RBS - Round Up

The Round Up

Equity Structured Products and Warrants

This material has been produced by RBS sales and trading staff and should not be considered independent.

28 April 2010

Issue No. 320

The Round Up is a comprehensive
daily note produced by the RBS
Warrants team providing an overview
of market movements along with
quality ideas for warrant traders and
investors.

Equities

Move

Last

% Move

Range

Volume

ASX 200

-1.5

4880.0

-0.0%

-9 to +30

$6.2 bn(A)

SPI - yesterday

-23.0

4884.0

-0.5%

-27 to +14

26,867(A)

Dow Jones

-213.0

10992.0

-1.9%

-232 to +14

Avg

S&P 500

-28.3

1183.7

-2.3%

-30 to -1

Avg

Nasdaq

-51.5

2471.5

-2.0%

-56 to +3

Avg

FTSE

-150.3

5603.5

-2.6%

-150 to +5

High

Commodities

Move

Last

% Today

% Past Month

Oil-WTI spot

-2.33

81.87

-2.8%

+2.3%

Gold Spot

+14.10

1167.60

+1.2%

+5.4%

Nickel (LME)

-55.66

1173.23

-4.5%

+9.7%

Aluminium (LME)

-7.53

96.04

-7.3%

-3.3%

Copper (LME)

-14.53

338.03

-4.1%

-0.4%

Zinc (LME)

-3.63

105.55

-3.3%

+5.9%

Silver

-0.12

18.18

-0.7%

+7.5%

Sugar

-0.57

15.12

-3.6%

-11.1%

Global Market Action

Scoreboard, commentary

Aussie Market Action

SPI Comment, Events & Dividends

News Corp. (NWSKZJ)

MINI Trading Buy - 2Q result drives higher guidance

Equinox (EQNKZA)

MINI Trading Buy – Favoured copper play

QBE (QBEKZM)

MINI Trading Buy – Valuation looks compelling

Australian Strategy

US Reporting Season

Equity Structured Products and Warrants

Dual Listed Companies (DLC’s)

Move

%Move

Last

AUD Terms

Diff to Aus

NWS (US)

-0.62

-3.3%

17.98

19.66

-29.1 c

RIO (UK)

-197.0 p

-5.2%

£36.07

60.19

-1621.4 c

BLT (BHP UK)

-90.0 p

-4.2%

£20.610

34.39

-761.0 c

American Depository Receipts (ADR’s)

Move

%Move

Last

AUD Terms

Diff to Aus

BHP (US)

-3.42

-4.4%

74.89

40.94

-105.9 c

AWC (US)

-0.47

-7.5%

5.79

1.58

-6.7 c

TLS (US)

-0.34

-2.3%

14.41

3.15

-4.9 c

ANZ (US)

-0.86

-3.7%

22.45

24.55

-62.4 c

WBC (US)

-5.28

-4.2%

121.20

26.50

-542.7 c

NAB (US)

-0.63

-2.4%

25.50

27.88

-56.9 c

LGL (US)

-0.41

-1.1%

36.30

3.97

-0.1 c

RMD (US)

-2.27

-3.6%

60.94

6.66

-7.7 c

JHX (US)

-0.75

-2.2%

33.60

7.35

-2625.3 c

PDN (CAN)

unch

3.57

3.84

-1.9 c

Overnight Commentary

United States Commentary

USmarketsplungedovernightongoodvolumeasinvestorswereagainfocussingonthepossibilitytheEuropeandebt
crisiswillhalttherecoverywithGreeceandPortugalhavingtheircreditdowngraded.TheDowsank213pts,theS&Pwas
off2.3%andtheNasdaqfell2%withtheVIXjumping30%.

Eco-ConferenceBoardConsumerConfidenceroseto57.9vs53.5expectedandupfrom52.5prior.TheCase-Shiller HomePriceIndexwaslowerthanexpectedfortheYoYComposite0.64%vs1.3%butinlinefortheMoM20City.ABC ConsumerConfidencehasjustcomeoutat-49vs-48expectedandupfrom-50prior.

GrowthProxies-CaterpillarandAlcoaledthedeclinesonfearsthatgrowthwilldecline.CatwastheworstontheDowoff
4.4%whilstAlcoafell4.3%withDuPontfalling3.8%despitereportingbetterthanexpectedwiththe3stripping40pts.
3M,up0.6%,wasoneofonlytwoDowstockstomakegainsafterreportingbetterthanexpected.

Financials-JP'swastheworstbankonthebigboardoff3.4%withBoAfalling3.2%andtogethertaking15pts.Goldmans wasoneofonlyahandfulofstocksthatmanagedagainup0.7%butCitisank5.9%,CapitalOnefell4.3%andMSwas 3.3%lower.

Auto-Fordslumped6.2%afterreportinga$2.1bn1QprofitbuttheCFOsaiditwasunreasonabletoexpectthisto
continuewithhighercommoditypricesandnewcarlaunchexpensestoeatintoprofitsincomingmonths.Cummins,the
dieselenginemaker,jumped3%afterits1QprofitsurgedonhighermarginsasitbenefitedfromgrowthinChina,India
andBrazil.

United Kingdom & Europe Commentary

TheFTSEshed150pointslastnightasminersandfinancialstocksfacedastormofnegativenewsaroundtheongoing
sovereigndebtissues.Greece'screditratingwasdowngradedtoJUNKandPortugalwascut2notchesbyS&P.The
downgradesraisedconcernsaboutthepossiblecontagioneffectthatseemstobeappearingthroughEurope.Themarket
finishedtheday-2.6%,theDAX-2.7%andtheCAC-3.8%.

Banks-Bankswerethebiggestweightonthemarkettodayasinvestorfearsintensified.Barclays,HSBC,Standard

CharteredandLloydsoff2.3%to3.7%despiteLloydsreportingthatithadreturnedtoprofit.

Equity Structured Products and Warrants

Commodities Commentary

Miners-Minerswereweakertodayasglobaldemandfearswerecrippledandmetalpricesfellonthebackofastronger $US.Kazakhmys,RIO,Vedanta,Lonmin,Xstrata,AngloandBHPalloff4.2%to6.2%strippingover35pointsfromthe market.

Energy-Energyplayswereweaker,hamperedbybroadersentimentandaweakercrudeprice.BPfell2.7%despite

reportinga135%increaseinnetprofitwhileBG,TullowandCairnfell4.1%to4.6%

SPI Commentary

TheSPItradeddown33ptto4884.Openat4917withahighof4930andalowof4880.Volume30,173.Overnightthe

SPItradeddown90pts4794.

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

Monday

AUS

US