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DAILY MARKET UPDATE FRIDAY, MARCH 26, 2010

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Switzerland Europe

Swatch Group AG (UHR VX) Acerinox SA (ACX SM)

• Chairman Nicolas Hayek told the Tribune de
Geneve in an interview that sales in February
rose 41% to a record level for that month.
Acino Holding AG (ACIN SW)
• The European Medicines Agency recommended
a precautionary recall of the Swiss generic-drug
maker’s products that contain clopidogrel, the
active ingredient in the Plavix medicine sold by
Sanofi-Aventis SA and Bristol-Myers Squibb Co.
Acino Holding said it has an alternative source
and will start deliveries again shortly, after an
inspection found failures of good manufacturing
practices at a plant in India.
CAT Group AG (CAF SW)
• The Swiss financial services provider said its
consolidated profit in 2009 was 3.9 million Swiss
francs and that assets under management rose
to 1.54 billion francs. Shares dropped 2.3 percent
to 25.80 francs.
• The stainless steel producer won’t extend a work-
reduction plan at its Spanish plant as orders rise.
Demand ensures the plant can work at full
capacity until at least June, the company said in
a filing. Acerinox expects production in the
second quarter for the group to recover to pre-
crisis levels.
Mobistar SA (MOBB BB)
• Belgium’s second-biggest mobile-phone
company won Belgian antitrust approval to buy
Royal KPN NV’s (KPN NA) Belgian unit for business
customers after agreeing to maintain a
wholesale offering for broadband Internet
access.
Volkswagen AG (VOW GY)
• Europe’s largest carmaker, selling preferred
shares to help finance the takeover of Porsch
SE’s (PAH3 GY) auto-making unit, set its share sale
offer price at 65 euros apiece.

USA

Future Current Chg Pct 1d Trend

DJIA . Jun ’10 10810 0.18%

S&P 500 Jun ’10 1164.5 0.15%

Nasdaq 100 Jun ‘10 1952.5 0.15%

U.S. Market News

Citigroup advanced 2.9 percent as the government was said to plan an orderly sale of its stake in the bank.
Qualcomm, the world’s biggest maker of mobile-phone chips, climbed 5 percent after boosting its second-
quarter profit and sales forecasts. Profit, excluding some items, will be 56 cents to 58 cents a share in the period
ending this month, compared with an earlier target of as much as 53 cents, the company announced. Best Buy
rose after fourth-quarter profit and its full-year earnings forecast exceeded analysts’ estimates. Earnings rose to
$1.82 in the quarter ended Feb. 27, the retailer said. Ambac Financial Group slumped 17 percent to 66 cents. The
bond insurer will hand control of subprime mortgage-related contracts to a regulator amid concern its collapse
would trigger losses for holders of municipal debt. Oracle, the world’s second-largest software maker, forecast the
fastest sales growth for new software licenses since mid-2008. Sales of new software licenses will increase 3
percent to 13 percent, from $2.83 billion to $3.1 billion, the company announced. ConAgra Foods fell the most in
more than a year after reporting a drop in third-quarter revenue. Net sales declined less than 1 percent to $3.1
billion in the most recent financial quarter.
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Oil
Crude oil fell after a government report showed a bigger-than-forecast increase in U.S. supplies and the dollar
surged to a 10-month high against the euro. Stockpiles rose 7.25 million barrels to 351.3 million last week, the
Energy Department said. Crude oil for May delivery dropped $1.30, or 1.6 percent, to $80.61 a barrel on the New
York Mercantile Exchange, the lowest settlement since March 15. Futures have increased 1.6 percent in 2010
and 49 percent from a year earlier. Inventories of crude were forecast to climb 1.65 million barrels, according to
the median of 16 analyst responses in the Bloomberg News survey. Imports of crude oil gained 12 percent to 9.4
million barrels a day last week, the highest level since September and the biggest change since August, the
report showed.

Gold
Gold climbed for a second day, paring a weekly decline, as the dollar weakened for the first time in four days,
reviving demand for the metal as an alternative investment. Gold for immediate delivery rose 0.6 percent to
$1,096.75 an ounce at 2:32 p.m. in Singapore, paring the week’s loss to 0.9 percent. The dollar weakened as
much as 0.5 percent today against an index of six major currencies as concern eased that Greece’s budget
crisis will unravel. The dollar retreated from a 10-month high against the euro on speculation that European
leaders will announce an agreement on a Greek rescue package at the end of a two-day summit in Brussels
today. Concern that European nations including Portugal and Greece will be unable to reduce deficits has
dragged the euro 6.9 percent lower against the dollar this year. Gold for April delivery in New York gained 0.3
percent to $1,097.70, reversing an earlier 0.4 percent decline. “The underlying problems of heavily indebted
euro zone economies are overshadowing everything at the moment and weighing heavily on the single
currency,” Andrey Kryuchenkov, an analyst at VTB Capital in London, said in a report. “The euro will still suffer
and could still drag gold a tad lower.” Silver for immediate delivery increased 1 percent to $16.785 an ounce,
palladium added 1.1 percent to $457.25 and platinum was little changed at $1,604.50 an ounce.

Soft Commodities
Soybeans climbed for the first time in four days as the dollar weakened, boosting demand for U.S. supplies and
raising the investment appeal of the oilseed. Corn for May delivery was little changed at $3.555 a bushel. The
contract declined 2.7 percent yesterday after touching $3.54, the lowest level since Feb. 8. The price has fallen
about 5 percent this week, the biggest drop since the week ended Jan. 15. The euro advanced to $1.3339 as of
1:21 p.m. in Tokyo from $1.3273 in New York yesterday, after earlier falling to $1.3268, the weakest level since
May 7. A declining dollar makes U.S. supplies less expensive to importers holding other currencies.

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The euro traded near a 10-month low versus the dollar after European Central Bank President Jean-Claude
Trichet said that aid for a euro-area nation from any outside group such as the International Monetary Fund is
“very, very bad.” South Africa’s rand dropped against all of its most-traded counterparts after the nation’s
central bank unexpectedly lowered its benchmark interest rate. Mexico’s peso rose against most of the 16 as
the jobless rate in February fell more than forecast. Leaders of the euro region met in Brussels to debate a
French-German contingency plan for a mix of IMF and bilateral loans to help Greece deal with its budget
deficit. The market doesn’t care that “France and Germany are saying they have the framework to a plan to
support Greece including the IMF,” said John Curran, a Toronto-based senior vice president at Canadian Forex
Ltd. “It’s like ‘Yeah, OK, great, I have a plan for winning the lottery, too.’ Show us something that works.” The
euro fell 0.3 percent to $1.3273 at 5 p.m. in New York after advancing earlier as much as 0.5 percent. The 16-
nation currency touched $1.3268, the lowest since May 7. It rose 0.2 percent to 123.08 yen, from 122.89
yesterday. The dollar gained 0.5 percent to 92.72 yen, from 92.30. It touched 92.96 yen, the highest level since
Jan. 8.

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Treasuries rose as some investors said a surge in yields to the highest level in nine months makes government
securities worth buying given the Federal Reserve’s promise to keep interest rates at a record low. Benchmark
10-year notes advanced for the first time in four days before an industry report that economists said will show U.S.
consumer confidence declined in March for a second month. Government securities still headed for the biggest
weekly loss this year after bidding waned at three auctions and Bill Gross, who runs the world’s biggest bond
fund, said he favors higher-yielding securities. “The current level is relatively attractive” in the Treasury market,
said Hiromasa Nakamura, a senior investor who helps oversee the equivalent of $20.5 billion in Tokyo at Mizuho
Asset Management Co., part of Japan’s second-largest bank by assets. “The U.S. economy is not so good. Low
interest rates will continue.” The 10-year yield fell two basis points to 3.86 percent as of 6:24 a.m. in London,
according to data compiled by Bloomberg. The 3.625 percent security due in February 2020 rose 5/32, or $1.56
per $1,000 face amount, to 98 3/32. The Reuters/University of Michigan final consumer sentiment index for this
month fell to 73 from 73.6 in February, according to the median of 64 projections in a Bloomberg News survey.
The preliminary reading, released March 12, was 72.5.
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Equities Commodities
Index Current Change % Change % YTD Index Current Net Change 1d Change % YTD
MSCI World 1'192 0.12% 1.99% GSCI ER 424.49 -1.49 -3.73%
SPX 1'166 -0.17% 4.54% GSCI Agriculture ER 50.02 -1.04 -16.42%
INDU 10'841 0.05% 3.96% GSCI Livestock ER 207.50 -2.06 4.19%
NDX 1'949 -0.14% 4.78% GSCI Precious Metal ER 160.39 0.65 -0.48%
SX5E 2'948 1.52% -0.57% GSCI Industrial Metal ER 249.63 2.19 -0.72%
DAX 6'133 1.56% 2.95% GSCI Energy ER 268.66 -0.49 -2.10%
SMI 6'894 0.21% 5.32% AIG ER 129.80 -0.79 -6.74%
UKX 5'728 0.88% 5.82% WTI 81.00 0.47 -0.14%
CAC 4'000 1.28% 1.63% Brent 79.61 -0.01 -0.54%
NKY 10'996 1.55% 4.27% Natural Gas 3.98 0.00 -27.63%
HSI 20'983 0.99% -4.07% Gold 1'098.70 4.60 -0.01%
IBOV 68'442 -0.68% -0.21% Silver 16.84 0.09 -0.18%
KOSPI 1'698 0.55% 0.89% Aluminium 2'187.50 -1.50 -0.43%
SENSEX BSE 30 17'627 0.39% 0.93% Copper 7'347.00 36.50 0.00%
RTSI 1'507 -0.51% 4.34% Zinc 2'224.50 34.00 -13.33%
Tin 17'400.00 -72.00 2.57%
Volatility Nickel 22'822.00 590.00 23.08%
Current Net Change WTD Net Change 1m Lead 2'057.25 50.25 -15.58%
VIX 18.40 1.43 -1.10 Corn 356.00 1.00 -16.09%
VSTOXX 19.89 -0.61 -4.48 Wheat 466.50 0.00 -15.95%
VDAX 17.75 -0.83 -3.97 Soybean 949.00 6.50 -9.94%
VSMI 14.43 -0.02 -1.70 Sugar 17.05 -0.62 -32.42%
Cocoa 2'820.00 -13.00 -14.80%
Currencies Coffee 137.00 2.70 -0.44%
Current Change % 1d Change % YTD Cotton 80.25 0.07 4.78%
USD/CHF 1.0713 0.28% 3.37% Live Cattle 92.23 0.10 5.13%
USD/JPY 92.4900 0.26% -0.57% Feed Cattle 108.70 -0.17 10.08%
CHF/JPY 86.3400 -0.02% -4.08% Lean Hogs 79.28 -0.35 2.59%
EUR/USD 1.3343 -0.52% -7.33%
EUR/CHF 1.4293 -0.23% -3.80% Credit
GBP/CHF 1.5929 -0.10% -5.09% iTraxx Europe IG 5yr 63.65
USD/BRL 1.8191 -0.98% 4.10% iTraxx Europe Crossover 5yr 421.57

Libor Rates Swap Rates

USD EUR CHF GBP JPY USD EUR CHF GBP JPY
1M 0.25 0.37 0.09 0.55 0.15 1Y 0.57 1.08 0.48 1.05 0.47
3M 0.29 0.58 0.25 0.65 0.24 2Y 1.20 1.47 0.84 1.60 0.47
6M 0.44 0.90 0.34 0.87 0.45 5Y 2.71 2.44 1.58 2.91 0.74
12M 0.91 1.19 0.64 1.32 0.68 10Y 3.78 3.33 2.35 3.86 1.42

ECONOMIC INDICATORS OF THE WEEK

US: Date Event Survey Actual Prior

23.03.2010 Existing Home Sales 5.00 5.02M 5.05M
24.03.2010 MBA Mortgage Application - -4.2% -1.9%
24.03.2010 Durable Goods Orders 0.5% 0.5% 2.6%
24.03.2010 Durables ex Transportation 0.6% 0.9% -1.0%
25.03.2010 Initial Jobless Claims 450k 442k 457k

EU: Date Event Survey Actual Prior

22.03.2010 Euro-Zone Consumer Confidence -17 -17 -17
24.03.2010 PMI Services 52.1 53.7 51.8
24.03.2010 Industrial New Orders SA (YoY) 13.9% 7.0% 9.4%

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