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** US MARKETS **
Dow -0,01%; Nasdaq -0,17%; S&P -0,04%; Soxx -0,09%; Russel2k -0,43%; DJAIG
0,06%; 10yr Bond 0,03%; 10yr Yield 5,03%; Crude future 73,99; Gold 629,75

| Energy 1,66%| Telecom 1,41%| Utilities 0,37%| Healthcare 0,35%| Technology
0,02%| Financials -0,1%| Materials -0,16%| ConsStaples -0,39%| ConsDisc -1,14%|
Industrials -1,29%

** US HEADLINES **
- Exxon May Post Record Second-Quarter Profit on Higher Prices, Production
- Nanotech’s Atom-Size Inventions Lure VCs With Potential $1 Trillion Market
- Dollar May Decline Against Yen on Speculation of Fed Interest-Rate Pause
- Yuan Rises to Post-Revaluation High After Senators Set Deadline for Gain
- Cuomo, Rivals for Spitzer’s Job Play Down Mantle of Wall Street Watchdog
- Aim’s Walsh Buys GE, Pfizer as Dividend Yields Produce Top-Ranked Returns
- Investment-Grade Bonds Set to Beat Junk Debt Securities for Second Month
- Time Warner May Approve Free-AOL Strategy as Early as Today, Person Says
- Japan’s Government Agrees to Lift Six-Month Embargo on U.S. Beef Products

** FED BEIGE BOOK **
- The Federal Reserve said U.S. economic growth slowed in the past month, while
consumer-price and wage increases were “modest” on balance, strengthening the
case for a break from interest-rate increases.

** US: IN PLAY TODAY **
- Symantec (+6% after hours) reported Q1 (Jun) earnings of $0.24 per share,
excluding non-recurring items, $0.06 better than the Reuters Estimates consensus
of $0.18. Revenues rose 79.9% year/year to $1.26 bln vs. the $1.24 bln
consensus. Co issued upside guidance for Q2, sees EPS of $0.26-0.27 (consensus
$0.21) on revenues of $1.275-1.305 bln (consensus $1.29 bln). Co also issued
upside guidance for FY07, now sees EPS of $1.06-1.16 (consensus $0.93) on
revenues of $5.2-5.4 bln (consensus $5.3 bln).

- Dow component ExxonMobil (XOM) will head a list of notable names before the
bell that also includes Aetna (AET), Alcatel (ALA), AztraZeneca (AZN),
Autonation (AN), Boston Scientific (BSX), Bristol-Myers (BMY), Coca-Cola
Enterprises (CCE), Comcast (CMCSA), Dow Chemical (DOW), Harrah’s Entertainment
(HET), Kellogg (K), Northrop Grumman (NOC), Raytheon (RTN), and St. Paul
Travelers (STA).
After the close, Anadarko Petroleum (APC), DTE Energy (DTE), Genworth Financial
(GNW), Hartford Financial (HIG), McKesson (MCK), Standard Pacific (SPF) and YRC
Worldwide (YRCW) are scheduled to report quarterly results.

- On the economic front, Durable Orders and Initial Claims will be out at 14:30
CET while New Home Sales should hit the wires at 16:00 CET.

** ASIAN MARKETS **
Nikkei 1,79%; Kospi 1,49%; HSI 1,38%; Taiwan 1,3%; China -0,23%; India 1,03%;
Thailand 0,61%; Australia 1,16%

** ASIAN HEADLINES **
- China’s Sovereign Rating Raised to A by S&P as Banking Strength Improves
- Taiwan Semiconductor Profit Jumps 85 Percent to Record on Games and Phones
- Asian Stocks Climb, Led by Matsushita Electric and Kookmin Bank, on Profit
- Indonesia’s Central Bank Says It May Cut Interest Rates as Inflation Slows
- JFE First-Quarter Profit Tumbles 23 Percent as Steel Export Prices Decline
- Kookmin, South Korean Banks’ First-Half Profits Rise on Increased Loans
- Stats Chippac Posts a Record Profit; Shares Fall on Third-Quarter Forecast
- Hyundai Motor, Union Reach Agreement to End Strike That Cost $1.3 Billion
- Malaysia Central Bank May Keep Benchmark Rate Unchanged as Inflation Eases

** EUROPE: IN PLAY TODAY **
- Earnings today: ABB, Astrazeneca, Bulgari, Daimler Chrysler, Lufthansa, Hugo
Boss, Pirelli, Saipem, Santander, Siemens, Cap Gemini, Vedior, Telefonica,
UP-Kymmene & Volkswagen.

- ABB Ltd., the world’s largest builder of electric power networks, said
second-quarter profit more than doubled after the Swiss company lowered costs by
cutting 1,300 jobs and increased sales to U.S. utilities.
Net income rose to $367 million, or 17 cents a share, from
$126 million, or 6 cents, a year earlier, the Zurich-based
company said today in an e-mailed statement. Orders added 19
percent to $7.28 billion. Both figures beat analysts’
expectations.

- France Telecom SA, Europe’s second-largest phone company, said first-half
profit fell 30 percent as earnings in the fixed-line telephone unit dropped and
a year- earlier gain wasn’t repeated. The company said it won’t meet
full-year sales growth targets.
Net income declined to 2.35 billion euros ($3 billion) from
3.36 billion euros a year earlier, the Paris-based company said
in an e-mailed statement. Analysts had predicted profit of 2.45
billion euros, the median of 16 estimates in a Bloomberg survey.
The year-earlier figure included a 200 million-euro gain related
to France Telecom’s Lebanese unit.

- European Aeronautic, Defence & Space Co., parent of beleaguered aircraft-maker
Airbus, reported first- half profit rose 5 percent on higher plane deliveries.
Net income increased 1.043 billion euros ($1.3 billion), or
1.31 euros a share, from 992 million euros, or 1.25 euros, a year
earlier, EADS said in a German stock exchange filing. Sales
increased in the six months to 19 billion euros from 16 billion
euros.

- Deutsche Lufthansa AG : Europe’s second-biggest
airline posted a nearly 85-fold surge in first-half profit after
consolidating holdings in other airlines and increasing traffic
in the period.

- Vedior NV, the world’s third- largest temporary-staffing company, said
second-quarter profit fell 18 percent after it didn’t repeat a one-time gain on
the sale of an asset.
Net income dropped to 42.4 million euros ($54 million), or
24 cents a share, from 51.8 million euros, or 30 cents, a year
ago, Amsterdam-based Vedior said in an e-mail today. Sales
climbed 12 percent to 1.93 billion euros.

- Capgemini Thursday said second-quarter revenue rose 8.6%, led by strong growth
in the U.K. and Ireland, and raised its guidance for the full year.
The French consulting and IT services company said revenue for the three
months ending June 30 was EUR1.92 billion, up from EUR1.76 billion in the
year-ago period. The figure exceeded analysts’ expectations of EUR1.89 billion.

- Telefonica SA, Europe’s third- biggest phone company, said second-quarter
profit climbed 41 percent, spurred by the takeover of mobile-phone operator O2
Plc. Net income rose to 1.3 billion euros ($1.7 billion) from
922.9 million euros a year earlier, the Madrid-based company
said in a regulatory filing. That’s more than the median
estimate of 1.15 billion euros from nine analysts surveyed by
Bloomberg.

** EUROPE: UPS & DOWNS **
+ HANSON RAISED TO `BUY’ FROM `HOLD’ AT CITIGROUP
+ WOLFORD RAISED TO `BUY’ FROM `HOLD’ AT DEUTSCHE BANK
+ NORTHERN ROCK PRICE EST. RAISED 20% TO 1,230P AT CREDIT SUISSE
+ REUTERS PRICE ESTIMATE RAISED TO 440P FROM 425P AT UBS
+ ANTOFAGASTA PRICE ESTIMATE RAISED 5% TO 525P AT UBS
+ AIR LIQUIDE PRICE TARGET RAISED TO EU162 VS EU156.36 AT UBS
+ SAIPEM PRICE TARGET RAISED TO EU24.5 VS EU23.5 AT UBS
+ ENERGIAS DE PORTUGAL PRICE EST. RAISED TO EU3.33 VS EU3 AT UBS

- STMICROELECTRONICS PRICE EST. CUT 12% TO $15 AT DEUTSCHE BANK
- BLACK & DECKER CUT TO `NEUTRAL’ FROM `OVERWEIGHT’ AT JPMORGAN
- ENDEMOL LOWERED TO `NEUTRAL’ FROM `BUY’ AT MERRILL LYNCH
- MERCK PRICE ESTIMATE LOWERED TO EU80 FROM EU90 AT LEHMAN

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*GLAXO 2Q NET 1.32B POUNDS; ANALYSTS ESTIMATE 1.31B
*GM 2Q LOSS $5.62-SHR; PROFIT EX-ITEMS $2.03-SHR
*BOEING 2Q LOSS PER SHARE 21C; THOMSON EST. LOSS 22C

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** US MARKETS **
Dow 0,48%; Nasdaq 0,58%; S&P 0,63%; Soxx 1,08%; Russel2k 0,97%; DJAIG -0,19%;
10yr Bond 0%; 10yr Yield 5,06%; Crude future 73,65; Gold 617,89

| Telecom 2,37%| Energy 1,55%| Materials 1,44%| ConsDisc 0,95%| Healthcare
0,86%| Technology 0,57%| Utilities 0,44%| ConsStaples 0,41%| Financials 0,23%|
Industrials -0,35%

** US HEADLINES **
- Citigroup’s Prince Defends Spending, Says Buying Rivals Is too Expensive
- Exxon’s Profit Likely Soared as Production Rose at Fastest Pace Since ‘99
- ConocoPhillips Profit Probably Rose as Oil Prices, Refining Margins Jumped
- Anheuser, Femsa, Beer Shares Beat World Stock Markets Even as Sales Stall
- NYSE’s Thain Fails to Stem Market-Share Losses After Archipelago Purchase
- JPMorgan Analyst Zuanic Splits With Firm’s Bankers on Heinz Profit Plan
- Google, Fighting `Click Fraud,’ Will Disclose Views on Bogus Advertisement
- Dollar May Strengthen on Speculation U.S. Debt Auctions Will Attract Funds
- U.S. Notes May Drop on Speculation Durable Goods Orders Gained in June
- Nestle’s Bottled Water Unit Springs a Leak as U.S. Activists Block Well

** US: IN PLAY TODAY **
- Sun Microsystems (+1% after hours)posted Q2 sales up 29% to $3.83bln against
sales of $3.6bln expected by analysts.

- Amazon.com (-12% after hours) lowered its forecast for FY operating income to
a range of $310m to $440m, from a prior estimate of as much as $520m.

- Dow components Boeing (BA) and General Motors (GM) head a long list that also
includes ConocoPhillips (COP), Kimberly-Clark (KMB), Lucent (LU), Norfolk
Southern (NSC), Phelps Dodge (PD), Reynolds American (RAI), Supervalu (SVU), and
WellPoint (WLP). During market hours, Anheuser-Busch (BUD) and
Louisiana-Pacific (LPX) are scheduled to report while Express Scripts (ESRX),
Pulte Homes (PHM), Sanmina-SCI (SANM), Symantec (SYMC) and XL Capital are among
the biggest names out after the close. Also garnering some attention Wednesday
will be the Energy Depts weekly oil inventories report at 16:30 CET and the
20:00 CET release of the Fed’s Beige Book.

** ASIAN MARKETS **
Nikkei -0,81%; Kospi -0,05%; HSI 0,07%; Taiwan -0,23%; China 0,07%; India 0,75%;
Thailand 0,13%; Australia -1,05%

** ASIAN HEADLINES **
- Australia’s Consumer Prices Rise 1.6 Percent, Breaching Central Bank Limit
- Asian Stocks Slide, Led by Aiful; Westpac Banking and Yahoo Japan Decline
- Indonesia’s Debt Rating Is Raised by Standard & Poor’s on Budget Controls
- Japan’s Trade Surplus Shrank More Than Expected in June on High Oil Prices
- Singapore’s June Industrial Production Grows 19.3 Percent on Electronics
- Gome’s Shares Gain on $675 Million Takeover of Retailer China Paradise
- Buy Japan Machinery Makers on U.S. Outlook, Nikko Citigroup Report Says
- Indian Rising Interest Rates Won’t Curtail Record Loan Demand, Banks Say
- China’s Junk-Rated Airlines Get Better Credit Terms Than AMR, Continental
- Sawakami, Japan’s No-Load Rebel, Covets Slice of $9 Trillion Savings Hoard

** EUROPE: IN PLAT TODAY **

- PSA Peugeot Citroen reported a 60% drop in 1H profits to E 303m (E418m
expected). The group cut its 2H profit target after poor results in the 1H.

- JCDecaux reported an 11% rise in 2Q sales to E503.6m (E505.5m expected). The
group confirmed that its FY sales estimate would increase by more than 6%.

- STMicroelectronics reported 2Q results. The group posted a net income increase
to $168m ($155.4m expected) from $26m, while revenue grew 15% to $2.49bln ($2.48
expected) from $2.16bln same time last year.The group announced 3Q sales are
expected to be up 16%, to £2.62bln from $2.25bln same time last year.

- Merck KGaA reported 2Q earnings. The group announced a net income of E528.5m
(E514m expected), compared to E248m same time last year on a E397m profit from
the sale of Schering stock. Sales reached E1.52bln (E1.56bln expected) from
E1.48bln. The group expects a higher level of performance for 2006-2007.

- SGL Carbon AG reported a 2Q net loss of E11.4m (E14.5m expected), against a
net profit of E11m a year earlier. Sales grew 7.4% to E301.6m (inline) from
E280.8m a year earlier.

- Telefonica Moviles reports 2Q results. The market is expecting a 1.6% profit
decline to E488m.

- Banco Bilbao Vizcaya Argentaria reports 2Q results, with a market expecting a
profit rise to E2.2bln from E998m same time last year.

-Stora Enso Oyj reports reports results. The market is expecting a net income of
E106m, against a loss same time last year.

- Reuters is expected to report a 20% drop in 1H profit. Net income is expected
to fall to £101m from £126m.

- GlaxoSmithKline may report a 14% rise income to £1.31bln from £1.15bln same
time last year, with sales up 9.3% to £5.73bln.

- Air Liquide may report a 7.2% increase in 2Q sales to E2.75bln

- Hermes International may announce a 7.5% increase in 2Q sales to E348.4m on
strong demand for its leather products in the US and Asia.

** EUROPE: UPS & DOWNS **
+ BAE SYSTEMS PRICE ESTIMATE RAISED TO 400P VS 340P AT ABN AMRO
+ MITCHELLS & BUTLERS PRICE EST. RAISED 39% TO 625P AT DEUTSCHE
+ TELENOR RAISED TO `NEUTRAL’ VS `UNDERPERFORM’ AT CREDIT SUISSE

- AMAZON.COM PRICE ESTIMATE CUT 12% TO $30 AT CITIGROUP
- NOKIA PRICE ESTIMATE LOWERED TO EU19.3 FROM EU21.3 AT MERRILL
- LVMH PRICE ESTIMATE LOWERED TO EU90 FROM EU100 AT MERRILL
- TELECOM ITALIA PRICE TARGET CUT TO EU2.3 VS EU2.4 AT UBS

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** ASIAN MARKETS **
Nikkei 1,42%; Kospi 1,11%; HSI 1,03%; Taiwan 0,49%; China 1,39%; India 1,69%;
Thailand 0,76%; Australia 1,06%

** ASIAN HEADLINES **
- South Korea Economy Grows at Slowest Pace in a Year After Spending Cools
- Asian Stocks Climb on Earnings, Metal Prices; Nintendo, BHP Billiton Gain
- Honda to Sell Six-Person Jet for Corporate, Air-Taxi Services, Person Says
- Nintendo Shares Climb to 4 1/2-Year High on Sales of DS Handheld Player
- Japan Ruling Party Holds Talks With Harrah’s, Las Vegas Sands for Casinos
- BHP Fourth-Quarter Iron Ore, Copper Production Soars on Demand From China
- South Korea to Allow Brokerages to Trade Bond Futures in Deregulation Plan
- SK Corp.’s Second-Quarter Profit Falls 22 Percent After Refinery Shutdowns
- Bush’s Need for Farm Votes May Have Scuttled World Trade Organization Deal
- Australia’s Western Mining Boom Creates Rates Quandary for Central Bank

** EUROPE: IN PLAY TODAY **
- Earnings reports today: Schering, Telecom Italia, Yell Group, Arm Holdings,
STMicroelectronics, Outokumpu, Unibail, Mobistar, UPM-Kymmene, Norks Hydro & BP.

- LVMH Moet Hennessy Louis Vuitton SA, the world’s largest luxury-goods maker,
boosted sales 10 percent in the second quarter as tourists visiting Europe spent
more on products including Tag Heuer watches.
Revenue rose to 3.4 billion euros ($4.3 billion) from 3.08
billion euros a year earlier, according to second-half figures
released by the Paris-based company today. A Bloomberg survey of
six analysts showed a median estimate of 3.42 billion euros.

- BP Plc, Europe’s biggest oil company said second-quarter profit climbed 30
percent as crude prices surged and refining earnings increased.
Net income rose to a record $7.27 billion, or 35.59 cents a
share, from $5.6 billion, or 25.94 cents, in the year-earlier
period.

- Inter-dealer brokers Creditex Inc. and CreditTrade Ltd. agreed to merge,
forming the world’s biggest brokerage specializing in credit derivatives.
The deal brings together New York-based Creditex, which
executes most of its trades by computer, and London-based
CreditTrade, which deals by telephone, Creditex Chief Executive
Officer Sunil Hirani said in an interview. The new company,
Creditex Group Inc., will be headed by Hirani, 39, according to a
presentation of the merger details seen by Bloomberg News. Terms
weren’t disclosed.

** EUROPE: UPS & DOWNS **
+ DSM RAISED TO `BUY’ FROM `ADD’ AT ABN AMRO
+ SAP RAISED TO `BUY’ FROM `HOLD’ AT ING
+ BNP PARIBAS RAISED TO `BUY’ FROM `HOLD’ AT ING
+ RYANAIR PRICE EST. RAISED TO EU9.7 VS EU9.1 AT MORGAN STANLEY
+ EASYJET PRICE EST. RAISED TO 450P VS 360P AT MORGAN STANLEY
+ RECKITT PRICE EST. RAISED TO 2,300P FROM 2,100P AT JPMORGAN
+ BRITISH AIRWAYS RAISED TO `EQUAL-WEIGHT’ AT MORGAN STANLEY
+ THYSSENKRUPP PRICE ESTIMATE RAISED 18% TO EU29 AT JPMORGAN
+ LOGICACMG RAISED TO `OVERWEIGHT’ AT MORGAN STANLEY

- WESSANEN CUT TO `HOLD’ FROM `ADD’ AT ABN AMRO
- ATI TECHNOLOGIES CUT TO `NEUTRAL’ FROM `BUY’ AT UBS
- THYSSENKRUPP CUT TO `NEUTRAL’ VS `OUTPERFORM’ AT CREDIT SUISSE
- BG GROUP PRICE ESTIMATE LOWERED TO 800P FROM 820P AT UBS
- INFINEON PRICE ESTIMATE LOWERED TO EU11 FROM EU13 AT UBS

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** US MARKETS **
Dow 1,68%; Nasdaq 2,05%; S&P 1,66%; Soxx 1,83%; Russel2k 2,8%; DJAIG 0,99%; 10yr
Bond -0,03%; 10yr Yield 5,05%; Crude future 75,3; Gold 619,5

| Energy 2,94%| ConsDisc 2,08%| Healthcare 2,02%| Telecom 1,8%| Technology
1,68%| Industrials 1,61%| Materials 1,56%| Financials 1,2%| Utilities 0,82%|
ConsStaples 0,82%

** US HEADLINES **
- Greenspan’s Right: Derivatives Cut Losses, Reduce Loan Costs, Save Jobs
- GM May Report Second-Quarter Operating Profit, Easing Pressure on Wagoner
- Creditex and CreditTrade to Merge, Form Biggest Credit Derivatives Broker
- Frist, LBO Partners Buy HCA as Hospital Use Drops, Uninsured Costs Rise
- Boeing May Report Loss on Costs of Pentagon Settlement and Aircraft Delay
- KKR, Blackstone Buck Sagging Markets, Press Buyouts as Endowments Add Fuel
- Oil Trades Above $75 a Barrel on Concern Over Lebanon, Refinery Shutdowns
- Bernhard Says Volkswagen Future Is `Disastrous’ Without Job Cuts, Quality

** US IN PLAY TODAY **

- Texas Instruments (+4% after hours) Reuters Estimates is telling us that GAAP
EPS of $0.47, Including $0.03 in stock-based compensation expense, a $0.03 sales
tax refund and a $0.02 benefit from the royalty settlement, co reported Q2
(Jun) earnings of $0.47 per share, matching the Reuters Estimates consensus.
Revenues rose 11.0% year/year to $3.7 bln, also in line with forecasts
(consensus $3.7 bln). Co issued in-line guidance for Q3, sees EPS of $0.42-0.48
(consensus $0.45) on revenues of $3.63-3.95 (consensus $3.83 bln).

- SanDisk (+20%! after hours) reported Q2 (Jun) earnings of
$0.58 per share, $0.13 better than the Reuters Estimates consensus of $0.45.
Revenues rose 39.6% year/year to $719 mln vs. the $691.2 mln consensus.

- Altera (+6% after hours) reported Q2 (Jun) revenue of $334.1 mln, up 17% yr/yr
and 14% sequentially vs. consensus of $318 mln. Co does not provide EPS as it’s
still reviewing option grant practices. Co issued upside guidance for Q3, sees
revenues of $334-344 mln (consensus $326 mln) and said “Growth accelerated this
quarter led by robust new product sales gains.”

- Of the 10 Dow components posting results this week, five — 3M Co (MMM),
Altria Group (MO), AT&T (T), DuPont (DD), McDonald’s (MCD) — report this
morning. Other notable names out before the bell are AmerisourceBergen (ABC),
Burlington Northern Santa Fe (BNI), Colgate-Palmolive (CL), Countrywide
Financial (CFC), Lockheed Martin (LMT), U.S. Steel (X), UPS Inc. (UPS),
Weyerhaeuser (WY), Whirlpool (WHR) and Xerox (XRX). After the close, Amazon.com
(AMZN), AFLAC (AFL), C.H. Robinson (CHRW), Flextronics (FLEX), Ingram Micro
(IM), and Sun Microsystems (SUNW) are scheduled to report.

- On the economic front, Existing Home sales and Consumer Confidence will both
hit the wires at 16:00 CET.

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