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DAILY MARKET UPDATE

26 May 2010

EQUITIES
Switzerland USA
Affichage Holding AG (AFFN SW)
• Switzerland’s largest billboard advertiser said Daniel Hofer Future Current Chg Pct 1d Trend
has been named CEO, replacing Christian Kaufer, who is DJIA . Jun ’10 10024 0.02% 
retiring, Affichage commented today. S&P 500 Jun ’10 1072.4 -0.04% 
Nasdaq 100 Jun ‘10 1816.25 0.12% 
BB Biotech AG (BION SW)
• The company is among those that will be removed from the
Stoxx Europe 600 Index as of the open of European markets
on June 21, index provider Stoxx Limited said in a press U.S. market news
release.
Raw-materials companies had the biggest gain in the S&P 500,
Meyer Burger Technology AG (MBTN SW) rising 1.6 percent. Freeport-McMoRan gained 3.1 percent to
• The maker of industrial cutting equipment won an order for $67.62. Newmont rallied 2.3 percent to $53.54. Alcoa rose 1.9
wire saws worth more than 30 million francs ($25.8 million). percent to $11.30, after falling 4.8 percent earlier in the day.
Financial stocks got a boost from a comment by House
Europe Financial Services Committee Chairman Barney Frank (D.,
Accor SA (AC FP) Mass.) that proposed legislation that would force commercial
• Europe’s largest hotelier said bondholders approved a plan to banks to spin off their derivatives businesses "goes too far."
spin off its services division into a separate company. Google has pulled back another curtain and revealed the size of
its lucrative Internet ad network in the U.S. It spans more than 1.5
Anheuser-Busch InBev NV (ABI BB) million advertisers and Web sites. AutoZone jumped 5.6 percent
• A procurement partnership between PepsiCo Inc. and the to $194.57. The biggest U.S. auto-parts retailer reported fiscal
world’s largest brewer probably won’t become an equity third-quarter profit of $4.12 a share. Genzyme rose 5.5 percent to
stake, Massimo D’Amore, CEO of PepsiCo Americas $51.16. The largest maker of genetic disease medicines won U.S.
Beverages, said at a beverage conference. Food and Drug Administration approval for a large-batch version
of its Lumizyme drug for Pompe disease, a rare genetic disorder.
Lafarge SA (LG FP) Among the day's biggest losers were AAR shares, down 17.2
• The world’s biggest cement maker agreed to set up a new percent at $18.26 a day after the aviation and defence supplier
company that will combine its central European cement forecast fourth-quarter earnings below market estimates.
business with that of Strabag SE. The new company, Lafarge
Cement CE Holding GmbH, will be 70% owned by Lafarge
and will cut the parent’s debt by 77.5 million euros.

COMMODITIES
Oil Gold
Crude oil tumbled on concern that Europe’s debt crisis will spread Gold climbed for a third day as investors sought a haven from
and as tensions on the Korean peninsula prompted investors to sell geopolitical tensions on the Korean peninsula and Europe’s debt
riskier assets. Oil dropped as the dollar strengthened against the crisis. UBS AG said the metal may rise to a record within a month.
euro, reducing the appeal of commodities to investors. Crude oil for Gold for immediate delivery rose 0.2 percent to $1,206.08 an ounce
July delivery fell $1.46, or 2.1 percent, to settle at $68.75 a barrel on at 2:16 p.m. in Singapore, compared with yesterday’s close of
the New York Mercantile Exchange. Futures touched $67.15, the $1,204.25 and the all-time high of $1,249.40 reached on May 14.
lowest intraday price since May 20 when the June contract slipped The June delivery contract climbed 0.7 percent. Gold has
to $64.24. Prices rebounded from the settlement after the American strengthened more than 2 percent this week after a 4.6 percent slide
Petroleum Institute reported at 4:30 p.m. that U.S. gasoline last week, the most since Feb. 2009. Holdings in the SPDR Gold
stockpiles declined last week. Supplies slipped 3.19 million barrels Trust, the biggest exchange-traded fund backed by bullion,
to 218.2 million. July oil fell 68 cents, or 1 percent, to $69.53 a barrel increased 30.43 metric tons to a record 1,267.32 metric tons
at 4:33 p.m. Gasoline for June delivery declined 4 cents, or 2 yesterday, according to the company’s website.
percent, to $1.9308 a gallon in New York, the lowest settlement
price since Feb. 12. Brent crude oil for July settlement dropped Soft Commodities
$1.62, or 2.3 percent, to end the session at $69.55. Cash premiums for corn and soybeans shipped to export terminals
near New Orleans widened relative to Chicago futures after a slump
in prices discouraged U.S. farmers from selling inventories left over

EFG International AG acts as Guarantor for the issuer’s obligations according to the relevant terms of the products. 1
EFG Financial Products AG
Brandschenkestrasse 90, P.O. Box 1686, CH-8027 Zurich
Phone +41 58 800 1000, www.efgfp.com
from last year’s crops. Corn futures for July delivery fell 6.75 cents, a bushel on the CBOT, the ninth decline in 10 sessions. Earlier, the
or 1.8 percent, to $3.6425 a bushel in Chicago, the largest decline price touched $9.275, the lowest level for a most-active contract
since May 17. The grain climbed in the previous three sessions on since March 15. The average price for soybeans delivered to New
demand from China, the world’s second-largest consumer. Soybean Orleans fell 0.9 percent to $9.93 a bushel, the lowest level since
futures for July delivery dropped 10 cents, or 1.1 percent, to $9.305 May 17. Corn bids fell 1.5 percent to $4.1075 a bushel.

FX
The euro fell against the dollar and yen for a third day as concern 90.29 yen, and climbed to $1.4339 per pound from $1.4425. The
Europe’s debt crisis will slow economic growth damped demand euro fell to $1.2270 at 7 a.m. in London from $1.2345 in New York
for the region’s assets. The common currency declined against yesterday, when it touched $1.2178, the lowest since May 19.
12 of its 16 major counterparts before a report forecast to show a Europe’s currency dropped to 110.65 yen from 111.39. It slid to
drop in French consumer spending. South Korea’s won earlier 108.84 yen yesterday, the least since November 2001. The dollar
rebounded from a 10-month low as an official said the nation will fetched 90.16 yen from 90.23. The euro has lost 7 percent this
take steps to stabilize the currency after it plunged on escalating year, based on Bloomberg Correlation-Weighted Indexes. The
tensions with North Korea. Australia and New Zealand’s dollars dollar has risen 10.4 percent, and the yen has advanced 14.2
slid as prices of commodities and equities slumped over the past percent.
month.to $1.2283 from $1.2372. The dollar was at 89.81 yen from

FIXED INCOME
German 10-year government bonds rose, pushing the yield to the stocks erased losses after Representative Barney Frank said forcing
lowest since at least 1989, as stocks fell amid concern that Europe’s banks to wall off swaps-trading desks “goes too far.” The yield on
debt crisis will hinder the economic recovery. The yield on France’s the 10-year note fell 3 basis points, or 0.03 percentage point, to 3.16
10-year security also declined to a record as investors sought the percent at 4:39 p.m. in New York, according to BGMarket Cantor
region’s safest assets. The rate banks say they pay for three-month Data. Earlier it dropped 13 basis points and touched 3.06 percent,
loans in dollars climbed to the highest level since July as concern the lowest since April 29, 2009. The 3.5 percent security due May
mounted that the crisis will widen and cause banks to doubt each 2020 rose 9/32, or $2.81 per $1,000 face amount, to 102 7/8. The
other’s creditworthiness. Spain’s borrowing costs increased at a sale 30-year yield decreased 3 basis points to 4.06 percent after earlier
of bills. The Netherlands sold 1 billion euros ($1.23 billion) of bonds touching 3.97 percent, the lowest level since October.
maturing 2015 and 2017. Treasuries pared an advance, pushing 10- .
year yields up from the lowest level in more than a year, as U.S.

ECONOMIC INDICATORS OF THE WEEK


US-Date Event Survey Actual Prior
25.05.2010 S&P/CS Composite-20YoY 2.50% 2.35% 0.60%
25.05.2010 Consumer Confidence 58.5 63.3 57.9
26.05.2010 Durables Ex Transportation 0.5% 3.7%
26.05.2010 New Home Sales 425k 411k
27.05.2010 GDP QoQ (Annualized) 3.4% 3.2%

EU-Date Event Survey Actual Prior


25.05.2010 Industrial New Orders SA (YoY) 2.5% 5.2% 1.9%
31.05.2010 Euro-Zone M3 s.a. (YoY) - -0.1%
31.05.2010 Euro-Zone CPI Estimate (YoY) - 1.5%

EFG Financial Products 2


Daily Market Update, 26 May 2010
GLOBAL FIGURES

Equities Commodities
Index Current Change % Change % Index Current Change % Change % YTD
YTD
S&P GSCI ER 371.54 -1.76% -15.74%
MSCI World 1'049 -1.45% -10.26%
S&P GSCI Agriculture ER 48.40 -0.96% -19.12%
SPX 1'074 0.04% -3.68%
S&P GSCI Livestock ER 206.51 -0.98% 3.69%
INDU 10'044 -0.23% -3.69%
S&P GSCI Precious Metal ER 175.03 0.17% 8.61%
NDX 1'816 0.02% -2.40%
S&P GSCI Industrial Metal ER 222.82 -3.24% -11.38%
SX5E 2'489 -2.73% -16.07%
S&P GSCI Energy ER 225.71 -1.89% -17.76%
DAX 5'670 -2.34% -4.82%
DJAIG ER 122.39 -1.38% -12.06%
SMI 6'092 -1.85% -6.94%
WTI 69.29 0.79% -15.60%
UKX 4'941 -2.54% -8.72%
Brent 69.55 -2.28% -14.22%
CAC 3'331 -2.90% -15.37%
Natural Gas 4.07 0.49% -27.50%
NKY 9'523 0.66% -9.71%
Gold 1'206.00 0.67% 9.76%
HSI 19'214 1.20% -12.15%
Silver 18.05 1.51% 6.89%
IBOV 59'184 -1.22% -13.71%
Aluminium 1'986.75 -3.20% -9.57%
KOSPI 1'576 0.95% -6.37%
Copper 6'685.00 -1.26% -9.00%
SENSEX BSE 30 16'243 1.38% -6.99%
Zinc 1'831.25 -4.00% -29.03%
RTSI 1'242 1.26% -14.02%
Tin 17'548.00 -0.88% 3.39%
Nickel 21'137.00 -4.55% 13.73%
Volatility
Lead 1'722.75 -4.74% -29.63%
Current Net Change Net Change
WTD 1m Corn 366.75 0.69% -15.30%
VIX 34.61 -5.49 17.14 Wheat 461.50 0.22% -18.46%
VSTOXX 45.18 -0.99 20.81 Soybean 935.75 0.56% -11.66%
VDAX 37.47 -1.84 18.13 Sugar 15.25 0.39% -33.75%
VSMI 29.46 -0.42 12.75 Cocoa 2'922.00 0.24% -11.64%
Coffee 132.75 0.38% -4.53%
Currencies Cotton 81.81 -0.32% 6.27%
Current Change % Change % Live Cattle 89.78 0.79% 2.37%
YTD
USD/CHF 1.1613 -0.07% 10.90% Feed Cattle 107.65 0.35% 7.92%

USD/JPY 90.2800 -0.45% -3.17% Lean Hogs 82.30 0.37% 8.15%

CHF/JPY 77.7500 -0.40% -15.77%


EUR/USD 1.2292 0.04% 14.23% Credit

EUR/CHF 1.4275 -0.11% -3.89% iTraxx Europe IG 5yr 119.83 10.44% 97.35%

GBP/CHF 1.6715 -0.30% 0.04% iTraxx Europe Crossover 5yr 617.20 7.38% 43.05%
USD/BRL 1.8440 1.96% 5.53%

Libor Rates Swap Rates


USD EUR CHF GBP JPY USD EUR CHF GBP JPY
1M 0.35 0.40 0.04 0.57 0.16 1Y 0.94 1.14 0.29 1.16 0.47
3M 0.54 0.64 0.12 0.71 0.25 2Y 1.26 1.31 0.48 1.45 0.49
6M 0.76 0.95 0.23 0.98 0.45 5Y 2.37 2.06 1.16 2.46 0.67
12M 1.22 1.25 0.55 1.42 0.67 10Y 3.27 2.92 1.90 3.39 1.29

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, 26 May 2010

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