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From DealingFloor @ 5:10 AM EDT:

** ASIAN MARKETS **

Nikkei -2,47%; Kospi -0,87%; HSI -0,66%; Taiwan -0,46%; China 0,01%; India -4,82%; Thailand -1,31%; Australia -1,64%

** ASIAN HEADLINES **

- Asian Stocks Drop, Headed for Worst Month Since September 2002; Sony Falls
- Japan’s Wages Rise for Third Month, Signaling Consumers Will Propel Growth
- DoCoMo Chief Executive Aims to Ally With PC-Based Search Engine This Year
- London Metal Exchange Extends Trading to Capture Asian Day, China Business
- Philippine Economic Growth Slowed to 0.9 Percent in First Quarter on Taxes
- Shanghai Aims to Start Stock Index Futures Trading After Gaining Approval

** EUROPEAN MARKETS **

FTSE 100 +0.58%
XETRA-DAX +0.24%
CAC 40 +0.09%

Bund future 0,09%; Crude future 71,85; €/$ 1,28744; Gold 652,67

** EUROPE: IN PLAY TODAY **

- Arcelor SA: Alexei Mordashov, the billionaire owner of Russian steel producer OAO Severstal, whose steel company plans to merge with Arcelor, said he won’t increase his stake in Arcelor beyond 38 percent.

- Corus Group Plc: U.K.’s largest steelmaker will report first-quarter earnings figures, according to the company’s web site.

- Credit Suisse Group: Switzerland’s second-biggest bank raised its stake in London Stock Exchange Plc to 9.3 percent from 7.04 percent held on May 16, building on its position as the exchange’s second-largest shareholder.

- Royal Philips Electronics NV: Europe’s largest consumer electronics maker will hold an analyst day for its Medical Systems business at the company headquarters in Amsterdam.

- Societe Generale SA: France’s third-largest bank plans to proceed with “targeted'’ overseas acquisitions, Chairman Daniel Bouton said at the company’s annual shareholders meeting today.

- Suedzucker AG: The world’s biggest sugar producer by volume may report a 38 percent drop in fiscal fourth-quarter profit to 53 million euros, because of lower sugar prices in Europe.

** EUROPE: UPS & DOWNS **

+ KBC PRICE ESTIMATE RAISED TO EU89.1 FROM EU86.4 AT DEUTSCHE
+ LVMH RAISED TO `OUTPERFORM’ FROM `IN-LINE’ AT GOLDMAN SACHS
+ BNP PARIBAS PRICE ESTIMATE RAISED TO EU91 FROM EU87 AT UBS
+ SOCIETE GENERALE RAISED TO `BUY’ FROM `NEUTRAL’ AT UBS

- HEINEKEN CUT TO `SELL’ FROM `HOLD’ AT CITIGROUP
- STMICROELECTRONICS PRICE EST. CUT TO EU13 FROM EU15 AT LEHMAN
- CREDIT AGRICOLE PRICE ESTIMATE CUT TO EU36 FROM EU38 AT UBS
- UMICORE PRICE ESTIMATE CUT TO EU135 VS EU150 AT CREDIT SUISSE
- BASF PRICE ESTIMATE CUT TO EU62 FROM EU66 AT CREDIT SUISSE
- DSM PRICE ESTIMATE CUT TO EU38 FROM EU41 AT CREDIT SUISSE
- CIBA PRICE EST. CUT TO SF61 FROM SF69 AT CREDIT SUISSE
- AKZO NOBEL PRICE EST. CUT TO EU47 FROM EU50 AT CREDIT SUISSE

** US MARKETS ON TUESDAY**

Dow -1,63%; Nasdaq -2,06%; S&P -1,59%; Soxx -2,16%; Russel2k -2,54%; DJAIG -0,36%; 10yr Bond 0,12%; 10yr Yield 5,06%; Crude future 71,85; Gold 652,67

¦ Utilities -1%¦ Industrials -1,21%¦ Financials -1,47%¦ ConsDisc -1,48%¦ ConsStaples -1,5%¦ Healthcare -1,5%¦ Telecom -1,76%¦ Energy -1,79%¦ Technology -2,05%¦ Materials -2,26%

** US HEADLINES **

- Stocks in U.S. Slide, Head for Worst Month Since 2002; Shares of GM Fall
- Paulson’s First Hurdle May be Restoring Treasury’s Economic-Policy Clout
- Fed Minutes May Disclose More-Diverse Opinions on U.S. Growth, Inflation
- GM, Ford Trucks Probably Led Decline in May U.S. Sales as Fuel Prices Rise

** US: IN PLAY TODAY **

Investors will get the latest read on regional manufacturing activity when May Chicago PMI hits the wires at 16:00 CET; however, the focal point throughout the session will be the 20:00 CET release of the FOMC minutes, with investors looking for clues about the direction of Fed policy.

On the earnings front, Costco (COST) and Tiffany &Co (TIF) are the only notable reports before the bell while Hovnanian Enterprises (HOV), ADC Telecom (ADCT) and Novell (NOVL) are among only a few noteworthy reports scheduled after the close.

Source: Nikkei Continues To Drop, But Europe Firms Up