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Morning Newsletter

20-04-2012

U.S. Stocks Fall as Economic Reports, Europe Overshadow Earnings

Vontobel Private Banking Investment Consulting
Last 0.40% 3.20% 109.8 117.4 102.7 6.40% 404.6 48.4 52.1 49.1 47.7 49.2 85.40% 2.68B 9.20% -12.30% 0.87 -0.04% -3.78% 135.46

Tel. 058 283 66 77

Value 12964.10 1376.92 3007.56 2284.67 5744.55 3174.02 6671.22 6908.10 14287.27 1041.64 306.76 6203.78 2036.33 9550.43 20950.90 2616.54 17473.79 208.45 1277.72 1599.46 Net Chg. -68.65 -8.22 -23.89 -43.17 -0.74 -66.27 -60.81 -171.10 -292.88 5.49 -3.23 30.43 -9.22 -37.95 -44.11 20.48 -29.92 2.25 -6.15 -10.10 % Chg. -0.53 -0.59 -0.79 -1.85 -0.01 -2.05 -0.90 -2.42 -2.01 0.53 -1.04 0.49 -0.45 -0.40 -0.21 0.79 -0.17 1.09 -0.48 -0.63 % Ytd 6.11 9.49 15.45 -1.38 3.09 0.45 13.10 -19.36 -5.32 5.44 -1.83 4.51 7.65 12.95 13.65 11.54 13.06 14.49 8.04 15.75 52 W. high 13297.11 1422.38 3134.17 3029.68 6103.73 4137.97 7600.41 10928.20 22575.34 1175.08 363.31 6604.55 2882.91 10255.15 24260.77 3330.24 19697.49 282.35 1397.57 2074.71 52 W. low 10404.49 1074.77 2298.89 1935.89 4791.01 2693.21 4965.80 6907.00 13114.95 833.03 256.36 4695.31 1637.89 8135.79 16170.35 2254.57 15135.86 158.73 1042.30 1200.34

D. Bresch, A. Caldelari, U. Knuchel, M. Schumacher, W. Wegmann, D. Wenger, D. Weisskopf Economic Events Date Time Event Country Expected 20. Apr 12 08:00 Producer Prices (MoM) GE 0.40% 08:00 Producer Prices (YoY) GE 3.10% 10:00 IFO - Business Climate GE 109.5 10:00 IFO - Current Assessment GE 117.0 10:00 IFO - Expectations GE 102.3 23. Apr 12 09:00 Money Supply M3 YoY SZ -09:00 Real Estate Index Family Homes SZ -09:30 PMI Manufacturing GE -09:30 PMI Services GE -10:00 PMI Composite EC -10:00 PMI Manufacturing EC -10:00 PMI Services EC -11:00 Euro-Zone Govt Debt/GDP Ratio EC -24. Apr 12 08:00 Trade Balance SZ -08:00 Exports real SA (MoM) SZ -08:00 Imports real SA (MoM) SZ -08:00 UBS Consumption Indicator SZ -15:00 S&P/CS 20 City MoM% SA US 0.10% 15:00 S&P/CS Composite-20 YoY US -3.45% 15:00 S&P/CaseShiller Home Price Ind US -Fore x Currencies E UR / USD E UR / CHF E UR / GBP E UR / JPY GBP / USD JPY / CHF USD / JPY USD / CHF

Equity Indices Index Dow Jones Indus. S&P 500 Index NASDAQ DJ Euro Stoxx 50 FTSE CAC 40 DAX IBEX MIB Index OMX AEX SMI Austrian Index Nikkei Hang Seng Shanghai Shenz. 300 Sensex 30 Index MSCI Eastern Europe MSCI World Russian RTS Index
Commodities Commodities Gold $/OZ Gold Bar (1 Kg in CHF) Silber $/OZ Silber Bar (1 Kg in C HF) Platin $/OZ Oil Brent Oil Crude Copper

Px Las t 1.3 162 1.2 020 0.8 192 10 7.3 100 1.6 067 1.1 201 8 1.5 300 0.9 131

Chg Net 1d 0.00 38 -0.00 03 0.00 17 0.36 00 0.00 13 -0.00 41 0.04 00 -0.00 30

Chg Ne t 5d 0 .008 4 -0 .000 7 -0 .006 0 1 .480 0 0 .022 0 -0 .016 2 0 .600 0 -0 .006 4

Chg Ne t Ytd 0. 0201 -0. 0148 -0. 0142 7. 6500 0. 0524 -0. 1009 4. 6200 -0. 0250

Chg % Ytd 1. 5508 -1. 2347 -1. 7309 7. 1289 3. 3713 -9. 0081 5. 6666 -2. 7379

Px Last 1645.55 48353.00 31.84 948.50 1583.25 118.42 102.76 8094.00

Chg % 2d 0.37 0.04 1.43 0.48 0.27 0.38 0.09 -0.86

Chg % 5d -1.27 -1.31 0.72 0.48 -0.20 -2.80 -0.07 -2.08

Chg % Ytd 4.39 1.96 12.97 9.85 13.23 10.28 3.98 6.64

52 W. high 1921.15 53260.00 49.79 1405.43 1916.75 128.40 114.83 9827.15

52 W. low 1462.45 39832.00 26.07 766.86 1344.25 98.74 74.95 6784.25

US Trea suri es / Euro Bonds (Generics ) US Trea suri es / Euro Bonds Last Ne t Chg. U.S Treasury 5-Year No tes 0.8 40 -0.00 4 U.S Treasury 10-Year N otes 1.9 68 0.00 2 U.S Treasury 30-Year N otes 3.1 22 0.00 1 Euro Governm ent Bond 1 YR 0.0 84 0.00 2 Euro Governm ent Bond 10 YR 1.6 92 -0.02 8 Swiss Governm ent Bond 10 YR 0.7 39 -0.00 5
All data are sourced by Bloomberg

% Chg. % Ytd 5 Da y yest. high yest. Low -0.415 -0. 009 0.8 59 0 .824 0.086 -0. 014 1.9 98 1 .947 0.026 -0. 006 3.1 54 3 .100 2.439 -0. 002 0.0 95 0 .095 -1.628 -0. 096 1.7 57 1 .757 -0.672 -0. 036 0.7 57 0 .757

Money Market Rates Rates / Libor Swiss Franc Euro US Dollar UK Yen AU$

1 Month 0.0750 0.3558 0.2398 0.6888 0.1443 4.4980

3 Month 0.1117 0.6521 0.4657 1.0131 0.2393 4.6760

6 Month 0.1850 0.9799 0.7304 1.3328 0.3359 4.7860

9 Month 0.2670 1.1533 0.8853 1.6058 0.4744 4.8880

12 Month 0.3920 1.3324 1.0472 1.8603 0.5523 4.9900

Please take notice:All information in this document are sourced by Bloomberg

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Wichtig: Bitte beachten Sie den Disclaimer auf der letzten Seite der Dokumentation, bevor Sie fr allfllige Anlageentscheide die vorliegenden Informationen verwenden. Die Bedingungen im Disclaimer sind eine unabdingbare Voraussetzung fr die Nutzung unseres Informationsangebotes. Important: Please read the disclaimer on the last page of the documentation before basing any investment decisions on the information contained herein. The information provided may only be used subject to the conditions set out in the disclaimer.

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MARKET UPDATES: Asian Markets:

Asian stocks fell for a second day and South Koreas won slid as earnings missed estimates and investors awaited data that may show the first drop in German business confidence in six months. The MSCI Asia Pacific Index lost 0.5 percent as of 12:41 p.m. in Tokyo. The Kospi index slid 1.3 percent in Seoul to the lowest level since February. Standard & Poors 500 Index futures added 0.1 percent. The won weakened 0.2 percent against the dollar. Oil rose 0.4 percent to $102.70 a barrel in New York. Copper, zinc and nickel gained at least 0.2 percent. LG Chem Ltd., South Koreas biggest chemicals maker, reported profit that trailed analysts estimates and Poly Real Estate Group Co., the second-biggest Chinese developer, said income declined. The Ifo institutes German business climate index will drop to 109.5 in April from 109.8 the previous month, according to economists surveyed by Bloomberg. McDonalds Corp., General Electric Co. and Schlumberger Ltd. are among S&P 500 companies scheduled to release results today. This market is expecting bad news out of Europe, said Kurt Magnus, executive director of foreign-exchange sales in Sydney at Nomura Holdings Inc. There is no conviction in the equity markets, which means there is no confidence. Almost two stocks fell for each that rose on the MSCI Asia Pacific Index. The Nikkei 225 Stock Average retreated 0.2 percent and Australias S&P/ASX 200 Index was little changed. The Hang Seng China Enterprises Index lost 0.3 percent, while the Shanghai Composite Index rose 0.6 percent.

We got some soft economic data, while earnings are beating expectations. Investors are looking at each incremental data point trying to draw conclusions. The S&P 500 fell after reports showed sales of previously owned U.S. homes in March unexpectedly fell, while more Americans than forecast filed applications for unemployment benefits last week. Another report showed manufacturing in the Philadelphia region expanded at a slower pace in April as orders and sales cooled.

European Markets:
European stocks fell for a second day as reports showed that sales of previously owned houses dropped and more Americans than forecast filed claims for unemployment benefits. Publicis Groupe SA dropped as Frances largest advertising company said growth will slow this quarter. Nokia Oyj tumbled to a 15-year low after reporting an operating loss of 1.34 billion euros ($1.8 billion). SKF AB, the worlds biggest maker of ball bearings, rose 4.9 percent after forecasting higher sales in the U.S. and Asia. The Stoxx Europe 600 Index retreated 0.5 percent to 256.51 at the close, after earlier rallying as much as 1 percent. The gauge has lost 2.6 percent so far in April on renewed concern that the euro areas sovereigndebt crisis will worsen. The Stoxx 600 has still advanced 4.9 percent this year. U.S. data continued to disappoint today, said Craig Erlam, a London-based market analyst at Alpari U.K. The data wiped out any gains made in the morning from the successful Spanish bond auction. Sentiment is low and it wont take much to restart the down trend. National benchmark indexes fell in 14 of the 17 western-European markets that were open today. Frances CAC 40 Index declined 2.1 percent and Germanys DAX Index declined 0.9 percent. The U.K.s FTSE 100 Index lost less than 0.1 percent. Spains IBEX 35 Index retreated 2.4 percent to extend a three-year low. The volume of shares changing hands on the Stoxx 600 was 8.8 percent higher than the average of the last 30 days, according to data compiled by Bloomberg. The benchmark measure retreated 0.7 percent yesterday, paring the gauges 2 percent jump on April 17.

US Markets:
U.S. stocks retreated for a second day as disappointing economic data and concern over Europes debt crisis overshadowed better-than-forecast earnings from companies including EBay Inc. and Morgan Stanley. Alcoa Inc. and DuPont Co. slid at least 1.2 percent, as investors sold shares of companies most tied to economic growth. Qualcomm Inc. declined 6.6 percent after projecting sales and profit that fell short of estimates. EBay Inc. rallied 13 percent, the most since 2005, as earnings were helped by growth in its PayPal payments business. Microsoft Corp. rose 2.9 percent after regular trading as it reported third-quarter profit that topped analysts estimates. The Standard & Poors 500 Index lost 0.6 percent to 1,376.92 at 4 p.m. New York time, after yesterdays 0.4 percent decline. The Dow Jones Industrial Average slipped 68.65 points, or 0.5 percent, to 12,964.10. About 7.4 billion shares changed hands on U.S. exchanges, 9.7 percent above the 30-day average. The market is in a data-driven holding pattern, Philip Orlando, the New York-based chief equity strategist at Federated Investors Inc., which oversees about $370 billion, said in a phone interview. Youve got a lot of counter-balancing points.

Swiss Markets:
Swiss stocks gained for the third time in four days as Nestle SA and Roche Holding AG advanced, outweighing a report that showed more Americans than forecast made initial jobless claims last week. Nestle SA, the worlds biggest food company, rallied to its highest price since at least 1989. Roche Holding AG, the worlds largest maker of cancer drugs, climbed 0.9 percent after a study showed positive results for its hepatitis C treatment. Actelion Ltd. jumped 2.3 percent as the drugmaker raised its forecasts. The Swiss Market Index rose 0.5 percent to 6,203.78 at the close in Zurich. The gauge has rallied 4.5 percent in 2012 as the euro areas leaders sought to contain the regions debt crisis and as U.S. economic reports surpassed estimates. The broader Swiss Performance Index also added 0.5 percent today.

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Wichtig: Bitte beachten Sie den Disclaimer auf der letzten Seite der Dokumentation, bevor Sie fr allfllige Anlageentscheide die vorliegenden Informationen verwenden. Die Bedingungen im Disclaimer sind eine unabdingbare Voraussetzung fr die Nutzung unseres Informationsangebotes. Important: Please read the disclaimer on the last page of the documentation before basing any investment decisions on the information contained herein. The information provided may only be used subject to the conditions set out in the disclaimer.

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The combined volume of shares changing hands on SMI-listed companies was 21 percent higher than the average of the last 30 days, data compiled by Bloomberg show. A U.S. Labor Department report showed jobless claims fell to 386,000 in the week ended April 14 from a revised 388,000 the prior period. The median forecast of 47 economists surveyed by Bloomberg News called for a drop to 370,000. A separate report showed sales of previously owned houses unexpectedly fell in March. Purchases dropped 2.6 percent to a 4.48 million annual rate from 4.6 million in February, missing the median forecast of 4.61 million.

Toshiba Corp., the second-largest maker of flash memory, fell the most in five months in Tokyo trading after SanDisk Corp. gave a second-quarter sales forecast that fell short of some analyst estimates.

U.S Companies:
Advanced Micro Devices Inc: The second-largest maker of processors for personal computers forecast sales growth that beat estimates as supply constraints eased and demand increased for personal-computer chips. Microsoft Corp: The worlds largest software maker reported fiscal third-quarter profit that topped estimates on better-than-expected corporate software sales. SanDisk Corp: The biggest maker of flash-memory cards posted first-quarter earnings of 63 cents a share, missing the average analyst estimate by 4 cents.

Emerging Markets:
The Bovespa index dropped for the first time in three days as higher-than-forecast U.S. jobless claims spurred concern the recovery in Brazils second-biggest trading partner will falter. Oil companies OGX Petroleo & Gas Participacoes SA and Petroleo Brasileiro SA contributed the most to the gauges drop, following crude lower. Tobacco company Souza Cruz SA led gains by consumer stocks after the Brazilian central bank signaled it may keep cutting borrowing costs. The Bovespa slid 0.6 percent to 62,618.41 at the close in Sao Paulo. Thirty-six stocks fell on the gauge while 29 climbed. The real weakened 0.2 percent to 1.8815 per U.S. dollar at 5:25 p.m. local time. The short-term outlook is not that positive, as commodities producers, which account for almost half the index, suffer with the signs of slower growth in the world economy, Jose Luiz Garcia, who helps manage 3.2 billion reais ($1.7 billion) at Mercatto Gestao de Recursos, said by phone from Rio de Janeiro. The main risks for the equity market come from abroad. A U.S. Labor Department report showed jobless claims fell by 2,000 to 386,000 in the week ended April 14, compared with the median forecast for a drop to 370,000. Petrobras, as Petroleo Brasileiro is known, slid 1.4 percent to 21.45 reais. OGX sank 3.6 percent to 12.96 reais. Redecard SA, the card-payment processor that Itau Unibanco Holding SA is seeking to buy out, lost 0.9 percent to 32.15 reais after Banco BTG Pactual SA lowered its recommendation to the equivalent of hold.

European Companies:
ArcelorMittals Ukrainian unit said steel production rose by 5.9 percent in March from the same month a year earlier, as equipment was fixed. Vodafone Group Plc: The British mobile-phone company got another deadline extension to make a bid for U.K. fixed-line network operator Cable & Wireless Worldwide Plc. Vodafone now has until midday on April 23 to make a bid or walk away, Cable & Wireless said in a statement. The two companies are in advanced discussions, it said. Vodafone rose 1.4 percent to 172.35 pence. Volkswagen AG: Shareholders approved plans by Europes largest carmaker to issue about 43 million new shares over the next five years, the company said in an e-mailed statement. Participants at VWs annual general meeting held in Hamburg elected Ursula Piech, the wife of company chairman Ferdinand Piech, to the supervisory board, replacing Michael Frenzel. The shares slid 3.4 percent to 127 euros.

Swiss Companies:
Nestle SA, the worlds biggest food maker, reported first-quarter revenue growth that beat analyst estimates as the Swiss company sold more Nescafe soluble coffee and Friskies pet food. Novartis AG: U.S. regulators put the Basel, Switzerland-based companys experimental alisporivir drug for hepatitis C on hold after a patient died last week. The patient suffered from acute pancreatitis, said Nikolai Naoumov, an executive at the Basel, Switzerland-based company. He spoke at the European Association for the Study of the Liver conference in Barcelona. The shares rose 0.5 percent to 50.95 Swiss francs. UBS AGs equities division for the Americas added Scott Molin, who previously worked at Goldman Sachs Group Inc., as a managing director in its senior relationship-management team.

COMPANY HIGHLIGHTS: Asian Companies:

Mizuho Financial Group Inc.s U.S. brokerage unit hired former MF Global Holdings Ltd. fixed-income chief Jon Bass to head high-yield debt sales as Japans third-largest bank seeks to broaden its reach in debt markets. Olympus Corp. won shareholders approval for new management headed by former banker Yasuyuki Kimoto, a step toward putting behind an accounting fraud that wiped $4.2 billion off its market value.

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Wichtig: Bitte beachten Sie den Disclaimer auf der letzten Seite der Dokumentation, bevor Sie fr allfllige Anlageentscheide die vorliegenden Informationen verwenden. Die Bedingungen im Disclaimer sind eine unabdingbare Voraussetzung fr die Nutzung unseres Informationsangebotes. Important: Please read the disclaimer on the last page of the documentation before basing any investment decisions on the information contained herein. The information provided may only be used subject to the conditions set out in the disclaimer.

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OIL
Oil rose for the first time in three days in New York, trimming a second weekly decline, as a technical indicator showed prices may have fallen too much. Futures gained as much as 0.4 percent after dropping 0.4 percent yesterday. Oils slide may be limited after it closed above its 100-day moving average, which was at $101.98 today. Buy orders tend to be clustered near chart-support levels. Prices are down 0.2 percent this week amid signs the U.S. economy may be slowing and tension with Iran over its nuclear program may ease. Prices appear to be locked on the upside by the 50-day moving average of $104.67 and finding support on the downside at the 100-day moving average, Stephen Schork, president of the Schork Group in Villanova, Pennsylvania, said in a note. Crude for May delivery rose as much as 45 cents to $102.72 a barrel in electronic trading on the New York Mercantile Exchange and was at $102.63 at 2:43 p.m. Sydney time. It fell to $102.27 yesterday, the lowest close since April 10. The May contract expires today. The more-actively traded June future rose 36 cents to $103.08 a barrel. Brent oil for June settlement was at $118.19 a barrel, up 19 cents, on the London-based ICE Futures Europe exchange. The European benchmark contracts premium to West Texas Intermediate was at $15.11, from $15.28 yesterday.

COMMODITES / PRECIOUS METALS

Gold headed for a weekly decline, dropping with equities, as concern that Europes struggle to contain its debt crisis and weaker-than-forecast U.S. economic data may dim the global growth outlook. Spot gold was little changed at $1,641.52 an ounce at 10:16 a.m. in Singapore, 1 percent lower this week. Holdings in exchange-traded products, which were at 2,394.111 metric tons yesterday, are set for a second weekly decrease after dropping to a three-week low on April 17. Gold may fall below $1,600 an ounce as precious metals enter a weak patch in the short term, Philip Klapwijk, the global head of metal analytics at Thomson Reuters GFMS Ltd., said yesterday. Physical bullion demand typically fades after February following the wedding season in India and Lunar New Year in China. Both countries are the largest consumers. Gold has maintained a fairly narrow $1,630 to $1,680 range as there isnt much investor and physical interest at the moment, said Xiang Nan, analyst at CITICS Futures Co., a unit of Chinas biggest listed brokerage. A lot of money is sidelined as we get mixed messages from data and gold just gets pushed or pulled by whats happening to other asset classes. June-delivery gold was little changed at $1,642.60 an ounce on the Comex in New York, down 1.1 percent this week. Bullion of 99.99 percent purity on the Shanghai Gold Exchange was at 334.40 yuan a gram ($1,649.47 an ounce), set for its worst week in five.

Copper traders are bullish for the first time in six weeks on mounting confidence that demand will accelerate in line with economies at a time when mining companies are already failing to keep up with consumption. Eleven of 29 analysts surveyed by Bloomberg expect the metal to climb next week and 10 were neutral. Rio Tinto Group, based in London, said April 17 that its first-quarter copper output slid 18 percent because the ore mined contained less metal. Codelco, the largest copper producer, said the following day that it sees no weakening in Chinese buying. Barclays Capital is predicting a third consecutive year of shortages. The International Monetary Fund raised its global growth forecast for the first time in more than a year on April 17. Industrial production in China, the biggest copper consumer, expanded 11.9 percent in March, exceeding economists forecasts, the government said April 13. The Bank of Japan is committed to monetary easing to shore up the economy, Governor Masaaki Shirakawa said April 18. Youre beginning to see an improvement in global growth, said Nic Brown, the head of research at Natixis Commodity Markets Ltd. in London. China has a slightly slower growth rate, but the economy itself is growing so rapidly that it represents a very substantial increase in demand. Youre going to have a very substantial copper deficit this year. Copper rose 6.2 percent to $8,069.25 a metric ton this year on the London Metal Exchange, rebounding from a 21 percent decline in 2011. The Standard & Poors GSCI gauge of 24 commodities climbed 4.5 percent and the MSCI AllCountry World Index of equities advanced 8.4 percent. Treasuries lost less than 0.1 percent, a Bank of America Corp. index shows.

CURRENCIES
The yen was set to decline against most of its 16 major counterparts this week on prospects the Bank of Japan will add to monetary easing at its next meeting on April 27 to achieve its inflation goal. The currency was 0.2 percent from its lowest level in a week versus the dollar after BOJ Governor Masaaki Shirakawa said in a speech in Washington that Japan still needs monetary stimulus. The euro was near a 20-month low against the British pound before data today that may show Germanys business confidence fell this month. Meetings hosted by the International Monetary Fund start today in Washington, where Group of 20 officials are gathering to discuss Europes debt crisis. The indication from BOJ board members over the last week or so has been that they are considering further policy easing, said Andrew Salter, a foreign-exchange strategist at Australia & New Zealand Banking Group Ltd. in Sydney. The yen has been unambiguously weaker. The yen was at 81.54 per dollar as of 1:32 p.m. in Tokyo, after reaching 81.74 yesterday, the weakest level since April 10. It has lost 0.8 percent this week. The Japanese currency was at 107.20 per euro from 107.21 and has declined 1.3 percent against its European counterpart since April 13. The 17-nation euro was at 81.84 pence after touching 81.62 yesterday, theweakest since August 2010. The euro was little changed at $1.3145.

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Wichtig: Bitte beachten Sie den Disclaimer auf der letzten Seite der Dokumentation, bevor Sie fr allfllige Anlageentscheide die vorliegenden Informationen verwenden. Die Bedingungen im Disclaimer sind eine unabdingbare Voraussetzung fr die Nutzung unseres Informationsangebotes. Important: Please read the disclaimer on the last page of the documentation before basing any investment decisions on the information contained herein. The information provided may only be used subject to the conditions set out in the disclaimer.

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TREASURIES
Treasury 10-year note yields traded below 2 percent for a fifth day on concern the European debt crisis may worsen and as U.S. jobless claims and home sales missed forecasts, stoking demand for the safest assets. The U.S. 10-year note has stayed within seven basis points of 2 percent for almost two weeks in the longest stretch below the level since February. Yields increased at French and Spanish bond auctions, underlining concern that Europes debt crisis is far from over. The U.S. sold a record $16 billion in inflation-linked securities at an all-time low negative yield. Fixed-income investors are not ignoring the fact that, over the last three weeks, economic data has been worsening, said Dan Greenhaus, chief global strategist at the broker-dealer BTIG LLC in New York. Europe is obviously an important portion of the story. The 10-year yield fell one basis points, or 0.1 percentage point, to 1.97 percent at 5 p.m. New York time, according to Bloomberg Bond Trader prices. The 2 percent note due February 2022 rose 2/32, or 63 cents per $1,000 face value, to 100 9/32. The yield has stayed between 1.94 percent to 2.07 percent since April 7. U.S. government debt was little changed this year as of yesterday, while Treasury Inflation Protected Securities rose 2.5 percent, according to Bank of America Merrill Lynch Indexes.

Disclaimer: This report should not be construed as a solicitation or offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction. The information contained herein is based on sources believed to be reliable but we make no representation that the information is accurate or complete. The information contained herein is provided for informational purposes only and does not take into account the investment objectives, the financial situation or the individual needs of any particular person. Investors should obtain individual advice based on their own particular circumstances before making investment decisions. Prospective investors should be aware that past performance is not necessarily indicative of future results. In no event we will be liable for any loss or damage of any kind arising out of the use of the information contained herein. Disclaimer: Dieser Bericht stellt weder eine Aufforderung noch ein Angebot oder eine Empfehlung zum Kauf oder Verkauf einer Anlage oder zum Abschluss einer anderen Transaktion dar. Die hierin enthaltenen Informationen basieren auf als verlsslich erachteten Quellen, doch bernehmen wir keine Haftung fr die Richtigkeit oder Vollstndigkeit der Informationen. Die hierin enthaltenen Angaben dienen ausschliesslich Informationszwecken und tragen keinen individuellen Anlagezielen, Finanzverhltnissen oder Bedrfnissen Rechnung. Bevor sie eine Anlageentscheidung treffen, sollten Anleger eine individuelle Beratung zu ihrer persnlichen Situation in Anspruch nehmen. Potenzielle Anleger sollten sich bewusst sein, dass die vergangene Performance nicht zwingend einen Hinweis auf die zuknftige Wertentwicklung liefert. Wir bernehmen keinerlei Haftung fr Verluste oder Schden irgendwelcher Art, die durch die Verwendung der hierin enthaltenen Informationen entstanden sind.

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Wichtig: Bitte beachten Sie den Disclaimer auf der letzten Seite der Dokumentation, bevor Sie fr allfllige Anlageentscheide die vorliegenden Informationen verwenden. Die Bedingungen im Disclaimer sind eine unabdingbare Voraussetzung fr die Nutzung unseres Informationsangebotes. Important: Please read the disclaimer on the last page of the documentation before basing any investment decisions on the information contained herein. The information provided may only be used subject to the conditions set out in the disclaimer.