** MORNING WRAP **

** US MARKETS **
Dow 0,42%; Nasdaq 0,42%; S&P 0,22%; Soxx 1,91%; Russel2k 0,17%; DJAIG 0,24%;
10yr Bond 0,12%; 10yr Yield 4,64%; Crude future 58,98; Gold 625,7

| Industrials 0,97%| Healthcare 0,64%| Telecom 0,41%| Technology 0,35%|
Financials 0,22%| ConsDisc 0,14%| ConsStaples 0,02%| Utilities 0,23%| Materials
-0,24%| Energy -0,84%

U.S. Stock-Index Futures Decline as Democrats Poised for Control of House
- Crude Oil May Rise 10 Percent This Year as OPEC Enforces Cuts, Lehman Says
- U.S. Treasuries Advance Before Debt Auctions, Democrat’s Secure Victory

- Just over 40 companies will report Wednesday before the open, including CVC,
DTV and SIRI. Another light data day is on tap, with the most interesting
report likely to be one that gives greater insight on the housing market, as
weekly MBA Mortgage Applications numbers will be released at 13:00 CET. Weekly
crude inventories figures are due out at 16:30 CET. Also worth noting is that
Chicago’s Fed president Michael Moskow will talk two times with a focus on the
economic outlook.

** ASIAN MARKETS **
Nikkei 1,08%; Kospi -0,53%; HSI -0,09%; Taiwan -0,09%; China -0,69%; India
-0,54%; Thailand 0,1%; Australia -0,58%

- Australia Raises Benchmark Rate to 6.25 Percent, Highest in Almost 6 Years
- Telefonica May Buy 8 Percent of PCCW, Establish Venture With China Network
- Singapore Telecom Reports BetterThan-Expected Profit on Subscriber Gains
- Asian Stocks Drop From Six-Month High; Astellas Pharma, CSR Fall on Profit
- Bank of Communications Plans to Sell $2.5 Billion of Shares, Bankers Say
- Japan’s Economic Growth Was Probably Unchanged as Consumers Pared Spending
- China Builds Highway Across the Desert to Tap Tarim Oil Field, Cut Imports
- Tokyo Stock Exchange Should Focus on Fixing Its Computers, Investors Say
- ICICI Targets 25 Million Rural Borrowers in India to Sustain Record Loans
- Time Warner to Pull Out of China Cinema Business Because of Ownership Cap

** EUROPE: IN PLAY TODAY **

- European Aeronautic, Defence & Space Co., the parent of Airbus SAS, posted its
first quarterly loss in three years because of cost overruns and delays on the
A380 jet. The third-quarter net loss was 195 million euros ($249 million)
compared with net income of 279 million euros a year earlier, EADS said today in
a statement. The company was expected to report a profit of 142 million euros,
according to the median estimate of seven analysts surveyed by Bloomberg News.

- Holcim Ltd., the world’s second-biggest cement maker, said third-quarter
profit jumped 32 percent after the Swiss company raised prices and made
acquisitions to expand in India. Net income climbed to 684 million francs ($548
million), from 520 million francs a year earlier, Jona, Switzerland-based
Holcim said in a stock exchange statement. Analysts in a Bloomberg survey
predicted profit of 642 million francs. Sales advanced 19 percent to 6.64
billion francs.

- Acerinox SA: The world’s fourth-largest stainless steel producer said
third-quarter net income rose to a record 170 million euros ($218 million) from
37.9 million euros a year earlier.

- Carlsberg A/S: The Danish brewer may report third-quarter net income of about
800 million kroner ($137.3 million) on sales of 11.6 billion kroner, according
to the average estimates in a survey by RB-Boersen.

- Deutsche Boerse AG: Europe’s biggest securities exchange by market value said
it broke off talks to create an alliance with Borsa Italiana SpA, the operator
of the Milan bourse.

- Deutsche Post AG: Europe’s biggest postal service plans to report quarterly
results. The company will probably report a 50 percent gain in third-quarter
profit, according to analysts surveyed by Bloomberg News.

- Eiffage SA: France’s third-biggest construction company said third-quarter
sales rose 31 percent on the acquisition of a toll-highway operator and gains in
French public works and housing.

- E.ON AG: Europe’s biggest utility is scheduled to report third-quarter
results. The company will probably say profit before interest, taxes and
one-time items gained 10 percent to 1.35 billion euros, according to analysts
surveyed by Bloomberg.

- Hypo Real Estate Holding AG: The commercial property lender plans to release
third-quarter earnings. The company may say profit rose as interest income grew
faster than costs, according to analysts surveyed by Bloomberg.

- KarstadtQuelle AG: The department-store retailer intends to release
third-quarter results. The company had quarterly sales that rose from a year
earlier, Platow Brief said this month, citing Chief Executive Officer Thomas
Middelhoff.

- Swisscom AG: Switzerland’s largest phone company is scheduled to release
third-quarter results. Profit probably slid to 445 million francs, falling for a
fifth straight quarter as sales at its traditional service unit dropped,
according to a Bloomberg survey of analysts.

- Volkswagen AG: Chief Executive Officer Bernd Pischetsrieder will step down as
the head of Europe’s largest carmaker as of Dec. 31. Audi division Chief
Executive Officer Martin Winterkorn will succeed Pischetsrieder as chief
executive, Volkswagen said in a statement.

- Wolters Kluwer NV: Europe’s largest tax and legal publisher may say
third-quarter net income rose 9.5 percent to 86.5 million euros ($109.9
million). It is scheduled to release third-quarter results before the market
opens.