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From DealingFloor:

Crude for July delivery: +$1.12 at $73.45 a barrel

** ASIAN MARKETS @ 6:15AM EDT**

Nikkei 225 -0.77%
Hang Seng 0.65%
Singapore Straits Times -0.50%
S&P/ASX 200 0.84%
India -0,22%
Thailand -0,94%
Australia 0,83%

** ASIAN HEADLINES **

- Asian Stocks Decline; Toyota, Hynix Slide on Currency Gains, Crude Costs
- Murakami, Japan Shareholder Activist, May Be Indicted for Insider Trading
- DLF Plans to Raise $3 Billion in India’s Biggest Share Sale, Bankers Say
- Japan First-Quarter Capital Spending Rises Faster Than Economists Expected
- Commonwealth Bank May Contribute $751 Million to Join Goldman Bid for BAA
- Thai Economy Expands Three Times Faster Than Expected on Exports, Tourism
- China’s CFA Candidates Surge to Record on Expanding Securities Markets
- Shui On Land Plans to Raise Up to $973 Million in Hong Kong Initial Offer

** EUROPEAN MARKETS @6:15AM EDT**

FTSE-100 -0.07%
FTSE-Techmark -0.58%
FTSE-All Shares -0.16%
DAX -0.88%
NM50 UNCH
MDAX -1.13%
CAC40 -0.51%
SBF 80 -0.33%

Crude future 73,21; €/$ 1,29535; Gold 645,1

** EUROPE: IN PLAY TODAY **

- Lagardere targets 6-8% annual media sales growth between 2007 and 2012. The company has E4bln currently available for acquisitions (La Tribune).

- Air France-KLM may eventually merge with Alitalia once the Italian airline proves it is financially viable, according to Air France-KLM’s CEO.

- Euronext and Borsa Italiana to meet tomorrow to discuss a possible merger after NYSE Group agreed to buy Euronext. In related news, Euronext adviser BNP Paribas opposes the merger with NYSE Group (NYSE:FT).

- Arcelor shareholders have demanded that the company provide a detailed valuation report on assets owned by OAO Severstal in the next 2 weeks (Sunday Telegraph). In other news, Mittal Steel has submitted a new business plan to Arcelor with new offer terms and the group insists that a merger is still possible (NY Times).

- A Goldman Sachs led consortium has offered over GBP10.2bln or roughly 950p per share for BAA (Financial Mail). In other news, BAA shareholders thwarted an attempt by Grupo Ferrovial to buy a 14% stake in the company (FT).

- Vodafone Group’s has some of its largest shareholders “plotting” to remove 4 or 5 directors including the company’s CEO (Sunday Times). The investors will vote against the directors’ re-election at next month’s AGM and will try to rally other investors to support them.

- BP found leaks while testing equipment at Thunder Horse, expected to be the largest production platform in the Gulf of Mexico. Consequentially, production could be delayed and not start this year as planned.

- GlaxoSmithKline’s experimental pill Tykerb helped stall advanced breast cancer for women who did not respond to Genentech’s Herceptin.

- Royal KPN announced it repurchased 2.82m of its common shares for E8.90 each last week, completing 34% of its authorized buyback.

- Stena AB has made an offer for rival Scandlines thought to be at least worth E1bln. Scandlines is owned by the Danish government and Deutsche Bahn (FT).

** EUROPE: UPS & DOWNS **

+ GLAXOSMITHKLINE RAISED TO `BUY’ FROM `HOLD’ AT ABN AMRO
+ BANK OF IRELAND RAISED TO `BUY’ FROM `HOLD’ AT CITIGROUP
+ DIAGEO RAISED TO `BUY’ FROM `NEUTRAL’ AT MERRILL LYNCH
+ ALTADIS PRICE ESTIMATE RAISED TO EU40.5 FROM EU39 AT LEHMAN
+ MELLON FINANCIAL RAISED TO `BUY’ FROM `NEUTRAL’ AT MERRILL

- CADBURY PRICE ESTIMATE CUT TO 580P FROM 615P AT JPMORGAN
- SBM OFFSHORE PRICE ESTIMATE CUT TO EU21.25 FROM EU22.5 AT UBS
- TECHNIP PRICE ESTIMATE CUT TO EU57 FROM EU60 AT UBS

** US MARKETS ON FRIDAY**

Dow -0,11%; Nasdaq -0,02%; S&P 0,2%; Soxx -0,15%; Russel2k 0,13%; DJAIG 0%; 10yr Bond -0,01%; 10yr Yield 5%; Crude future 73,21; Gold 645,1

¦ Energy 1,28%¦ Utilities 1,12%¦ Materials 0,8%¦ Financials 0,4%¦ Healthcare 0,33%¦ Industrials 0,02%¦ ConsStaples -0,2%¦ Telecom -0,26%¦ Technology -0,33%¦ ConsDisc -0,41%

** US HEADLINES **

- Bernanke, After Saying Too Much, May Strive to Say Little at Panel Today
- G-7’s Push for Stronger Asian Currencies May Fail to Narrow U.S. Trade Gap
- Wall Street Research Gets `Outsourced’ as Analyst Jobs Shift to Mumbai
- Inflation-Linked Bonds Suggest Price Concerns Will End Rally in Treasuries
- U.S. Service Industries Probably Grew at Slower Pace in May, Survey Shows
- Oil Rises to 3-Week High; Iran Says U.S. Action May Disrupt Gulf Shipments
- Gold in Asia Rises as Jump in Crude Oil Futures Spurs Inflation Concern

** US: IN PLAY TODAY **

ISM Non-Manufacturing is reported at 16:00 CET. Federal Reserve Chairman Ben S. Bernanke, European Central Bank President Jean-Claude Trichet and Bank of Japan Deputy Governor Toshiro Muto speak at a panel discussion, moderated by Citigroup Inc. Chief Executive Officer Charles Prince, at the American Bankers Association’s International Monetary Conference.

Source: Crude Oil Climbs Sharply, Nikkei Down