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Hitt og þetta 26. september 2006

DJ EUROPEAN MIDDAY BRIEFING FROM DOW JONES NEWSWIRES

AMERICAN MARKETS OUTLOOK: U.S. stock markets are set to open a tad lower Tuesday, with investors on edge before the release of U.S. consumer confidence figures for September, due at 1400 GMT.

"As we are within touching distance of all-time highs, traders are wary of the slightest of upsets in economic data," said Martin Slaney, head of spreadbetting at GFT Global Markets.

GFT Global Markets is calling the Dow Jones Industrial Average to open down 20 points at 11,555, the S&P 500 3 points lower at 1323.4 and the Nasdaq 100 down 4.3 points at 1646.

EUROPEAN MARKETS: European stocks are higher midday on positive market sentiment coming from Wall Street's gains Monday.

The U.K.'s FTSE 100 index has climbed 0.7% at 5840, as commodity stocks pulled back from Monday's losses amid steady metal and oil prices. Mining stocks BHP Billiton and Rio Tinto were among the risers, advancing 1.8% and 2% respectively. The German DAX 30 index is up 0.7% at 5945, following the release of Germany's Ifo business climate index, which edged marginally lower to 104.9 in September from 105 in August. The French CAC 40 is up 1.1% at 5202.

Bunds and gilts are trading little changed after September's German Ifo survey came in just a touch above the forecast. Components of the survey were mixed, with expectations lower at 98.9 vs 100.5 and current conditions higher at 111.3 vs 108.30 forecast. The December bund future is up 0.02 at 118.53, while the December gilt future is down 0.03 at 110.47.

In the currency markets, the dollar is mixed around midday as the market anticipates U.S. consumer confidence data will show a rise. At 1031 GMT, the dollar was down against the yen at Y116.45, the euro was down at $1.2700 and the pound was trading lower at $1.8950.

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TOP STORIES:

ACCIONA SEEKS TO RAISE ENDESA STAKE TO JUST UNDER 25%: Spanish infrastructure and energy company Acciona SA (ANA.MC) will seek regulatory approval to increase its stake in utility Endesa SA (ELE) to just under 25% from its current 10%. (By Andres Cala)

VIVENDI OFFERS EUR2.5 BLN TO DEUTSCHE TELEKOM FOR PTC: Vivendi (12777.FR) confirmed media reports it had made a EUR2.5 billion bid for Deutsche Telekom AG's (DT) 49% stake in Polish mobile-phone operator Polska Telefonia Cyfrowa. (By Nina Sovich)

GERMAN IFO BUSINESS CLIMATE SLIPS TO 104.9: German business confidence fell slightly in September, data from the German Ifo Institute showed, signaling an easing in economic activity in the months ahead. (Data Snap by Nina Koeppen)

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INSIGHT & ANALYSIS FROM DOW JONES NEWSWIRES:

=FOREX FOCUS: The prospect of lower euro-zone inflation data this week is helping to undermine the euro, but this decline in the single currency probably won't last. (By Nicholas Hastings)

=CHARTING EUROPE: November ICE Brent crude oil futures bounced off Monday's $59.32/bbl September low, which was near the $59.26/bbl March low, and may have formed a minor bottom at that level. (By Axel Rudolph)

=ASSET CLASS: Is there a big - and widening - gap between what the market thinks the Fed is thinking and what the Fed actually thinks? (By Alan Mattich)

=THE SKEPTIC: EADS senior management may be in a spin about having Russian shareholders on board but they shouldn't worry so much. (By Howard Wheeldon)

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STILL TO COME


ET/GMT COUNTRY PERIOD
0745/1145 US Sep 23 ICSC-UBS Store Sales Index
0855/1255 US Sep 23 Redbook Retail Sales Index
0900/1300 GER ECB Gold, Forex Reserves
0930/1330 GER ECB calls for long-term refi ops bids
1000/1400 US Fed Gov Bies speaks on Basel II
Capital
Accord in Washington
1000/1400 US Sep Richmond Fed Mfg Index
1000/1400 US Sep Conference Board Consumer Confidence
Index
1700/2100 US Sep 24 ABC/Washington Post Consumer
Confidence Index
===========================

OTHER NEWS:

Scania AB (SCV-A.SK) shares fell more than 5% in Stockholm after a report Volkswagen AG (VOW.XE) was going to block MAN AG's (MAN.XE) takeover bid for the Swedish truck maker at any price.

Irish budget airline Ryanair Holdings PLC (RYAAY) said it has hedged its fuel requirements for its fourth quarter to March 31, 2007 at a rate equivalent to $73 a barrel of oil. (By Rod Stone)

Swiss specialty chemicals maker Clariant AG (CLN.VX) said it will raise the prices of its products, an attempt to stave off rising raw material and energy prices. (By Katharina Bart)

French Prime Minister Dominique de Villepin said in an interview with La Tribune newspaper that his objective was to bring the number of jobless down below two million by the first quarter of 2007.

U.K. business investment grew slightly less strongly than first estimated in the second quarter of 2006. (Data Snap by Paul Hannon)

-By Clare Connaghan, Dow Jones Newswires; 44-207-842-9478; clare.connaghan@dowjones.com

(END) Dow Jones Newswires

September 26, 2006 07:02 ET (11:02 GMT)

Copyright (c) 2006 Dow Jones & Company, Inc.

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