** MORNING WRAP **

** US MARKETS **
Dow -0,58%; Nasdaq -0,74%; S&P -0,62%; Soxx -0,67%; Russel2k -0,81%; DJAIG
0,09%; 10yr Bond 0,1%; 10yr Yield 4,6%

| Telecom 0,27%| Energy 0,04%| Utilities -0,12%| Technology -0,61%| ConsStaples
-0,66%| Healthcare -0,75%| Industrials -0,8%| Financials -0,8%| ConsDisc -0,82%|

Materials -1,17% – Crude Oil briefly shot up more than $5, or 8.2%, in late U.S. electronic
trading, to hit $68 a barrel, the highest level since early September, amid
unsubstantiated rumors that Iran had fired on a U.S. naval vessel in the
Mideast Gulf. Traders were stumped to explain the extreme volatility as prices
swung dramatically in a matter of minutes. NYMEX personnel confirmed that all
prices flashed on trading screens were accurate – Accenture Ltd. rose 73 cents, or 2 percent, to $36.95 in trading after the
official close of U.S. exchanges. The world’s second-biggest consulting firm
said second-quarter profit was 47 cents a share. Seventeen analysts polled by
Bloomberg had an average estimate of 42 cents a share.

** ASIAN MARKETS **
Nikkei -0,8%; Kospi -1,03%; HSI -1,24%; Taiwan -0,73%; China -0,47%; India
-1,4%; Thailand -0,67%; Australia -0,49%

– Asian Stocks Fall, Led by Honda, on U.S. Consumer Confidence, Home Prices – Warburg Pincus May Invest $180 Million in Titan Petrochemicals, People Say – Tokyo Electric to Delay Finishing Two Reactors After Cover-Up of Accident – Orient Shares Surge on Mizuho’s Decision to Bail Out Credit Card Company – Australian Dollar to Extend Gain to 17-Year High on Yields, Says ABN, RBC – JM Financial Seeks to Buy Brokerage in India After Morgan Stanley Split – Citic 1616, Parent Raise $269 Million in Hong Kong Share Sale, People Say – Japan’s Consumer Prices Probably Fell in February, Hampering Rate Increase – Cnooc May Report Smallest Profit Increase Since 2002 on Weaker Oil Prices – China’s Investment May Spur Overcapacity, Turn Growth Into Curse, ADB Says

** EUROPE: IN PLAY TODAY **

– Vinci: the Co will pay a final dividend of E1.8 a share on May 14 2007, FY
dividend rose 33% to E2.65. Will ask the AGM authorisation to buyback up to 10%
of its shares for a maximum of E3.5bln and to split its shares 1:2. – DaimlerChrysler executives are close to selling their Chrysler unit (WSJ).
Yesterday Porsche Pref (+7.72% to E1208) and Daimlerchrysler (+2.81% to E61.92)
reached a new 3-month relative high against the Dax. – ASML Holding AGM. Yesterday Asml Holding (-1.03% to E18.26) reached a new
3-month relative low against the AEX. – Autostrade FY results expected. Last year, FY net income reached E791.3m and
total revenue of E2.96bln. Market sees FY net income adjusted of E651.23m and
sales of E3.1bln. The stock was raised to “overweight” from “neutral” by HSBC. – Enel FY results expected. Last year, FY net income reached E3.89bln and sales
E32.3bln. Market sees FY net income adjusted of E3.11bln and sales of E37.23bln – APM Maersk FY results expected. Last year, FY net income reached DK20.09bln
and sales DK208.7bln. Market sees FY net income adjusted of DK15.92bln and sales
of DK268.11bln – Hennes & Mauritz 1Q results expected. Last year, FY net income reached
SK1.81bln and sales SK15.1bln. Market sees FY net income adjusted of SK2.33bln
and sales of SK17.3bln. Yesterday Hennes & Mauritz (B) (+2.14% to SEK405) closed at a 3-month relative high against the OMX Stockholm 30.