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DAILY MARKET UPDATE FRIDAY, APRIL 09, 2010

EQUITIES _______________________________________________________________________________

Switzerland Europe

Holcim Ltd. (HOLN VX) BHP Billiton Plc (BLT LN)

• Holcim, one of the world’s leading suppliers of
cement and aggregates, was downgraded to
“market weight” from “overweight” at Zuercher
Kantonalbank, which cited “limited outper-
formance potential” in a report to clients.
Meyer Burger Technology AG (MBTN SW)
• The company said it won a contract for wire
saws for approximately CHF 30mln from Shanghai
Comtec Solar Technology Co. Ltd. Delivery is
scheduled to start in April with completion by the
end of 2010.
Givaudan SA (GIVN VX)
• The company posted strong Q1 2010 figures.
Group revenues grew by 9.2% to CHF 1.066bln.
• The world’s biggest mining company is likely to
make a development decision to proceed with
the $5.2bln Sangaredi alumina project in Guinea,
West Africa, by the end of the year, the Sydney
Morning Herald reported, citing venture partner
Global Alumina Corp. of Canada.
Xstrata Plc (XTA LN)
• The world’s fourth-largest copper producer has
approached Macarthur Coal Ltd. shareholders
Posco and ArcelorMittal about a potential rival
bid, the Australian Financial Review reported,
without saying where it got the information.
Telecom Italia Media SpA (TME IM)
• The unit of Telecom Italia SpA expects its share
sale of as much as € 240mln “to go ahead”
during the first half of this year, according to a
statement distributed by the Italian exchange.

USA

Future Current Chg Pct 1d Trend

DJIA . Jun ’10 10881 -0.03%

S&P 500 Jun ’10 1183.6 -0.01%

Nasdaq 100 Jun ‘10 1979.25 -0.04%

U.S. Market News

Shaw Communications Inc. is expected to report fiscal second-quarter earnings of 32 cents a share, according to
analysts surveyed by Reuters. Constellation Brands Inc. is forecast to post earnings of 24 cents a share in the fourth
quarter, according to analysts surveyed by FactSet Research (Reuters). Chevron Corp. said its Q1 earnings are
likely to be better than Q4 results. The energy giant did not discuss specific numbers but analysts are projecting
Chevron to hand in earnings of $1.66 a share. It also forecast upstream earnings to rise on the back of higher
commodity prices while downstream results are expected to swing to positive on improved refining margins.
Advanced Micro Devices will recognize a one-time, non-cash gain of $325 million related to its deconsolidation of
GlobalFoundries Inc. for the quarter ended March 27, according to a regulatory filing with the Securities and
Exchange Commission. Ambac Financial Group said Q4 net income was $558.1 million, or $1.93 a share. That
compares to a net loss of $2.34 billion, or $8.14 a share, in the same period a year earlier. Valero Energy Corp. said
it will sell its terminal operation and discontinued operations in Delaware City to the Delaware City Refining Co.
and Delaware Pipeline Co. for $220 million. Valero will continue to supply customers in the area even after the
deal closes some time in the second quarter, the refiner said.
COMMODITIES ___________________________________________________________________________
Oil
Crude oil is poised for a second weekly gain as concern over a Greek default subsided and stronger-than-
estimated retail sales in the U.S., the world’s biggest energy user, bolstered optimism of an economic recovery.
Oil rose for the first time in three days as March sales at 31 chain stores gained 9%, the largest one-month
increase since March 1999, the New York-based International Council of Shopping Centers said yesterday. U.S.
oil refineries raised operating rates to 84.5% of capacity last week, the highest in six months, the Energy
Department reported on April 7. Crude oil for May delivery rose as much as 44 cents, or 0.5%, to $85.83 a barrel
in electronic trading on the New York Mercantile Exchange. It was at $85.73 at 12:05 p.m. Singapore time. The
contract is poised for a 1% gain this week, after climbing 6.1% last week. Futures have increased 8% this year. Oil
declined yesterday amid speculation Greece may default. The euro came within a cent of its weakest against
the dollar in 11 months before erasing losses after Greece’s finance ministry said the country’s Q1 budget deficit
narrowed.

Gold
Gold traded near a three-month high and is headed for its best weekly gain in three months after investors
sought a hedge against declining currencies. Bullion for immediate delivery traded little changed at $1,150 an
ounce at 11 a.m. in Singapore. Gold advanced to $1,153.88 yesterday, the highest since Jan. 12, and also
reached a record 864.56 euros in the 16-nation currency. Gold has gained almost 7% the past two months as
debt worries in Greece depressed the euro and mixed economic data in the U.S. slowed the dollar’s rally.
Holdings in the SPDR Gold Trust, the biggest exchange-traded fund backed by the metal, jumped to a record
1,140.43 metric tons yesterday, according to the company’s Web site. Gold has gained 2.8 percent this week
and is heading for is best gain since the week ended Jan. 8. It reached a record $1,226.56 an ounce on Dec. 3.

Soft Commodities
Corn, unchanged in Asia trading, is poised for its first weekly increase in three on speculation that a price drop to
a six-month low was exaggerated. Futures for May delivery in Chicago have climbed 1.1% this week, trimming
the previous two weeks’ 8% drop. The price for May touched $3.435 a bushel on April 1, the lowest level in more
than six months, after the U.S. Department of Agriculture said a record 2009 harvest left corn inventories up 11%
from a year earlier and the largest for March since 1987. Corn for May delivery was unchanged at $3.4825 a
bushel on the Chicago Board of Trade at 11:20 a.m. Tokyo time after losing 2.3% yesterday on speculation that
warm, dry weather in the central U.S. will allow farmers to quickly plant the country’s biggest crop. Soybeans for
May delivery were up 0.1% at $9.4775 a bushel after declining 0.6% yesterday on prospects for increasing global
supplies. Later today, the USDA may say U.S. stockpiles as of Sept. 1, before this year’s harvest, will rise to 208.3
million bushels, according to the average estimate of 23 analysts surveyed by Bloomberg News. The
government estimate in March was 190 million. A year earlier, supplies were 138 million. Wheat for July delivery
was up 0.3% at $4.84 a bushel after losing 1.3% yesterday. Global stockpiles of wheat were forecast to jump 19%
to 196.8 million tons this year from a year earlier as output exceeds demand for a second year, the USDA said
March 10.

FX ____________________________________________________________________________________
The yen fell for a second day against the euro as signs the global economy is improving and speculation
Greece will avoid a default damped demand for the safety of Japan’s currency. The yen weakened against all
16 of its major counterparts before reports today that economists said will show German exports rebounded in
February and U.K. producer prices rose the most since December 2008. South Korea’s won rose toward its
highest in 18 months on optimism investor demand for emerging market assets is strengthening. The yen
dropped to 124.97 per euro as of 1:13 p.m. in Tokyo from 124.75 in New York yesterday, paring this week’s gain to
2.2%. Japan’s currency fell 0.2% to 93.53 per dollar. It has risen 1.1% against the greenback since April 2. The euro
was at $1.3358 from $1.3361. German exports rose 4% in February after dropping a revised 6.4% the previous
month, according to a Bloomberg News survey. The cost of goods at U.K. factory gates increased an annual
4.4% in March, from 4.1% the prior month, a separate Bloomberg survey showed.

FIXED INCOME ___________________________________________________________________________

Treasuries headed for their biggest weekly gain since February as concern Greece will default on 304.2 billion
euros ($407 billion) of debt encouraged investors to buy safer assets. Ten-year yields were near the lowest level in
a week as credit-default swaps for Greek debt yesterday climbed to a record. Two-year Treasuries also headed
for a weekly gain on speculation the Federal Reserve will keep interest rates near zero after Chairman Ben S.
Bernanke said joblessness, foreclosures and weak lending were dragging on the recovery. The 10-year note
yielded 3.89% as of 12:27 p.m. in Tokyo, according to BGCantor Market Data. The 3.625% security rose 1/32, or 31
cents per $1,000 face amount, to 97 27/32. The yield is down five basis points this week. Two-year securities
yielded 1.07%, having fallen four basis points since April 2. Greek bonds slumped this week on renewed concern
about the country’s ability to cut the European Union’s largest budget deficit. Credit-default swaps linked to
Greek bonds climbed 53 basis points to a record 468.5 yesterday, according to CMA DataVision prices.
GLOBAL FIGURES ___________________________________________________________________________________________
Equities Commodities
Index Current Change % Change % YTD Index Current Net Change 1d Change % YTD
MSCI World 1'211 -0.17% 3.66% GSCI ER 444.84 -3.54 0.88%
SPX 1'186 0.34% 6.40% GSCI Agriculture ER 49.33 -0.81 -17.57%
INDU 10'927 0.27% 4.79% GSCI Livestock ER 215.85 -0.45 8.38%
NDX 1'981 0.17% 6.47% GSCI Precious Metal ER 169.51 -0.09 5.18%
SX5E 2'942 -1.09% -0.76% GSCI Industrial Metal ER 265.88 -0.84 5.74%
DAX 6'172 -0.81% 3.60% GSCI Energy ER 283.95 -2.24 3.46%
SMI 6'791 -0.77% 3.74% AIG ER 133.95 -1.14 -3.76%
UKX 5'713 -0.86% 5.54% WTI 85.77 0.38 5.75%
CAC 3'978 -1.20% 1.07% Brent 84.81 -0.78 5.96%
NKY 11'201 0.30% 6.21% Natural Gas 3.92 0.02 -29.23%
HSI 22'160 1.34% 1.32% Gold 1'152.90 0.00 4.92%
IBOV 71'785 1.40% 4.66% Silver 18.11 -0.02 7.38%
KOSPI 1'721 -0.74% 2.27% Aluminium 2'327.75 6.50 5.95%
SENSEX BSE 30 17'852 0.78% 2.22% Copper 7'795.50 -112.50 0.00%
RTSI 1'608 0.43% 11.29% Zinc 2'351.25 -21.00 -8.39%
Tin 18'538.00 23.00 9.28%
Volatility Nickel 24'673.00 -11.00 33.06%
Current Net Change WTD Net Change 1m Lead 2'265.50 -1.25 -7.04%
VIX 16.48 -0.99 -1.44 Corn 359.50 0.00 -16.97%
VSTOXX 22.50 2.50 0.59 Wheat 483.50 1.00 -14.58%
VDAX 19.53 1.68 0.53 Soybean 947.50 1.00 -10.08%
VSMI 14.95 1.08 0.04 Sugar 15.92 -0.24 -36.90%
Cocoa 2'889.00 7.00 -12.64%
Currencies Coffee 134.70 -2.85 -2.11%
Current Change % 1d Change % YTD Cotton 79.14 0.54 3.33%
USD/CHF 1.0736 -0.06% 3.58% Live Cattle 94.78 0.45 8.04%
USD/JPY 93.5600 -0.19% 0.58% Feed Cattle 114.45 0.40 15.90%
CHF/JPY 87.1500 -0.14% -3.11% Lean Hogs 85.23 0.50 10.29%
EUR/USD 1.3350 0.08% -7.27%
EUR/CHF 1.4332 0.03% -3.52% Credit
GBP/CHF 1.6396 -0.01% -2.09% iTraxx Europe IG 5yr 65.04
USD/BRL 1.7809 0.02% 2.04% iTraxx Europe Crossover 5yr 405.23

Libor Rates Swap Rates

USD EUR CHF GBP JPY USD EUR CHF GBP JPY
1M 0.25 0.37 0.08 0.55 0.16 1Y 0.56 1.11 0.50 1.05 0.44
3M 0.29 0.58 0.25 0.65 0.24 2Y 1.21 1.46 0.83 1.58 0.47
6M 0.45 0.89 0.34 0.88 0.45 5Y 2.79 2.42 1.61 2.90 0.75
12M 0.93 1.19 0.64 1.32 0.68 10Y 3.87 3.29 2.33 3.84 1.44

ECONOMIC INDICATORS OF THE WEEK

US: Date Event Survey Actual Prior

07.04.2010 Consumer Credit (February) $ -0.2bn $ -11.5bn $ 5.0bn
08.04.2010 Initial Jobless Claims 435k 460k 439k

EU: Date Event Survey Actual Prior

06.04.2010 Sentix Investor Confidence (April) -5.2 2.5 -7.5
07.04.2010 Euro-Zone PPI (YoY) -0.4% -0.5% -1.0%
08.04.2010 Euro-Zone Retail Sales (YoY) -0.4% -1.1% -1.3%

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