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This material has been produced by RBS sales and trading staff and should not be considered independent.
The Round Up
10 November 2009
Issue No. 214
The Round Up is a comprehensive daily note produced by the RBS Warrantsteam providing an overview of market movements along with quality ideas forwarrant traders and investors.
In today’s issue
Global Market Action
Scoreboard, commentary
Aussie Market Action
SPI Comment, Events & Dividends
DJS (DJSSZX) SFI Investment Buy
– Upgrade
QAN (QANKZJ) MINI Trading Buy
– Beneficiary of high AUD
QBE (QBESZX) SFI Investment Buy
– Investor Update
Round Up Corner RBS Monthly Market Review - October
Equities
Move Last % Move Range Volume
ASX 200+80.9 4674.9 +1.8%
+81 to +81 $5.5 bn(A)
SPI - yesterday+83.0 4684.0 +1.8%
+14 to +92 32,842(A)
Dow Jones+203.8 10227.2 +2.0%
-3 to +205
LowS&P 500+23.8 1093.1 +2.2%
+3 to +24
LowNasdaq+41.6 2154.1 +2.0%
+16 to +42
LowFTSE+92.5 5235.2 +1.8%
u.c to +97
Avg
Commodities
Move Last % Today % Past Month
Oil-WTI spot+1.82 79.25 +2.4% +10.9%Gold Spot+8.00 1103.10 +0.7% +4.9%Nickel (LME)+3.45 787.40 +0.4%-7.1%  Aluminium (LME)+1.85 87.02 +2.2% +2.4%Copper (LME)+2.15 295.60 +0.7% +4.8%Zinc (LME)-0.6496.79-0.7%+6.0% Silver+0.18 17.56 +1.0%-1.1%  Sugar-0.0521.79-0.2%+5.4%
 
 
Dual Listed Companies (DLC’s)
Move %Move Last AUD Terms Diff to Aus
NWS (US)+0.37 +2.6% 14.52 15.62
+6.6 c
RIO (UK)+125.0 p +4.3% £30.42 54.79
-1095.7 c 
BLT (BHP UK)+72.0 p +4.2% £17.755 31.98
-563.0 c 
BXB (UK)+7.3 p +1.9% £3.970 7.15
-2.9 c 
American Depository Receipts (ADR’s)
Move %Move Last AUD Terms Diff to Aus
BHP (US)+3.46 +5.1% 71.42 38.41
+79.6 c
AWC (US)+0.34 +5.8% 6.17 1.66
+1.9 c
TLS (US)+0.63 +4.3% 15.25 3.28
+5.0 c
ANZ (US)+0.92 +4.5% 21.33 22.94
+28.0 c
WBC (US)+5.25 +4.4% 124.16 26.71
+42.7 c
NAB (US)+1.58 +6.0% 27.78 29.88
+27.7 c
LGL (US)+1.11 +3.6% 31.91 3.43
+2.2 c
RMD (US)+1.72 +3.6% 49.15 5.29
-4.4 c 
JHX (US)+2.27 +6.9% 35.28 7.59
+17.9 c
PDN (CAN)+0.19 +4.8% 4.17 4.24
+5.3 c
Overnight Commentary
United States Commentary
 
ApromisefromtheG20tomaintainstimulushaddefenceonthebackburnerovernight.AbigshowingfromtheheavyweightcyclicalsandfinancialshastheDowheadingtowardc13monthhighs,up180pts.TheS&Paround2%higherandtheNasdaqup1.7%.
Cyclicals -
Anythingleveragedtogrowthoutperformed.Caterpillarup4%andthebiggestptcontributor,GEup3.5%,Alcoa3.2%higher,Boeing3.1%,Dupont3%andIntelheadingtowarda2.5%gain.AlloftheaforementionedfeaturingintheDow'stop10.
Financials -
CommentsfromtheFedthatfewerbankstightenedlendingstandardsinQ3,helpedconfirmliquiditycontinuestofree-up.AmexandBofAbothupover4%andtheDow'sbestperformers,Wellsup4%,MorganStanleyputon3.5%,Citi,USBancorpandRegionsallaround2-3%higher.
Retail -
Radioshackup15%(S&P500'sbest)alongthewayhitting2yearhighspostabrokerupgradeandmgmtflaggingplanstoselliPhonesintheUSnextyear.
Retail -
Abercrombie&Fitchnearly8%higheraftertwobrokerupgrades.Oneupgradefrom"neutral"to"outperform"andtheother,citingpotentialupsidefrominternationalsales,sawthestockaddedtothebrokers"ConvictionBuy"list.
FX -
TheDXYindexdown0.7chittinganew15monthlowandtheAUDnearly2chigherandbackflirtingwiththe93clevel.
 
United Kingdom & Europe Commentary
TheFTSE,up1.8%or92pts,hititshighestcloseinmorethan2weekswiththecontinuedstimuluspackagespledgedattheG20helpinginvestorsentiment.TheFTSEEurofirst300jumped2%,theDAXwasup2.4%andtheCACended2.1%higher.
UK Banks -
TheG20pledgetocontinuesupportuntilrecoverywasassuredhelpedthebanks.RBSsoared6.3%,Lloydswasup0.5%andStandardCharteredclimbed0.8%.Positive3QtradingstatementsfromHSBCandBarclays,up1.3%and1.9%respectively,alsohelped.
 
 
Euro Banks -
TheG20newsalsohelpedbanksonthecontinent.DeutscheBankjumped3.4%,Commerzbanksoared5.8%,BNPwasup2.8%,SocGenadded4.1$andUniCreditended5.3%higher.
Insurers -
ThebidforAXAAustbytheparentsawtradershighlightthevalueofPrudential'sAsianbusiness.Prudential jumped5.2%,Avivaclimbed3%,L&Gadded4.3%,StandardLiferose3.7%andOldMutualended3.8%higher.Germany'sAllianz,up4.3%,beatforecastswhichhelpedthesectoronthecontinent.HannoverRewasup1.8%withthestockalsobenefitingfromabrokerupgradeandMunichRerose1.1%.AXASA,up0.4%,launcheda€2bnrightsissuetofundan"aggressive"acquisitionstrategy.
Eco -
GermanIndustrialProductionsurged2.7%forthemonthvs1%expectedwhilsttheYoYnumberwas-12.9%vs-14.4%expected.TheBankofFranceBusinessSentimentclimbedforthe8consecutivemonthwiththeBanksayingtheFrencheconomywillprobablyexpandby0.5%inQ4.
 
Commodiites Commentary
Miners -
Thesectoraddedthemostpointstotheindexwithaweak$UShelpingmetalprices.BHPclimbed4.2%,Riowasup4.3%,Angloalsorose4.3%,Xstrataadded5%andRandgoldended4%higherwithgoldhittingfreshalltimehighs.
Energy -
Crudeclimbed3%risingabove$80brieflywhichhelpedthemajors.Shellwasup2.3%,BPclimbed1.9%,BGGroupadded0.8%andTullowended2.8%higher.InEuropeTotalclimbed2.1%,Statoilwasup2.9%andRepsolended1.3%higher.
 
SPI Commentary
The SPI traded up 83pts or 1.8% to 4684. Open at 4615 with a low of 4615 and a high of 4693. Volume 31,306. Overnight the SPIclosed up 78 to 4762.
SPI Intraday SPI Daily
 
*SPI report taken from the 9:50am open to the 4:30pm close on the previous trading day. Charts taken from IRESS 
Upcoming Economic Events for the Week
MondayAUS
RBA Gov Lowe speaks, ANZ job ads, investor home loans, owner occ housing finance
USTuesdayAUS
RBA’s Broadbent speaks, NAB business confidence, NAB business conditions
USWednesdayAUS
WMI consumer confidence
US
Veterans’ Day holiday
ThursdayAUS
Employment and unemployment
USFridayAUSUS
Trade balance, import prices, Michigan cons confidence
*Dates are indicative only and may change 
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