** MORNING WRAP **

** US MARKETS **
Dow -0,12%; Nasdaq 0,05%; S&P -0,12%; Soxx 1,46%; Russel2k 0,5%; DJAIG 0,72%;
10yr Bond 0,01%; 10yr Yield 4,87%; Crude future 55,87; Gold 646,13

| Utilities 0,23%| Energy 0,17%| Financials 0,13%| Technology 0,11%| Materials
0,01%| ConsStaples -0,14%| Telecom -0,3%| ConsDisc -0,43%| Industrials -0,45%|
Healthcare -0,6%

– Energy Shares Lure BlackRock, Hodges After Becoming Cheapest Since 1980s – Bush Ethanol Plan Gets No Respect From Exxon in Bear Market for Producers – Bernanke, Trichet Find Cheaper Oil, Like Costlier, Raises Inflation Risks – Gold May Extend Rally to 4th Week as Oil’s Gain Revives Inflation Concern – Treasury May Reduce Bond Sales to Five-Year Low as Budget Deficit Shrinks – Microsoft Corp. added 49 cents to $31.09 in extended trading. The world’s
largest software maker said Windows Vista, the company’s new operating system
for personal computers, will go on sale broadly on Jan. 30.

** ASIAN MARKETS **
Nikkei 0,28%; Kospi -0,6%; HSI -0,3%; Taiwan -0,89%; China 1,51%; India -0,24%;
Thailand -0,3%; Australia -0,16%

– Copper Futures in Shanghai Advance on Improved Demand Outlook From China – Nomura’s Third-Quarter Profit Falls 26 Percent as Stock Commissions Drop – Yen Falls to Lowest Since March 2003; Report Shows Consumer Spending Waned – Canon Forecasts Eight Year of Record Profit on Digital Cameras, Copiers – Asian Stocks Drop, Led by Samsung Electronics, Sony; Tokyo Electric Gains – Barclays, Standard Chartered Turn Yen Bears as Japan Delays Rate Increase – Indian Central Bank May Raise Key Interest Rate a Fourth Time on Inflation – Thailand’s Central Bank to Crack Down on Local Banks Trading Baht Forwards – Japan’s Retail Sales Fell in December, Signaling Spending Slump May Deepen – Singapore Airlines Cuts Fuel Surcharges as Much as 11 Percent as Oil Falls – Asian Exchange Shares Rise More Than Global Peers on Trading, Mergers

** EUROPE: IN PLAY TODAY **

– Crude Oil Rises for a Second Day as Colder Weather Boosts Demand in U.S. – Akzo Nobel NV: The Dutch chemical maker plans to sell shares of its Organon
BioSciences unit to the public by about the end of March, Het Financieele
Dagblad reported Jan. 27. – Credit Suisse Group: Switzerland’s second-largest bank is sticking to its
target of an 8.2 billion-franc ($6.5 billion) profit this year, NZZ am Sonntag
reported, citing an interview with CEO Oswald Gruebel. – Deutsche Telekom AG: Europe’s largest phone company cut its forecast for
profit this year as competition in Germany intensifies and the dollar’s decline
against the euro erodes U.S. revenue. – Munich Re: The world’s second-biggest reinsurer expects winter storm Kyrill,
which battered Europe this month, to cause a pretax burden of as much as 600
million euros. – Repsol YPF SA: Iran, Repsol and Royal Dutch Shell Plc signed a preliminary
agreement Jan. 27 to develop part of the country’s South Pars gas field, the
world’s biggest natural gas deposit, the Islamic republic’s oil ministry said
yesterday. – Roche Holding AG: Roche’s biotechnology subsidiary Genentech Inc. said that
its Lucentis eye drug was linked to an increased risk of stroke in high doses. – UBS AG: Europe’s largest bank by assets is set to report ``good results’’ for
2006, SonntagsZeitung reported, citing an interview with Chairman Marcel Ospel.
``UBS is running on all cylinders,’’ the newspaper quoted him as saying. – Infineon Technologies AG, Europe’s second-biggest maker of semiconductors,
reported its first profit in eight quarters as demand for chips used in MP3
players and personal computers spurred the memory-chip unit. Net income in the
fiscal first quarter through December was 120 million euros ($155 million),
compared with a loss of 183 million euros a year earlier. Sales rose 27 percent
to 2.13 billion euros. Analysts had predicted profit of 89 million euros
on sales of 2.31 billion euros, the medians of 11 estimates in a Bloomberg News
survey.