U.S. Stock-Index Futures Rise; Ford, Merrill Lynch Shares Gain in Europe

(Bloomberg) -- U.S. stock-index futures climbed as
investors speculated last week's losses may have been
exaggerated.

Ford Motor Co. advanced in Europe after the London Times
reported that Jacques Nasser, the company's former chief
executive officer, may visit the Land Rover and Jaguar factories
in the U.K. as part of an attempt to buy the brands. Merrill
Lynch & Co. gained after UBS AG recommended buying shares of the
third-largest U.S. securities firm.


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European Stocks Fall, Led by IKB, UBS, Commerzbank; ICI Gains on New Bid

(Bloomberg) -- European stocks fell for a fifth day,
led by financial-services companies after IKB Deutsche
Industriebank AG of Germany said profit will be ``significantly''
lower than forecast, hit by the U.S. subprime mortgage rout.

IKB tumbled 20 percent. UBS AG, the biggest money manager,
and 3i Group Plc, Europe's largest publicly traded buyout and
venture-capital firm, led declines by financial companies.
Commerzbank AG slid after saying it expects to make provisions
for losses tied to the U.S. subprime mortgage market.


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European Stocks Decline on Credit Concerns; Allianz, Anglo American Slide

(Bloomberg) -- European stocks had their biggest
weekly drop in almost five months on concern difficulties in the
credit market may curb mergers and acquisitions as investors are
shying away from risky debt.

Allianz SE and UBS AG led declines by financial companies.
Anglo American Plc, the world's second-largest mining company,
paced a retreat in mining shares as copper prices fell on
speculation a slump in homebuilding will reduce demand in the
U.S.


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KKR's Delay on Alliance Boots Loans Places `Moratorium' on LBOs, UBS Says

(Bloomberg) -- Delays in financing the takeover of
Alliance Boots Plc have placed a ``moratorium on large-scale
leveraged buyouts'' that may weigh on European stocks, according
to a UBS AG strategist.

Shares of companies that have benefited from bid
speculation, including Adidas AG, Smith & Nephew Plc and Reed
Elsevier Plc, ``are less likely to retain a private equity''
support to their valuations, Daniel Stillit, London-based market
analyst at UBS, wrote in a report today. All three stocks have
risen at least 13 percent this year.


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Orica Shares Climb on Speculation of Offer After Earlier Buyout Rejected

(Bloomberg) -- Shares of Orica Ltd. rose 5.5
percent on speculation the world's largest explosives maker may
receive a second takeover offer after the company rejected a
A$9.95 billion ($8.7 billion) buyout in April.

There's talk of a bid of A$37 a share, said Albert Landman,
who manages more than $70 million at Tricom Futures Services in
Melbourne. Orica had ``no comment,'' said spokesman John Fetter.
Stuart Barton, a spokesman for UBS AG, which advised Orica when
it rejected the earlier offer, also declined to comment.


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UBS Risk Is Highest in 1 1/2 Years After CEO Ouster, Default Swaps Show

(Bloomberg) -- UBS AG's credit risk rose to the
highest in more than 1 1/2 years after the world's biggest money
manager ousted Peter Wuffli as chief executive officer,
according to traders of credit-default swaps.

UBS replaced Wuffli with his deputy Marcel Rohner
yesterday, after losses at one of its hedge funds and declining
earnings for the past three quarters. The Zurich-based bank shut
its Dillon Read Capital Management LLC unit, championed by
Wuffli, 49, at a cost of $300 million in May.


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European Energy Stocks, Shell May Advance; UBS,Roche Shares May Decline

(Bloomberg) -- European oil stocks may rise as
Deutsche Bank AG raised its price estimates for companies
including Royal Dutch Shell Plc, BP Plc and Total SA.

UBS AG fell in pre-market trading after the world's biggest
money manager ousted Chief Executive Officer Peter Wuffli. Roche
Holding AG will probably drop after the U.S. Food and Drug
Administration said babies are at increased risk of death if they
are given the drugmaker's Rocephin along with products containing
calcium.


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AMB, Centennial, ECI, New York Times, Schwab, Vornado: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 1:10 p.m. New York time.

Real estate investment trusts advanced after UBS AG said the
stocks may jump 21 percent as a group in the next 12 months and
Merrill Lynch & Co. upgraded Vornado Realty Trust (VNO US).


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European Stocks Rise; Pearson, Arcelor Mittal, BAE Systems Advance

(Bloomberg) -- European stocks advanced, led by
Pearson Plc after the U.K. publisher abandoned a possible bid for
Dow Jones & Co.

Arcelor Mittal gained after UBS AG raised its estimate for
the steelmaker's share price on prospects for cash returns and
further mergers and acquisitions.


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South Korean Stocks Fall; Korea Exchange Bank Declines on Share Sale

(Bloomberg) -- South Korean stocks fell. Korea
Exchange Bank dropped the most in six months after Lone Star
Funds sold a 13.6 percent stake in the company for 1.19 trillion
won ($1.3 billion).

Korea Electric Power Corp. slipped after UBS AG said
earnings may trail market estimates on higher coal prices.


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European Stocks Advance, Led by Axa, Financial Shares; BHP, Centrica Gain

(Bloomberg) -- European stocks rose for the first time
in six days as investors bet last week's rout was overdone and
renewed takeover speculation lifted mining and power companies.

BNP Paribas, Axa SA and Barclays Plc paced an advance by
financial-related companies, among the hardest hit in the sell-
off. BHP Billiton Ltd. led mining companies higher after UBS AG
raised its price estimate for the stock and said mergers and
acquisitions in the industry ``will continue to accelerate.''
Centrica Plc, the U.K.'s largest energy supplier, climbed after
OAO Gazprom said it will announce an acquisition in Britain.


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Platinum Futures Little Changed in Tokyo Amid Signs of Industrial Demand

(Bloomberg) -- Platinum futures were little changed
in Tokyo after gaining earlier in the day on expectations
European jewelry demand and industrial purchases of the metal
will prompt some traders to buy out of bets on a decline.

Traders on the Tokyo Commodity Exchange last week took on
more futures contracts even as some were selling the metal
itself, a sign they're taking short positions, which bet on the
metal's decline, said John Reade, an analyst at UBS AG, in a
June 1 note to clients.


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