-2900

-2400
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-1400
-900
-400






























REFERENCE RATES
CURRENCI ES







BOND YI ELDS
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MARKET RESEARCH
I NDEXES PERFORMANCE

.
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May 19
th
May 23
rd



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FEP Finance Club; Banco de Portugal; BPI
Portuguese economic activity picks up
Last week, PSI20 rose 0.29%. The INE revealed that
the indicator of economic activity accelerated in
March, reaching the highest level since August 2010,
after the sharp positive trend started in June 2012.
Nevertheless, the indicator of economic climate
picked up slightly in April. The S&P decided to
reconsider its perspective of the "ratings" of the
national banking system, after having placed the
"outlook" of the Portuguese Republic in "stable" level
on May, 9. The rating agency placed the "rating" of
Santander Totta, CGD, BPI and BES under "stable"
outlook. According to the Ministry of Finance,
between March and April 2014, the deficit of Public
administration soared 167%, from EUR 846.1 to EUR
2257.6 million.

Euro zones industrial activity slows down
Following the same trend, STOXX 50 climbed 0.96%.
The U.K. Office for National Statistics said the rate of
consumer price inflation rose 1.8% in April, above
expectations, and up from 1.6% in March. Official data
revealed that the euro zones current account surplus
narrowed unexpectedly in March to hit the lowest
level in six months. The ECB said that the euro zone
current account recorded a surplus of 18.8 billion in
March, narrowing from a surplus of 21.8 billion in
February. Moreover, manufacturing activity in the euro
zone expanded at the slowest rate in six months in
May, underlining concerns over the health of the
regions economy. Markit said that its preliminary
manufacturing purchasing managers index declined to
52.5 this month, down from 53.4 in April.

Japan trade deficit narrows in April
Asian stocks rose, with the regional benchmark index
reaching its highest level in more than four months, on
Friday. Activity in Chinas manufacturing sector picked
up in May. Manufacturing PMI rose to a five-month
high of 49.7, from 48.1 in April. Japans trade gap
dropped to 808.9 billion in April, down from a
revised 1446 billion shortfall in the previous month.
Japans exports rose 5.1% (YoY), while imports rose
3.4%. Moreover, BoJ kept its pledge to increase the
monetary base at an annual pace of 60-70 trillion yen,
as it considers the bond-buying programme has been
exerting its intended effects. Consumer confidence in
Australia turned sharply lower in May, reaching a score
of 92.9. Further, RBA kept its cash rate at a record
low of 2.5%.

FEP Finance Club; Investing.com
SPOTLI GHT


Japan balance of trade


May 19 May 20 May 21 May 22 May 23
Portugal 6M 0.589% 0.594% 0.589% 0.581% 0.534%
Portugal 5Y 2.792% 2.919% 2.820% 2.842% 2.678%
Portugal 10Y 3.862% 3.970% 3.826% 3.829% 3.771%
Spain 10Y 3.029% 3.092% 3.005% 3.043% 2.978%
France 10Y 1.807% 1.841% 1.849% 1.819% 1.826%
Italy 10Y 3.166% 3.256% 3.193% 3.231% 3.147%
Germany 10Y 1.341% 1.355% 1.374% 1.360% 1.419%
UK 10Y 2.584% 2.616% 2.649% 2.654% 2.646%
May 19 May 20 May 21 May 22 May 23
Euribor 1M 0.257% 0.256% 0.259% 0.262% 0.261%
Euribor 3M 0.318% 0.318% 0.319% 0.318% 0.317%
Euribor 6M 0.409% 0.407% 0.407% 0.407% 0.406%
Euribor 12M 0.586% 0.585% 0.583% 0.583% 0.578%
Eonia 0.177% 0.196% 0.271% 0.337% 0.396%
May 19 May 20 May 21 May 22 May 23 Wkly Chg
EUR/USD 1.371 1.370 1.368 1.365 1.363 -0.46%
EUR/CHF 1.223 1.222 1.222 1.221 1.221 -0.13%
EUR/GBP 0.816 0.814 0.810 0.810 0.810 -0.59%
EUR/JPY 139.150 138.780 138.780 138.970 139.010 -0.01%
EUR/YUAN 8.552 8.547 8.530 8.515 8.500 -0.45%
AUD/JPY 94.700 93.500 93.670 93.900 94.130 -0.96%
May 19 May 20 May 21 May 22 May 23 Wkly Chg
PSI 20 6,899.76 6,896.20 6,857.23 6,877.68 6,917.73 0.29%
STOXX 50 3,169.90 3,163.93 3,187.08 3,187.63 3,203.28 0.96%
FTSE 100 6,844.55 6,802.00 6,821.04 6,820.56 6,815.75 -0.58%
DAX 9,659.39 9,639.08 9,697.87 9,720.91 9,768.01 1.44%
CAC 40 4,469.76 4,452.35 4,469.03 4,478.21 4,493.15 0.83%
NIKKEI 225 14,006.44 14,075.25 14,042.17 14,337.79 14,462.17 2.59%
HANG SENG 22,704.50 22,834.68 22,836.52 22,953.76 22,965.86 1.11%





























Beatriz Fougo
US TREASURY YI ELDS
CURRENCI ES


FEP Finance Club; investing.com
COMMODI TI ES

Page 2/2

S&P 500 closes above 1,900 for first time
The Standard & Poors 500 Index rose 1.2% for the
week, closing on Friday above 1,900 for the first time.
On Wednesday, Federal Reserve signaled interest
rates would remain low for the foreseeable future. In a
week with few economic reports, highlights for Friday
report saying Sales of new U.S. homes climbed in April
for the first time in three months, allaying concerns of
an extended setback in the residential real-estate
market. The 6.4% increase to a 433,000 annualized
rate was the biggest in six months and above all
expectations. Finally, on Thursday it was reported that
existing home sales increased 1.3% to an annual rate of
4.65 million units, marking the second increase in sales
in nine months.

Employment data released in Latin
America
Brazilian and Mexican unemployment rates were
below expectations last month. Brazil's non-seasonally-
adjusted jobless rate fell to 4.9%, from 5.0% in March,
while in Mexico it rose to a seasonally adjusted annual
rate of 4.84%, from 4.80% in the preceding month.
Besides, Argentinian unemployment rate rose more
than expected to a seasonally adjusted 7.1%, from a
reading of 6.4%. Moreover, Mexican gross domestic
product expanded 1.8% in the first quarter, from the
year earlier, compared with a median estimate for
2.1% growth.

Oil rises after inventories tumbled
Oil ended the week gaining, after crude supplies
dropped over the week, according to data from the
Energy Information Administration, USA. Prices also
advanced as violence flared ahead of Ukraines May 25
presidential election and unrest continued in Libya.
Moreover, natural gas prices fell after a weekly U.S.
supply report revealed that inventories rose more
than expected. On the softs front, corn dropped over
the week as beneficial weather in the U.S. Midwest
aided planting progress. In what concerns metals,
copper prices rose 0.67%, or 2.0 cents a pound, amid
speculation demand from China will increase in the
near-term. Finally, gold futures slipped lower, as
Thursday's globally upbeat U.S. economic reports
continued to lend support to the U.S. dollar.
SPOTLI GHT

I NDEXES PERFORMANCE
U.S. New Home Sales (in thousands)
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Jos Silva Joo Fernandes
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Pedro Santos Ana Reis Pratik Ashok
FEP Finance Club; Google Finance
300
350
400
450
500
550
May 19 May 20 May 21 May 22 May 23
US 3M 0.025% 0.033% 0.030% 0.033% 0.033%
US 1Y 0.081% 0.079% 0.081% 0.081% 0.081%
US 10 Y 2.545% 2.514% 2.534% 2.554% 2.536%
US 30 Y 3.388% 3.388% 3.414% 3.427% 3.398%
-0.25%
0.78%
2.18%
-1.50% Corn -2.35% Sugar
-0.12%
0.46%
0.67%
Crude Oil WTI
Natural Gas
Crude Oil Brent Copper
Silver
Gold
May 19 May 20 May 21 May 22 May 23 Wkly Chg
USD/JPY 101.470 101.270 101.440 101.780 101.970 0.44%
USD/YUAN 6.238 6.238 6.234 6.235 6.234 -0.03%
AUD/USD 0.933 0.923 0.923 0.923 0.923 -1.43%
GBP/USD 1.681 1.684 1.690 1.687 1.683 0.09%
USD/CHF 0.892 0.892 0.893 0.895 0.895 0.31%
USD/CAD 1.087 1.091 1.092 1.089 1.086 -0.03%
May 19 May 20 May 21 May 22 May 23 Wkly Chg
S&P 500 1,884.66 1,867.72 1,888.03 1,892.49 1,900.53 1.21%
DJIA 16,511.86 16,374.31 16,533.06 16,543.08 16,606.27 0.70%
NQ 100 3,615.62 3,600.31 3,635.61 3,650.86 3,677.33 2.51%
S&P Lac 40 3,818.49 3,762.57 3,765.84 3,787.08 3,771.45 -2.01%