World Markets Outlook - Provided by Internaxx

Europe - Equities

US markets fell last week after General Electric's disappointing results increased expectations the economy is falling into recession. Stocks from Capital Goods, Banks and Cons. Durables were under pressure while Energy stocks managed to close broadly flat wow. On a technical point of view, even though a further consolidation cannot be ruled out, its extent should be limited. After that, an uptrend resumption remains our favoured view.

European markets followed Wall Street's pessimism at the end of the week. EURUSD still trades close to its historical highs. Stocks in the Insurance, Health Care and Retailing underperformed whereas shares in the Basic Resources and Oil & Gas sectors performed the best against the Euro Stoxx 50. Technically, even if a limited further consolidation is likely in the early stage of the week, an upturn should be seen then.

Euro/dollar : the euro is consolidating after its new record high at $1.5904 on March 17. Lower commodity prices are pushing the green back higher. The medium term upside trend remains intact, supports for a bounce stand at 1.5380 (rising 20d moving average) then 1.5150 and 1.5000.

Dollar/yen : the dollar bounced against the yen to 99.57 from a March 17 low at 95.78. Above 100.60 look for 102.50 and 104.00. The risk for now remains for a retest of the lows.

Company Reviews:

Johnson and Johnson (USD 66 ; 0.41% ; JNJ ; JNJ.N)

On Tuesday, Johnson & Johnson may unveil 1Q EPS of $1.19 ($1.16 a year ago) on sales of $15.7bln ($15bln). Recently, the Co's Japanese unit, Janssen Pharmaceutical announced a 14% rise in FY07 sales, helped by the schizophrenia treatment, Risperdal. Last week, the Co submitted a Premarket Approval application with the US's FDA for its adjustable gastric band to treat morbid obesity. From a technical point view, the stock continued to rebound in the past two weeks, while a ST consolidation should be expected before a further bounce.

Tesco (GBp 387.75 ; -4.2% ; TSCO ; TSCO.L)

On the same day, Tesco from United Kingdom may announce 2Q pre-tax profit of £1.4bln on revenues of £23.7bln. Nearly two weeks before, the Co delayed its expansion plan of Fresh & Easy stores in the US for 3mths to leave some time to make the improvements about consumer services. As consumer spending is slowing down in the UK, the Co eyes on the overseas market for its further growth, besides, it also plans to open stores in Russia. Technically, the stock outperforms compared with the BE500 Food Retail Index.

Google (USD 457.45 ; -2.9% ; GOOG ; GOOG.O)

On Thursday, Google is expected to report 1Q EPS of $4.5 compared to $3.18 a year earlier. Recently, Google allowed software developers to run their Web applications on its technology infrastructure for free to enhance competition of providing the computing and network parts to power Web services. As the Co achieved 99% of $16.6bln revenues from online ads last year and it planned to seek new sources of revenues to complete with Microsoft.

Nokia (EUR 20.58 ; -4.41% ; NOK1V ; NOK1V.HE)

On the same day, Nokia is scheduled to deliver 1Q net income of E1.4bln (E979m a year earlier) on revenues of E12.8bln (E11.7bln). Separately, the Co agreed a E200m social plan with unions on a closure of a plan in Germany. Earlier, Nokia revealed new products at the Growing Together 2008 conference to boost sales in emerging markets. Last week, the Co and 2 Swiss educational establishments announced to open a research unit in Lausanne to develop Internet's services on mobiles. In the short term, the stock is consolidating after a strong rebound. We can expect a ST pause before further upside.

Citigroup (USD 23.36 ; -2.99% ; C ; C.N)

On Friday, Citigroup may unveil 1Q LPS of $0.9 compared to an EPS of $1.18 a year ago. Last week, the Co was in talks to sell $12bln of loans at a loss to Apollo Management. Besides, Citigroup announced an organisation structure in which its consumer group will be split into two businesses: Consumer Banking and Global Cards. But the financial market is expected to report more subprime losses in 1Q results. The stock is under pressure and holding by its 50D MA.

Selection of those events which may affect the stock prices of international Large Caps

CORPORATE CALENDAR April 14th - April 18th

Date	Market	Company	Event

Monday, April 14th
	NE	Philips Electronics	1st-Quarter results
	US	Eaton Corp	1st-Quarter results
	US	WW Grainger	1st-Quarter results
	US	Charles Schwab	1st-Quarter results

Tuesday, April 15th
	UK	Tesco	annual results
	UK	SABMiller	annual results
	US	Johnson and Johnson	1st-Quarter results
	US	US Bancorp	1st-Quarter results
	US	Bear Stearns Companies	1st-Quarter results
	US	Intel	1st-Quarter results

Wednesday, April 16th
	US	IBM	1st-Quarter results
	US	JP Morgan Chase	1st-Quarter results
	US	Coca Cola	1st-Quarter results
	US	Wells Fargo and Company	1st-Quarter results
	US	Abbott Laboratories	1st-Quarter results
	US	Illinois Tool Works	1st-Quarter results

Thursday, April 17th
	US	Pfizer	1st-Quarter results
	US	United Technologies	1st-Quarter results
	US	Bank of New York Mellon	1st-Quarter results
	US	Merrill Lynch	1st-Quarter results
	US	Baxter International	1st-Quarter results
	US	Google	1st-Quarter results

Friday, April 18th
	US	Citigroup	1st-Quarter results
	US	Schlumberger	1st-Quarter results
	US	Wachovia	1st-Quarter results
	US	Caterpillar	1st-Quarter results
	US	Honeywell	1st-Quarter results
	US	Xerox	1st-Quarter results

ECONOMIC CALENDAR (CET) April 14th - April 18th

Date	Market	Economic data	Period	Expected	Last

Monday, April 14th
10:30:00	UK	PPI - Input (MoM)	MAR	1.6%	1.7%
10:30:00	UK	PPI - Output (MoM)	MAR	0.5%	0.3%
11:00:00	EC	Euro-Zone: Industrial Production (MoM)	FEB	0.2%	0.6%
14:30:00	US	Retail Sales	MAR	0.1%	-0.6%
14:30:00	US	Retail Sales les Autos	MAR	0.3%	-0.2%
16:00:00	US	Business Inventories	FEB	0.5%	0.8%

Tuesday, April 15th
11:00:00	GE	Zew Survey (Econ. Sentiment)	APR	-29.4	-32
11:00:00	GE	Zew Survey (Current Situation)	APR	NA	32.1
14:30:00	US	Producer Price Index (MoM)	MAR	0.7%	0.3%
14:30:00	US	PPI - Ex Food & Energy (MoM)	MAR	0.2%	0.5%
14:30:00	US	Empire Manufacturing	APR	-16.06	-22.23
19:00:00	US	NAHB Housing Market	APR	20	20

Wednesday, April 16th
14:30:00	US	Consumer Price Index (MoM)	MAR	0.3%	0%
14:30:00	US	Housing Starts (Thsd)	MAR	1018	1065
14:30:00	US	Bulding Permits (Thsd)	MAR	973	984
14:30:00	US	CPI - Ex Food & Energy (MoM)	MAR	0.2%	0%
15:15:00	US	Industrial Production (MoM)	MAR	-0.1%	-0.5%
15:15:00	US	Industrial Capacity Utilization	MAR	80.4%	80.4%

Thursday, April 17th
11:00:00	EC	Euro-Zone: Trade Balance (Bln)	FEB	NA	-10700
11:00:00	EC	Euro-Zone: Trade Balance (Bln) (MoM)	FEB	NA	-10700
14:30:00	US	Initial Jobless Claims (Thsd)	W14	NA	357
16:00:00	US	Leading Indicators	MAR	0.1%	-0.3%
16:00:00	US	Philadelphia Fed.	APR	-14.6	-17.4

Friday, April 18th
08:00:00	GE	Producer Price Index (MoM)	MAR	0.5%	0.7%
10:30:00	UK	Public Sector Net Borrowing (Bln)	MAR	NA	2670
10:30:00	UK	M4 Money Supply (MoM)	MAR	NA	0.2%
10:30:00	UK	Public Finances (PSNCR) (Bln)	MAR	NA	2897

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