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From DealingFloor:

** ASIAN MARKETS @ 4:30 AM EDT**

Nikkei -0.35%; Kospi -0.75%; HSI -0.28%; Taiwan -0,46%; China 0.87%; India 0.84%; Thailand -0.39%; Australia 0.02%

** ASIAN HEADLINES **

- Japan Industrial Production Rises as Unemployment Stays at Seven-Year Low
- Asian Stocks: Japan’s Nikkei Drops, Led by Retailers; Hyundai Motor Falls
- China’s Steel Mills Likely to Accept 19 Percent Ore Gain, Executive Says
- India’s Nuclear Power Plans $1.2 Billion Spending on Stake in Uranium Mine
- Bank of Japan’s Fukui Says That Reserves, End to Zero Rates Are Unrelated
- Hewlett-Packard to Hire More People, Expand Sales Network in China, India
- India’s Economic Growth Probably Accelerated, Led by Gains in Services

** EUROPEAN MARKETS @ 4:30 AM EDT **

DJ Stoxx 50 -0.81%
Bloomberg European 500 -0.99%
FTSE 100 -1.03%
DAX 30 -1.02%

S&P future -0,24%; Bund future 0%; Crude future 71,5; €/$ 1,28185; Gold 650,98

** EUROPE: IN PLAY TODAY **

- Money supply expansion in the 12 nations sharing the euro may have held near the fastest pace in almost three years in April, reinforcing the argument for higher interest rates, a survey of economists shows. The European Central Bank’s preferred measure of money supply, M3, probably increased 8.5 percent from a year earlier after growing 8.6 percent in March, the most since July 2003, according to the median of 31 estimates in a Bloomberg News survey. The ECB will publish the report at 10 a.m. in Frankfurt.

- Vodafone Group Plc, the world’s biggest mobile-phone company, reported a fiscal full-year loss after writing down the value of assets. The net loss in the year through March was 21.9 billion pounds ($40.9 billion), or 35.01 pence a share, compared with a profit of 6.41 billion pounds, or 9.65 pence, a year earlier. The loss stems from a writedown of assets,mostly related to the German unit.

- KBC Group NV, Belgium’s second-largest financial-services company, said first-quarter profit rose 37 percent, helped by higher earnings from banking. Net income was 980 million euros ($1.3 billion) compared with 717 million euros a year earlier, Brussels-based KBC said on its Web site today. That beat the 820 million-euro median estimate of 10 analysts surveyed by Bloomberg News.

** EUROPE: UPS & DOWNS **

+ ROYAL DUTCH SHELL RAISED TO `BUY’ FROM `NEUTRAL’ AT UBS
+ ENI RAISED TO `BUY’ FROM `NEUTRAL’ AT UBS
+ EUROPE PHONE GEAR STOCKS RAISED TO OVERWEIGHT AT CREDIT SUISSE
+ LUKOIL PRICE ESTIMATE RAISED 2% TO $116 AT CREDIT SUISSE
+ MAN AG PRICE ESTIMATE RAISED TO EU57 FROM EU52 AT UBS -

CABLE & WIRELESS PRICE ESTIMATE CUT TO 95P FROM 100P AT LEHMAN

** US HEADLINES **

- Kinder Morgan Gets $13.4 Billion Takeover Bid From Group Led by CEO Kinder
- U.S. Stocks, Cheapest in 10 Years Relative to Earnings, May Lure Investors
- Global Economic Boom Stokes Inflation, Increasing Chance of Hard Landing
- Companies Rush to Bond Market as U.S. Borrowing Cost Hits Six-Month High
- Snow’s Ordeal May Be Near Conclusion as Bush Considers Evans for Treasury

Source: Asia and Europe Weaker