HOURS **
– Expedia (-17% after hours) reported Q1 earnings of $0.15 per share, six cents
worse than the Reuters Estimates consensus of $0.21. Total evenues rose 1.8%
year/year to $493.9 mln, also missing expectations (consensus $544.4 mln).

- NVIDIA (+1.5% after hours) reported Q1 GAAP earnings of $0.23 per share, in
line with the Reuters Estimates consensus of $0.23. Co also reported Q1
proforma EPS of $0.29, which excludes option expense and was a penny better
than the First Call consensus of $0.28. Total revenues rose 16.8% year/year to
$681.8 mln (consensus $660.8 mln); gross margins rose to 42.5% vs. the Street
expectation of 40.9%.

** IN PLAY TODAY **
With the Q1 earnings season coming to a close, as more than 450 companies in the
S&P 500 have already reported results and no notable names on the earnings
calendar for today, the markets focus will now shift to “incoming data.” The
only economic reports Friday morning will be an update on the Trade Balance and
a preliminary read on Michigan Sentiment, both of which are scheduled to hit the
wires at 14:30 CET.

** ASIAN MARKETS **
Nikkei 1,59%; Kospi -1,51%; HSI -1,3%; Taiwan -1,12%; China 2,81%; India
-0,83%; Thailand -0,27%; Australia -0,62%

** ASIAN HEADLINES **
- Asian Stocks Slide on Concern U.S. Rates Will Keep Rising; Toyota Declines
- China Reports LargerThan-Expected $10.5 Billion Trade Surplus for April
- Japan Alert for `Rapid’ Currency Moves, Finance Minister Says; Yen Jumps
- China’s Inflation Accelerates to 1.2 Percent as Food, Gasoline Prices Rise
- Gold Rises in Asian Trading as Dollar Declines U.S. Trade Deficit Concern
- Copper, Aluminum Climb to Records in Shanghai on Investment Funds Demand