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** US MARKETS **
Dow 0,95%; Nasdaq 1,62%; S&P 0,97%; Soxx 2,09%; Russel2k 1,94%; DJAIG 0,92%;
10yr Bond -0,01%; 10yr Yield 5,16%; Crude future 70,6; Gold 592,46

| Materials 2,4%| Energy 1,92%| Technology 1,67%| Industrials 1,03%| ConsDisc
0,94%| Financials 0,75%| Healthcare 0,47%| ConsStaples 0,4%| Utilities -0,09%|
Telecom -0,12%

** US HEADLINES **
- Univision Sale Set Back as Kohlberg Kravis, Blackstone Drop Out of Bidding
- Steel Shares Peaked Say Appaloosa, Solaris Hedge Funds as Short Sales Soar
- Paulson to Sell Goldman, China Bank Stake to Ease Treasury Confirmation
- Federated Fund Seeks Municipal Bonds, Dividends to Weather Market Slide
- Oil Trades Above $70 on Concerns U.S. Gasoline Supplies Not High Enough
- Pimco’s Mewbourne Favors Emerging Market Corporate, Local-Currency Debt
- Refco’s Bank Hid $1 Billion in Losses From Hedge Funds and Arafat Casino

** US: IN PLAY TODAY **
With the Fed focused on “incoming” economic data, today’s jobless claims
report at 14:30 CET may garner some added attention. May Leading Indicators will
be out at 16:00 CET but don’t usually have much of an impact on trading.

On the earnings front, A.G. Edwards (AGE), Family Dollar (FDO), and Rite Aid
(RAD) are scheduled to report before the bell while tech companies Oracle Corp
(ORCL) and Solectron (SLR) will post earnings after the close.

** ASIAN MARKETS **
Nikkei 3,2%; Kospi 1,16%; HSI 1,29%; Taiwan 2,95%; China -0,04%; India 2,55%;
Thailand 1,23%; Australia 1,5%

** ASIAN HEADLINES **
- Japan’s Trade Surplus Widens for First Time Since 2004 on Export Demand
- Air China Offers $416 Million to Buy Out Minority Shareholders in CNAC
- Asian Stocks Climb on U.S. Earnings Optimism; Canon, Hyundai Motor Advance
- ZTE Says It Has `Pressure’ to Buy Companies After Nokia, Siemens Merger
- PCCW’s Shares Halted After Soaring Amid Bids for Phone and Media Assets
- China May Curb Foreign Investment in Real Estate, Commerce Official Says
- Bank of Japan’s Nishimura Says Low Interest Rates Could Overheat Economy
- Taiwan Semiconductor Says Its Market Share Rose as New Plants Came On Line
- Gold Rises For a Third Straight Day as Dollar Declines Against Euro, Yen
- Copper Prices Rise in Asia After London Stockpiles Fall to Four-Month Low

** EUROPEAN MARKETS **
S&P future 0,24%; Bund future -0,19%; Crude future 70,59; €/$ 1,26615; Gold
593,43

** EUROPE: IN PLAY TODAY **

- Allianz plans to cut 7,480 jobs at its German Insurance unit and Dresdner Bank
units to boost profit. It will cut 5,000 workers at the insurance operations as
it reduces administrative offices to 10 from 21 and will cut 2,480 jobs from
Dresdner Bank by 2008. Allianz will combine its German life, health and property
and casualty units under one holding company as part of the group’s CEO
restructuring plan.

- Areva SA, the world’s biggest maker of nuclear
power stations, said it has no plans to buy Canada’s Candu
nuclear reactor business, dismissing a Toronto newspaper report
that the companies were in talks for a transaction.

- Fiat SpA: Italy’s largest manufacturer will buy back
all of the Ferrari SpA stake it sold in 2002 except for 5
percent owned by Abu Dhabi, said Chief Executive Officer Sergio
Marchionne.

- Lafarge SA: The world’s biggest maker of building
materials is scheduled to hold a daylong presentation on its
strategy.

- Royal KPN NV: The largest Dutch phone company
settled a securities class-action lawsuit linked to the 2002
bankruptcy of KPNQwest NV for $4.18 million.

- Sanofi-Aventis SA, the world’s third-largest
drugmaker won approval to sell its Acomplia weight-loss drug in
Europe after a panel of scientists gave their support in April.

- Swisscom AG: The Swiss Christian Democratic Party
said the government should transfer a 51 percent stake in
Switzerland’s dominant telephone company to a foundation to
block foreign control. The government owns 62.5 percent of the
provider’s shares. Swiss parliament voted against a plan
proposed by the Cabinet to privatize Swisscom.

** EUROPE: UPS & DOWNS **
+ ANHEUSER PRICE ESTIMATE RAISED 17% TO $49 AT UBS
+ HVB RAISED TO `OVERWEIGHT’ FROM `NEUTRAL’ AT HSBC
+ HBOS PRICE ESTIMATE RAISED TO 1110P FROM 1088P AT LEHMAN
+ VEOLIA PRICE ESTIMATE RAISED TO EU41 FROM EU32 AT DEUTSCHE
+ VOLKSWAGEN RAISED TO `OVERWEIGHT’ FROM `NEUTRAL’ AT JPMORGAN
+ HENNES & MAURITZ RAISED TO `NEUTRAL’ FROM `SELL’ AT MERRILL
+ HBOS PRICE ESTIMATE RAISED TO 1005P FROM 980P AT UBS
- SWISS RE PRICE ESTIMATE CUT TO SF96 FROM SF105 AT UBS

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This entry was posted on Thursday, June 22nd, 2006 at 7:03 and is filed under Uncategorized.