DAILY MARKET UPDATE
06 May 2010
EQUITIES
Switzerland
• Swiss Re (RUKN VX)
Swiss Re reported net income of USD 158 million for the first
quarter of 2010, compared to an income of USD 130 million in
the same period of the previous year. Earnings per share
were CHF 0.49 (USD 0.46), compared to CHF 0.45
(USD 0.39) for the first quarter of 2009.
• Zurich Financial Services AG (ZURN VX)
Switzerland’s largest insurer, said Q1 profit increased 76%
after it sold more life products. Net income rose to $935
million from a restated $532 million a year earlier. That beat
the $887 million average estimate of nine analysts surveyed
by Bloomberg.
• Adecco SA (ADEN VX)
The largest supplier of temporary workers, said first-quarter
profit more than doubled, helped by acquisitions. Net income
gained to 57 million euros ($73 million) from 23 million euros
a year earlier, the company said today. That beat the 45.1
million- euro average estimate of five analysts surveyed by
Bloomberg.
Europe
• BNP Paribas SA
France’s largest bank, said Q1 profit increased 47%, helped
by the acquisition of Fortis assets and lower provisions for
bad loans. Net income advanced to EUR 2.28 billion ($2.93
billion) from EUR 1.56 billion a year earlier, the Paris-based
bank said in an e-mailed statement today.
• JCDecaux SA (DEC FP)
The world’s second-largest seller of outdoor advertising said
first-quarter sales climbed 15 percent to 487.2 million euros
as the ad market started to recover and new assets in
Germany, Turkey and U.K. added to earnings.
• Total SA (FP FP)
Europe’s biggest oil company said it will permanently close a
crude-distillation unit at its French Gonfreville plant, several
months ahead of schedule, after it idled the unit in August as
the economic slowdown cut fuel demand.
COMMODITIES
Oil
Crude oil fell to a seven-week low as the euro dropped against the
dollar on concern that Greece’s bailout may have to be extended to
other indebted nations. Oil slipped 3.3 percent in New York as the
common currency tumbled to its lowest level against the dollar since
March 2009, curbing the appeal of commodities to investors. U.S.
stockpiles of crude oil rose 2.76 million barrels last week to the
highest level since June, an Energy Department report showed
today. Crude oil for June delivery fell $2.77 to $79.97 a barrel on the
New York Mercantile Exchange, the lowest settlement since March
15. Prices slumped 7.2 percent yesterday and today, the biggest
two-day drop since Feb. 4 and 5. Brent oil for June settlement
declined $3.06, or 3.6 percent, to end the session at $82.61 a barrel
EFG International AG acts as Guarantor for the issuer’s obligations according to the relevant terms of the products.
EFG Financial Products AG
Brandschenkestrasse 90, P.O. Box 1686, CH-8027 Zurich
Phone +41 58 800 1000, www.efgfp.com
USA
Future Current Chg Pct 1d Trend
DJIA . Jun ’10 10810 -0.14%

S&P 500 Jun ’10 1161.7 -0.16%

Nasdaq 100 Jun ‘10 1953.25 -0.15%

U.S. market news
Freddie Mac, the second-largest provider of U.S. residential
mortgage funds, asked for an additional $10.6 billion in federal aid
after it lost $8 billion in the first quarter. Goldman Sachs Group
fell 0.8 percent to $148.19. The firm’s credit rating outlook was cut
to “negative” from “stable” by Fitch Ratings, which said legal
actions and regulatory changes could hurt the firm’s reputation
and ability to earn money. Employees at more than 150 U.S.
financial companies that received U.S. government aid when
bailouts began will have their compensation scrutinized as part of
a widening review by Obama administration pay supervisor
Kenneth Feinberg, it was reported. Broadcasting company CBS
said that its first-quarter loss shrank by half as its revenue rose on
the back of a recovery in advertising. Its net loss in January
through March fell to $26.2 million, or 4 cents per share. That's a
smaller loss than the $55.3 million, or 8 cents per share, it posted
a year earlier. JDS saw a fiscal third-quarter loss of $11.9 million
or 5 cents per share, which compares with a year-ago loss of
$101.7 million or 47 cents a share. Revenue rose 19% to $332.3
million, up from year-ago sales of $280.6 million, while gross
margin improved to 40%, from 36%. Prudential Financial
reported better than expected first-quarter results. The company
said profit rose to $536 million or $1.15 a share, which compares
with a year-ago loss of $5 million.
on the London-based ICE Futures Europe exchange. It was the
lowest settlement since March 30.
Gold
Gold futures rebounded from the biggest decline in two weeks as
investors bought the precious metal as a haven against financial
turmoil in Europe. Gold has climbed 30 percent in the past year.
Gold futures for June delivery rose $5.80, or 0.5 percent, to $1,175
an ounce on the Comex in New York. The metal fell 1.2 percent
yesterday, the biggest decline since April 16, after touching
$1,192.80, the highest level for a most-active contract since Dec. 4.
1
Soft Commodities
Corn and wheat rose on speculation that adverse weather will harm
crops in the U.S. and elsewhere. Corn futures for July delivery rose
4 cents, or 1.1 percent, to $3.73 a bushel on the Chicago Board of
Trade, after earlier falling 1.8 percent. The most-active contract
climbed 8.8 percent last month on speculation that China, the
second-biggest consumer, would buy U.S. grain. Soybeans fell on
concern that the Greek debt crisis will spread in Europe,
undermining the global economic recovery and reducing commodity
demand. Soybean futures for July delivery dropped 9 cents, or 0.9
percent, to $9.78 a bushel on the Chicago Board of Trade.
Yesterday, the price touched $9.74, the lowest level for a most-
active contract since April 15. The oilseed has dropped 6.7 percent
this year.

FX
The euro declined against the dollar and the yen. The 16-nation
currency weakened 0.4 percent to $1.2765 as of 7:23 a.m. in
London, trading below $1.28 for the first time since March 2009.
The euro dropped 0.3 percent to 119.83 yen. The pound traded
near a nine-month high against the euro on concern Greece’s
debt crisis will spread through the 16-nation region after Moody’s
Investors Service said Portugal’s credit rating may be cut. The
U.K. currency gained for the first time in three days versus the
yen on speculation a U.K. index of service companies rose in
April. The euro halted a three-day decline after a technical chart
signaled its slump was overdone. New Zealand’s dollar surged
after the nation’s jobless rate fell the most since at least 1986 and
central bank Governor Alan Bollard said the nation’s economy
was “less fragile.”

FIXED INCOME
Treasury 10-year note yields touched the lowest level in more
than four months as concern that a rescue plan for Greece hasn’t
contained Europe’s debt crisis boosted demand for the safest
assets. Yields on U.S. two-year notes dropped to a two-month low
as Treasuries rose even after a report showed companies added
more jobs last month than forecast. Portugal may have its credit
rating cut by Moody’s Investors Service as the country struggles
to reduce its budget deficit. The U.S. said it will sell $78 billion in
notes and bonds next week in the first reduction in coupon sizes
since May 2007. The 10-year yield fell as much as 10 basis points
and touched 3.49 percent, the lowest level since Dec. 18, before
trading at 3.55 percent at 4:13 p.m. in New York, down 4 basis
points, according to BGCantor Market Data. A basis point is 0.01
percentage point. The 3.625 percent note due in February 2020
rose 11/32, or $3.44 per $1,000 face amount, to 100 20/32. The
two-year note yield tumbled 7 basis points to 0.87 percent and
touched 0.80 percent, the lowest since March 4.

ECONOMIC INDICATORS OF THE WEEK

US-Date Event Survey Actual Prior
03.05.2010 Personal Income 0.3% 0.3% 0.0%
03.05.2010 ISM Manufacturing 60.0 60.4 59.6

EU-Date Event Survey Actual Prior

03.05.2010 PMI Manufacturing 57.5 57.6 57.5
04.05.2010 Euro-Zone PPI (YOY) 0.9% 0.9% -0.4%

EFG Financial Products 2

Daily Market Update, 06 May 2010
GLOBAL FIGURES

Equities Commodities
Index Current Change % Change % YTD Index Current Change % Change % YTD
MSCI World 1'158 -1.16% -0.91% S&P GSCI ER 425.99 -2.59% -3.39%
SPX 1'166 -0.66% 4.55% S&P GSCI Agriculture ER 50.35 0.20% -15.87%
INDU 10'868 -0.54% 4.22% S&P GSCI Livestock ER 218.76 -0.56% 9.84%
NDX 1'958 -0.54% 5.27% S&P GSCI Precious Metal ER 171.76 0.26% 6.58%
SX5E 2'679 -1.06% -9.63% S&P GSCI Industrial Metal ER 234.89 -2.77% -6.59%
DAX 5'958 -0.81% 0.02% S&P GSCI Energy ER 269.75 -3.31% -1.71%
SMI 6'448 -0.62% -1.49% DJAIG ER 130.18 -1.44% -6.47%
UKX 5'342 -1.28% -1.31% WTI 80.11 0.18% -1.81%
CAC 3'636 -1.44% -7.63% Brent 82.61 -3.57% 2.51%
NKY 10'696 -3.27% 1.42% Natural Gas 3.98 -0.38% -29.19%
HSI 20'106 -1.09% -8.08% Gold 1'175.80 0.07% 7.01%
IBOV 64'914 0.07% -5.36% Silver 17.51 -0.17% 3.67%
KOSPI 1'682 -2.14% -0.05% Aluminium 2'089.00 -1.96% -4.92%
SENSEX BSE 30 16'968 -0.70% -2.84% Copper 6'801.00 -5.22% -7.42%
RTSI 1'477 -0.38% 2.24% Zinc 2'097.00 -1.03% -18.52%
Tin 17'510.00 -1.55% 3.19%
Volatility Nickel 21'868.00 -11.11% 17.80%
Current Net Change Net Change 1m Lead 1'913.00 -5.94% -21.69%
WTD Corn 372.00 -0.27% -14.09%
VIX 24.91 2.86 8.68
Wheat 510.50 -0.29% -9.81%
VSTOXX 33.25 4.36 12.62
Soybean 978.00 0.00% -7.67%
VDAX 27.02 3.72 8.69
Sugar 14.41 -0.69% -37.40%
VSMI 23.25 3.46 9.10
Cocoa 3'203.00 0.98% -3.14%
Coffee 137.30 -0.15% -1.26%
Currencies
Cotton 81.90 -0.22% 6.39%
Current Change % Change % YTD
Live Cattle 96.90 0.21% 10.46%
USD/CHF 1.1185 -0.04% 7.45%
Feed Cattle 116.78 0.09% 17.07%
USD/JPY 93.8500 -0.04% 0.88%
Lean Hogs 84.53 0.06% 9.38%
CHF/JPY 83.9000 0.00% -7.10%
EUR/USD 1.2815 -0.01% -11.75%
Credit
EUR/CHF 1.4333 -0.04% -3.51%
iTraxx Europe IG 5yr 85.64 11.99% 41.04%
GBP/CHF 1.6867 0.11% 0.76%
iTraxx Europe Crossover 5yr 445.73 6.73% 3.31%
USD/BRL 1.7951 -1.69% 2.82%

Libor Rates Swap Rates

USD EUR CHF GBP JPY USD EUR CHF GBP JPY
1M 0.29 0.38 0.08 0.56 0.16 1Y 0.70 1.10 0.40 1.13 0.47
3M 0.36 0.62 0.24 0.68 0.24 2Y 1.19 1.31 0.68 1.61 0.47
6M 0.56 0.93 0.32 0.93 0.45 5Y 2.56 2.21 1.43 2.87 0.69
12M 1.05 1.22 0.62 1.37 0.67 10Y 3.58 3.09 2.15 3.74 1.34

This information is issued to qualified investors only and is not research. The information contained in this paper is based on or derived from information generally available to the public from
sources believed to be reliable. No representation or warranty is made or implied that it is accurate or complete. Any opinions expressed in this paper are subject to change without notice.
This paper has been prepared solely for information purposes and does not constitute any solicitation to buy or sell any instrument, or to engage in any trading strategy. Products mentioned
in this document qualify as structured products and are derivative financial instruments. The products do not qualify as units of a collective investment scheme pursuant to art. 7 et seqq. of
the Swiss Federal Act on Collective Investment Schemes (CISA) and are therefore neither registered nor supervised by the Swiss Financial Market Supervisory Authority FINMA.Investors
should be aware that they are exposed to the credit risk of the issuer and the guarantor, respectively. Charts and market data provided by Reuters.

© EFG Financial Products AG. All Rights reserved.

EFG Financial Products 3

Daily Market Update, 06 May 2010