( g − 2) μ and α( M 2 Z ) re-evaluated using new precise data

We update our Standard Model predictions for g-2 of the muon and for the hadronic contributions to the running of the QED coupling, Delta alpha_had^(5)(M_Z^2). Particular emphasis is put on recent changes in the hadronic contributions from new data in the 2pi channel and from the energy region just below 2 GeV. In particular, for the e+e- -> pi+pi- contribution we include the recent `radiative return' data from KLOE and BaBar. We also include the recent BaBar data on other exclusive channels. We make a detailed study of the effect of replacing the measurements of the inclusive cross section, sigma(e+e- -> hadrons), by the sum of the exclusive channels in the energy interval 1.43