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From DealingFloor:

** ASIAN MARKETS **

Nikkei -4,14%; Kospi -2,92%; HSI -1,78%; Taiwan -1,64%; China -0,49%; India -4,32%; Thailand -1,01%; Australia -2,23%

** ASIAN HEADLINES **

- Asian Shares Slide to Six-Month Low on U.S. Inflation; Canon, Samsung Fall
- LG.Philips Shares Lead Drop in LCD Makers on Concern Sales May Disappoint
- China Retail Sales Rise 14.2 Percent in May as Higher Wages Drive Spending
- Bank of Japan May Wait Until July to Raise Interest Rates From Near Zero
- NTT DoCoMo May Seek a China Partner After State Issues 3G Mobile Licenses
- Japan Budget Airline Skymark’s Switch to Boeing Fleet Will Triple Margins
- Bank of Japan Governor Fukui Invested in Fund of Jailed Investor Murakami
- Royal Bank of Scotland Predicts Yen at 105 on Bank of Japan Rate Increase

** EUROPEAN MARKETS **

S&P future -0,06%; Bund future 0,16%; Crude future 69,99; €/$ 1,2568; Gold 594,3

** EUROPE: IN PLAY TODAY **

- Banco Bilbao Vizcaya Argentaria SA: Spain’s second-biggest bank agreed to buy two lenders, Texas Regional Bancshares Inc.and State National Bancshares Inc. , in Texas for about $2.64 billion to expand in a Hispanic market where the population is growing twice as fast as the national average.

- GlaxoSmithKline Plc: The drugmaker’s antidepressant Wellbutrin XL became the first drug approved in the U.S. to prevent the disabling gloom that strikes millions of people in the fall and winter.

- Telefonica SA: Spain’s biggest phone company said the number of mobile phone subscribers at its Venezuelan unit will probably surge by about 50 percent as a growing economy fuels consumer demand.

- Vinci SA: The world’s biggest builder said orders at its road, energy and construction businesses rose 17 percent from a year earlier to 17.4 million euros.

- Volkswagen is trying to increase its average workweek to 35 hours from 28.8 without raising wages to increase competitiveness.

- Swiss Re credit rating outlook cut to “AA-” from “AA” after completing the acquisition of GE Insurance Solutions for $7.4bln yesterday.

- Novartis announced it bought the rights to sell a vaccine against Japanese encephalitis that is being developed by Intercell to add to its offering of preventive drugs for travellers.

- June ZEW is due to release at 11:00 CET.

** EUROPE: UPS & DOWNS **

+ NOKIA RAISED TO `HOLD’ FROM `SELL’ AT ABN AMRO
+ ERICSSON RAISED TO `HOLD’ FROM `SELL’ AT ABN AMRO
+ INBEV RAISED TO `NEUTRAL’ FROM `SELL’ AT MERRILL LYNCH
+ BARCLAYS RAISED TO `BUY’ FROM `HOLD’ AT ING
+ BOOTS PRICE EST. RAISED TO 850P FROM 800P AT JPMORGAN
+ SABMILLER RAISED TO `BUY’ FROM `NEUTRAL’ AT UBS

- PHILIPS PRICES ESTIMATE CUT TO EU35 FROM EU38 AT RABO
- MICHELIN PRICE ESTIMATE LOWERED TO EU57 FROM EU60 AT LEHMAN
- GAZ DE FRANCE PRICE ESTIMATE CUT TO EU29 FROM EU32 AT UBS

** US MARKETS MONDAY **

Dow -0,91%; Nasdaq -2,05%; S&P -1,27%; Soxx -1,91%; Russel2k -2,59%; DJAIG -0,47%; 10yr Bond 0,06%; 10yr Yield 4,98%; Crude future 70,02; Gold 597,25

¦ Utilities 0,26%¦ ConsStaples -0,51%¦ Telecom -0,61%¦ Healthcare -1,03%¦ Financials -1,25%¦ Industrials -1,28%¦ ConsDisc -1,3%¦ Materials -1,79%¦ Energy -1,84%¦ Technology -1,98%

** US HEADLINES **

- Bernanke Says Managing Risk, Capital `Critical’ to Banking Industry Health
- IMF’s De Rato Sees Increasing `Downside Risks’ for Global Economic Growth
- Employers in U.S. Report No Change in Hiring Plans, Manpower Survey Finds
- Dollar May Extend Gains as Fed’s Inflation Concerns Support Rate Increases
- Treasuries May Fall on View Reports to Add to Inflation, Fed Rate Concern
- Yuan Rises After Fed’s Bernanke Suggests China Should Let It Appreciate

** BERNANKE SPEECH / IN PLAY TODAY **

- Federal Reserve Chairman Ben S. Bernanke told bankers that it’s “critical'’ to manage risks well and maintain sufficient capital for the good of the financial system and their institutions. In response to a question, Bernanke said China “would be well served by moving towards a more flexible, market-determined exchange-rate system.'’ Bernanke also said that the Fed may issue, “not too far in the distant future,'’ a final version of bank guidance over use of some types of variable-rate home mortgages.

- Earnings reports from Goldman Sachs (NYSE:GS) and Best Buy (NYSE:BBY) before the bell will garner some attention. However, May PPI data, offering investors a read on wholesale inflation, and May Retail Sales, providing an update on the health of the consumer, will be the markets main focal points ahead of Wednesdays influential CPI data.

Source: Tuesday AM: Asia Tanks Further