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From DealingFloor:

** ASIAN MARKETS **

Nikkei 0,81%; Kospi 1,03%; HSI 0,07%; Taiwan 1,78%; China -0,62%; India 3,66%; Thailand -0,39%; Australia 0,77%

** ASIAN HEADLINES **

- Japan Machinery Orders Jump 10.8 Percent, Signalling Confidence in Growth
- Cathay Buys Dragonair, Air China Stakes for $1.58 Billion in Mainland Push
- Indian Rupee Gains, Bonds Decline on Central Bank’s Surprise Rate Increase
- Asian Stocks Rebound From Biggest Weekly Loss in 16 Years; Komatsu Gains
- China Probably Had a Record $12 Billion Monthly Trade Surplus on Exports
- Asia Hedge Funds, Failing to Hedge, Have Their Worst Month in Four Years
- Copper in Shanghai Tumbles by Daily Limit as Rate Rises Stoke Growth Fears
- South Korea’s Kospi Gains, Led by Samsung Electronics; SK Networks Falls

** EUROPEAN MARKETS **

S&P future -0,03%; Bund future -0,02%; Crude future 70,11; €/$ 1,26445; Gold 608,08

** EUROPE: IN PLAY TODAY **

- Akzo Nobel NV: The world’s largest maker of paints and coatings will make an acquisition this year to strengthen its coatings unit, Chief Executive Officer Hans Wijers said during a meeting with journalists in London yesterday.

- Deutsche Bank AG: The German bank’s DWS mutual-fund unit is seeking to expand its U.S. business, Boersen-Zeitung said, citing DWS Scudder head Axel Schwarzer.

- Deutsche Boerse AG: The operator of the Frankfurt stock exchange, may raise the cash portion of its offer for Euronext NV, Euro am Sonntag said, citing unidentified people at the company.

- Nestle SA: Chief Executive Officer Peter Brabeck and Chief Financial Officer Paul Polman will give presentations at an investor conference at the company’s headquarters in Vevey, Switzerland, starting at 9 a.m. Swiss time.

- OMV AV: Austria’s largest oil company will hold a press conference starting at 10 a.m. Austrian time about renewable energy.

- Bayer CFO Klaus Kuehn said Merck KGaA will not tender its 6% stake in Schering reducing the pool of shares available to reach the threshold the company needs for a takeover of the drugmaker (Frankfurt Allgemeine Zeitung).

- Siemens AG: China may halt the expansion of the Transrapid line, a venture between Siemens AG and ThyssenKrupp AG, die Welt said, citing unidentified officials.

- Stora Enso Oyj: The world’s largest papermaker agreed to sell its Celbi pulp mill in Portugal to Altri SGPS SA for 428 million euros ($542 million).

- Suez SA: Italy’s antitrust regulator opened a probe into whether the joint purchase by Suez, the world’s second- biggest water company, and Italian partner Acea SpA, an Italian water utility, restricted competition in the market.

- VNU NV: The Dutch owner of market researcher ACNielsen said shareholders have tendered or committed 97 percent of the company’s shares to a group of buyout firms, including Kohlberg Kravis Roberts & Co.

- Eni and Snam Rete Gas may be active as the Italian government plans to meet and may approve a bill aimed at liberalizing the country’s energy market.

** EUROPE: UPS & DOWNS **

+ NESTLE RAISED TO `BUY’ FROM `HOLD’ AT JULIUS BAER
+ ABN AMRO RAISED TO `BUY’ FROM `HOLD’ AT DEUTSCHE BANK
+ GENERALI RAISED TO `BUY’ FROM `NEUTRAL’ AT UBS
+ MOODY’S RAISED TO `BUY’ FROM `HOLD’ AT CITIGROUP

** US MARKETS THURSDAY **

Dow 0,07%; Nasdaq -0,3%; S&P 0,14%; Soxx -0,18%; Russel2k -0,04%; DJAIG -1,89%; 10yr Bond -0,03%; 10yr Yield 5%; Crude future 70,11; Gold 608,08

¦ Energy 0,91%¦ ConsStaples 0,61%¦ Utilities 0,53%¦ Financials 0,31%¦ Healthcare 0,19%¦ Industrials 0,03%¦ ConsDisc -0,08%¦ Materials -0,08%¦ Telecom -0,38%¦ Technology -0,63%

** US HEADLINES **

- Bernanke, Trichet, Reddy, Undaunted by Market Drop, May Keep Raising Rates - U.S. April Trade Gap, May Import Prices Probably Rose on Record Oil Prices - U.S., Europe at Odds on Deficits, Growth as Group of Eight Ministers Meet - Intel to Cut Chip Prices 60 Percent to Gain Back Share From Advanced Micro - Dollar Falls Against Yen on Concern U.S. Trade Deficit Widened in April - Crude Oil May Decline Next Week as Concern Eases Over Iran, Iraq Exports - Gold Declines as Central Banks Raise Interest Rates, Nears Two-Month Low

** US: IN PLAY TODAY **

- Texas Instruments (+3% after hours) raised its 2Q sales & EPS forecasts to respectively $3.63-3.78bln (3.$46-3.75bln previously) and $0.40-0.43 ($0.40 consensus) on strong demand for its products in India and China. The Semiconductor Industry Association expects industry sales to climb 9.8% this year, more than a previous forecast.

- U.S Trade Deficit data reported today at 14:30 CET. No notable earnings reports.

Source: Friday Morning View From Europe