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Equity Structured Products and Warrants
This material has been produced by RBS sales and trading staff and should not be considered independent.
The Round Up
21 January 2011
 
Issue No. 483
The Round Up is a comprehensivedaily note produced by the RBSWarrants team providing an overviewof market movements along withquality ideas for warrant traders andinvestors.
Daily Monitor
Global Market Action
Scoreboard, commentary
Aussie Market Action
SPI Comment, Events & Dividends
Equinox Minerals (EQNKZB) MINI Trading Buy – Citadel not priced in
 
Qantas (QANKZL) MINI Trading Buy – ESG factors trendingpositively
 
S&P500 (SPFKZQ) MINI Trading Short – US Market pullbackAustralian Strategy Monthly Market Review - December 2010
 
Equity Structured Products and Warrants
Overnight Commentary
 
United States Commentary
US markets appeared to be running out of steam as a cracking result from MS and better than expected employment andhousing data failed to offset weakness within the tech sector. MS added 4.6% while F5 Networks shed 21.4% after lower2nd Qtr guidance. Material stocks were impacted by strong Chinese data with Freeport McMoran Copper & Gold off3.7% after lowering it sales forecasts. On the eco front Initial Jobless Claims and continuing claims were both lower thanexpected while home sales increased.
United Kingdom and Europe Commentary
The FTSE was weaker over night with miners removing a majority of the points as strong Chinese data sparkedspeculation of further tightening. Fresnillo, Kazakhmys, Xstrata, Lonmin, Anglo and BHP fell 3.6% to 5.9% on the back ofweaker commodity prices while Burberry fell 4.1% despite stronger than expected retail sales figures. Barclays providedsupport, adding 2.4% as MS posted strong earnings while Lloyds added 0.9%. Utilities were lead by National Grid after abroker upgraded the name to buy.
 
Equity Structured Products and Warrants
Commodities CommentarySPI Commentary
The SPI traded down 58pts to 4770. Open at 4828 with a high of 4831 and a low of 4760. Volume 32,410. Overnight the SPI tradeddown 12pts to 4758.
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
New Motor Vehicle Sales (MoM) 
US
Tuesday
AUSUS
NY Empire State Manufacturing Index,NAHB Housing Market Index
Wednesday
AUS
Westpac Consumer Sentiment
US
MBA Mortgage Applications , Housing Starts
Thursday
AUSUS
Initial Jobless Claims,Continuing Jobless Claims,Existing Home Sales,Philadelphia Fed Manufacturing Index,
 
Crude Oil Inventories
Friday
AUS
Import Price Index (QoQ) 
US
*Dates are indicative only and may change 
 
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