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DAILY MARKET UPDATE TUESDAY, AUGUST 18, 2009

EQUITIES _______________________________________________________________________________

Switzerland Europe

UBS AG (UBSN VX) RWE AG (RWE GY)

• UBS has dropped out of the team arranging a $1 • Germany’s second-biggest utility was picked for
billion Hong Kong initial public offering for talks to buy a majority stake in Enea SA from the
Evergrande Real Estate Group Ltd., the Chinese Polish government. The shares fell 1.08 euros, or
developer that has revived plans to sell shares, 1.8 percent.
said four people with knowledge of the change.

Credit Suisse Group AG (CSGN VX) Aeroports de Paris (ADP FP)

• Former Credit Suisse Group AG broker Eric Butler • The state-owned operator of the French capital’s
was convicted of fraudulently selling millions of Roissy-Charles de Gaulle and Orly airports said
dollars in subprime securities to corporate clients July traffic declined 3.1 percent to 8.2 million
that allowed him to generate higher passengers. The shares lost 1.7 percent, to 57.63
commissions. euros.

Sulzer AG (SUN SW) Saab Automobile AB (SAABA SS)

• The world’s second-biggest maker of pumps • Koenigsegg Automotive AB, the maker of high-
holds an extraordinary shareholders’ meeting. performance sports cars, reached an agreement
The shares dropped 2.6 francs, or 3.3 percent. to buy General Motors Co.’s Saab Automobile AB
unit and return the luxury automaker to Swedish
control after almost two decades.

USA

Future Current Chg Pct 1d Trend


DJIA . Sept ’09 9164 0.48% 
S&P 500 Sept ’09 983.5 0.53% 
Nasdaq 100 Sept ‘09 1575 0.56% 

U.S. After market

US stocks and commodities suffered a broad-based decline Monday as fear spread around the globe that an economic rebound
may be further off than previously thought (MarketWatch). Reader’s Digest Association Inc., the publisher of the pocket-sized
magazine, will likely file a Chapter 11 bankruptcy under an agreement with a majority of its secured lenders to reduce debt by 75
percent (Bloomberg). The 800 job cuts that Lockheed Martin announced Monday come on top of previously announced reductions at
its Owego, NY-facility (Washington Post). US securities regulators on Monday sought comment on a revised approach to limit short
selling (Forbes). Separately, the Fed and Treasury Department said Monday that they would extend into next year an emergency
financing program aimed at boosting consumer and business lending. The Term Asset-Backed Securities Loan Facility (TALF) program
was launched in March, providing funds for investors to buy securities backed by auto and student loans, credit card debt and
business debt, including commercial real estate mortgages. The program, originally scheduled to expire at year's end, will run through
March 31 for most types of loans (LA Times). Lowe's Cos , the No. 2 U.S. home improvement chain, curbed its expansion plans and
forecast worse-than-expected results in the third quarter as recession-weary consumers put off big renovations (Reuters).
COMMODITIES ___________________________________________________________________________

Oil
Crude oil fell to a two-week low as global equities dropped and the dollar advanced, reducing the appeal of
commodities to investors. Oil slipped 1.1 percent as the Standard & Poor’s 500 Index slid 2.2 percent and China’s
Shanghai Composite Index slumped the most since November. The dollar touched $1.4046 today, the highest
level since July 30. Crude oil for September delivery declined 76 cents to $66.75 a barrel at 2:47 p.m. on the New
York Mercantile Exchange, the lowest settlement since July 29. Prices have risen 50 percent this year. Futures
dropped as much $2.28, or 3.4 percent, during today’s session.

Gold
Gold fell the most in two weeks as the dollar rallied, curbing bullion’s appeal as an alternative investment. Silver
posted the biggest slide in two months. The dollar rose for the second straight sessions against a basket of six
major currencies. Global equities tumbled on concern that the economic recovery will sputter, increasing the
allure of the greenback as a haven. Gold’s decline “is all on the back of the dollar,” said Walter de Wet, an
analyst at Standard Bank Ltd. in London. An extended rally by the dollar will drag gold lower, he said. Gold
futures for December delivery slipped $12.90, or 1.4 percent, to $935.80 an ounce on the Comex division of the
New York Mercantile Exchange, the biggest drop since July 28. Earlier, the metal touched $931.30, the lowest for
a most-active contract since July 30. Silver futures for September delivery slid 74.7 cents, or 5.1 percent, to
$13.975 an ounce, the sharpest decline since June 15. Earlier, the price touched $13.82, the lowest level this
month.

Soft Commodities
Corn and soybeans advanced, snapping three days of losses, as crude oil rallied and the dollar fell, increasing
the appeal of the U.S. crops as food, feed and biofuel. Wheat also climbed. Corn rebounded as much as 1.2
percent and soybeans rose as much as 1.3 percent as oil gained. Corn for December delivery added as much
as 3.75 cents to $3.255 a bushel in after-hours electronic trading on the Chicago Board of Trade and was at
$3.2450 at 1:26 p.m. in Singapore. The price touched $3.115 yesterday, the lowest intraday level for the most-
active contract since Dec. 8, and fell 4.3 percent in the past three sessions. Soybeans for November delivery
rose as much as 12.5 cents to $9.67 a bushel and last traded at $9.6175. The contract reached $9.44 yesterday,
the lowest price since July 30, and lost 8.6 percent in the past three days.

FX ____________________________________________________________________________________
The dollar and yen rose to the highest level in more than two weeks against the euro as stocks tumbled globally
on concern the economic recovery may sputter, sparking demand for a refuge. The two currencies climbed
against major rivals including the Norwegian krone and Australian dollar as Japan’s growth missed estimates
and foreign indirect investment in China tumbled, prompting investors to reduce holdings of higher-yielding
assets. The pound fell the most against the dollar since June after a report showed Britain’s home sellers lowered
asking prices by the most in eight months. The euro depreciated 0.9 percent to $1.4080 at 4:01 p.m. in New York,
from $1.4203 on Aug. 14, touching $1.4046, the lowest level since July 30. The yen gained 1.4 percent to 132.97
per euro from 134.84 after reaching 132.51, the strongest level since July 22. Japan’s currency advanced 0.5
percent to 94.43 per dollar from 94.94.

FIXED INCOME ___________________________________________________________________________


Treasuries fell, sending 10-year notes down for the first time in four days, before a government report economists
said will show U.S. builders broke ground on homes at the fastest pace in eight months. Yields climbed from the
lowest level in almost four weeks on speculation today’s figures and an industry report later this week on existing
home sales will show the U.S. recession is easing. Investors should unwind bets on a rally in longer-maturity
Treasuries, according to a note to clients from JPMorgan Chase & Co., one of the 18 primary dealers that are
required to bid at the government debt auctions. The yield on the 10-year note rose two basis points to 3.49
percent as of 1:11 p.m. in Tokyo, according to BGCantor Market Data. The 3.625 percent security maturing in
August 2019 fell 6/32 or $1.88 per $1,000 face amount, to 101 3/32.
GLOBAL FIGURES ___________________________________________________________________________________________
Equities Commodities
Index Current Change % Change % YTD Index Current Net Change 1d Change % YTD
MSCI World 1'034 -2.79% 12.39% GSCI ER 404.26 -5.96 3.88%
SPX 980 -2.43% 8.47% GSCI Agriculture ER 53.24 -1.07 -7.79%
INDU 9'135 -2.00% 4.09% GSCI Livestock ER 189.49 -0.96 -18.38%
NDX 1'565 -2.90% 29.15% GSCI Precious Metal ER 137.38 -2.46 6.45%
SX5E 2'604 -2.46% 6.38% GSCI Industrial Metal ER 214.12 -5.66 55.10%
DAX 5'202 -2.02% 8.14% GSCI Energy ER 255.66 -3.27 3.44%
SMI 5'884 -1.70% 6.31% AIG ER 125.17 -2.34 6.76%
UKX 4'645 -1.46% 4.75% WTI 66.98 0.23 18.97%
CAC 3'420 -2.16% 6.27% Brent 70.54 -0.90 19.74%
NKY 10'285 0.16% 16.09% Natural Gas 3.20 0.03 -48.27%
HSI 20'230 0.46% 40.61% Gold 941.00 5.20 5.71%
IBOV 55'218 -2.51% 47.05% Silver 14.14 0.17 24.91%
KOSPI 1'550 0.21% 37.86% Aluminium 1'926.00 -31.25 27.74%
SENSEX BSE 30 15'065 1.89% 56.16% Copper 6'096.00 -290.00 110.06%
RTSI 1'010 0.39% 59.79% Zinc 1'752.25 -55.50 40.12%
Tin 14'370.00 -580.00 36.86%
Volatility Nickel 19'100.00 -437.00 60.64%
Current Net Change WTD Net Change 1m Lead 1'771.75 -67.75 77.00%
VIX 27.89 3.62 3.55 Corn 323.50 1.75 -28.35%
VSTOXX 32.17 4.65 6.16 Wheat 503.50 4.00 -25.16%
VDAX 31.98 3.94 6.33 Soybean 962.00 7.50 -4.44%
VSMI 24.31 3.23 4.89 Sugar 21.83 -0.15 64.14%
Cocoa 2'723.00 -120.00 5.05%
Currencies Coffee 128.95 -3.40 6.13%
Current Change % 1d Change % YTD Cotton 60.00 0.59 9.25%
USD/CHF 1.0756 0.25% 0.63% Live Cattle 87.83 0.00 -1.54%
USD/JPY 94.9800 -0.63% 4.42% Feed Cattle 100.15 -0.07 2.51%
CHF/JPY 88.3065 -0.89% 3.80% Lean Hogs 44.50 -0.20 -36.34%
EUR/USD 1.4122 -0.27% 1.20%
EUR/CHF 1.5189 -0.02% 1.83% Credit
GBP/CHF 1.7626 -0.06% 11.62% iTraxx Europe IG 5yr 116.93
USD/BRL 1.8809 -0.23% -23.05% iTraxx Europe Crossover 5yr 744.31

Libor Rates Swap Rates


USD EUR CHF GBP JPY USD EUR CHF GBP JPY
1M 0.28 0.47 0.15 0.55 0.20 1Y 0.75 1.26 0.48 1.06 0.58
3M 0.43 0.83 0.35 0.76 0.40 2Y 1.46 1.82 0.75 2.05 0.58
6M 0.83 1.10 0.46 0.97 0.62 5Y 2.85 2.83 1.64 3.49 0.85
12M 1.39 1.32 0.76 1.29 0.82 10Y 3.71 3.53 2.48 4.06 1.41

ECONOMIC INDICATORS OF THE WEEK

US: Date Event Survey Actual Prior


18.08.2009 Producer Price Index (MoM) -0.2% 1.8%
18.08.2009 Producer Price Index (YoY) -5.8% -4.6%
18.08.2009 Housing Starts 598k 582k
20.08.2009 Initial Jobless Claim 550k 558k
20.08.2009 Continuing Claims 6190k 6202k
20.08.2009 Leading Indicators 0.6% 0.7%
21.08.2009 Existing Home Sales 5.00M 4.89M
EU: Date Event Survey Actual Prior
18.08.2009 ZEW Survey (Econ. Senitment) 43.0 39.5
19.08.2009 Construction Output SA (MoM) NA -2.0%
21.08.2009 PMI Manufacturing 47.5 46.3
21.08.2009 PMI Services 46.5 45.7

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