** MORNING WRAP **
May 26th, 2006** US MARKETS **
Dow 0,84%; Nasdaq 1,34%; S&P 1,14%; Soxx -0,44%; Russel2k 2,01%; DJAIG 0,95%;
10yr Bond 0,06%; 10yr Yield 5,06%; Crude future 71,58; Gold 652,96
| Energy 3,11%| Materials 2,09%| ConsStaples 1,03%| Technology 1%| ConsDisc
0,93%| Financials 0,91%| Utilities 0,91%| Healthcare 0,8%| Telecom 0,7%|
Industrials 0,68%
** US HEADLINES **
- U.S. Stocks Rise the Most in a Month on GDP Report; Exxon, U.S. Steel Gain
- Canadian Stocks Post Best Gain in Two Years; Oil, Raw-Material Shares Jump
- Ford to Pay 10.6 Percent Yield in Exchange, Company’s Highest Ever in U.S.
- Treasuries May Decline as Inflation, Growth Reports Point to Rate Increase
- Enron Jurors Say They Focused on Glisan Testimony to Convict Skilling, Lay
- Crude Oil Rises to More Than $71 After Talks With Iran End in a Stalemate
- Gold Rises for Second Day as Some Investors See Recent Decline as Overdone
** US: IN PLAY TODAY **
With the Feds focus centered on inflation and investors also concerned about
rising prices, today’s Personal Income &Spending data at 14:30 CET will provide
the market with an update on inflation with the core PCE deflator. Investors
will also get a revision to the University of Michigan Sentiment just after the
market opens at around 15:50 CET. There are no notable earnings report on the
calendar.
** ASIAN MARKETS **
Nikkei 1,58%; Kospi 2,03%; HSI 0,94%; Taiwan 0,26%; China 1,13%; India 3,5%;
Thailand 1,74%; Australia 1,29%
** ASIAN HEADLINES **
- Japan’s Consumer Prices Rise a Sixth Month, Boosting Case for Higher Rates
- Asian Stocks Set for Biggest Gains in Three Weeks; Sony, BHP Billiton Rise
- Billionaire Icahn, Lichtenstein Prepare Hostile Takeover for KT&G Corp.
- China Citic Hires Bankers for IPO in Hong Kong of as Much as $2 Billion
- South Korea Posts Biggest Account Deficit Since 1997 on Higher Oil Costs
- Singapore Plans to Announce Winning Bidder for First Casino-Resort Today
- Allianz Plans to Open More Branches in India and China, Asia Chief Says
- Akhtar Says Pakistan Will Keep Interest Rates Unchanged to Quell Inflation
- Babcock & Brown Increases EPS Growth Forecast to 35 Percent; Shares Surge
- Kolon Engineering, Korea Builders Gain on Land Development, Economy’s Gain
- 5% of China’s oil production is out as a typhoon shut down platforms.
- Yen Drops as Finance Minister Tanigaki Says Japan’s Deflation `Persists’
** EUROPEAN MARKETS **
S&P future -0,01%; Bund future 0,14%; Crude future 71,58; €/$ 1,27755; Gold
652,96
** EUROPE: IN PLAY TODAY **
- Arcelor SA agreed to buy a controlling stake in Russia’s OAO Severstal, in a
13 billion-euro ($16.6 billion) transaction that will create the world’s biggest
steelmaker and fend off a hostile bid from Mittal Steel Co.
Arcelor gets an 89.6 percent stake in Severstal, other steel
and mining assets and 1.25 billion euros in cash from billionaire
Alexei Mordashov, the Luxembourg-based company said in a
statement today. Mordashov gets 295 million new Arcelor shares at
44 euros apiece, for a total stake of 32.2 percent stake.
- Allianz Plans to Open More Branches in India and China, Asia Chief Says
- Eni SpA: Chief Executive Officer Paolo Scaroni said
the board of Europe’s fourth-largest oil company is unlikely to
discuss the idea of a merger with Italy’s biggest electricity
producer, Enel SpA.
- Porsche AG: The carmaker expects to sell as many
as 8,000 Panamera model cars in North America in the first 12
months after its introduction, Boersen-Zeitung said, citing Peter
Schwarzenbauer, head of the carmaker’s North American business.
- Santander Central Hispano SA: Spain’s biggest bank,
and Total SA, the French oil company, are in discussions
about ending a shareholder pact giving them joint control of
Spanish oil company Compania Espanola de Petroleos SA.
- Total SA: Europe’s third-largest oil company may
face “tough measures” from the Russian government over
violations discovered by the nation’s scientists in the
development of an oil field in the Arctic.
** UPS & DOWNS **
+ TELEKOM AUSTRIA RAISED TO `BUY’ FROM `HOLD’ AT DEUTSCHE BANK
+ TURKISH EQUITIES RAISED TO `OVERWEIGHT’ AT CREDIT SUISSE
+ GOLDMAN PRICE ESTIMATE RAISED 2.9% TO $180 AT UBS
+ NUTRECO RAISED TO `OUTPERFORM’ VS. `IN-LINE’ AT GOLDMAN
+ UNILEVER RAISED TO `BUY’ FROM `HOLD’ AT DEUTSCHE BANK
+ VEOLIA ADDED TO JPMORGAN’S `ANALYST FOCUS LIST’
+ ASML RAISED TO `BUY’ FROM `HOLD’ AT CITIGROUP