ECB and BoE could announce today further rate cut

Market Recap

DJIA +2.23%, Nasdaq +2.48% and S&P +2.38%

Nikkei +1.95%

WTI Crude Oil USD 44.83

Gold USD 915

USD/EUR 1.26

ECB and BoE could announce today further rate cut.

U.S. stocks rally on light volume and break a 5 day losing streak on the back of talk that China will increase the size of their stimulus package and help fuel global demand.

U.S. News

Palm cut its Q3 revenue guidance to USD 85-90m versus USD 158m due to a decline in demand for its older smartphone models.

Hartford Financial Services reported it may sell its life insurance unit to Sun Life Financial and also would split inot two divisions, selling about USD 248bn of assets.

Google and Universal Music are in discussion for music video partnership.

Wells Fargo is planning to eliminate USD 5bn annual costs.

Yamana Gold reports Q4 EPS in line with guidance.

European News

AB InBev reports mixed Q4 numbers. Lift synergies from USD 1.5bn to USD 2.5bn and guides for higher margins.

European car output to tumble 25%, sales to decline 20%.

Casino reports good numbers, especially in Hypers and with strong private labels performance.  Casino will increase dividend by 8% to EUR 2.53 and will convert preferred shares into ordinary.

Wendel plans to sell 10% stake in Bureau Veritas via a private placement.

Essilor reports in line FY2008 results.

GDF Suez reports light FY08 numbers. Will pay a dividend EUR 1.4 + a special dividend EUR 0.80.

Inditex (Zara) told analyst their sales and earnings estimates are too high.

Axa CEO says doesn’t need capital increase.

Daimler will start selling fuel cell cars from the middle of this year, about a year earlier than planned.

Galp reported good Q4 numbers benefiting from high European refining margins.

German Chancellor Angela Merkel agreed to take all possible steps to save jobs at GM Opel and Schaeffler Group (Continental).

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