GLOBAL NEWS ON THE MARKETS ARE AT GLANCE......

European stocks fell before a U.S. government report that may show personal spending in the world's biggest economy slowed last month.
Vodafone Group Plc, the largest mobile-phone company, led telecom shares lower after saying competitive and regulatory pressure will continue in Europe . Commodity stocks advanced, paced by BP Plc and Rio Tinto Group as oil and metal prices rose.
The Dow Jones Stoxx 600 Index dropped 0.3 percent to 373.23 as of 9:09 a.m. in London . The benchmark is headed for a quarterly gain of 2.5 percent, the worst performance for the first three months of a year since 2003. The Stoxx 50 fell 0.4 percent today. The Euro Stoxx 50 lost 0.4 percent.
The Commerce Department will report that spending in the U.S. increased 0.3 percent following a 0.5 percent gain a month earlier, according to the median estimate in a Bloomberg News survey of 74 economists.
A separate release from the University of Michigan is forecast to show confidence among consumers fell this month to the lowest level since September. The U.S. is Europe 's biggest trading partner.
National benchmarks fell in 12 of 18 markets in Western Europe . France 's CAC 40 slid 0.3 percent. Germany 's DAX was little changed. The U.K. 's FTSE 100 retreated 0.2 percent.
Shares of Vodafone slipped 3.5 percent to 136.7 pence after it said competitive and regulatory pressure will continue in Europe in fiscal 2008.
Telekom Austria AG dropped 1.6 percent to 18.93 euros. Telefonica SA, Spain 's biggest phone company, retreated 0.8percent to 16.37 euros.
Earnings growth of Stoxx 600 companies will slow to 6.2 percent on average this year, according to estimates compiled by FactSet Research Systems, compared with 14.6 percent for 2006.
Oil rose, heading for a second week of gains, after Iran refused to free 15 British sailors and marines, adding to concern strained relations with the U.K. and
BP, the world's third-largest refiner, added 0.3 percent to 559.5 pence. Royal Dutch Shell Plc, the region's biggest oil company by market value, gained 0.3 percent to 1,715 pence.
Copper futures in Shanghai rose, heading for a sixth straight weekly gain.
Rio Tinto, the world's third-largest mining company, climbed 0.8 percent to 2,888 pence. BHP Billiton Ltd., the No. 1, rose 0.4 percent to 1,138 pence.
Alliance Boots Plc added 0.7 percent to 1,034 pence after Kohlberg Kravis Roberts & Co. and billionaire Stefano Pessina increased their bid for the largest U.K. drugstore chain by 4 percent to 1,040 pence a share.
Kingfisher Plc, Europe 's largest home-improvement retailer, jumped 3.2 percent to 279.25 pence. Goldman Sachs Group Inc.'s private equity unit may consider making an offer for Kingfisher, the London-based Times said, citing unidentified industry sources. Goldman Sachs and Kingfisher Chief Executive Officer Gerry Murphy declined to comment, the Times said.
THEMES TO WATCH – UPCOMING SESSION
The price of oil is a major factor going into the weekend. Tensions over Iran remain a concern and who would want to be overly exposed in the short term? Broader indices are still trapped in tight ranges (see below) and the setup is ideal for buying volatility as today is the end of the week, month and quarter. Cyclicals are being slammed this week on the prospects of higher input prices and the Fed's ongoing inflation bias. Dow Transports posted a doji yesterday and as such, that could be the end of the decline. But, it's range at best and Financials continue to look vulnerable to further downside.
Technically, indices are showing strength within tight ranges but volumes are below-average. We look for acceleration upon a break of the following levels:
Euro Stoxx 50: 4108-4196
DAX: 6752-6903
FTSE 100: 6250-6355
S&P 500: 1410-1439
Nasdaq 100: 1753-1807
Nikkei 225: 17036-17558
Adding to volatility today will be data releases: most important is MoM PCE Core at 12.30 GMT. Market consensus is 0.2%.
Have a nice weekend everybody.
Company News:
Cognos Inc.: Fell $1.92, or 4.8 percent, to $38.03 in trading after the official close of U.S. exchanges yesterday. The world's second-biggest maker of business-analysis software forecast profit excluding some costs of 28 cents to 32 cents a share in the current quarter.
Dell Inc.: Dropped 61 cents, or 2.6 percent, to $22.78 in extended trading yesterday. The world's second-biggest personal-computer maker said it found evidence of misconduct and delayed filing its annual report as it concludes an investigation into its accounting.
Dendreon Corp.: The company's prostate cancer drug Provenge was recommended for U.S. approval as the first treatment to stimulate the body's immune system against tumor cells. Advisers to the U.S. Food and Drug Administration voted 17-0 today that the medicine is safe and 13-4 that it is “substantially effective” based on clinical trials so far. The stock rose 60 cents, or 13 percent, to $5.22 in regular trading on March 28 before being suspended yesterday.
PMC-Sierra Inc.: Rose 22 cents, or 3.5 percent, to $6.52 in extended trading. The maker of chips for telecommunications equipment said it will close two research and development centers in Manitoba and Saskatchewan , Canada , cutting about 175 jobs, or 15 percent of its workforce. The cuts will reduce operating expenses by as much as $24 million annually, PMC-Sierra said.
Red Hat Inc.: Rose $1.04, or 4.5 percent, to $24.18 in extended trading. The biggest distributor of Linux software said it expects to earn as much as 72 cents a share, excluding some items, in fiscal 2008.
Solectron Corp.: Rose 6 cents, or 1.9 percent, to $3.14 in extended trading. The world's second-largest maker of electronics for other companies said it plans to cut as many as 1,500 jobs.
Tibco Software Inc.: Fell 32 cents, or 3.6 percent, to $8.61 in extended trading. The maker of business software posted first-quarter revenue of $125.7 million, according to a statement on PR Newswire.