McDonald's, Wendy's and Burger King (which parent Diageo (nyse: DEO - news - people ) wants to unload) are bludgeoning one another with ever-cheaper offerings as health-oriented upstarts like Salad Works and Panera Bread (nasdaq: PNRA - news - people ) nip at their heels.
Investors had not been expecting another European rate rise right away, thanks to troubles in the U.S. housing market and uncertainty about China, but UBS analyst Stephane Deo does see the ECB hiking rates again to 4.25% in September, and to 4.75% in mid-2008.