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** US MARKETS **
Dow 0,12%; Nasdaq 0,28%; S&P 0,35%; Soxx 0,13%; Russel2k 0,35%; DJAIG -0,11%;
10yr Bond -0,01%; 10yr Yield 4,51%; Crude future 61,1; Gold 640,1

| Energy 1,89%| Utilities 0,6%| Technology 0,46%| ConsStaples 0,45%| Healthcare
0,4%| Telecom 0,33%| Materials 0,12%| Financials 0,07%| ConsDisc -0,19%|
Industrials -0,27%

- Bernanke Watches Rising Cost of Labor for Signs Inflation Will Accelerate
- JPMorgan Sold Amaranth Trades to Citadel for $725 Million After 10 Days
- Citadel Investment Says Its Hedge-Fund Earnings Increased Fivefold in 2006

- 3Com Corp. fell 17 cents, or 3.8 percent, to $4.32 in extended trading
yesterday. The maker of computer-networking equipment agreed to buy Huawei
Technologies Co.’s 49 percent stake in their profitable Chinese venture for $882
million to gain full control of the business.

** ASIAN MARKETS **
Nikkei 1,39%; Kospi 0,78%; HSI 0,7%; Taiwan 0,39%; China 0,94%; India 0,41%;
Thailand 1,27%; Australia 1,21%

- Japan’s Industrial Production Unexpectedly Rises on Auto and Chip Output
- Rinker Group Rejects Cemex’s $11.7 Billion Takeover Bid as `Far Too Low’
- AWB Plans to Split Into Two, Giving Wheat Export Monopoly to Grain Growers
- Asian Stocks Rise to Six-Month High on Japan Production, Bernanke Comments
- Sime Darby, Golden, Guthrie Climb in Malaysia on $8.7 Billion Merger Offer
- Zhaojin Mining Share Offering Closes Early on Surge in Demand, People Say
- South Korea’s Factory Production Unexpectedly Rises on Chips, Phones, PCs
- China Coal Is Seeking to Raise Up to $1.69 Billion in Offering, People Say
- Australia Plans to Add Merck’s Cervical Cancer Vaccine to National Program

** EUROPE IN PLAY TODAY **

- Nestle to Buy Green’s Foods for $107 Million, Adding Supercoat Pet Foods
- Oil Trades Near Two-Week High as Colder U.S. Weather Signals Rising Demand
- Iberdrola to Buy Scottish Power for $22.5 Billion to Grow in U.S., U.K.

- Barclays Plc, the U.K.’s third-largest bank by assets, said credit-card
defaults will limit this year’s profit growth. Third-quarter loan writedowns at
the Barclaycard credit division increased at the same rate as the first half,
the London-based company said today in a statement. Total pretax profit for
the full year will rise about 32 percent from 2005 to 6.99 billion pounds ($13.6
billion), in line with the average estimate of 23 analysts, Barclays said.

- Corus Group Plc: The UK’s largest steelmaker is scheduled to report
third-quarter results. The company reported net income of 50 million pounds on
sales of 2.38 billion pounds in the year-earlier period.

- Siemens AG: The engineering company, which last week said it will
“mercilessly” clear up any potential irregularities following an embezzlement
probe, said it suspended several staff on “substantiated suspicions” that they
are involved.

- Volkswagen AG: Europe’s largest Carmaker said it may build a new car smaller
than the best-selling Golf at its Brussels factory.

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** US MARKETS **
Dow -1,29%; Nasdaq -2,21%; S&P -1,36%; Soxx -2,35%; Russel2k -2,55%; DJAIG
2,12%; 10yr Bond 0,04%; 10yr Yield 4,53%; Crude future 60,21; Gold 638,7

| Energy -0,31%| Healthcare -0,64%| Telecom -0,76%| Utilities -0,89%|
ConsStaples -1,18%| Industrials -1,3%| ConsDisc -1,42%| Materials -1,51%|
Financials -1,62%| Technology -2,46%

- Palm Inc. dropped 62 cents, or 4 percent, to $14.75. The maker of the Treo
e-mail phone reduced its fiscal second-quarter profit forecast because of a
delay in getting approval for a new Treo device it had expected to ship during
the period. Second-quarter profit, excluding some items, may be as
much as 16 cents a share, the company said in a statement. That’s less than an
earlier prediction of as much as 23 cents. Palm said it expects to ship its Treo
750 phone in the U.S. in its fiscal third-quarter.

- On the economic front, Oct. Durable Orders will be released at 14:30 CET,
offering investors an update on the health of business investment, while
Consumer Confidence and Existing Home Sales will be out at 16:00 CET.

- Gold Falls as Investors Sell Ahead of U.S. Data, Speech by Fed Chairman (18:30
CET)

** ASIAN MARKETS **
Nikkei -0,19%; Kospi -0,96%; HSI -1,88%; Taiwan -0,71%; China -1,22%; India
-0,82%; Thailand -0,49%; Australia -1,19%

- Asian Stocks Drop, Led by Honda, Samsung on Slowing Sales in Japan, U.S.
- Japan’s Retail Sales Unexpectedly Drop as Consumers Spend Less on Clothes
- Volkswagen Plans to Spend $530 Million to Build Automobile Plant in India
- Hu Calls Bush, Pledging to Work for `Balance’ in U.S.-China Trade Links
- Xstrata May Seek More Copper Takeovers, Expand Production as Prices Soar
- Philippine Economic Growth Likely Slowed Amid Curbed Spending, Exports
- Copper in Shanghai Falls on Concern About China Imports, Slumping Demand

** EUROPE: IN PLAY TODAY **

- Multiplex Group, the Australian builder of London’s Wembley Stadium, will
start a real estate fund that invests in European property to increase earnings
from funds management. The Multiplex European Property Fund will initially own
67 German assets valued at 356 million euros ($468 million), the Sydney-based
company said in a statement today.

- Air Berlin Plc: Europe’s third-largest discount carrier plans to release
third-quarter results. The company will probably report a quarterly profit of 39
million euros, according to four analysts surveyed by Bloomberg News.

- ASM International NV: Shareholders of Europe’s second-largest
semiconductor-equipment maker rejected a minority investor’s proposal to break
up the company. The management said ASMI should continue as a combined company
and aims to achieve positive net earnings for its unprofitable front-end unit
next year. Mellon HBV Alternative Strategies LLC, owner of 8 percent
of ASMI, wants to split the company because it says such a move would increase
shareholder value.

- Banco Bilbao Vizcaya Argentaria SA: Spain’s second-biggest bank may be active
after the lender said it plans to raise 3 billion euros selling new shares to
boost core capital. The bank said it would offer the new shares to investors
over two days.

- BAE Ssystems: Saudi Arabia has suspended talks with the U.K. on a £10bn
Eurofighter Typhoon jet order, the Financial Times said, citing BAE Systems Plc
Chief Executive Officer Mike Turner. The talks on the contract are “not
currently moving forward” on completing the contract, Turner told the FT. A
deal may eventually be worth as much as £40bn to BAE, the newspaper said.

- EMI Chairman Eric Nicoli is talking to private equity groups that may include
KKR and Goldman Sachs Group Inc. over a potential £2.5bn bid for the U.K. music
co, the Financial Times said today, citing people familiar with the
negotiations. The talks for the London-based music company are early, and may
not come to fruition, or other parties may become involved, the newspaper said

- Novartis AG: Switzerland’s biggest drugmaker is scheduled to provide
information on its drugs under development. The Galvus diabetes pill is the
first of four new drugs Novartis plans to bring to market to counter patent
losses on older products.

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Kashagan Oilfield (Total, RDS, Exxon, Conoco-ph.) to produce 25% more than 13bn
barrels earlier estimated, says FT headline.

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** US MARKETS **
Dow -0,38%; Nasdaq -0,23%; S&P -0,37%; Soxx -0,61%; Russel2k -0,08%; DJAIG 0%;
10yr Bond -0,04%; 10yr Yield 4,55%; Crude future 60,1; Gold 641

| Utilities 0,15%| Materials 0,07%| Telecom -0,04%| Technology -0,29%|
Financials -0,35%| ConsStaples -0,35%| Industrials -0,41%| Energy -0,42%|
ConsDisc -0,55%| Healthcare -0,61%

- Fed’s Poole Says Eurodollar Futures Fail to Predict Interest Rate Changes
- Homebuilder Shares Rally Amid Housing Slump; Home Depot, Pulte Beat S&P
- Putnam’s Divney, Citigroup’s Rhodes Say Investors Ignore Stock Market Risk
- U.S. Thanksgiving Weekend Spending Rises 19% as Shoppers Seek Out Sales
- Euro Climbs Against Dollar, Yen on Prospects for European Rate Increases
- Oil Shares Signal a Rebound; Pickens, Lehman Predict Record Prices in 2007
- Gold Rises for a Seventh Day in Asia as Dollar Declines Versus Euro, Yen

** ASIAN MARKETS **
Nikkei 0,96%; Kospi 0,24%; HSI -0,47%; Taiwan 0,95%; China -0,74%; India 0,66%;
Thailand 0,79%; Australia 0,02%

- Asian Stocks Climb, Led by United Microelectronics; Japan’s Eisai Advances
- Origin Agrees to Buy Sun Retail from State of Queensland for $937 Million
- China Port Builder Seeks $2.07 Billion From Initial Share Sale, People Say
- Wal-Mart, Bharti to Form Equal Joint Venture to Open Supermarkets in India
- Hong Kong Dollar Peg to U.S. Shows Strains as Interest-Rate Gap Widens
- Asia Chip-Related Shares Rise as Carlyle Bid Spurs Takeover Speculation

- Shares of Advanced Semiconductor Engineering Inc., the world’s largest chip
packager and tester, rose by the daily limit (+15%) after Carlyle Group offered
to buy out the Taiwanese company for $5.7 billion.

** EUROPE: IN PLAY TODAY **
- Confidence in Europe’s Economy Probably Rose to Highest Level in Six Years
- European Growth Stocks May Lead Market in 2007, UBS, Morgan Stanley Say
- Europe Surpasses U.S., Japan in Reaping Gains From Expanding World Trade
- Carlsberg, Lagging Anheuser-Busch, SABMiller, Seeks Acquisitions in China

- Bayer AG, Germany’s largest pharmaceutical company, said third-quarter profit
fell 35 percent on the cost of integrating Schering AG, the rival German
drugmaker it bought earlier this year. Net income fell to 320 million euros
($420 million), or 42 cents a share, from 493 million euros, or 68 cents, a year
earlier, Leverkusen-based Bayer said in a statement handed to reporters today.
That beat the median estimate of 195 million euros in a Bloomberg survey of nine
analysts. Sales rose to 7.78 billion euros.

- BAE Systems Plc: Europe’s biggest weapons maker will be awarded a 200 million
pound ($386 million) contract from the U.K. defense ministry in the next two
weeks to build the U.K.’s first war plane not requiring a pilot, the
London-based Times reported, without citing anyone.

- Corus Group Plc: Cia. Siderurgica Nacional SA’s bid for Corus may be
threatened by a complex due diligence process, the Sunday Express reported,
citing unidentified advisers to the company.

- Eni SpA: European Union regulators will fine the world’s fourth-largest oil
company and Dow Chemical Co. (DOW US), the largest U.S. chemical maker, for
fixing prices of ingredients in the rubber used in tires and shoes, four people
with knowledge of the probe said.

- LVMH Moet Hennessy Louis Vuitton SA: The world’s largest luxury-goods maker
may have its credit rating raised by Standard & Poor’s Ratings Services because
of the company’s improved financial outlook.

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On speculation that the rate gap between the U.S and Europe will narrow. Exporters are offered on European equities exchanges as a consequence.

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** US MARKETS **
Dow 0,04%; Nasdaq 0,45%; S&P 0,23%; Soxx 1,24%; Russel2k 0,09%; DJAIG -0,58%;
10yr Bond 0,07%; 10yr Yield 4,56%; Crude future 59,3; Gold 629,5

| Materials 1,27%| Technology 0,85%| ConsStaples 0,29%| Utilities 0,26%|
Healthcare 0,24%| ConsDisc 0,22%| Industrials 0,15%| Financials 0,11%| Telecom
-0,38%| Energy -0,56%

- Markets will be shut for the Thanksgiving holiday today and will trade till
1pm E.T tomorrow.

** ASIAN MARKETS **
Nikkei closed; Kospi -0,23%; HSI 0,37%; Taiwan 0,49%; China 0,35%; India 0,32%;
Thailand -0,12%; Australia 0,35%

- Asian Currencies Advance on Appeal of Higher-Yielding Assets as U.S. Slows
- Bank of Korea Orders Commercial Banks to Increase Reserves to Curb Lending
- Asian Shares Rise to Record on Optimism U.S. Interest Rates Will Decline
- Thai Airways Unexpectedly Posts First Loss in a Year on Higher Fuel Costs
- Sri Lanka’s Central Bank Expects Fastest Growth in Almost 30 Years in 2007
- Regal Seeks $1.8 Billion in Sale of Property Trust Backed by Five Hotels
- Macquarie Bank Joins Tattersall’s in $261 Million Purchase of Talarius Plc

** EUROPE: IN PLAY TODAY **

- Altadis SA: The maker of Gauloises cigarettes may be active. The European
Court of Justice is scheduled to rule in a case that may determine whether
consumers can buy cigarettes in European Union countries where they are cheaper
and have them delivered without paying tax in the country where they live.

- KBC Group NV, Belgium’s second-largest financial-services company, said profit
almost doubled in the third quarter, helped by a gain from the sale of Banco
Urquijo. Net income was 1.08 billion euros ($1.40 billion), compared with 550
million euros a year earlier, the Brussels-based company said today on its Web
site. That beat the 1.04 billion-euro median estimate of five analysts surveyed
by Bloomberg News. Profit was boosted by a 500 million-euro gain on the sale of
the Spanish unit.

- Air France-KLM Group, Europe’s biggest airline, reported second-quarter profit
rose, excluding a gain from an asset sale a year earlier, on increased demand
and higher fares. Net income for the period ended Sept. 30 gained 26 percent to
374 million euros ($484.8 million) from 298 million euros a year earlier,
excluding the gain from the sale of a stake in Amadeus Global Travel
Distribution SA, said Chief Operating Officer Pierre-Henri Gourgeon in a
briefing today. Profit beat the median estimate of 370 million euros of eight
analysts surveyed by Bloomberg News. Revenue rose 8.8 percent to 6.13 billion
euros.

- Siemens AG: The engineering company’s Osram lighting unit is scheduled to
publish full-year results.

- Union Fenosa SA: Spain’s third-largest power company is scheduled to present
its strategic plan through 2011.

- EON: EU regulators charged E.ON with breaking a seal on evidence in a
antiturst investigation, fine could be 1% of turnover.

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** US MARKETS **
Dow 0,3%; Nasdaq -0,13%; S&P 0,1%; Soxx -0,55%; Russel2k -0,29%; DJAIG 0,31%;
10yr Bond 0,12%; 10yr Yield 4,59%; Crude future 58,32; Gold 623,8

| Telecom 1,35%| Energy 0,87%| Healthcare 0,33%| ConsStaples 0,21%| Utilities
0,13%| Industrials 0,1%| Materials -0,06%| Technology -0,16%| Financials -0,21%|
ConsDisc -0,24%

- Freeport-McMoRan to Buy Phelps Dodge for $25.9 Billion in Cash and Stock
- Blackstone Buys Zell’s Trust for $20 Billion in Record Real Estate Deal
- Rising Labor Costs Mean Central Bankers May Keep Rates Higher for Longer
- Treasuries May Gain as Housing Slowdown Points to 2007 Interest-Rate Cut

- Ford Motor Co.: The second-biggest U.S. automaker restated results from the
first half to correct its accounting for derivative transactions. First-quarter
net loss was revised to $1.42 billion from $1.19 billion, the company said in a
regulatory filing. Second-quarter loss was revised to $317 million from $254
million.

- Leading Indicators are published at 16:00 CET.

** ASIAN MARKETS **
Nikkei -2,27%; Kospi -0,71%; HSI -0,7%; Taiwan 0,03%; China 1,45%; India -1,04%;
Thailand -0,54%; Australia -1,63%

- Zhou Says Pressure for Higher Interest Rates in China `Has Eased a Bit’
- Asian Stocks Head for Biggest Drop in 10 Weeks; Sanyo Slides, China Gains
- South Korea’s Kwon `Concerned’ by Won Strength, Expects Currency to Fall
- Yen Declines as G-20 Meeting Made No Comment on Slide in Japan’s Currency
- Japanese stocks tumbled the most in four months, leading declines in Asia.
Sanyo Electric Co. fell after a report said it may post a loss, missing a
forecast for its first profit in three years. Investors are afraid of any
negative news and are selling their holdings ahead of the earnings reports. Also
last Friday’s weak US housing data caused weakness amongst Asian exporters.

** EUROPE: IN PLAY TODAY **

- G20: Group of 20 economic leaders said the outlook for world growth
remains positive but called for continuing adjustments to monetary and
fiscal policies and appropriate exchange rate flexibility. “Maintaining
strong world growth and containing inflation will require ongoing
adjustment to monetary and fiscal policies while ensuring appropriate
exchange rate flexibility,” the G20 finance ministers and central bank
chiefs said in a communique.

- Alcatel SA: U.S. President George W. Bush approved the company’s $11.8 billion
purchase of Lucent Technologies Inc., removing the final hurdle to the
transaction.

- ASM International NV: Chief Financial Officer Naud Van der Ven said he expects
shareholders won’t back a minority investor’s proposal to break up the company,
Europe’s second-largest semiconductor-equipment maker.

- BP Plc: The world’s third-largest publicly traded oil company plans to invest
$500 million in a research program to develop crops that can be converted into
fuel, BP’s chief executive officer said on Nov. 17.

- Continental AG: Chief Executive Officer Manfred Wennemer said higher
raw-material prices will swell costs by 300 million euros ($385 million) this
year at the world’s fourth- largest tiremaker, Automobilwoche reported, citing
an interview.

- Corus Group Plc: Tata Steel Ltd. may raise its 4.3 billion pound ($8 billion)
offer for Corus, countering a rival bid by Brazil’s Cia. Siderurgica Nacional SA
to become the world’s fifth-biggest steelmaker.

- Credit Suisse Group: The second-biggest Swiss bank will need to lower its
capital base by about 2 billion francs ($1.6 billion) to take account of
deficits in its pension funds, SonntagsZeitung reported, citing spokesman Andres
Luther. The shortfall in the lender’s pension provisions was revealed in a
study by Standard & Poor’s into Credit Suisse’s adoption of generally accepted
accounting principles in the U.S., the paper said, citing Luther.

- Deutsche Telekom AG: Russian billionaire Vladimir Yevtushenkov may still try
to buy a stake of as much as 10 percent in Deutsche Telekom AG in 2007 after
talks with the German government failed earlier this year, Focus said, citing an
unidentified person familiar with the situation.

- Endesa SA: Manuel Jove may buy a stake of between 5 percent and 10 percent in
Endesa, the Spanish power company that’s the target of a bid by Germany’s E.ON
AG, El Pais newspaper reported. Jove will have 2.8 billion euros to invest
after selling his family’s stake in real estate company Fadesa Inmobiliaria SA
and a 5 percent stake in utility Union Fenosa SA, the paper said.

- GlaxoSmithKline Plc: Europe’s largest drug maker is facing demands from
investors that the company use its 2.3 billion-pound ($4.4 billion) cash pile or
face a shareholder revolt, the Independent on Sunday reported. Institutional
investors are urging the company to use the money for acquisitions and to
bolster its upcoming new drugs, the newspaper said, citing shareholders.

- Iberdrola SA: Spain’s second-largest electricity company may seal an accord
before Nov. 25 to combine with Scottish Power Plc, a British utility, El Mundo
newspaper reported, citing unidentified people close to the transaction.

- Porsche AG: Germany’s BaFin financial services regulator has reported insider
trading of Porsche AG shares last year to prosecutors, WirtschaftsWoche said.
Separately, Focus magazine reported that Porsche supervisory board member and
shareholder Ferdinand Piech told executives at Volkswagen AG on Nov. 17 the
luxury carmaker has no plans to buy Volkswagen.

- Royal Dutch Shell Plc: Europe’s largest oil company may sell its French oil
business for as much as $4 billion, The Business reported on Saturday, without
saying where it got the information. Shell hired JPMorgan Chase & Co. or
Citigroup Inc. to advise on the possible sale of one or more of its three
refineries, the magazine said in its Nov. 18 edition.

- Siemens AG: Managers at Siemens AG’s communications unit may have embezzled
100 million euros ($128 million) in company funds, five times more than the sum
estimated by authorities, Spiegel magazine said, citing no one.

- Suez SA and Gaz de France SA: The merger of Suez and former French gas
monopoly Gaz de France SA will put the new company in pole position to take
advantage of future demand for liquefied natural gas (LNG), the Times reported,
citing an interview with Suez Chief Executive Officer Gerard Mestrallet.

- Telecom Italia SpA: Italy’s biggest telephone company rejected a $7.7 billion
bid from America Movil SA for its Brazilian unit because it was too low, la
Repubblica reported, without saying where it got the information. Telecom Italia
Executive Vice Chairman Carlo Buora met yesterday with a Brasil Telecom SA
official in London, to discuss another possible bid, the newspaper said.

- Volvo AB: Europe’s second-largest truck maker will almost double car sales in
China this year and sees the same rate of growth in 2007, Volvo Car Corp. Chief
Executive Officer Fredrik Arp told reporters at a trade fair in Beijing, Dagens
Nyheter said yesterday.

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DJ TSUNAMI EXPECTED TO HIT NORTH,EAST JAPAN AROUND 1210 GMT
DJ JAPAN TSUNAMI TO BE AT LEAST 2M TALL - WEATHER AGENCY
DJ QUAKE OF MAGNITUDE 8.1 HITS KURIL ISLANDS NORTH OF JAPAN

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