Tuesday Morning View From Europe

by: Dealing Floor

From DealingFloor:

** EUROPE: UPS & DOWNS **

+ STADA PRICE ESTIMATE RAISED TO EU40 FROM EU38 AT MERRILL
+ LAGARDERE RAISED TO `OUTPERFORM’ VS `NEUTRAL’ AT CREDIT SUISSE
+ VESTAS WIND PRICE ESTIMATE RAISED TO DK105 FROM DK86 AT UBS
+ CARREFOUR PRICE ESTIMATE RAISED TO EU38.5 FROM EU37 AT UBS
+ ENAGAS PRICE ESTIMATE RAISED 11% TO EU20 AT CITIGROUP
+ CONTINENTAL PRICE ESTIMATE RAISED TO EU100 VS EU95 AT LEHMAN

- A.P. MOELLER PRICE ESTIMATE CUT 18% TO DK60,155 AT HSBC
- GLAXOSMITHKLINE LOWERED TO `NEUTRAL’ FROM `BUY’ AT UBS


** EUROPE: TRADING HEADLINES **

- IMF May Raise World, Asian Economic Growth Forecasts as Japan, U.S. Expand
- BMW Sparks European Brands’ March U.S. Car Sales Increase on Luxury Demand
- EU Wields Lawsuits Against Governments Over Energy, Gambling Protectionism
- Euro May Advance as ECB Interest-Rate Increases Likely to Outpace Fed’s

** EUROPE: IN PLAY TODAY **

- Bayerische Motoren Werke AG, The world’s largest
maker of luxury cars said its U.S. vehicle sales in March
climbed 17 percent from a year earlier to 28,352 cars, led by 3-
Series and 5-Series models.

- DaimlerChrysler AG said March U.S. sales advanced 2.9 percent from a year
earlier to 237,829 vehicles.

- Porsche AG said North American sales in March rose 13 percent from a year
earlier to 3,363 models, helped by new 911 and Boxster sports
car models.

- Volkswagen AG said U.S. sales of its luxury-car unit Audi AG increased 7.6
percent from a year earlier to 6,994 vehicles, helped by demand for the A4
model.

- Deutsche Boerse AG, The operator of the Frankfurt
stock exchange said German stock-exchange trading surged by 54
percent in March.

- Infineon Technologies AG said that its business in the fiscal second-
quarter “was better than expected,'’ helped by a “general
market improvement.'’

- Telegraaf Media Groep NV, The largest newspaper
publisher in the Netherlands and smaller competitor PCM
Uitgevers NV said in a statement after the close of trading they
will review working together on distributing publications as
they seek ways to lower costs.

- Oce NV, the world’s largest maker of wide-format printers, said fiscal
first-quarter profit rose 53 percent, helped by an increase in orders
following the acquisition of Imagistics International Inc. Net income climbed to
11.9 million euros from 7.8 million euros a year earlier, the company
said in a statement received by Euronext Amsterdam today. Sales rose to 754.1
million euros from 622.8 million euros. Net Profit looks in line with
expectations, but operating profit is weak due to its acquisition of
Imagistics. Oce said it will meet its cost saving target.

- Virgin Mobile may sign an agreement with China’s second biggest operator,
China Unicom to start a mobile-phone operation in Shanghai later this year (the
Guardian).

** ASIAN MARKETS **

Nikkei -0,23%; Kospi 0,51%; HSI -0,03%; Taiwan 0,07%; China 0,26%; India 0,52%;
Thailand -0,12%; Australia -0,11%

** US HEADLINES **

- IMF May Raise World, Asian Economic Growth Forecasts as Japan, U.S. Expand
- Copper Climbs to Record as Funds Boost Investment to Beat Stocks and Bonds
- Caterpillar May Receive $5 Billion in Truck Sales from Canadian Oil Sands
- Biotech Revenue Climbs 18 Percent in 2005 as 17 New Drugs Enter the Market
- Oil Falls in New York on Forecast Gain in U.S. Stockpiles; Gasoline Slides
- Walmart Falls after Announcing Same-Store Outlook at Lower End

** ASIAN HEADLINES **

- Asian Commodity Stocks Advance, Led by BHP Billiton; Japan’s Nikkei Slides
- Japanese Economy Shows No Sign of Slowing as Companies Increase Investment
- Mitsubishi Estate’s Newest Tokyo Building Rents at Highest Rate in Decade
- Hewlett-Packard Expects Asia PC Sales to Gain 15 to 20 Percent in 2006
- Yuan Rises After Official Tells Newspaper China Should Widen Trading Band
- China Ties, Investment Drive Record Profits at Biggest Hong Kong Companies