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Hitt og þetta 27. apríl 2006

DJ EUROPEAN MORNING BRIEFING: Stocks Stutter As Crude Falls

US SUMMARY: Earnings Aid Shares, Data Sink Treasurys

DJIA 11354.49 gain 71.24 up 0.6%
NASDAQ 2333.63 gain 3.33 up 0.1%
S&P 500 1305.41 gain 3.67 up 0.3%
Dow Future 11387.00 gain 5.00 0.0%
NASDAQ Future 1712.00 gain 1.25 up 0.1%
S&P Future 1310.00 gain 1.00 up 0.1%
10-Yr US Treasury: 5.11% up 0.04
(Futures values as of 0450 GMT)
Upbeat earnings and a broker's upgrade of General Motors Corp. drove stocks higher Wednesday as the latest round of data assured investors that the economy remains in good shape. The robust data routed Treasurys again.

STOCKS: Positive analyst remarks on GM's restructuring brightened Wall Street's mood, as did solid earnings reports from Amazon.com Inc. and PepsiCo Inc. A third day of lower oil prices also eased the market's inflation jitters.

But while steep gains in home sales and durable goods orders fed worries about the need for higher interest rates to control growth, optimism over the strength of the underlying economy appeared to prevail, said Ken McCarthy, chief economist for vFinance Investments.

"Right now, you could say we're sort of at a sweet spot, where we have healthy growth and reasonably high interest rates," McCarthy said. He added that the economic numbers are showing increased investments by businesses, which tends to spur non-inflationary growth.

The Federal Reserve's beige book underscored the economy's health despite volatility in energy costs. Traders awaited more signals from Fed Chair Ben Bernanke's congressional testimony Thursday.

Crude futures fell for a third straight session after a government report showed further declines in motor fuel demand, while oil and gasoline reserves also shrank. A barrel of light crude dropped 95 cents to settle at $71.93 on the New York Mercantile Exchange.

A Senate committee announced an investigation into taxes paid by major oil companies and asked the Internal Revenue Service for the companies' tax returns.

Wall Street was unfazed by the Fed's beige book survey, which said rising energy costs were hurting businesses. Competition, however, was limiting their ability to raise prices and recoup those costs, the central bank said.

The Commerce Department said orders for durable goods jumped 6.1 percent in March, more than triple the 1.8 percent economists predicted. The department also said new home sales climbed 14 percent to 1.21 million for the month, beating estimates for 1.1 million despite the rebound in mortgage rates from historic lows.

BONDS: U.S. Treasury prices continued to slide Wednesday, with strong housing and durable goods data pushing yields to multiyear highs. Any gains on Bernanke will invite more selling.

Bernanke's testimony before Congress' Joint Economic Committee begins Thursday at 1400 GMT.

"It looks like the housing market is not sufficiently weak for the Fed to pause right away," said Alex Li, strategist with Credit Suisse. "The odds are really increasing" that the Fed will tighten more than the market had been expecting.

Wednesday's sluggish two-year auction of $22 billion in fresh two-year Treasury notes added to the market's woes.

ASIAN SUMMARY: Strong Earnings Help Japan Shares Higher

USD-Yen 114.75 gain 0.05 up 0.03%
AUD-USD 0.7528 gain 0.0001 up 0.01%
Nikkei 225 17131.96 gain 76.03 up 0.5%
Hang Seng 16828.85 gain 156.10 up 0.9%
Taiwan Index 7198.30 gain 29.32 up 0.4%
S.Korea Kospi 1453.65 gain 2.43 up 0.2%
JGB Yield 1.9550% up 0.0200
(All values as of 0450 GMT)
STOCKS: Japan and Taiwan led Asian markets higher Thursday, as strong earnings reports from key Japanese industrial companies and a continued softening in crude oil prices bolstered the corporate earnings outlook.

BONDS: Prices of Japanese government bonds fell ahead of Friday's crucial CPI data and the Bank of Japan's economic and outlook report. Investors from abroad were already hedging their bets on the CPI by selling JGB's, on the bet the CPI will actually show a strong gain.

METALS: Precious metals are a tad down in Asia on mild profit-taking. Spot gold is down $1.40 at $637.30/oz and silver is off 10 cents at $12.78 and other precious metals eased lower too. Traders attributed the declines to caution ahead of Bernanke's testimony. Copper inched higher.

OIL: Crude prices eased 20 cents to $71.73 a barrel Thursday, still reacting to the U.S. supplies data.

EUROPEAN OUTLOOK: Stocks Seen Weaker; Euro Steady

Euro-USD 1.2452 loss 0.0001 dn 0.01%
Stlg-USD 1.7854 gain 0.0007 up 0.04%
USD-Franc 1.2698 loss 0.0005 dn 0.04%
(All values as of 0450 GMT)
European shares and government debt are seen easing lower with a well-supported euro opening higher.

STOCKS: European shares are likely to open a touch lower despite upbeat earnings reports in the U.S. and Asia overnight.

U.K. spreadbettor CMC Markets is calling the FTSE down 5 points at 6099, the DAX down 1 at 6106 and the CAC down 8 at 5244.

The German DAX Xetra 30 index should be supported in the short term by earnings and dividend payouts, said Frank Schallenberger, an equity strategist at Germany's Landesbank Baden-Wuerttemberg. Eleven DAX companies are due to report first-quarter earnings next week, while dividend payouts are set to amount to around EUR10 billion.

Schallenberger said the dividend payouts could help the market, while it looks like the first quarter earnings season could be "very, very positive."

In the news, President Vladimir Putin warned that Moscow would shift its energy focus to Asia if Europe resisted its expansion plans, ratcheting up the tension in an escalating row over Russia's international energy ambitions.

Automakers led European stocks higher on continued restructuring hopes, with well-received results from chipmaker Infineon Technologies also helping sentiment.

BONDS: Strong data in the euro zone and U.S. will continue to plague the government debt market, also in the U.K., even though the Bank of England is likely to keep rates unchanged for months to come. Investors are wary.

"It's just an uncomfortable market and people aren't prepared to call the top of it (in yields)," said Andy Chaytor, a strategist at Royal Bank of Scotland.

The ECB's next rate-setting meeting is May 4, but analysts doubt any change in rates until June when they believe the bank will deliver a third 25-basis-point hike to bring rates to 2.75%. However, analysts said some market participants were toying with the idea the ECB could be more aggressive.

"It's not discounted, that's why it's a popular trade," said Padhraic Garvey, chief interest rates strategist at ING in Amsterdam.

"There's no point in betting on a 25-basis-point hike, that's done," he said. "They're not going to do nothing, so that's not a bet either. So the only bet out there really is 50 (basis points) and it's not a silly bet."

Looking ahead, analysts said they were keen to hear what Federal Reserve Chairman Ben Bernanke would say Thursday at 1400 GMT when he is due to testify on the economic outlook at a U.S. Congress joint committee.

European government bonds were weaker Wednesday after strong U.S. data helped fuel concerns about more Federal Reserve interest rate increases, analysts said.

FOREX: While off its overnight high around $1.2471, the euro still has plenty of power stored up to make more gains against the dollar and the yen.

Not even the mostly positive data published in the Federal Reserve Beige Book could help the hapless dollar.

Several analysts said the dollar's gyrations may have been subdued in the wake of the recent data because of market hesitation before Bernanke's testimony. But they warned that if Bernanke sounds upbeat about the economy and the dollar still fails to rally, it could exacerbate dollar selling.

"One of the characteristics of a dollar-selling environment is that you get strong numbers and their impact is temporary," said Steven Englander, chief foreign exchange strategist at Barclays Capital in New York. "You see the market viewing it as an opportunity to sell the dollar at better levels."

"Even though the U.S. data have been strong, the euro indicators have been strong as well," he said. "So the euro really hasn't lost any ground to the dollar in terms of interest rate advantages."

"When you take a look at what the Europeans have been saying, not one has said anything about the currency," Englander said in reference to the lack of comments by ECB officials over the strong gains posted by the euro recently, which is seen as negative for exports. "If anything they sounded more hawkish than expected," he added.

Dealers were poised to take profit in the euro toward the end of Thursday's session.

ABB (ABB): 1Q Earnings
Average net profit (DJ, 6 analysts): $210M ($199M)
Note: The electrical-engineering company is likely to have profited from buoyant demand for power equipment as well as oil and gas installations, while some expect net profit could be dented by restructuring costs of $20M. Sales are seen rising 6.7% to $5.43B from $5.09B, while operating profit is seen advancing 18% to $461M from $391M. Analysts will mainly watch how ABB's five divisions performed as the company will for the first time publish figures along a new divisional structure. Also, analysts expect a positive outlook comment.


Alcatel (ALA): 1Q Earnings
Average net profit (DJ, 6 analysts): EUR0.078M (EUR0.09M)
Average sales: EUR2.292B (EUR2.61B)
Note: Operating profit is expected to rise 79% to EUR191.3M from EUR107M. Analysts say the fall in EPS is due to a high '05 EPS from sales of one-off items rather than a weak performance in '06. Strong growth in revenues and operating profit is due to higher sales in fixed communications business, which accounts for 40% of company revenues. The company is also expected to show more savvy in negotiating contracts as well as resisting pressure to cut prices in both mobile equipment and fixed line business. Eyes are also on an update on its merger with Lucent (LU).


Altana (AAA): 1Q Earnings
Average net profit (DJ, 10 analysts): EUR111.7M (EUR94M)
Average sales: EUR927.4M (EUR741M)
Note: The earnings driver continues to be the drug for gastrointestinal treatment, pantoprazole. EBIT seen up 17% at EUR175.1M vs EUR150M. Analysts will particularly watch out for news about a partner for Altana's pharma arm. Company is expected to list its chemicals unit only after having made a partnership in pharma, which is proving difficult to achieve.


Antena 3 (A3TV.MC): 1Q Earnings
Average net profit (DJ, 3 analysts): EUR44.8M (EUR36.8M)
Average sales: EUR240.7M (EUR225M)
Note: Analysts to focus on cost control. Company reporting Thursday, pre-market.


AstraZeneca (AZN.LN): 1Q Earnings
Average operating profit (Co, 15 analysts): $1.81B ($1.453B)
Average sales: EUR6.29B (N/A)
Note: Growth in key products such as heartburn drug Nexium, antipsychotic Seroquel, cholesterol-lowering treatment Crestor and cancer drug Arimidex, should continue to offset the decline in revenues for ulcer drug Prilosec, Nexium's predecessor, which has succumbed to copycat competition, and Iressa, its disappointing lung-cancer drug.

Some analysts have speculated that the Anglo-Swedish company may upgrade its $3.40-to-$3.60 earnings-per-share guidance for the full year, issued with fourth-quarter reports. The guidance reflected concerns about possible generic copies of Toprol-XL, which so far have failed to materialize.


Atlas Copco (ATCO-A.SK): 1Q Earnings
Average pretax profit (SME, 6 analysts): SEK2.43.M (SEK1.67M)
Average sales: SEK13.59B (SEK11.17B)
Note: The increase is expected to have been supported by continued strong volumes and positive US dollar/Swedish kronor currency effects. The focus of most analysts' attention will be on any comments about the divestment of the rentals unit and raw materials prices.


Autoliv (ALV): 1Q Earnings
Average pretax profit (SME, 10 analysts): $128M ($123M)
Average sales: $1.56B ($1.69B)
Note: Focus will be on costs for rising raw material prices, market outlook and market share development.


Aviva (AV.LN): 1Q New Business
Average EEV life and pensions new business (on a value-of-new-business-premiums
basis) (Co, 16 analysts): GBP6B (GBP5.66B)
Average EEV life and pensions new business contribution, or profit: GBP217M
(GBP197M)
Note: Greig Paterson of Keefe, Bruyette & Woods says the results could boost the shares after weakness. Says there's likely to be positive news on UK new business premiums after an agreement with CIS.


Bayer (BAY): 1Q Earnings
Average net profit (DJ, 12 analysts): EUR642M (EUR652M)
Average sales: EUR7.13B (EUR6.7B)
Note: EBIT pre exceptionals, the figure analyst watch out for, is forecast at EUR1.12B, -1.8% from EUR1.14B the previous year. 1Q 05 was a strong one, analysts say. The sub units agchems and plastics are expected by analysts to report flat or lower EBIT in 1Q. Analysts watch out for first sales figure of cancer drug Nexavar although analysts reckon, everything will be overshadowed by Bayer's offer for Schering (SHR)


Body Shop International (BOS.LN): FY Earnings
Average profit before items (Co, 6 analysts): GBP36.2M (GBP35.7M)
Forecast range: GBP35.5M - GBP37M
Note: L'Oreal owns 53.1% of the Body Shop; the first offer closing date is on May 3. Analysts covering L'Oreal will be closely watching the results and outlook trading commentary.


Cesky Telecom (BAATELEC.PR): 1Q Earnings
Average net profit (DJ, 7 analysts): CZK1.94B (CZK1.57B)
Note: Analysts attribute the net increase to the growing number of broadband subscribers. Analysts eagerly await for details on the company's fixed-line revenue and whether they show signs of improvement after years of decline.


Ciba (CSB): 1Q Earnings
Average net profit including charges (DJ, 7 analysts): CHF81M (CHF67M)
Note: Net profit seen up despite the 10% drop in sales to CHF1.6B from CHF1.79B, after Ciba sold its ailing textile dyes and chemicals unit, helping margins. Lower restructuring charges compared to last year will also help the bottom line. EBIT before restructuring charges - one of the analyst's key gauges to see if Ciba's profitability is increasing - seen at CHF155.8M, +20% from CHF130M, helped by the disposal of the low margin unit and a lower increase in costs for raw materials. Eyes on clarification on full year outlook.


Clinton Cards (CC.LN): FY Earnings
Average pretax profit (DJ, 5 analysts): GBP3.5M (GBP33.5M)
Note: The company has been facing "fierce competition from supermarkets and WH Smith and current trading is tough" says analyst. "We will be looking at what changes the management will make in order to address these issues. The changes will have to be more radical though. It will be interesting to see whether Clinton will have to sell stores and how many in the near future."


DaimlerChrysler (DCX): 1Q Earnings
Average net profit (DJ, 8 analysts): EUR397M (EUR288M)
Average sales: EUR34.426B (EUR31.744B)
Note: Earlier this year, DaimlerChrysler decided to cease production of the Smart brand's four-seater model Forfour and focus solely on its tiny two-seater model Fortwo in an effort to reach break-even at Smart next year. The company took a one-off charge of EUR800 million in the first quarter of 2005 related to previous restructuring measures at the Smart unit. DaimlerChrysler last year said the planned job cuts at Mercedes Car Group would cost it EUR950 million, but EUR570 million of that was already booked in the fourth quarter of last year.

The one-off costs will be partly offset by a gain of around EUR400 million from the sale of diesel engine maker MTU Friedrichshafen to Swedish private equity company EQT. Analysts expect the MTU sale to boost operating profit at the company's Other Activities division to around EUR540 million, from EUR219 million in the first quarter last year.


DSV (DSV.KO): 1Q Earnings
Average net profit (DJ, 5 analysts): DKK183M (DKK132M)
Average sales: DKK6.42B (DKK5B)
Note: Analysts also hope to hear what synergies DSV expects to see from its takeover of Dutch rival, Frans Maas, which isn't included in the 1Q results. Also, they expect DSV to either upgrade its full-year outlook or at least hint that an increase is likely, after conceding in its full year teleconference that its guidance was conservative. DSV may still be reluctant to put a figure on the full year, partly because of the potential costs of integrating Frans Maas, they say.

OTHER SCHEDULED EVENTS:

ABG Sundal Collier (ASC.OS): AGM

ABN Amro Holding (ABN): AGM

AcandoFrontec (AFAB-B.SK): AGM

Acegas (AEG.MI): AGM

Aeroporto di Firenze (AFI.MI): AGM

Aker Yards (AKY.OS): 1Q Presentation

Alleanza Assicurazioni (AL.MI): AGM

Amplifon (AMP.MI): AGM/EGM

Amvescap (AVZ): AGM

Arnoldo Mondadori Editore (MN.MI): AGM

Assicurazioni Generali (G.MI): AGM/EGM

Autogrill (AGL.MI): AGM

Banca Nazionale del Lavoro (BNL.MI): AGM

Banco Pastor (PAS.MC): AGM

Banque Tarneaud (6552.FR): AGM

Barclays (BARC.LN): AGM

Bat (BATS.LN): AGM

Batenburg Beheer (33765.AE): AGM

Belships Co (BEL.OS): AGM

Biesse (BSS.MI): AGM

British American Tobacco (BTI): AGM

Bulgari (BUL.MI): AGM

Caltagirone Editore (CED.MI): AGM

Cassa di Risparmio di Firenze (CFI.MI): AGM

CDC (CDC.MI): AGM

Colt Telecom (CTM.LN): 1Q Earnings

Corporacion Mapfre (MAP.MC): 1Q Analyst Presentation

Crucell (CRXL): Analyst Meeting

De Longhi (DLG.MI): AGM

Elcoteq (ELQAV.HE): 1Q Earnings

Ercros (ECR.MC): AGM

Ergo Previdenza (EGP.MI): AGM

Exact Holdings (35036.AE): AGM

Fastweb (FWB.MI): AGM

Fidelity Japanese Values (FJV.LN): AGM

Filatura di Pollone (FDP.MI): AGM

Fondiaria-SAI (FSA.MI): AGM

FullSIX (FUL.MI): AGM

Gaumont (3489.FR): AGM

Gresvig (GRE.OS): 1Q Earnings

Gruppo Editoriale L'Espresso (ES.MI): AGM

Hera (HER.MI): AGM

Huhtamaki (HUH1V.HE): 1Q Earnings

Ignis (IGNIS.OS): 1Q Earnings

Inmobiliaria Urbis (URB.MC): AGM

JPMorgan Fleming Claverhouse Investment Trust (JCH.LN): AGM

JPMorgan Fleming US Discovery IT (JPU.LN): AGM


(MORE TO FOLLOW) Dow Jones Newswires

April 27, 2006 01:45 ET (05:45 GMT)

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


27 Apr 2006 05:45 GMT =DJ EUROPEAN MORNING BRIEFING: Corporate Events -2-

France Telecom (FTE): 1Q Earnings
Average EBIDTA (DJ, 7 analysts): EUR4.63B (N/A)
Average sales: EUR12.7B (N/A)
Note: Comparative figures will be restated to account for the acquisition of Spanish mobile operator Amena, Senegalese mobile operator Sonatel, and foreign exchange changes. On a proforma basis, analysts expect sales to grow by 2% or less. Eyes on domestic market: What's the scale of the slowdown in mobile revenue after a cut in termination rates, and how is broadband developing? One analyst says these points will help determine whether the market over-reacted to the company's woes, valuing it lower than any other incumbent.


GlaxoSmithKline (GSK): 1Q Earnings
Average pretax profit (DJ, 8 analysts): GBP1.882B (GBP1.711B)
Average sales: GBP5.62B (N/A)
Note: Basic earnings per share are expected to rise 9% to 23 pence from 21.1 pence in the same period a year earlier. Pharmaceutical sales should rise 14%, driven by asthma inhaler Advair, antidepressant Lamictal and diabetes drug Avandia, whose strength will mostly offset Avandamet's weakness due to earlier supply problems.

Also closely watched will be the company's rich pipeline, which includes promising candidates such as cervical cancer vaccine Cervarix and cancer drug Tykerb as well as eltrombopag, which treats uncontrolled bleeding caused by low blood-platelet levels. GlaxoSmithKline is due to publish its earnings at 1100 GMT.


Iberdrola (IBE.MC): 1Q Earnings
Average net profit (DJ, 9 analysts): EUR396.6M (EUR346.6M)
Note: Strong growth in international operations and renewable energy seen offsetting weakness in wholesale electricity sales as a result of government regulatory changes capping prices, say analysts. 1Q EBITDA seen +14% to EUR989.5M from EUR866.8M. Focus on impact of regulatory changes and on company's 'Plan B' as uncertainty reigns on Gas Natural's (GAS.MC) bid for Endesa (ELE), including side agreement with Iberdrola.


Kaupthing (KAUP.IC): 1Q Earnings
Note: Company is expected to post a 1Q net profit of ISK16.64B, up +50 from ISK11.09B in 1Q '04, boosted by continued high trading gains and a substantial rise in commission income, according to forecasts by Landsbanki. Net interest income is expected to come in at ISK10.77B, up from ISK7.05B in 1Q '04. Report due at around 0600 GMT.


Luxotttica (LUX): 1Q Earnings
Average net profit (JCF, 4 analysts): EUR102.3M (EUR76.3M)
Note: The company already indicated revenue rose 20% in 1Q, lifted by the launch of a new line of eyewear for Dolce & Gabbana. Analysts say the numbers, due Thursday afternoon, would be further confirmation of luxury goods sector's overall return to health after a long depression.


Merck KGaA (MRK.XE): 1Q Earnings
Average net profit (DJ, 10 analysts): EUR154.M (EUR120M)
Average sales: EUR1.52B (EUR1.38B)
Note: EBIT seen rising 22% to EUR240M from EUR196M. Strong demand for liquid crystals, solid Erbitux sales likely to remain main earnings, sales drivers. However, analysts to focus on any comments on long-term growth strategy following failed Schering bid in March. Analysts also eye possible details on FY06 guidance.


Norsk Hydro (NHY): 1Q Earnings
Average net profit (DJ, 7 analysts): NOK5.553B (NOK3.693B)
Note: Despite higher exploration and electricity costs and writedowns seen eroding profits, stronger petroleum output and higher oil, gas and aluminum prices forecast to drive healthy results. Output seen 600,000 BOE/d. Analysts seeking output guidance and downstream aluminum restructuring update.


PPR (12148.FR): 1Q Revenues
Average revenues (DJ, 3 analysts): EUR4.4B (EUR4.12B)
Note: The jump in first-quarter revenues in 2004 thanks to strong sales at its luxury goods division, forecasts show. Analysts say they expect an update on restructuring at some of PPR's underperforming assets such as YSL Beaute.


PSA Peugeot-Citroen (12150.FR): 1Q Earnings
Average revenue (DJ, 5 analysts): EUR13.92B (EUR13.64B)
Note: Automobile division revenue seen +0.3% at EUR11.10B versus EUR11.07B. Analysts say the risk for group revenue is on the upside after Renault surprised the market earlier in the week with stronger-than-expected revenue from non-core businesses. Report due post-market.

Saint-Gobain (12500.FR): 1Q Revenue
Average revenue (DJ, 3 analysts): EUR9.1B (EUR7.6B)
Note: Revenue boosted mainly by BPB and smaller acquisitions, while organic growth seen around 3%, analyst says. Watch out for any change to guidance of 23%-25% operating profit growth and 18%-20% net profit growth for 06, analysts say. Company reports Thursday after market close.


Shire (SHPGY): 1Q Earnings
Average revenues (DJ, 3 analysts): $411M ($334M)
Note: The published figures will be complicated by the accounting treatment of licensing payments, the integration of the TKT acquisition last year and inventory adjustments.

Shire's earnings could be overshadowed by comments about the continuing talks over best-selling hyperactivity drug Adderall XR with Barr Pharmaceuticals Inc (BRL), which plans to launch a copycat version. The two companies are in settlement negotiations, even though a patent trial is scheduled to start at the end of October. An out-of court settlement with Barr would be crucial for Shire, because it would ensure Adderall XR sales will continue until it can switch patients to its successor, NRP104, which analysts expect to be launched in early 2007.

Sales of Adderall XR in the quarter are expected to rise 25% to $183M. Analysts will be also looking for comments on the upcoming launches of Daytrana, a skin patch to treat hyperactivity which received U.S. Food and Drug Administration approval earlier this month, and Elaprase, a drug for Hunter syndrome which should get the regulator's nod by next month.


Siemens (SI): 2Q Earnings
Average pretax profit (DJ, 9 analysts): EUR835M (EUR781M)
Average sales: EUR20.53B (EUR18.85B)
Note: New orders seen +12% to EUR23.09B from EUR20.67B. Analysts looking for any indication on plans for underperforming IT services and communications units, which continue to weigh on performance.


Skanska (SKA-B.SK): 1Q Earnings
Average pretax profit (SME, 10 analysts): SEK674M (SEK1.10B)
Average sales: SEK25.95B (SEK25.48B)
Note: SME Direkt expects Skanska to post gains from property divestment of SEK113M during the quarter, compared with SEK600M in 1Q '05. The focus will be on order intake and the development of the US and UK operations.

OTHER SCHEDULED EVENTS:

Koninklijke Vopak (39300.AE): AGM

Krones (KRN.XE): FY Analyst Meeting

La Doria (LD.MI): AGM

Loeb Holding (LOEP.EB): FY Press Conference

Medi-Stim (MEDI.OS): 1Q Presentation

Milano Assicurazioni (MI.MI): AGM

Monrif (MON.MI): AGM

National Bank of Greece (NBG): AGM

Negri Bossi (NGB.MI): AGM

Neste Oil (NES1V.HE): 1Q Earnings

Nestor Healthcare Group (NSR.LN): AGM

Nobia (NOBI.SK): 1Q Meeting

Nolato (NOLA-B.SK): AGM

Norwegian Air Shuttle (NAS.OS): 1Q Earnings Presentation

Otrum (OTR.OS): 1Q Presentation

Poligrafici Editoriale (POL.MI): AGM

ProSafe (PRS.OS): 1Q Earnings

Puma (PUM.XE): AGM

RCS MediaGroup (RCS.MI): AGM

Reckitt Benckiser (RB.LN): 1Q Earnings

Rothschild (RLD.EB): AGM

SAES Getters (SG.MI): AGM

Saipem (SPM.MI): AGM

SanPaolo IMI (IMI): AGM

Scottish & Newcastle (SCTN.LN): AGM

Seat Pagine Gialle (PG.MI): AGM

Sevan Marine (SEVAN.OS): 1Q Earnings

Smith & Nephew (SNN): AGM

Societa Metallurgica Italiana (SMI.MI): AGM

Societe Bancaire Privee (SBP.EB): AGM

Stefanel (STEF.MI): AGM

STMicroelectronics (STM): AGM

Stockcube (SKC.LN): FY Earnings

Symphony Plastic Tech (SYM.LN): FY Earnings

Terna (TRN.MI): AGM

TietoEnator (TIE1V.HE): 1Q Earnings

Vacon (VIA.XE): 1Q Analyst Meeting

VMetro (VME.OS): 1Q Presentation

World Gaming (WGP.LN): 1Q Earnings

ZetEx (ZTX.LN): AGM

Zodiak Television (ZODI-B.SK): AGM


(END) Dow Jones Newswires

April 27, 2006 01:45 ET (05:45 GMT)

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


27 Apr 2006 05:45 GMT =DJ EUROPEAN MORNING BRIEFING:Stocks Stutter; Crude Falls -2

CALENDAR: Thursday, April 27: German Outlook; Bernanke

GMT Expected Previous
0600 UK Apr Nationwide Building Society's House
Price Survey
0645 FRA Quarterly business survey
0655 GER Unemployment 11.3% 11.4%
-35K +30K
0730 ITA Apr Business Climate 93.5 94.2
0800 GER IFO Semi-Annual Joint Economic Forecast
0800 ITA Mar Hourly Wages
0830 UK Public Sector Finances (Supplementary
Quarterly Data)
0900 GER Six economic institutes report on econ
outlook
1000 UK Quarterly Economic Review: UK & World
Economy Forecasts press conference
1000 EU ECB Member Bini Smaghi speaks in
Florence
1230 US Apr 22 Jobless Claims +2K -10K
1400 US Mar Conference Board Help-Wanted Index 39
1400 US Apr 15 DJ-BTMU Business Barometer +0.2%
1400 US Fed Chmn Bernanke testifies on the econ
outlook before U.S. Congress Joint
Economic Committee
1430 US Apr 21 US Energy Dept Natural Gas Stocks (in +72 +47
billion cubic feet)
1430 US Fed Gov Olson speaks in Columbus, Ohio
1500 US Apr Kansas City Fed Mfg Index +26
1600 US Mar Chicago Fed Midwest Mfg Index +0.6%
1715 US Fed Gov Kohn speaks on business capital
spending in New York