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This material has been produced by RBS sales and trading staff and should not be considered independent.
The Round Up
11 December 2009
Issue No. 237
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
NWS (NWSKZJ) MINI Trading Buy
USD rebound, more value in TV
QAN (QANKZK) MINI Trading Buy
– Strong load factors
ASX (ASXKZI) MINI Trading Buy
 – Strong November trading
 Round Up Corner Banks Update – ANZ,CBA,NAB,WBC
Equities
Move Last % Move Range Volume
ASX 200-31.24606.7-0.7% 
-31 to -31.u.c $5.5 bn(A)
SPI - yesterday-16.04614.0-0.3% 
-34 to +26 25,427(A)
Dow Jones+68.8 10405.8 +0.7%
-1 to +108
AvgS&P 500+6.4 1102.4 +0.6%
+3 to +10
AvgNasdaq+7.1 2190.9 +0.3%
+3 to +19
LowFTSE+40.5 5244.4 +0.8%
-9 to +51
Avg
Commodities
Move Last % Today % Past Month
Oil-WTI spot-0.1970.48-0.3% -10.8%  Gold Spot+2.85 1131.45 +0.3% +2.4%Nickel (LME)-13.34734.51-1.8% -3.4%  Aluminium (LME)-0.4598.24-0.5%+12.5% Copper (LME)-6.11307.12-2.0%+4.1% Zinc (LME)-1.89101.45-1.8%+4.7% Silver+0.03 17.41 +0.2% +0.3%Sugar+1.11 22.69 +5.1% +6.4%
 
 
Dual Listed Companies (DLC’s)
Move %Move Last AUD Terms Diff to Aus
NWS (US)+0.21 +1.4% 14.81 16.15
+38.4 c
RIO (UK)-45.0 p -1.4%£30.95 54.95
-1485.4 c 
BLT (BHP UK)-0.5 p -0.0%£18.500 32.84
-711.7 c 
BXB (UK)+8.8 p +2.5% £3.523 6.25
-2.7 c 
American Depository Receipts (ADR’s)
Move %Move Last AUD Terms Diff to Aus
BHP (US)-0.39 -0.5%73.17 39.91
-5.5 c 
AWC (US)+0.07 +1.2% 5.76 1.57
+2.6 c
TLS (US)+0.27 +1.7% 15.90 3.47
-0.1 c 
ANZ (US)+0.21 +1.1% 19.80 21.60
+9.7 c
WBC (US)+2.56 +2.4% 109.36 23.86
+8.7 c
NAB (US)+0.38 +1.5% 25.74 28.08
+7.6 c
LGL (US)-0.35 -1.2%29.59 3.23
+3.8 c
RMD (US)+0.80 +1.5% 52.77 5.76
+3.6 c
JHX (US)+0.96 +2.6% 37.72 8.23
+5.9 c
PDN (CAN)-0.05 -1.3%3.75 3.89
-8.8 c 
Overnight Commentary
United States Commentary
 
Despite the weekly dose of employment data providing little to no comfort around the health of the US labour market,cyclicals, retail and media all did well. With 30mins to trade, the Dow is off highs but up 57pts, the S&P up 0.4% and theNasdaq 0.2% higher.
Media -
Publisher Gannet Co. up nearly 9% and the S&P500's best, after the groups CFO said they will likely beat thestreet with 4Q numbers on slowing declines in advertising revenue. The rest of the space came along for the ride, TimeWarner up over 4%, Walt Disney up 2.4%(one of the Dow's best) and Newscorp trading 2% higher.
Resources -
Putting aside a mixed night for the commodities, resource/energy stocks were a feature in the plus column.Alcoa up over 3% and the Dow's best, NationalOilwell 5% higher and the S&P100's top performer, Halliburton up 3% andSchlumberger 2.1% higher.
Eco -
Trade Balance for October -$32.9bln vs -$36.8bln. Initial Jobless Claims 474K vs 455K expected and up on lastweeks 477K. Continuing Claims 5157K vs 5450K expected.
Consumer -
Coca-Cola up 1.6%(biggest pt contributor on the Dow) and along the way hitting itts highest level since 2008on news the group had settled on a pricing dispute with Costco.
United Kingdom & Europe Commentary
TheFTSEroseforthefirsttimein4daysasbanksreboundedposttheUKpre-budgetrelease.TheFTSEEurofirst300wasup1%whilsttheDAXandCACbothadded1.1%withGreekbankconcernsfading.
UK Banks -
Lloyds,up6.5%,wasthebestontheFTSE100aheadoftheirrightsissuetomorrow.StandardCharteredaddedanother3.3%aftertheirpositivetradingupdatethenightbeforewhilstBarclaysrose4.6%,RBSclimbed3.4%andHSBCended2%higher.
Euro Banks -
CommentsfromtheEUsuggestingGreekstatebankruptcywasoutofthequestionsawthesectorbounce.GreekbankswerestrongwhilstamongstthemajorsDeutscheBankclimbed1.5%,Commerzbankwasup1%,BNProse0.75%andSocGenended2.1%higher.
Eco -
AsexpectedtheBoEkeptratesunchangedat0.5%andsaidthatthetargetforassetpurchaseprogramremainedunchangedwitha£200bnquantitativeeasing.
 
 
Consumer -
Cadburyrose0.8%afterrumoursthatHersheywasclosetomakinganoffer.Intheretailsector,Inditexadvanced3.6%aftertheSpanishowneroftheZarachainreportedstrongearningsforthefirstninemonthsoftheyearthankstogrowingsalesinAsia.
Commodites Commentary
Miners / Energy -
Weakercommoditypriceshittheminersandtheoilmajors.BHPwasflatbutRiofell1.4%,Anglodropped0.3%andXstratawastheworstontheFTSE100off2.1%.AmongsttheenergystocksBPandShellwerebothoff0.5%.
 
SPI Commentary
The SPI traded down 18pts or 0.3% to 4614. Open at 4632 with a high of 4656 and a low of 4593. Volume 25,547. Overnight the SPItraded up 24 to 4638.
 
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
Aus ANZ job ads
USTuesdayAUS
Aus NAB business confidence, Aus current account balance
US
US consumer credit
 
WednesdayAUS
Aus trade balance, Aus housing finance
 
USThursdayAUS
Aus unemployment rate
 
US
US wholesale inventories
 
NZ
NZ RBNZ cash rate decision
 
FridayAUSUS
US trade balance, US retail sales
*Dates are indicative only and may change 
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