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From DealingFloor:

** EUROPE: UPS & DOWNS **

+ SCOTTISH & SOUTHERN RAISED TO `HOLD’ VS `SELL’ AT DEUTSCHE
+ JOHNSON MATTHEY RAISED TO `HOLD’ FROM `SELL’ AT CITIGROUP
+ BELGACOM RAISED TO `EQUAL-WEIGHT’ AT MORGAN STANLEY
+ LAGARDERE RAISED TO `OUTPERFORM’ VS `IN-LINE’ AT GOLDMAN
+ ALCOA PRICE ESTIMATE RAISED TO $37 FROM $35 AT CREDIT SUISSE
+ BAT PRICE EST. RAISED TO 1475P FROM 1400P AT ABN AMRO

- ALTADIS PRICE ESTIMATE CUT TO EU31.5 FROM EU33.5 AT ABN AMRO
- UNITED UTILITIES LOWERED TO `HOLD’ FROM `BUY’ AT DEUTSCHE
- LINDE LOWERED TO `REDUCE’ FROM `NEUTRAL AT UBS

** EUROPE: HEADLINES **

- DaimlerChrysler, Lagardere Plan to Sell Some Holdings of Airbus Owner EADS
- Dollar Weakens on Speculation Fed Is Close to Last Interest Rate Increase
- ABP, World’s Second-Largest Pension Fund, Favors Energy Stocks on Asia
- Crude Oil Declines on Speculation Report Will Show U.S. Inventories Jumped

** EUROPE: IN PLAY TODAY **

-The shares of German banks may be active. Ver.di, Germany’s
second-largest union, said it will seek 5 percent more pay for
banking staff across Europe’s largest economy, mirroring demands
pursued by the country’s biggest union, IG Metall, on behalf of
engineering workers.

- Alcatel SA, the shares of the world’s largest
maker of broadband Internet equipment may be active. The French
government approved a plan for Alcatel to give Thales SA
its satellites unit in exchange for stock and cash, Dow Jones
reported, citing people involved in the talks.

- DaimlerChrysler AG said it will sell a 7.5 percent stake in European
Aeronautic, Defence & Space Co., the parent of
planemaker Airbus SAS. The stake is currently valued at around 2
billion euros and its sale will reduce DaimlerChrysler’s
holdings in EADS to 22.5 percent. The sales will boost 2007 net
income by about 1 billion euros and will have no effect on this
year’s earnings.

Separately, Lagardere SCA, France’s largest
publisher, also said it would reduce its indirect 15 percent
stake in EADS to 7.5 percent.

- Euronext NV is exploring options in addition
to a merger with Deutsche Boerse AG, said shareholders
have asked for a vote on whether a deal between the two is best
for the company. Separately, Deutsche Boerse and Euronext agreed to meet
during the first half of this month to start merger negotiations, die Welt said,
citing unidentified people.

- Total SA said local Russian government officials blocked spending on the
Kharyaga oil field after criticism that it hasn’t boosted production at
the site quickly enough.

** US MARKETS **

Dow 0,53%; Nasdaq 0,37%; S&P 0,63%; Soxx -0,23%; Russel2k 0,41%; DJAIG -1,11%;
10yr Bond 0,09%; 10yr Yield 4,86%; Crude future 65,88; Gold 582,67

¦ Energy 1,37%¦ Utilities 1,11%¦ Financials 1,05%¦ Telecom 0,69%¦ Industrials
0,67%¦ ConsDisc 0,48%¦ Materials 0,4%¦ Technology 0,33%¦ Healthcare 0,13%¦
ConsStaples 0,07%

** ASIAN MARKETS **

Nikkei -0,28%; Kospi 0,09%; HSI 0,23%; Taiwan 0,07%; China 0,34%; India 0,89%;
Thailand 4,33%; Australia 0,64%

** US HEADLINES **

- Service Industries in U.S. Probably Expanded Last Month, Economists Say
- DaimlerChrysler, Lagardere Look to Sell Some Holdings of Airbus Owner EADS
- Dollar Weakens on Speculation Fed Is Close to Last Interest Rate Increase
- Treasuries May Rise; Hoenig Suggests Interest-Rate Increases Near an End
- ABP, World’s Second-Biggest Pension Fund, Favors Energy Stocks on Asia

** ASIAN HEADLINES **

- Thai Stocks Rise Most in Two Years After Premier Thaksin Quits; Baht Gains
- Nissan Is Developing Parts to Raise Engine Performance, Fuel Efficiency
- Asian Stocks Climb to 16-Year Highs; Fed Comments Boost Honda, LG.Philips
- Canon Shares Have Biggest Gain in Two Years on Rising Digital Camera Sales
- China Isn’t Pursuing Large Forex Reserves, Central Bank Vice Governor Says
- Swiss Hedge Fund Manager Partners Group Plans a $500 Million Asia Fund
- Copper Futures in Shanghai Rise to Record as Imports, Inventories Decline
- Gold Declines on Investor Selling to Lock In Gains as Prices Approach $600
- Crude Oil Declines on Speculation Report Will Show U.S. Inventories Jumped

** US: IN PLAY TODAY **

MBA Mortgage Application at 13:00 CET followed by ISM Non-MAnufacturing at 16:00
CET.

Source: Wednesday AM View From Europe