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From DealingFloor:

** EUROPE: HEADLINES **

- German Investor Confidence May Have Fallen for Fourth Month as Oil Soared
- Dollar Slides on Concern Central Banks Are Reducing Holdings of Currency
- Metal Rally May Resume as Sell-Off Fails to Dissuade Investors, Producers
- U.K. House Prices Increased for a Sixth Month in April, RICS Survey Shows
- Crude Oil Posts Biggest Three-Day Drop Since February as Demand May Slow

** EUROPE: IN PLAY TODAY **

- ZEW is due to be released at 11:00 CET (estimate 60);

- European Aeronautic, Defence & Space Co., the parent of planemaker Airbus,
said first-quarter earnings rose a greater-than-expected 26 percent and
predicted higher full- year profit on increased aircraft deliveries.
Net income climbed to 516 million euros ($661 million), or 65
cents a share, from 410 million euros, or 52 cents, a year earlier,
the company said in a statement today. The profit beat analysts’
median estimate of 426 million euros. Sales climbed 30 percent to
9.1 billion euros.

- NYSE Group Inc., which owns the New York Stock Exchange, and Euronext NV, the
owner of five European securities exchanges, may merge to form a company with a
primary listing in the U.S., the Wall Street Journal reported, citing
unidentified people familiar with the matter.

- Vestas Wind Systems A/S, The world’s largest wind-
turbine maker may report a first-quarter pretax loss of 9.8
million kroner, according to a survey of analysts by SME Direkt.
A figure for the year earlier period wasn’t given.

- Deutsche Post AG, Europe’s largest postal service
plans to release first-quarter results. The company will probably
report an 11 percent increase in profit, according to analysts.

- Following the oil slide over the past few days, airliners and chemicals
companies may be among those who benefit as they are among the most sensitive
companies to energy cost.

** EUROPE: UPS & DOWNS **

+ ADECCO RAISED TO `BUY’ FROM `HOLD’ AT CITIGROUP
+ HOCHTIEF RAISED TO `BUY’ FROM `NEUTRAL’ AT UBS
+ XSTRATA PRICE EST. RAISED TO 3000P FROM 2200P AT CITIGROUP
+ RIO TINTO PRICE EST. RAISED TO 4200P VS 3400P AT CITIGROUP
+ BNP PRICE ESTIMATE RAISED TO EU83 FROM EU80 AT CITIGROUP
+ BHP PRICE ESTIMATE RAISED TO 1540P FROM 1200P AT CITIGROUP
+ ANGLO AMERICAN PRICE EST. RAISED 20% TO 3000P AT CITIGROUP
+ AEGON PRICE EST. RAISED TO EU15 FROM EU13.2 AT CREDIT SUISSE

- RWE PRICE ESTIMATE CUT TO EU71 FROM EU76 AT HSBC
- TARGET CUT TO `NEUTRAL’ FROM `BUY’ AT MERRILL LYNCH
- BELGACOM PRICE EST. CUT TO EU27 FROM EU29 AT CREDIT SUISSE

** US HEADLINES **

- Metal Rally May Resume as Sell-Off Fails to Dissuade Investors, Producers
- Pension Deficits, Now at $500 Billion, May Clobber Corporate Bondholders
- NYSE Group and Euronext May Merge to Form a U.S.-Listed Company, WSJ Says
- Treasuries May Drop Before Reports Showing an Acceleration in Inflation
- Bond Strategists: Inflation to Push Up Treasury Yields, Credit Suisse Says

** US AFTER HOURS **

- Agilent (-1.5% after hours) reported Q2 (Apr) earnings of $0.34 per share, in
line with the Reuters Estimates consensus. Total revenues rose 12.0% year/year
to $1.43 bln vs. the $1.41 bln consensus. Co also issued in-line guidance for
Q3, sees EPS of $0.37-0.42 (consensus $0.38) and revenues of $1.37-1.43 mln
(consensus $1.43 bln).

** ASIAN MARKETS **

Nikkei -2,11%; Kospi -2,66%; HSI -0,63%; Taiwan -1,48%; China -1,9%; India
-1,93%; Thailand -1,51%; Australia -0,52%

** ASIAN HEADLINES **

- Japan Needs Spending Cuts, Minimal Consumption Tax Increase, Takenaka Says
- Rio, BHP May Win Higher Iron Ore Prices After Vale Get 19 Percent Increase
- Asian Stocks Fall for Sixth Day, Led by BHP Billiton on Commodities Prices
- Japan’s Households Are Confident for First Time in 15 Years as Wages Climb
- Xstrata to Buy BHP’s Tintaya Copper Mine for $750 Million in Cash and Debt
- Copper Futures in Shanghai Slump 4 Percent Amid Concern Rally Was Overdone
- Gold Advances in Asian Trading as Dollar Declines Against Major Currencies

Source: Tuesday Morning View From Europe