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It’s time to spend some time away from the screens and do some serious relaxing For the next three weeks we therefore won’t be posting morning wraps and breaking news stories on a daily basis. In the mean time have a look at a couple of our favourite sources of information:

Bloomberg European Headlines
Bloomberg Asian Headlines
Bloomberg U.S. Headlines

For those of you going on a break as well and are planning to read-up on investing strategies, have a look at some of the suggested books on our reading list that we’re certainly taking along.

See you in a couple of weeks!

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** US MARKETS **
Dow 0,86%; Nasdaq 1,63%; S&P 0,77%; Soxx 4,33%; Russel2k 1,37%; DJAIG -0,04%;
10yr Bond 0,1%; 10yr Yield 4,85%; Crude future 71,38; Gold 630,03

| Technology 2,13%| Materials 1,7%| Industrials 2,13%| Financials 0,53%|
ConsDisc 1,04%| Telecom -0,24%| Healthcare 0,76%| Utilities -0,97%| ConsStaples
-0,09%| Energy -0,87%

** US: IN PLAY TODAY **
- Hewlett Packard (+5% after hours) reported Q3 (Jul) earnings of $0.52 per
share, $0.04 better than the Reuters Estimates consensus of $0.48. Revenues fell
2.9% year/year to $21.89 bln vs. the $21.79 bln consensus. Co issued upside
guidance for Q4, sees EPS of $0.61-0.63 (consensus $0.59) on revenues of $24.1
bln (consensus $24.04 bln). For FY06, co sees EPS of $2.31-2.33, which includes
a one-time gain realized in Q2 and is not comparable to the $2.13 consensus.

- The 8:30 ET release of Initial Claims, which were compiled during the same
week as the August payrolls data, may garner some added attention. Leading
Indicators will be out at 16:00 CET followed by the Philadelphia Fed
Manufacturing index at 18:00 CET.

- On the earnings front, it’s all about retail, with reports before the bell
coming from Barnes &Noble (BKS), Children’s Place (PLCE), Claire’s Stores (CLE),
GameStop (GME) and Sears Holdings Corp. (SHLD). After the bell, Dell (DELL),
Autodesk (ADSK), and Marvell Technology Group (MRVL) will be joined by more
earnings reports from retailers: Aeropostale (ARO), Gap Inc. (GPS), Cost Plus
(CPWM), Nordstrom (JWN), and Foot Locker (FL)

** ASIAN MARKETS **
Nikkei -0,31%; Kospi 0,93%; HSI -0,22%; Taiwan 0,55%; China -1,4%; India 0,23%;
Thailand -0,24%; Australia 1,65%

** ASIAN HEADLINES **
- Coles Myer Gets Takeover Approach; Retailer’s Value Jumps to $11.8 Billion
- Euro Approaches Record High Against Yen as Inflation May Exceed ECB Target
- Fuji Photo to Challenge General Electric’s Mammography Equipment in U.S.
- Brazil, Russia, India and China Stock Funds Outperform Emerging Markets
- China Interest-Rate-Rise Expectations Scaled Back on Cooling, Survey Shows
- Australian Treasurer Costello Says Oil Prices Threaten to Stoke Inflation
- South Korea’s Department Store Sales Rise the Least in 13 Months Amid Rain
- India’s Economic Growth Revs Up Motorcycle Stocks Hero Honda, TVS, Bajaj
- LVMH, Burberry Demand Eviction of Beijing Shops to Slow Onslaught of Fakes

** EUROPE: IN PLAY TODAY **

- Earnings today: Ciba Specialty Chemicals, Coloplast, SeG Holding, Siegfried
Holding, Zurich Financial Services, Unit 4

- Endesa SA: Spain’s biggest power company said that
it plans to sell shares in its Brazilian unit at the beginning of next year.

- Danone plans to spend E500m to E1bln annually in the next three to five years
on acquisitions (WSJ citing the company’s CFO).

- BP announced that it shut down another section of its Prudhoe Bay oil field on
Aug 11, due to an increase of oil under pressure (London Times). The stock
reached a new 3-month relative low against the FTSE 100.

- Unit 4 Agresso announced 1H net income rose 30% to E9.4m, on revenue up 14% to
E187.6m. The computer software developer said it had “significant” increase in
1H orders, and expects FY organic sales to jump 7% to 10%. The group was raised
to “buy” from “hold” by ABN Amro yesterday.

- Zurich Financial Services reported 1H net income increased 8.78% to $1.957bln.
Net premiums earned and fees dropped 3.8% to $19.9bln. CEO James J. Schiro said:
“The success of our three-year operational improvement program, combined with
the improving quality of our general insurance portfolio and consistent
profitable growth in the life business, gives us confidence about Zurich’s
continued operational momentum.” The company expects to meet its target of
cutting operating costs by $500m this year.

- Ciba Specialty reported 1H net income of SF95m, compared to SF99m in the same
period last year, while revenue increased 9.6% to SF3.29bln. The firm confirmed
its FY06 outlook for higher sales, profits and free cash flow. The statement
mentioned: “Operational Agenda to substantially improve cost structure; around
2,500 fewer positions required by 2009 - the majority coming from natural
attrition”.

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** US MARKETS **
Dow 1,19%; Nasdaq 2,22%; S&P 1,37%; Soxx 3,72%; Russel2k 2,36%; DJAIG 0,15%;
10yr Bond -0,01%; 10yr Yield 4,93%; Crude future 72,98; Gold 626,14

| Technology 2,6%| Materials 1,85%| Industrials 1,71%| Financials 1,71%|
ConsDisc 1,47%| Telecom 0,96%| Healthcare 0,89%| Utilities 0,78%| ConsStaples
0,55%| Energy 0,07%

** US: IN PLAY TODAY **

- Applied materials (+1% after hours) Co reported Q3 (Jul) earnings of $0.33 per
share, $0.03 better than the Reuters Estimates consensus of $0.30. Revenues
rose 55.8% year/year to $2.54 bln vs. the $2.44 bln consensus; gross margin was
48.1% vs. the street expectation of 47%. Guidance was however a bit cautious.

- Investors will again look for inflation data to set the tone for trading when
the influential CPI report is released. Also garnering attention at 14:30 CET
will be Housing Starts and Building Permits while Capacity Utilization,
which currently stands above the level historically consistent with the start of
bottlenecks and rising pricing pressures, will hit the wires at 15:15 ET. Last
but not least will be the Energy Dept.’s weekly oil report, which will be out at
16:30 CET.

After the close, Dow component Hewlett-Packard (HPQ) heads a limited list of
earners that also includes BEA Systems (BEAS), Limited Brands (LTD), Longs Drug
Stores (LDG), and Network Appliance (NTAP).

** ASIAN MARKETS **
Nikkei 1,61%; Kospi 1,67%; HSI 0,88%; Taiwan 1,23%; China 0,9%; India 1,59%;
Thailand 0,89%; Australia 0,43%

** ASIAN HEADLINES **
- Asian Stocks Advance to Two-Month High as Toyota, Samsung Electronics Rise
- Australian Consumer Confidence Tumbles Most in 17 Years on Interest Rates
- Australian Gas May Scrap Papua New Guinea Pipeline; Oil Search Shares Drop
- QBE Insurance First-Half Profit Rises 20 Percent to Record on Acquisitions
- Fuji Heavy to Spend $515 Million Renovating Its Japanese Auto Dealerships
- Australian Gas Light Co. Full-Year Profit Falls 50 Percent on Earlier Gain
- Shinhan Financial Set to Rival Kookmin After Planned Takeover of LG Card
- Lend Lease Second-Half Earnings Gain 67 Percent on Home-Building Projects
- Taiwan’s Economy Probably Slowed in Second Quarter on Consumer Debt, Oil

** EUROPE: IN PLAY TODAY **

- Lanxess reported 2Q net income of E77m, compared to E24m same time last year.
Revenue reached E1.75bln, against E1.86bln last year. Expects FY Ebitda to be
E660-680m vs a previous forecast of E640-680m, FY sales growth should be
moderate.

- KKR Private Equity Investors, a company that invests primarily in private
equity investments sponsored by Kohlberg Kravis Roberts reports its results for
the period from the date of its formation on April 18, 2006 through June 30,
2006.

- Synthes delivered 1H net income of $243.3m (+8.4%, towards the lower end of
expectations), on sales of $1.167bln (+13.7%). 2Q sales growth was 12.9% to
$591.2m. “All three product lines (Trauma, Spine & CMF) experienced double-digit
sales growth for the first half of 2006.”

- Endesa SA and Gas Natural SDG SA: Endesa
may be active after E.ON AG’s Chief Executive Officer Wulf
Bernotat said the German utility may consider raising its 26.9
billion euro ($34.4 billion) takeover offer for Spain’s largest
power company. E.ON may consider doing so if a competing bid by
Gas Natural is cleared and Spain’s market regulator allows both
contenders to increase their offers, Bernotat said on a
conference call.

- RWE AG: Germany’s second-biggest utility wants to
raise electricity prices 7.5 percent on Jan. 1, Westdeutsche
Allgemeine Zeitung said, citing people familiar with the matter.
The company also received at least three offers of about 7
billion pounds ($13.3 billion) for its Thames Water unit in the
U.K., three people with knowledge of the bidding said.

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*HOME DEPOT 2Q EPS EX-TAX CHARGE 93C; THOMSON FINANCIAL EST. 92C
*E.ON RAISES GUIDANCE FOR FULL-YEAR PROFIT EX-ITEMS

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