** MORNING WRAP **

March 26th, 2007

** US MARKETS **
Dow 0,16%; Nasdaq -0,11%; S&P 0,11%; Soxx 0,63%; Russel2k 0,18%; DJAIG -0,43%;
10yr Bond 0,01%; 10yr Yield 4,61%

| Energy 0,62%| Industrials 0,59%| Utilities 0,45%| Materials 0,39%| Financials
0,17%| ConsDisc 0,04%| ConsStaples -0,05%| Technology -0,23%| Healthcare -0,26%|
Telecom -0,36%

- Business-Spending Slowdown May Surprise Fed by Lingering to Sap Job Growth
- Bernanke Befuddles Economists; Bear Stearns Is Bullish, Goldman Bearish
- Intel Plans to Invest $2.5 Billion in First Semiconductor Factory in China
- OPEC Dictates Higher Price, Market’s Relative Scarcity as Crude Oil Surges

** ASIAN MARKETS **
Nikkei 0,03%; Kospi -0,04%; HSI 0,53%; Taiwan 0,24%; China 1,1%; India -0,24%;
Thailand 0,43%; Australia 0,54%

- Asian Energy Stocks Gain on Oil Price Rise, Cnooc Upgrade; Posco Declines
- Intel Plans to Invest $2.5 Billion in First Semiconductor Factory in China
- CCMP-Led Group to Buy Telecom New Zealand’s Directories for $1.6 Billion
- China Telecom Second-Half Profit Rises 8 Percent on Rise in Internet Users
- Dabur India Plans Acquisitions in East Asia to Help Sustain Sales Growth
- Thailand May Weaken `Extreme’ Foreign Ownership Law, Finance Minister Says
- Wuhan President Wang Says Steelmaker Studying Setting Up Overseas Plant
- China May Raise Interest Rates in Six Months to Rein in Supply of Money
- Billionaires Li Ka-Shing, Lee Shau-Kee Say Hong Kong Home Prices to Rise
- Hyundai Motor Risks Crashing as Chairman Chung Faces Three Years in Prison

** EUROPE: IN PLAY TODAY **

- Porsche AG, the world’s most profitable carmaker, plans to raise its stake in
Volkswagen AG today to 31 percent, triggering a legal requirement for a takeover
bid as it solidifies control over Europe’s largest carmaker. Porsche, based in
Stuttgart, Germany, will offer 100.92 euros an ordinary share, 14 percent less
than the March 23 close in Frankfurt trading that valued the company at 42.7
billion euros ($56.7 billion), the sports-car maker said March 24.

- Saudi Arabia is shipping less oil to customers. OPEC by February reduced
dailyoutput by 1 million barrels. Global inventories this year fell the most in
a decade. Credit Ali al-Naimi, oil minister of Saudi Arabia, the world’s largest
exporter, who told OPEC members that production cuts would stop a six-month
decline in oil. Crude this year rebounded 26 percent from a 20-month low to
$62.51 a barrel.

- ABN Amro Holding NV: Royal Bank of Scotland Group Plc received support from
two “leading” shareholders to compete with Barclays Plc in bidding for the
Dutch bank, the Daily Telegraph reported on March 24, citing the investors
without identifying them.

- Bayerische Motoren Werke AG: The company expects to increase productivity by
10 percent in 2007, Automobilwoche reported. BMW wants to build 1.4 million cars
this year. The long-term increase in productivity will be about 5 percent, the
magazine said.

- Xstrata Plc is preparing a A$4 billion ($3.2 billion) takeover bid for nickel
producer LionOre Mining International Ltd., the Sydney Morning Herald said,
without citing anybody.

One Response to “** MORNING WRAP **”

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