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• General: A late-day rally prevented all three major losses from yet another losing session on Wednesday. The Dow erased a drop of 100 points that had pushed the Index below 9000 and to levels unseens since last October. The Nasdaq erased a loss of 1.5% to close up 1.65%.
• TMT: Semis managed to gain on the day as the Semi Index rose 4.2% despite a profit warning from Advanced Micro on Wednesday morning. Advanced Micro fell 4.2% but Intel gained 7.1%, AMAT rose 6.1% and Micron advanced 6.6%. The Software names also had a beter day as the Goldman Sachs Software Index rose 4.4%. Elsewhere, AT&T Wireless rose 15% as rumors swirled that the company might be acquired by Cingular Wireless. Sprint PCS benefited from the news as it gained 14%. Sun Micro rose 11% after Merrill Lynch made positive comments about the company.
• Financials: The group saw continued selling with the Bank Index closing below 800 and both the Broker Dealer and Insurance Indexes also closing in negative territory. CIT almost got back to $22, closing down $0.05 on the day.
• Healthcare: Both the large-cap pharmas and the Biotechs continued to be for sale as investors seem to have little stomach for the group. The Biotech Index (BTK) did manage to hold the important 300 level although it still closed down 0.15% at 309.


Figures Released

• No major companies reported out of the US after the close y`day

Figures Expected

• No major companies expected to report out of the US today

Company News

• Citigroup plans to sell its stake in the Mexican telephone unit of WorldCom, a person familiar with the matter said. (Bberg)
• Qwest`s junk credit rating may be lowered by Moody`s as concern mounts that it will default on $5.6bln of debt maturing in the next year. (Bberg)
• Merrill is likely to post lower revenue for the 2Q amid the slump in retail investing, although cost-cutting could buoy the firm`s earnings. (WSJ)
• EchoStar gained 1% after-hours after a federal court partially ruled in its favour in patent litigation that SuperGuide and Gemstar filed against it. (Rtr)
• ACS is in serious discussions to buy P&G`s back-office operations as part of mulitbillion dollar outsourcing deal. (WSJ)



OTHER AMERICAN MARKETS
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Close Chge % Chge
Brazil 10,635.5 -210.1 -1.94
Mexico 6,326.5 20.0 0.32
Canadian TSE 0.0 0.0 0.00
Argentina 1,456.0 -38.0 -2.54

• BRAZIL: Brazil will sell $1.5 billion this month to try to brake a three-month slide in its currency that has boosted interest rates and the debt owed by Latin America`s largest nation.
• In the stock market, Brazil shares fell for a third day, led by Net Servicos de Comunicacoes SA and Centrais Electricas Brasileiras SA on concern financing costs will rise.
• Standard & Poor on Tuesday, reduced Brazil`s debt rating on concern the new goverment after October presidential elections will find it difficult to reduce the goverments 956 billion- reais ($326 billion) debt. The country`s currency, the real, has lost 19% this year against the US dollar.
• Net Servicos, Brazil`s biggest cable television provider, pluged 11%. Net has about half of its $692 milion in debt denominated in dollars, said analysts.
• MEXICO: Alfa SA, a steel and chemicals producer, jumped 6% to 17.38 pesos. Cemex SA, the world`s third largest cement maker, rose 1.9% to 51.10 pesos. About 30% of Cemex`s sales are in dollars.
• The Mexican peso has weakened 9.2% in the last three months.
• "The beneficiaries of a weaker peso would be those that earn dollars and have their costs in pesos," said an analyst.


ASIAN MARKETS
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Latest Chge % Chge Close Chge % Chge
Tokyo 10,659.5 -152.8 -1.41 Australia 3,150.9 18.00 0.58
Hong Kong 10,687.8 108.6 1.03 N.Zealand 2,054.2 -8.65 -0.42
Singapore 1,593.8 10.6 0.67 Sth. Korea 767.3 13.91 1.85
Malaysia 737.7 -1.6 -0.22 Thailand 398.5 3.35 0.85

• JAPAN - Tokyo stocks were losing ground by mid-afternoon, reversing a rally the day before on declines in Sony (-2.7%) and other major exporters amid concerns about a shaky Wall Street and the recently firmer yen. Buying was suppressed by caution ahead of upcoming corporate earnings results in the US and Japan. Mitsui & Co. (-3.9%) saw Japanese prosecutors arrest 3 employees on suspicion they were involved in rigging bids for the construction of a power plant 2 years ago.
• HONG KONG - The Hang Seng was higher by midday, helped by gains from the property sector as a stable Wall Street encouraged investors to accumulate battered blue chips. Also boosting sentiment was strong sales of the government`s Tracker Fund units, indicating that many investors believe the market may have bottomed out. Pharmaceutical firm China Bio-medical was a star performer, up 12.5%.
• TAIWAN - Taiwanese stocks edged higher, recovering from a 7-month low, as investors snatched up heavily weighted tech shares following a rebound in US counterparts on Nasdaq. The heavily weighted electronics sub-index rose 2%, led by AU Optronics (+4%). Memory chipmaker Macronix (-7%) slumped its daily limit for the second day after the company said it will not make a profit this year.
• SOUTH KOREA - The Kospi was higher by noon, as chipmakers and insurers advanced following a modest recovery on Wall Street. Samsung Electronics (+2.2%) rose in-line with the SOX in the US. Hynix Semi (+10%) was the index`s most actively tarded issue once again. The Bank of Korea said the economy would grow steadily in the second half of this year while leaving interest unchanged.



GLOBAL ECONOMICS
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Time Country Indicator Pd GSt.MoM GSf.YoY Prev.MoM Prev.YoY Cons.
USA Holiday
09:30 France 10-Year OAT of Apr 2012
09:30 France 15-/30- Year OAT of Oct 2030
09:30 UK Report on Jobs Jun 52.9
10:30 UK New Car Registrations May +5.1%
12:00 Germany Manufacturing Orders May +0.8% -1.8% +2.3% +1.3% Flat mom
12:00 UK Monetary Policy Committee Meeting Ends Unch Unch
13:45 Euroland ECB Meeting

• No major macro events scheduled for today out of the US

EUROPEAN MARKETS
EUROPEAN COMPANIES REPORTING TODAY
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PEUGEOT SA



EUROPEAN COMPANIES NEWS
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Pharmas & Biotechs
• Roche Holding AG Genussschein Potential bidders have started due diligence on the vitamins and fine chemicals business
Chemicals
• NOVOZYMES AS 2Q weak performance has cost the company DKK18m (Borsen)
Industrials
PEUGEOT SA Peugot – before open will publish H1 commercial t/over – cons 1.66mln units (1.60 yoy). Press conf 11:00 ECT.
BAE SYSTEMS PLC has won part of a US military radio contract. Could bring the co. as much as $4bln over 10 years ? - Times.
• RENAULT (REGIE NATIONALE La Tribune - despite the 1.3% growth of unit sales in H1, the performance of the group remains stable. They are also betting heavily on the Megane II.
• SAS AB The weakness of the dollar is beneficial for SAS as the company has chosen not to hedge its USD 7 billion costs, mainly fuel and plane leasing fees. (Finans Vision)
• VOLVO AB Volvo Trucks will invest several SEK billions in Asia, specifically in China and Korea, over the next few years. (Dagens INdustri)
• DAIMLERCHRYSLER AG ORD Spanish car sales fell 17.4% in June Yr/Yr, the biggest one-off monthly drop since 1998. This is in line with other countries (El Mundo Online).
• EUROPEAN AERONAUTIC DEFENCE & *SPACE COM B/berg - the A400M project for 196 transport `planes will probably not win approval until after German elections (sept).
• BABCOCK BORSIG AG talks on rescue plan ends without results - FTD
Energy
• NORSK HYDRO AS NOK20 Denying speculation of buying another large aluminium asset. British-Dutch steel Corus wants to sell its alumimium plant at around NOK9.5b (DN)
• PETROLEOS (CIA ESP) Cepsa and TotalFinaElf have obtained an exploration concession in Algeria. Production expected amounts to 230,000 b/p. (El Pais Online).
• REPSOL YPF SA Rumour that Petrobras is interested in buying YPF. In interview of Repsol said that it is the first he has heard about it but that everything has a price (BBG).
• ROYAL DUTCH PETROLEUM NLG1.25 Said will sell its stake in German gas firm Ruhrgas to German utility company E.ON AG for an undisclosed sum. E.ON has agreed to acquire a 40% stake for EUR 4.1 bn, which is held indirectly by Exxon Mobile, Shell and Preussag. (Rtrs)
A consortium led by RD this morning signed a $20 bn pipeline deal in China. The deal was announced earlier.
• SHELL TRANSPORT & TRADING COMP*ANY PLC ( Shell-led consortium has signed $20bln China pipeline deal - as expected.
• ENDESA SA EUR1.20 See Gas Natural story.
• GAS NATURAL SDG SA Gas Natural and Endesa inaugurate the first combined plants in Spain located in Cadiz. Power capacity amount to 400MW each, investment worth €380Mn (Bloomberg).
• SNAM RETE GAS Italy`s Energy and Gas Authority said Sicily region couldn`t tax gas pipelines of Snam Rete Gas.
• E.ON AG agreed to buy another 40% in Ruhrgas AG, for €4.1bn, indicating it expects government approval; the stakes are from Exxon, Shell, TUI -- BB
• VIVENDI ENVIRONMENT Viv Env Cap increase starts today (until 07/17) e1.52bln – 1 share for 6 at e26.5 per share.
Financials
Credit Suisse Group Namen Said Lukas Muehlemann will step down as chairman and Switzerland`s second-largest bank may report a loss for the first half of the year. The Zurich-based company also replaced Thomas Wellauer, 46, the head of banking and insurance, amid `substantial losses` at the Winterthur Insurance unit. Credit Suisse called Oswald Gruebel, 59, out of retirement to run the business, said spokesman Paul Rimmer. The bank further revealed that it made a net loss of close to SFR 370 million in the second quarter, owing to substantial write-downs on equity investments at struggling insurance arm Winterthur.
• ABN AMRO HOLDING ABN and Aegon say they are not pressured by the SEC to change their accounting principles (FD)
• BIPOP CARIRE S.P.A. CEO Maurizio Cozzolini resigned yesterday amid an investigation by the Bank of Italy into whether the owner of the main Italian brokerage arm deceived investors and the central bank about its accounts and lending practices.
• BNP PARIBAS BNP Paribas has reached an agreement to buy Spanish Asset Management unit from JP Morgan Chase subject to regulatory approval. Assets are worth around €750Mn. BNP manages around €2.5Bn assets under 17 offices in Spain (Cinco Diaz).
• CREDIT LYONNAIS ORD SA La Tribune – merger talks with Credit Agricole are still on.
• INTESABCI SPA ITALIAN BANKS EXPOSURE TO VIVENDI:
INTESA: had €340mn of exposure to Vivendi Group: €180mn to Vivendi Universal, €160mn to Vivendi Environnement.
CAPITALIA: €80mn exposure to Viv. Universal.
UNICREDITO: €28mn exposure to Viv. Universal.
• JYSKE BANK DNKR100 (REGD) denying having a hidden loss in their ownership of stocks in Wessel&Vett (Berlingske)
• UNICREDITO ITALIANO S&P increased long-term rating to A- (from AA-).
• DEUTSCHE BANK REG SHS CEO Ackermann is satisfied with the mgmt board changes he implemented and hinted that he is also aiming for a change in the supervisory board to make it more international - FT
• LONDON PACIFIC GROUP LTD. US Life unit placed under administration.
• STOREBRAND ASA SHS Shares at their lowest since Feb97. Chairman of the board says Storebrand can handle a further 20% on the downside (DN)
Foods/Beverages/Tobacco
• CARLSBERG `A` DKK20 Carlsberg`s profit ratio for the sale of Coca Cola in Denmark has shrunk from 10.6% in 98/99 to 2.3% in 01/02 (Jyllands Posten)
• CSM - N.R CERT Announced after the close yesterday that it will go through with the sale of preferred shares this month. The sale was announced earlier. (BN)
• NESTLE AG Reached an out-of-court settlement with Mars Inc. in a dispute about packaging for a U.K. chocolate brand. The dispute centered on Nestle`s new packaging for bags of Munchies, which Mars contended was similar to that for its Maltesers, said Deborah Tilley, a spokeswoman for Nestle`s U.K. unit. She and Mars spokesman Gordon Storey declined to comment on the terms of the settlement.
Health & Leisure
• ACCOR B/berg - Accor bought the human resource consultant Davidson Trahaire of Australia (no figs).
• NH HOTELES SA Nh Hoteles spends €4.6Mn to rebrand its 29 Dutch hotels. The process has taken 3 months and includes all Krasnapolsky hotels except the Astron brand (Bloomberg).
Manufacturing
• NEXANS SA ex div e0.43
Media/Publishing
• CANAL PLUS SA TV audience in June in France:- TF1 34.5% (31.8 yoy), M6 14.7% (16.5%), Canal+ 2.7% (2.9).
• M6-METROPOLE TELEVISION La Tribune - M6 could be a candidate for Canal+.
TV audience in June in France:- TF1 34.5% (31.8 yoy), M6 14.7% (16.5%), Canal+ 2.7% (2.9).
• SOGECABLE SA Vivendi Universal`s fall from grace could have repercussions for Sogecable and Telefonica’s media unit Admira’s Via Digital merger since Vivendi has a 23% stake in Sogecable and a secured 17% stake in the new company (ABC Online).
• TV FRANCAISE (TFI) ORD TV audience in June in France:- TF1 34.5% (31.8 yoy), M6 14.7% (16.5%), Canal+ 2.7% (2.9).
• PROSIEBEN MEDIA AG US billionaire Haim Saban is interested in assets of struggling KirchMedia, including broadcaster Pro7; Saban is among other bidders (Commerzbank/ Tristar, Axel Springer.) - FTD
• VIVENDI UNIVERSAL Viv Env Cap increase starts today (until 07/17) e1.52bln – 1 share for 6 at e26.5 per share.
Mr Fourtou named as new ch/man (ex Aventis), Mr Bebear (ex AXA) named as chief financer & Mr Lachman will lead the strategic committee. Fourtou will ask Ernst & Young for an audit. He said the Viv asset value is higher than the debt value, within 2 months they will issue a new forecast. French press expect a spin off of Vivendi (splitting the US & French assets). Assets that could be sold include – 10% of EchoStar stake in US (capital loss of e714m).
International press (WSJ and FT) announcing M Fourtou as new CEO, M Bebear as new board member and head of Financial committee. Company is expected to review situation over next 3 months. Company also announced having e1.2bn in cash, e1.6bn of unused credit lines, payments totalling e1.8bn due by end of July. Lex column highlighting risks of lower asset prices due to urgency of situation (Already started with Telepiu/News Corp). French creditors (BNP and Soc Gen mainly) after refusing to roll credit lines and forcing J2M out are now prepared to provide bridge loans as soon as new management can give strategy. Debt could also be restructured over next few months.
La Tribune - M6 could be a candidate for Canal+.
Retail/Luxury Goods
• KON AHOLD NLG0.50 The Justice Department of Paraguay accuses 2 managers of Gruppo Velox of fraud for more than $20m. They own 18% in the JV with Ahold, Disco. (FD)
• PINAULT-PRITEMPS REDOUTE B/berg - plans to appeal against a fine that competition authorities imposed on its FNAC restiling unit over price fixing.
• TESCO PLC (ORD) looking to launch a telecom arm selling mobile, internet, and fixed line services in the UK. The company is exploring a tie-up with Orange.- FT
Services
• D/S TORM A/S D/S Torm hasn`t responded to D/S Torm`s DKK360 per share bid yet, maybe with some investors finding the price too low
Technology
• ASM INTERNATIONAL NV Filed yesterday after US close to sell 4.3m shares (Rtrs)
• KUDELSKI SA Kudelski announces 6 new digital TV contracts for Nagravision representing a total potential of more than CHF 70m for the mid-term (3-4 years). With these new deal, Kudelski is penetrating the digitial TV market in Japan and strenghtening its position in China, the US and in France.
• SIEMENS AG REG SHS Despite the ongoing weakness in the U.S. economy, Siemens expects to see a turnaround in its loss-making U.S. units in the near future, Siemens Corp.’s CEO said in an interview with Handelsblatt
Telecoms
• AVENIR TELECOM B/berg - Avenir issued new shares to complete payment on its acquisition of Complete Mobile Comm Ltd - which it agreed to buy in Dec`00.
• CABLE & WIRELESS ORD CEO recently bought £40,00-worth of stock - Tel mkt report.
• FRANCE TELECOM S.A. France Tel – Le Figaro - BoD meeting y/day – said that the meeting was more for information purposes, rather than any decisions. They explained the ahgreement reached with the 17 banks re MobilCom & have agreed to convert the debt inot CBs (into FTE shares). They also said that the e1.1bln vendor debt with Nokia/Ericsson could be converted into a CB (into Orange shares) & the paper speculated that when these issues are resolved they may purchase MobilCom minorities at around e10.
• TDC AS TDC`s competitor Danske Telecom will offer broadband and Fixed Wireless Access in Denmark. Their network will be built on the fiber network owned by “Banestyrelsen”(Berlingske).
• TELEFONICA SA Vivendi Universal`s fall from grace could have repercussions for Sogecable and Telefonica’s media unit Admira’s Via Digital merger since Vivendi has a 23% stake in Sogecable and a secured 17% stake in the new company (ABC Online).
• TELIA AB Telia is bidding for parts of KPNQwest`s network that runs through France and for some equipment. (Direkt)
• SONERA CORPORATION Local Press - The market is worried that the EU`s investigation of the Telia-Sonera merger will not be allowed or will be delayed into the future. Analysts tell news agency Ticker that the weak stock market has played a role in this, but that nobody or nothing has changed the logic in the deal.
• TELEFONICA MOVILES SA Telefonica Moviles manages 31.5Mn active clients in June, 18.9% more Yr/Yr. Its unlisted competitor Amena has increased by 38% its client base to 5.8Mn year-to-date. Market share is 18.4% (El Pais Online).
• ALCATEL ALSTHOM (CGE) ORD Les Echos - Alcatel bond rating may be cut to junk status. Le Figaro - Ch/man said that after 2004 no debt remaining to be re-imbursed (they only have e2bln debt). They have $4bln cash & $1.5bln assets:- 15% Thales, 3.3% TMM, 20% of Nexans. Said that telecom demand is still growing & they are looking for a partner in its mobile phone division & they generate about 30% of its t/over with customers that are not telecom operators.
B/berg - will cut 480 jobs in Canada.

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