bcd=cfk^k`f^i=molar`qp=iqa=

_o^kap`ebkhbpqo^ppb=VMI=`eJUMMO=w§of`e=
HQN=RU=UMM=NNNN= p^ibp]bcdcmK`e= tttKbcdcmK`lj=

DAILY MARKET UPDATE THURSDAY, MARCH 25, 2010

=
bnrfqfbp ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| =

Switzerland Europe

Lonza Group AG (LONN VX) Anheuser-Busch InBev NV (ABI BB)

• The maker of active ingredients for
pharmaceutical companies is cutting 193 jobs at
sites in Basel and Visp in Switzerland to reduce
fixed costs at the facilities by about 40 million
francs ($37 million) over the next eighteen
months.
Zurich Financial Services AG (ZURN VX)
• Switzerland’s biggest insurer said that it decided
to implement a dynamic hedging strategy to
manage its economic exposure and reduce the
volatility associated with its closed block of
variable annuities products within its U.S. life
business.
Novartis AG (NOVN VX)
• The U.K.’s health-cost regulator said it needs
more information before deciding whether
Novartis AG’s Gleevec cancer medicine is worth
the 19,500-pound ($29,147) price for patients
who have had gastrointestinal tumors removed.
• The world’s largest brewer plans to sell $3.25
billion of debt in a four-part offering, according
to a person familiar with the transaction. The
brewer may sell $1 billion of three-year, fixed-rate
notes, $500 million of floating-rate debt due in
2013, $750 million of five-year notes and $1 billion
of bonds due in 2020, the person said.
Deutsche Telekom AG (DTE GY)
• Europe’s largest phone company agreed to buy
the stake in Internet payment-service provider
Clickandbuy it doesn’t already own.
Suez Environnement (SEV FP)
• The company won a 35 million-euro contract for
a water treatment plant in India.

USA

Future Current Chg Pct 1d Trend

DJIA . Jun ’10 10792 0.05%

S&P 500 Jun ’10 1165.5 0.08%

Nasdaq 100 Jun ‘10 1953.25 0.09%

U.S. Market News

General Mills slid 1.9 percent to $72.18. The company forecast full-year profit of $4.57 to $4.59 a share, lower than
analysts had expected (Bloomberg). Genzyme fell 6.4 percent to $55.33. The world’s largest maker of enzyme-
replacement therapies said the U.S. Food and Drug Administration will require an added inspection of its
contaminated Allston plant and payments from the company. Bank of America said it will forgive $3 billion of
mortgage principal after an accord with 44 states. The program targets homeowners who own more than 120
percent of what their homes are worth. Mortgage insurers rallied on the news, with Genworth Financial rising 4.2
percent to $17.24. MF Global rallied 10 percent to $8.08 on a report that Jon Corzine, who ran Goldman Sachs
from 1994 to 1999, accepted an offer to lead the futures and options broker. Telecom components Verizon
Communications and AT&T led the Dow's declines after rival Sprint Nextel unveiled the first U.S. phone able to tap
into super high speeds. Verizon fell 1.7%, to $30.46 and AT&T slipped 1.1% to $26.26. Lennar advanced 3.7% to
$17.69. The home builder's fiscal first-quarter loss narrowed on surging margins and orders.
`ljjlafqfbp |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| =
Oil
Crude oil fell after a government report showed a bigger-than-forecast increase in U.S. supplies and the dollar
surged to a 10-month high against the euro. Stockpiles rose 7.25 million barrels to 351.3 million last week, the
Energy Department said. That was more than four times what was estimated in a Bloomberg News survey. The
greenback strengthened after Fitch Ratings cut Portugal’s credit grade. A strong dollar curbs the appeal of
commodities to investors. Crude oil for May delivery dropped $1.30, or 1.6 percent, to $80.61 a barrel on the
New York Mercantile Exchange, the lowest settlement since March 15. Futures have increased 1.6 percent in
2010 and 49 percent from a year earlier. Inventories of crude were forecast to climb 1.65 million barrels,
according to the median of 16 analyst responses in the Bloomberg News survey. Imports of crude oil gained 12
percent to 9.4 million barrels a day last week, the highest level since September and the biggest change since
August, the report showed.

Gold
Gold climbed as the metal’s slide to a six-week low attracted investors. Gold for immediate delivery gained as
much as 0.4 percent to $1,090.72 an ounce and traded at $1,090.07 at 3 p.m. in Singapore. The metal slumped
to $1,085.30 yesterday, the lowest level since Feb. 12. Important Fibonacci support at $1,091 appears to be
giving way as the rising dollar takes its toll, Citigroup Inc. analyst David Thurtell said yesterday. Fibonacci analysis
is based on the theory that prices rise or fall by certain percentages after reaching a high or low. Gold reached
a record $1,226.56 an ounce on Dec. 3. Demand for gold weakened yesterday as the greenback rose to a 10-
month high after Greece’s budget crisis and a downgrade of Portugal’s credit ratings weakened the euro. Gold
may come under pressure should the dollar continue to rise, analysts said. The euro fell against the dollar on
concern a meeting of European Union leaders starting today will fail to reach agreement on financial aid for
Greece. The metal may decline to $1,030 an ounce in the next few weeks as sovereign debt problems in Europe
prompt investors to favor the dollar as an asset of “first resort,” GFMS Analytics Ltd. said this week. Silver for
immediate delivery rose 0.8 percent to $16.7050 an ounce. Palladium was little changed at $445 an ounce and
platinum declined 0.2 percent to $1,576.50 an ounce.

Soft Commodities
Soybeans, little changed, may drop for a third day on speculation that U.S. farmers may increase the number of
acres planted with the oilseed this year, and on forecasts for bumper harvests in South America. May-delivery
soybeans were little changed at $9.6125 a bushel on the Chicago Board of Trade at 3:37 p.m. in Tokyo after
gaining as much as 0.5 percent earlier. The contract fell 0.8 percent yesterday, the biggest drop since March 11,
as a strengthening dollar cut demand for U.S. supplies. Informa Economics Inc. last week forecast that U.S.
soybean farmers will increase planting this year to a record 78.629 million acres, up from the 77.451 million acres
that the government says was sown in 2009. In January, the company said acreage would rise to 77.919 million.
Corn for May delivery fell 0.3 percent to $3.64 a bushel after gaining 0.6 percent yesterday on speculation that
U.S. demand for livestock feed will increase. The grain touched $3.59 yesterday, the lowest level since Feb. 9.
Wheat for May delivery was unchanged at $4.76 a bushel. The price touched $4.72 yesterday, the lowest since
Feb. 5. Wheat has dropped 12 percent this year, partly because of increased world production and slack
demand for U.S. supplies.

cu= ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| =
The euro traded near a 10-month low against the dollar on concern a meeting of European Union leaders
starting today will fail to make any progress on a financial aid plan for Greece. The 16-nation currency declined
versus 12 of its 16 major counterparts after Michael Meister, a spokesman for Germany’s ruling Christian
Democratic Union party, told French daily Les Echos the International Monetary Fund is the only organization
that can help Greece. The yen rallied from a 10-week low against the dollar on speculation Japanese exporters
took advantage of the currency’s biggest slide since December to bring home funds before the nation’s fiscal
year ends next week. “Concerns over sovereign problems at some EU members will continue to weigh on the
euro,” said Takeshi Makita, senior economist in Tokyo at Japan Research Institute Ltd., a unit of Sumitomo Mitsui
Financial Group Inc., Japan’s third-largest banking group. “The EU seems to be lacking the ability to resolve
these problems on its own, hurting confidence in the region’s currency.

cfuba=fk`ljb |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| = =
Treasuries rose, rebounding from their biggest decline in nine months, on speculation the U.S. economy isn’t
growing fast enough to justify yields near the highest level this year. The selloff is an opportunity to add to
holdings, Daiwa Securities Capital Markets Co. said. Bonds tumbled yesterday after investors demanded a
higher yield than dealers predicted at a $42 billion five-year note auction. The Treasury is scheduled to sell $32
billion of seven-year debt today, the last of three note auctions this week totaling $118 billion. The yield on the
benchmark 10-year note fell three basis points to 3.83 percent as of 6:38 a.m. in London, according to BGCantor
Market Data. The 3.625 percent security due February 2020 rose 7/32, or $2.19 per $1,000 face amount, to 98
11/32. The jobless rate held at 9.7 percent in March, near the 26-year high of 10.1 percent set in October,
according to a Bloomberg News survey of economists before the Labor Department reports the figure on April 2.
dil_^i=cfdrobp ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equities Commodities
Index Current Change % Change % YTD Index Current Net Change 1d Change % YTD
MSCI World 1'190 -0.88% 1.87% GSCI ER 425.98 -4.90 -3.39%
SPX 1'168 -0.55% 4.72% GSCI Agriculture ER 51.06 0.32 -14.68%
INDU 10'836 -0.48% 3.91% GSCI Livestock ER 209.56 -0.45 5.22%
NDX 1'952 -0.58% 4.92% GSCI Precious Metal ER 159.73 -2.36 -0.88%
SX5E 2'904 -0.23% -2.06% GSCI Industrial Metal ER 247.44 -3.40 -1.60%
DAX 6'039 0.36% 1.37% GSCI Energy ER 269.16 -4.02 -1.93%
SMI 6'880 0.04% 5.10% AIG ER 130.59 -1.20 -6.18%
UKX 5'678 0.07% 4.90% WTI 80.40 -0.21 -0.88%
CAC 3'950 -0.07% 0.34% Brent 79.62 -1.08 -0.52%
NKY 10'829 0.13% 2.68% Natural Gas 4.09 -0.01 -25.65%
HSI 20'751 -1.23% -5.13% Gold 1'089.10 0.30 -0.77%
IBOV 68'913 -0.68% 0.47% Silver 16.66 0.02 -1.22%
KOSPI 1'688 0.44% 0.33% Aluminium 2'189.00 -35.75 -0.36%
SENSEX BSE 30 17'418 -0.19% -0.27% Copper 7'310.50 -94.00 0.00%
RTSI 1'515 0.02% 4.87% Zinc 2'190.50 -29.75 -14.65%
Tin 17'472.00 -76.00 2.99%
Volatility Nickel 22'232.00 -243.00 19.89%
Current Net Change WTD Net Change 1m Lead 2'007.00 -78.25 -17.64%
VIX 17.55 0.58 -2.55 Corn 364.25 -0.75 -14.14%
VSTOXX 20.61 0.11 -5.17 Wheat 476.00 0.00 -14.23%
VDAX 18.24 -0.34 -4.98 Soybean 960.50 0.50 -8.85%
VSMI 14.97 0.52 -2.24 Sugar 17.67 1.10 -29.96%
Cocoa 2'833.00 -62.00 -14.41%
Currencies Coffee 134.30 -0.45 -2.40%
Current Change % 1d Change % YTD Cotton 81.50 0.09 6.41%
USD/CHF 1.0711 0.17% 3.35% Live Cattle 92.85 -0.03 5.84%
USD/JPY 91.9100 0.42% -1.21% Feed Cattle 109.85 0.32 11.24%
CHF/JPY 85.8100 0.27% -4.72% Lean Hogs 81.00 0.28 4.82%
EUR/USD 1.3320 -0.04% -7.52%
EUR/CHF 1.4267 0.13% -3.99% Credit
GBP/CHF 1.5948 0.01% -4.96% iTraxx Europe IG 5yr 66.18
USD/BRL 1.8012 -1.39% 3.15% iTraxx Europe Crossover 5yr 434.34

Libor Rates Swap Rates

USD EUR CHF GBP JPY USD EUR CHF GBP JPY
1M 0.25 0.37 0.09 0.55 0.15 1Y 0.57 1.09 0.48 1.05 0.45
3M 0.28 0.58 0.25 0.65 0.24 2Y 1.19 1.48 0.84 1.61 0.46
6M 0.44 0.90 0.34 0.87 0.45 5Y 2.67 2.42 1.60 2.91 0.73
12M 0.89 1.19 0.64 1.32 0.68 10Y 3.74 3.30 2.35 3.83 1.41

ECONOMIC INDICATORS OF THE WEEK

US: Date Event Survey Actual Prior

23.03.2010 Existing Home Sales 5.00 5.02M 5.05M
24.03.2010 MBA Mortgage Application - -4.2% -1.9%
24.03.2010 Durable Goods Orders 0.5% 0.5% 2.6%
24.03.2010 Durables ex Transportation 0.6% 0.9% -1.0%
25.03.2010 Initial Jobless Claims 450k 457k

EU: Date Event Survey Actual Prior

22.03.2010 Euro-Zone Consumer Confidence -17 -17 -17
24.03.2010 PMI Services 52.1 53.7 51.8
24.03.2010 Industrial New Orders SA (YoY) 13.9% 7.0% 9.4%

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.