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*GAZ DE FRANCE 2007 NET EU2.5 BLN; ANALYST ESTIMATE EU2.3 BLN

*BOUYGUES 4Q NET EU265 MLN; ANALYST ESTIMATE EU337 MLN

*PPR 2007 NET EU922 MLN; ANALYST ESTIMATE EU840 MLN

*ROYAL & SUN FY OPERATING PROFIT 814M PNDS; ANALYST EST. 725M

*HONG KONG ECONOMY GREW 6.3% IN 2007 FROM YEAR EARLIER

*BRENT CRUDE OIL RISES TO RECORD $100 A BARREL IN LONDON

* The dollar fell to a record low of $1.50 per euro on speculation Federal
Reserve Chairman Ben S. Bernanke will indicate the U.S. central bank is prepared
to keep lowering interest rates.

* Accor Profit Rises 76% on Disposals, Pricier Hotels

* Moody’s Investors Service and Standard & Poor’s say MBIA Inc. has enough
capital to withstand losses and justify its AAA rating. MBIA’s debt investors
aren’t so convinced. Credit-default swaps indicating the risk that Armonk, New
York-based MBIA’s bond insurance unit won’t be able to meet its obligations are
trading at similar levels to companies such as homebuilder Pulte Homes Inc.,
which is rated 10 steps lower.  The discrepancy illustrates the skepticism debt
investors have about the safety of MBIA’s rating after the company posted
$3.4 billion of losses on subprime mortgages last quarter. Moody’s and S&P both
said that while at least $4 billion of writedowns lie ahead, MBIA’s management
has made enough changes to warrant the top rating.

* Holcim Ltd., the world’s second- biggest cement maker, said full-year profit
climbed 84 percent boosted by a disposal and expansion in India. Net income rose
to 3.87 billion Swiss francs ($3.6 billion) from 2.1 billion francs a year
earlier, the Jona, Switzerland-based company said in an e-mailed statement
today. That’s similar to a 3.83 billion-franc median estimate of eight analysts
in a Bloomberg survey. Sales added 13 percent to 27.05 billion francs.

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# TEXAS INSTRUMENTS SEES 4Q EPS 50C-54C; ANALYST EST. 51C
# China Inflation Surges to 11-Year High; Trade Surplus Swells
# Oil Rises on Speculation Fed Cut Will Help U.S. Avoid Recession
# Novartis Plans to Reduce Workforce, Bureaucracy, WSJ Reports
# Xstrata May Open Takeover Talks With Possible Bidders, FT Says
# Fiat May Spin Off Auto Unit, Marchionne Tells Automotive News
# Rio Tinto Applies in U.K. for Deadline on BHP Takeover Proposal
# GBL May Raise Lafarge Stake to as Much as 30%, Director Says
# SWISS RE SAYS BUYBACK LIKELY TO BE COMPLETED AHEAD OF TIME
# WASHINGTON MUTUAL (WM US) down 8.9% after hours in the U.S. cut dividend to
15cts, taking provisions $1.5bln and cuts 6% of workforce

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** 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.

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** US MARKETS **
Dow 0,34%; Nasdaq 0,62%; S&P 0,27%; Soxx 0,89%; Russel2k 0,49%; DJAIG -0,36%;
10yr Bond 0,04%; 10yr Yield 4,55%

| Utilities 1,14%| Technology 0,83%| Telecom 0,71%| Industrials 0,66%| Materials
0,59%| ConsStaples 0,13%| Healthcare 0,09%| ConsDisc 0,07%| Financials -0,03%|
Energy -0,36%

- OPEC, the producer of 41 percent of the world’s oil, will probably refrain
from lowering output at a meeting this week as mounting tensions between the
U.S. and Iran bolster prices.

- Employers in the U.S. will slow the pace of hiring next quarter, led by
builders and makers of durable goods, according to a private survey released
today. Manpower Inc. said its so-called net employment outlook fell
to 18 percent from 19 percent in the first quarter, seasonally adjusted. The
gauge subtracts the proportion of employers planning to cut jobs from the
percentage who plan to add them.

- Texas Instruments Inc. fell 79 cents, or 2.4 percent, to $31.80 in extended
trading. The world’s biggest maker of semiconductors for mobile phones narrowed
its forecast for first-quarter sales and profit as demand for handsets
remained steady. Profit will be 29 cents to 33 cents a share, excluding some
costs, compared with an earlier forecast of 28 cents to 34 cents.

** ASIAN MARKETS **
Nikkei -0,66%; Kospi -0,37%; HSI -0,25%; Taiwan 0,72%; China 0,05%; India 0,41%;
Thailand 0,73%; Australia -0,41%

- Asian Stocks Snap Week-Long Rally; Sony Falls on Yen’s Gain, Qantas Slips
- Taiwan Central Bank Governor Says Interest Rate May Be Approaching a Peak
- Ranbaxy Laboratories Bids for Generic-Drugs Division of Germany’s Merck
- China’s Inflation Accelerated in February, Adding Interest-Rate Pressure
- Nikko Shares Surge on Expectations Citigroup May Raise $10.8 Billion Bid
- Qantas Shares Decline on Concern Investors May Block Macquarie-Led Buyout
- Yen Strengthens as Flight From Risk Prompts Traders to Reduce Carry Trades
- HSBC to Double Branch Network in China, Issue 1.2 Million Cards, Wong Says
- Tokyo’s Economy, Bigger Than Canada’s, to Keep Top City Ranking Until 2020
- Asian Real Estate Better Value Than `Vulnerable’ Stock Markets, Faber Says

** EUROPE: IN PLAY TODAY **

- Lagardere SCA: France’s largest publisher said profit from media assets
declined 34 percent last year as it recorded higher interest costs and had
expenses for an exchangeable bond.

- Pirelli & C. SpA, which indirectly controls Telecom Italia SpA, posted a loss
in 2006 after writing down the value of its investment in the country’s largest
phone company. The net loss was 1.17 billion euros ($1.54 billion) compared
with a profit of 327 million euros a year earlier, the Milan-based company said
in a stock exchange statement today. Sales rose 6.5 percent to 4.84 billion
euros.

- Swisscom AG, Switzerland’s largest telephone company, said profit declined for
a fifth consecutive quarter after sales at its traditional service unit
dropped. Fourth-quarter net income fell 8.1 percent to 342 million Swiss francs
($279 million), from 372 million francs a year earlier, the company said on its
Web site today. Sales rose to 2.46 billion francs from 2.43 billion francs.

- Gaz de France SA, the owner of Europe’s biggest natural-gas network, said
profit climbed 29 percent last year on better margins from sales to large
customers. The Paris-based company, which is planning to merge with
power and water utility Suez SA, said net income rose to 2.3 billion euros
($3.03 billion) from 1.78 billion euros a year earlier. That’s in line with the
median estimate from ten analysts surveyed by Bloomberg News of 2.31 billion
euros.

** UPS & DOWNS **
MAN AG RAISED TO `BUY’ FROM `NEUTRAL’ AT UBS
OLD MUTUAL RAISED TO `BUY’ FROM `NEUTRAL’ AT UBS
AGGREKO RAISED TO `BUY’ FROM `NEUTRAL’ AT UBS
SANDISK RAISED TO `BUY’ FROM `NEUTRAL’ AT UBS
VOPAK RAISED TO `BUY’ FROM `NEUTRAL’ AT UBS
INTERSERVE RAISED TO `BUY’ FROM `HOLD’ AT CITIGROUP
BOURBON RATED NEW `BUY’ AT CITIGROUP
ENAGAS RAISED TO `BUY’ FROM `HOLD’ AT CITIGROUP
JD GROUP CUT TO `HOLD’ FROM `BUY’ AT CITIGROUP
AKZO NOBEL RAISED TO `BUY’ FROM `HOLD’ AT CITIGROUP
NORSK HYDRO RAISED TO `BUY’ FROM `HOLD’ AT CITIGROUP

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** US MARKETS **
Dow -0,41%; Nasdaq 0,26%; S&P -0,09%; Soxx 2,76%; Russel2k 0,26%; DJAIG 1,38%;
10yr Bond -0,04%; 10yr Yield 4,73%

| Energy 0,95%| Technology 0,37%| Utilities 0,28%| Telecom 0,14%| Financials
-0,24%| Healthcare -0,29%| ConsDisc -0,32%| Materials -0,39%| ConsStaples
-0,43%| Industrials -0,67%

- Buffett to Keep PetroChina Stake, Rejects Criticism Over Sudan Operations
- Shell, Repsol, Total Defy U.S. Warnings to Seek Deals for Iranian Oil, Gas
- YouTube, Facebook Spark Copycats, Bubble Anxiety as Web 2.0 Grips Valley

** ASIAN MARKETS **
Nikkei 0,44%; Kospi 0,31%; HSI -0,78%; Taiwan 0,94%; China 0,18%; India -1,04%;
Thailand 0,34%; Australia 0,3%

- Sanyo Electric Accounting Investigated by Japan Regulators; Shares Tumble
- Coles to Consider Sale Four Months After Rejecting $14.4 Billion Buyout
- Origin Rejects AGL’s `Nil Premium’ Merger, Says Offer Undervalues Company
- Rio to Invest $2 Billion in Indonesian Nickel Project, Government Says
- Nissan Motor Joins Renault, Mahindra in Car Venture in India, People Say
- Asian Stocks Extend Record High; BHP, Sumitomo Metal Climb on Metals, Oil
- Japan’s Bond Investors Reduce Inflation Estimates on Decline in Oil Prices
- Sri Lanka Raises Key Interest Rate to 10.5 Percent to Help Curb Inflation
- Indian Railways May Keep Charges on Hold for Third Year, Curbing Inflation

** EUROPE: IN PLAY TODAY **

- RWE AG, Germany’s largest power producer by eneration capacity, Friday said
2006 net profit soared more than 72%, due ainly to special gains from asset
disposals and a tax rebate. The Essen-based utility also said it intends to
further increase sales and rojected 10% growth for operating profit in 2007.
However, net profit will ecrease substantially compared to 2006, which was
boosted by special items, RWE said.
In the medium-term RWE intends to increase organic operating profit by an
verage of 5% per year, the company said. Full-year 2006 net profit climbed to
EUR3.85 billion from EUR2.23 billion a year earlier, slightly exceeding
analysts’ forecasts of EUR3.57 billion.

- Lafarge SA, the world’s largest cement maker, said annual profit rose 25
percent after it expanded in China and bought full control of its North American
unit. Net income advanced to 1.37 billion euros ($1.8 billion) from 1.1 billion
euros, the Paris-based company said today in a statement. Analysts in a
Bloomberg survey predicted profit of 1.35 billion euros.

- CARREFOUR CUT TO `HOLD’ FROM `BUY’ AT DEUTSCHE BANK
- TITAN CEMENT CUT TO `HOLD’ FROM `BUY’ AT CITIGROUP
- CENTRICA CUT TO `HOLD’ FROM `BUY’ AT CITIGROUP
- AXEL SPRINGER RATED NEW `EQUAL-WEIGHT’ AT LEHMAN
- HMV RATED NEW `EQUAL WEIGHT’ AT LEHMAN
- RENTOKIL UPGRADED TO `NEUTRAL’ FROM `REDUCE’ AT UBS
- ROLLS-ROYCE CUT TO `REDUCE’ VS. `NEUTRAL’ AT UBS
- CAPITA GROUP CUT TO `NEUTRAL’ FROM `BUY’ AT UBS

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** US MARKETS **
Dow -0,45%; Nasdaq -1,16%; S&P -0,71%; Soxx -1,38%; Russel2k -1,14%; DJAIG
0,62%; 10yr Bond -0,03%; 10yr Yield 4,78%

| Utilities 0,08%| ConsStaples -0,13%| Materials -0,28%| Energy -0,44%|
Healthcare -0,46%| Industrials -0,5%| ConsDisc -0,92%| Telecom -0,92%|
Financials -0,97%| Technology -1,25%

- GE, HP, Lilly Tax Breaks on Overseas Profits Eyed for Repeal by Democrats
- Carlyle, Independent Agree to Buy APN After Raising Bid to $1.45 Billion
- Yen Falls to Record Low Versus Euro as G-7 Ministers Disagree on Decline
- Japanese Investors, Biggest Sellers of Treasuries, Becoming Biggest Buyers

** ASIAN MARKETS **
Nikkei closed; Kospi -0,94%; HSI -0,26%; Taiwan -1,06%; India -1,9%; Thailand
-0,1%; Australia -0,07%

- China Posts $15.9 Billion Trade Surplus, Adding Pressure for Rise in Yuan
- Asian Stocks Snap Seven-Day Advance, Led by Samsung on Chip-Price Concerns
- Vodafone Agrees to Buy Control of India’s Hutchison Essar for $11 Billion
- Qantas Urges Shareholders to Accept $8.6 Billion Buyout by Macquarie Bank
- Commonwealth Sells $4.6 Billion of Australian Dollar Mortgage-Backed Bonds
- China’s Inflation Probably Slowed Last Month, Remaining Near Two-Year High

- Shanghai Copper Rises on China Buying, Risk to Peru Supplies from Dispute
- Bullion Trades Near Eight-Month in Asia on Supply Concern Before Holiday

** EUROPE: IN PLAY TODAY **

- MyTravel May Announce Merger With Thomas Cook Today, Financial Times Says

- Carrefour SA: Europe’s largest retailer is “confident” about the start of
2007 and expects to gain market share for a third year, Chief Executive Officer
Jose Luis Duran said in an interview with newspaper Investir.

- Endemol NV: Telefonica SA, Spain’s largest phone company, may attract bids for
its stake in Endemol from Mediaset SpA and the management of the Dutch
television producer, El Economista said on Feb. 10, citing people close to the
situation. Telefonica aims to conclude the sale between July and September,
and John de Mol, the founder of Endemol, may help Mediaset in its bid, the
newspaper said.

- Ericsson AB: The world’s biggest maker of wireless networks holds a
presentation at the 3GSM convention in Barcelona, Spain. Nokia will do so as
well together with Siemens.

- Infineon Technologies AG: Several of the world’s largest private equity firms
are courting Infineon Technologies AG, said Financial Times Deutschland, citing
unidentified private equity and banking industry executives and an Infineon
manager.

- Royal Dutch Shell Plc: The chief financial officer of Europe’s largest oil
company by market value, Peter Voser,said a rise in the price of oil is likely,
SonntagsBlick reported. Rising demand and political developments in areas such
as the Middle East mean oil prices will probably increase “over the
long-term,” Voser told the Zurich-based newspaper in an interview published
today.

- TUI AG: Europe’s largest travel company and the owner of the Hapag-Lloyd
shipping line had its credit ratings cut by Moody’s Investors Service, which
cited concern about expansion plans.

- Earnings of note: Petroplus & Statoil

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** US MARKETS **
Dow 0,04%; Nasdaq 0,04%; S&P 0,07%; Soxx -0,54%; Russel2k 0,46%; DJAIG 0,07%;
10yr Bond -0,01%; 10yr Yield 4,77%; Crude future 59,36; Gold 654,75

| Utilities 0,76%| Industrials 0,03%| Healthcare -0,23%| Technology -0,24%|
Financials 0,48%| ConsStaples -0,23%| Energy -0,25%| ConsDisc 0,34%| Telecom
-0,4%| Materials 0,68%

- Cisco Systems Inc. gained $1.20, or 4.4 percent, to $28.48 in extended
trading. The world’s biggest maker of computer-networking equipment said
second-quarter profit excluding some costs was 33 cents a share. That exceeded
the 31-cent average of analysts’ estimates compiled by Bloomberg. Third-
quarter sales will rise 19 to 20 percent, Chief Executive Officer John Chambers
forecast. Analysts expect sales to rise 17 percent from a year earlier to $8.57
billion, according to a Bloomberg survey.

- Corporate financials will again be at the front of investors’ minds on
Wednesday, as fourth quarter earnings season winds down. Among the most notable
companies expected to post quarterly results before the bell are Apollo Group
(APOL), AutoNation (AN), Cigna (CI), Devon Energy (DVN), DirecTV (DTV), Polo
Ralph Lauren (RL), Sara Lee (SLE), and Whirlpool (WHR). After the close, Dow
component Walt Disney Co. (DIS) heads a list that also includes Electronic Data
Systems (EDS), Prudential Financial (PRU), Akamai Technologies (AKAM), Maxim
Integrated Products (MXIM), and Amkor Technology (AMKR).

- On the economic front, a preliminary read on Q4 Productivity will hit the
wires at 14:30 CET, while the December Consumer Credit report will be out at
21:00 CET. The Energy Department’s weekly inventories report at 16:30 CET will
also draw some attention, given the recent rise in oil prices.

** ASIAN MARKETS **
Nikkei -0,66%; Kospi -0,16%; HSI -0,18%; Taiwan -0,33%; China 0,34%; India
0,73%; Thailand 0,49%; Australia 0,38%

- United Microelectronics Reports 87 Percent Jump in Fourth-Quarter Profit
- BHP to Return $10 Billion to Shareholders; Goodyear to Retire by Year-End
- Asian Phone Stocks Rally as DoCoMo, Singapore Telecom Gain; China Advances
- China Minsheng May Sell Up to $3.1 Billion of Stock to Replenish Capital
- Stockland Buys U.K. Developer Halladale for $335 Million to Enter Europe
- China May Post $15.5 Billion January Trade Surplus, Spurring Calls on Yuan
- Citigroup Wins Right to Question Its Executives in Australia Insider Trial
- Indonesian Rupiah to Rise 7 Percent as Funds Invest in Stocks, HSBC Says
- Bank of Japan to Raise Rates in February, Malpass Says: Chart of the Day
- Malaysian Equities to Outperform Region on Lower Rates, Deutsche Bank Says

** EUROPE: IN PLAY TODAY **

- Roche Holding AG, the world’s biggest maker of cancer medicines, said
full-year profit jumped 33 percent as doctors prescribed more of its
tumor-fighting treatments and demand rose for the Tamiflu antiviral drug.
Net income rose to 7.88 billion Swiss francs ($6.35 billion) from 5.92 billion
francs a year earlier, the Basel, Switzerland-based company said in a statement
handed to reporters today. Analysts surveyed by Bloomberg News had anticipated a
median 8 billion francs. Sales increased to 42 billion francs from 35.5
billion francs, the company said.

- PSA Peugeot Citroen, Europe’s second-biggest carmaker, reported an unexpected
second-half loss because of a writedown in assets and a decline in sales as
European customers favored models from Volkswagen AG and Toyota Motor Corp.
The net loss was 127 million euros ($165 million), compared with a 269
million-euro profit in the year-earlier period, spokesman Jean-Hugues Duban
said. For the full year, profit dropped 83 percent to 176 million euros, or 0.77
euro a share, from 1.03 billion euros, or 4.47 euros.

- BHP Billiton Ltd., the world’s biggest mining company, will buy back $10
billion of shares, more than three times analysts’ expectations, after higher
metal prices drove profit to a record. The stock gained. Net income rose 41
percent to $6.2 billion for the six months ended Dec. 31, from $4.36 billion, a
year ago, the Melbourne-based company said in a statement. Sales rose 22
percent to $22 billion.

- BNP Paribas SA: France’s largest lender said Kas Bank NV, the biggest
independent Dutch securities-clearing company, will transfer its private-banking
activities, including 750 million euros in assets under management, to Nachenius
Tjeenk & Co., BNP Paribas’s Dutch private banking unit.

- Publicis Groupe SA: The world’s fourth-biggest advertising company said
fourth-quarter revenue rose 4.8 percent to 1.25 billion euros, helped by
“firmer” growth in Europe and gains from business wins in North America.

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** US MARKETS **
Dow 0,07%; Nasdaq -0,21%; S&P -0,1%; Soxx 0,14%; Russel2k -0,34%; DJAIG 0,16%;
10yr Bond 0,01%; 10yr Yield 4,8%; Crude future 59,17; Gold 650,35

| Utilities 1,12%| Industrials -0,01%| Healthcare -0,03%| Technology -0,08%|
Financials -0,11%| ConsStaples -0,18%| Energy -0,2%| ConsDisc -0,29%| Telecom
-0,39%| Materials -0,41%

- Blackstone Raises Bid for Equity Office to $39 Billion to Fend Off Vornado
- Las Vegas Sands Profit Climbs on Growth at Sands Macao, Venetian Resort
- Harvard Fish Experiments Help Lead Novartis, Merck to New Diabetes Drugs

- National Semiconductor Corp declined 32 cents, or 1.4 percent, in extended
trading. The company, whose chips extend battery life in mobile phones, cut its
fiscal third-quarter sales forecast. Sales will fall 14 percent to 15 percent
from the second quarter, compared with an earlier forecast of a drop of 8
percent to 11 percent, the company said.

- With no economic reports scheduled, corporate earnings will again garner
investors’ attention on Tuesday. Some notable companies expected to release
results before the bell include Avon Products (AVP), Duke Energy (DUK),
IAC/Interactive (IACI), Tyco Intl. (TYC), and William Wrigley Jr. Co. (WWY).
Meanwhile, Cheesecake Factory (CAKE), Cisco Systems (CSCO), and Computer
Sciences (CSC) are among the long list of the companies slated to report after
the close.

** ASIAN MARKETS **
Nikkei 0,36%; Kospi 0,75%; HSI 0,63%; Taiwan 1,19%; China 0,94%; India 0%;
Thailand -0,19%; Australia 0,75%

- Toyota Third-Quarter Profit Rises 7.3 Percent on International Sales, Yen
- Asian Stocks Approach Record on Earnings Outlook; Toyota Gains on Profit
- Indonesia Cuts Benchmark Interest Rate to 17-Month Low as Inflation Slows
- Bank of Japan Rate-Increase Prospects Revived on U.S. Services Data, Oil
- Macquarie Bank Shares Decline After Moss Says Earnings Growth Will Falter
- Japan Airlines Posts Fourth Loss in Five Quarters as Jet Fuel Costs Rise
- Oil Rises as Forecasts of Below-Normal U.S. Temperatures Spur Fuel Demand
- Copper Prices Reduce Losses in Shanghai as Red Kite Concern May Be Fading
- Gold Rises in Asian Trading on Concern Oil’s Advance Will Spur Inflation
- China to Set Up Asia’s First Carbon-Credit Exchange, Brokerages in Beijing

** EUROPE: IN PLAY TODAY **

- Yen Volatility Versus British Pound Reaches Two-Year High Before G-7 Meets

- France Telecom SA: The French mobile-phone market expanded 7.5 percent to 51.7
million users in 2006, the country’s telecommunications regulator Arcep said in
a report, as mobile-phone companies gained subscribers.

- MAN AG: Europe’s third-biggest truckmaker intends to release fourth-quarter
earnings. The company will probably say quarterly profit increased 6 percent as
customers expanded in eastern Europe, according to analysts surveyed by
Bloomberg News.

- Vinci SA: The world’s biggest construction company led a group of companies
that was awarded a contract by the Greek government to build and operate a new
highway there. The 30-year contract involves 2.1 billion euros of construction
work and running the existing highway between Athens and Corinth.

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** US MARKETS **
Dow 0,79%; Nasdaq 0,62%; S&P 0,66%; Soxx -0,35%; Russel2k 0,3%; DJAIG 0,85%;
10yr Bond 0,04%; 10yr Yield 4,81%; Crude future 57,96; Gold 653,9

| Materials 1,1%| ConsDisc 1,08%| Industrials 1,08%| Telecom 0,84%| Financials
0,66%| Technology 0,58%| Healthcare 0,46%| ConsStaples 0,43%| Utilities 0,37%|
Energy 0,21%

- Housing Threatened by Surging Defaults in Sub-Prime U.S. Mortgage Market
- Michael Dell, CEO Again, Faces Fresh Challenges in Remaking His PC Company
- Yuan Posts Biggest Gain in Five Months; China Rewards Paulson for Support
- Rising Wages Weigh on Profit Margins, May Curb U.S. Stock Market Rally
- Dubai’s Speculative Bubble Fails to Dent Goldman Sachs, Merrill Expansion

- The Federal Reserve kept the benchmark U.S. interest rate at 5.25 percent,
declaring that inflation is slowing “modestly” even as the economy picks up
speed. The Fed’s statement, which dropped language that described inflation as
elevated, triggered a rally in stocks and bonds as investors concluded the
central bank will keep rates unchanged for at least six months. The new wording
overshadowed the Fed’s retention of its bias toward tightening credit.

- Google Inc. shares fell after the owner of the most-used Internet search
engine reported fourth-quarter sales that disappointed some investors. Google,
which dominates Internet search and may get $1 out of every $4 spent on Web ads
in the U.S. this year, failed to surpass analysts’ revenue estimates last
quarter. The Mountain View, California-based company yesterday reported sales of
$2.23 billion, not counting revenue passed on to partners, in line with the
$2.2 billion estimated by 29 analysts in a Bloomberg survey.

- Personal Income and Spending will kick things off at 14:30 CET alongside the
Initial Claims release. The ISM Index will give the market an update on
manufacturing conditions at 16:00 CET while monthly auto sales will be released
throughout the day. On the earnings front, Dow component ExxonMobil (XOM) will
be the headliner Thursday.
Also out before the bell will be American Standard (ASD), Apache (APA), Archer
Daniels Midland (ADM), Boston Scientific (BSX), Clorox (CLX), Comcast (CMCSA),
CVS Corp (CVS), Marathon Oil (MRO), Monster Worldwide (MNST), Raytheon, (RTN),
Valero Energy (VLO) and Labor Ready (LRW). Anheuser Busch (BUD) will report
earnings during market hours while Amazon.com (AMZN), CA Inc. (CA), Electronic
Arts (ERTS), Genworth Financial (GNW), Hain Celestial (HAIN), Standard Pacific
(SPF) and YRC Worldwide (YRCW) will be out after the close.

** ASIAN MARKETS **
Nikkei 0,78%; Kospi 1,67%; HSI 0,99%; Taiwan 0,02%; China 0,19%; India 0,75%;
Thailand 0,72%; Australia 0,68%

- Rio Tinto Full-Year Profit Rises 43 Percent as Chinese Demand Lifts Prices
- Yuan Rises to Highest Since End of Dollar Link; China May Reward Paulson
- Matsushita Electric Third-Quarter Profit Rises 60 Percent on Plasma TVs
- Asian Stocks Advance, Led by Sharp, Rio Tinto on Earnings; Toyota Gains
- Nikko Shares Record Biggest Two-Day Drop in 22 Years on Accounting Probe
- Agricultural Bank of China Targets State Bailout in 2007, Executive Says
- Philippine Mine Investment to Reach $1.6 Billion Next Year, Reyes Predicts
- Yen Trades Near One-Week High as G-7 May Express Concern Over Weakness
- Ratan Tata’s Ambitions in British Steel Cost His Own Investors $1 Billion
- Rehlaender Bets on Asia Real Estate After Europe Developers Made Him No. 1

** EUROPE: IN PLAY TODAY **

- Deutsche Bank AG, Germany’s biggest bank, said fourth-quarter profit more than
tripled, helped by a tax gain, lower costs for job cuts and revenue from
trading. Net income rose to 1.8 billion euros ($2.35 billion), or 3.55
euros a share, from 487 million euros, or 94 cents, a year earlier, the
Frankfurt-based bank said in a statement today. That beat the 1.39 billion-euro
median estimate of 23 analysts surveyed by Bloomberg News. Revenue advanced 9
percent to 7.16 billion euros.

- Rio Tinto Group, the world’s third-largest mining company by sales, posted a
20 percent gain in second-half profit after prices for copper and iron ore
surged on demand from China. Net income rose to $3.64 billion for the six months
ended Dec. 31, from $3.03 billion, a year earlier. Second-half profit
was calculated from full-year profit reported today by the London-based company.
Rio raised its final dividend 54 percent.

- France Telecom SA, Europe’s second-largest phone company, said 2006 profit
fell as much as 30 percent after the company decided to write down the value of
its businesses in the U.K. and Poland. Net income fell to between 4 billion
euros ($5.2 billion) and 4.2 billion euros from 5.71 billion euros a year
earlier, the company said in an e-mailed statement today. The company took a
charge of 2.7 billion euros against 2006 results, Chief Financial Officer
Gervais Pellissier said in a conference call.

- Other results today from from Axa, Enel, Epcos, Ahold, Royal Dutch, Sandvik,
Suez, UPM-Kymmene and Vinci.

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** US MARKETS **
Dow 0,26%; Nasdaq 0,31%; S&P 0,58%; Soxx 0,07%; Russel2k 0,61%; DJAIG 2,55%;
10yr Bond 0,03%; 10yr Yield 4,87%; Crude future 56,58; Gold 645,5

| Energy 2,1%| Telecom 1,31%| Healthcare 0,58%| Financials 0,52%| Technology
0,48%| Utilities 0,38%| Materials 0,32%| ConsDisc 0,27%| Industrials 0,16%|
ConsStaples 0,03%

- Ford May Scrap $1 Billion of Thailand Investment Because of Currency Curbs
- Yen Rises on Speculation Weakness Will Be Topic of Group of Seven Meeting
- U.S. Stocks Rise; Oil’s Biggest Rally in 16 Months Lifts Exxon, Chevron

- There is little question that interest rates will be on the minds of investors
, as policy makers wrap up a two-day FOMC meeting. The Fed is expected
to leave the fed funds rate unchanged at 5.25%, but what isn’t a foregone
conclusion is what the accompanying policy directive will imply about future
rate decisions.

- Before the culmination of Wednesday’s Fed meeting, though, investors will have
plenty of economic data to digest. Up first will be an advance read on Q4 GDP
and the Employment Cost Index at 14:30 CET. Chicago PMI is scheduled for release
at 15:45 CET while Construction Spending should hit the wires soon after (16:00
CET)

- On the earnings front, Dow components Altria (MO) and Boeing (BA) will be the
headliners. Other S&P 500 constituents out before the bell
include Constellation Energy (CEG), Dominion (D), Eastman Kodak (EK), Eli
Lilly (LLY), Hess (HES), Hilton Hotels (HLT), Ingersoll-Rand (IR), Kraft Foods
(KFT), Public Service (PEG), and Time Warner (TWX).
After the close, Google (GOOG) leads a list that also includes EOG Resources
(EOG), Fiserv (FISV), Gilead Sciences (GILD), Pulte Homes (PHM), Starbucks
(SBUX), and Sunoco (SUN).

** ASIAN MARKETS **
Nikkei -0,61%; Kospi -0,77%; HSI -0,15%; Taiwan -0,52%; China -3,17%; India
0,07%; Thailand 0,23%; Australia -0,58%

- Tata Steel Bids $12 Billion for Corus, Topping CSN Offer; Shares Tumble
- India’s Central Bank Raises Interest Rate to 4-Year High to Curb Inflation
- Honda’s Third-Quarter Profit Rises 9 Percent on Weaker Yen, Overseas Sales
- Asian Stocks Drop, Led by Toyota and Canon on Yen Outlook; China Tumbles
- DoCoMo Third-Quarter Profit Drops 28 Percent as Network Spending Increases
- Pioneer Cuts Annual Profit Forecast, Delays Plasma TV Factory Construction
- Japan’s Wages Fall Most in 16 Months; Consumer Spending Slump May Deepen
- Ford May Scrap $1 Billion of Thailand Investment Because of Currency Curbs

** EUROPE: IN PLAY TODAY **

- Bulgari SpA: The world’s third-largest jeweler said fourth-quarter sales
advanced 4 percent to 323.6 million euros ($419 million), missing the 326.5
million-euro median estimate in a Bloomberg News survey of five analysts. The
company expects to report a gain of more than 12 percent in profit for last
year, up from 10 percent previously.

- Colruyt SA: Belgium’s biggest discount food retailer said nine-month sales
rose 9.2 percent to 3.89 billion euros. The company reiterated its forecast that
net income for the full-year ending March 31 will be at least 259 million euros.

- Corus: Tata Steel Ltd. offered 6.2 billion pounds ($12 billion) in cash for
Corus Group Plc, beating Brazil’s Cia. Siderurgica Nacional SA in the race to
become the world’s fifth-biggest steelmaker.

- Heidelberger Druckmaschinen AG: The world’s largest maker of printing machines
intends to release fiscal third-quarter earnings. The company may report
quarterly profit more than tripled on a 70 million-euro ($90 million) tax gain,
a survey of analysts by Bloomberg showed.

- Mittal Steel Co NV: The world’s biggest steelmaker will join the Amsterdam AEX
index as of March 1, Euronext said in a statement. Mittal will adopt Arcelor
Mittal as its market name.

- Novo Nordisk A/S: The world’s largest insulin maker is scheduled to report
fourth-quarter earnings. The company posted net income of 1.196 billion kroner
in the same period last year.

- Randstad Holding NV: The world’s fourth-largest temporary employment agency
will be included in the Amsterdam AEX Index, Euronext said in a statement.

- Vivendi SA: The media and telecommunications company will announce fourth
quarter sales after the market shuts. It may say quarterly sales rose as higher
video-game and pay-television revenue more than made up for a decline in the
cellular and music businesses, according to analysts surveyed by Bloomberg News.

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