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Oct 27 Oct 28 Oct 29 Oct 30 Oct 31

Portugal 6M 0,221% 0,238% 0,206% 0,262% 0,233%


Portugal 5Y 2,015% 1,986% 1,951% 1,962% 1,841%
Portugal 10Y 3,394% 3,361% 3,330% 3,330% 3,221%
Spain 10Y 2,140% 2,137% 2,145% 2,162% 2,105%
France 10Y 1,283% 1,276% 1,275% 1,227% 1,191%
Italy 10Y 2,548% 2,529% 2,504% 2,467% 2,378%
Germany 10Y 0,868% 0,876% 0,896% 0,846% 0,841%
UK 10Y 2,205% 2,230% 2,254% 2,224% 2,250%






























Oct 27 Oct 28 Oct 29 Oct 30 Oct 31 Wkly Chg
EUR/USD 1,2698 1,2734 1,2632 1,2613 1,2525 -1,15%
EUR/CHF 1,2057 1,2063 1,2063 1,2059 1,2061 -0,01%
EUR/GBP 0,7877 0,7894 0,7890 0,7883 0,7830 -0,56%
EUR/JPY 136,91 137,73 137,56 137,75 140,68 2,66%
EUR/YUAN 7,7671 7,7849 7,7199 7,7123 7,6558 -1,22%
AUD/JPY 94,89 95,78 95,80 96,47 98,82 3,88%
Oct 27 Oct 28 Oct 29 Oct 30 Oct 31
Euribor 1M 0,012% 0,012% 0,010% 0,010% 0,010%
Euribor 3M 0,088% 0,088% 0,088% 0,086% 0,086%
Euribor 6M 0,189% 0,189% 0,188% 0,188% 0,189%
Euribor 12M 0,340% 0,340% 0,340% 0,340% 0,340%
Eonia 0,013% 0,010% 0,006% 0,002% 0,082%
REFERENCE RATES
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I NDEXES PERFORMANCE

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MARKET RESEARCH
Oct 27 Oct 28 Oct 29 Oct 30 Oct 31 Wkly Chg
PSI 20 5 128,20 5 240,51 5 197,31 5 120,82 5 222,13 0,96%
STOXX 50 2 998,84 3 036,15 3 022,42 3 035,90 3 113,32 2,74%
FTSE 100 6 363,46 6 402,17 6 453,87 6 463,55 6 546,47 2,47%
DAX 8 902,61 9 068,19 9 082,81 9 114,84 9 326,87 3,77%
CAC 40 4 096,74 4 112,67 4 110,64 4 141,24 4 233,09 2,76%
NIKKEI 225 15 388,72 15 329,91 15 553,91 15 658,20 16 413,76 7,34%
HANG SENG 23 143,23 23 520,36 23 819,87 23 702,04 23 998,06 2,99%
Oct 27
th
Oct 31
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CURRENCI ES







BOND YI ELDS
-10
-5
0
5
10
15
PSI-20 closed the week increasing 2%
The Portuguese Index closed this week with gains led by
PT which rose more than 9%. The weekly highlights go
to Mota-Engil which won a touristic project in Mexico
worth $1.5 billion and Credit Suisse which assigned a
growth potential of 38% to the Portuguese company.
Additionally, companies like Inapa, Galp and Impresa
reported a positive results until September. Contrarily,
Altri and Jernimo Martins reported a decline on their
profits. According to World Banks Doing Business",
Portugal currently has a more favorable environment for
business and may even go beyond Spain. This week INE
also reported that retail sales increased 2% in September
and estimated that almost 54000 citizens emigrated while
the number of births decreased in 2013.

European economic sentiment increased
In this week European stocks recorded gains every day,
especially on Friday which recorded its biggest weekly
gain so far after the Bank of Japan surprised global
financial markets by ramping up its massive stimulus
spending. On the economic front, data from the
European Commission showed that euro zone economic
sentiment unexpectedly rose in October due to all
business sectors becoming more optimistic. Inflation also
rose 0.4%, giving some hope that the specter of deflation
can be staved off. Moreover, ECBs bank lending survey
reported that credit conditions eased in the third quarter
of 2014 and demand for loans among companies is rising.
In addition, German exports to Russia tumbled by more
than a quarter in August, underlining the impact of
sanctions on Russia. Finally this week Ukraine, Russia and
EU signed a deal on the resumption of Russian natural
gas supplies to Ukraine for winter after several months of
delay.

Nikkei jumps to 7-year high
Asian shares kept increasing this week with Nikkei
reporting gains of 7.34%, while Hang Seng increased
2.99%. In the business front, ICICI Bank Ltd., Indias
largest private-sector lender by assets, posted a 15
percent increase in quarterly profit as interest margins
widened and loans to individuals grew, while Chinas plan
to merge its two biggest trainmakers may allow the
country to win more overseas orders with improved and
cheaper offerings. Additionally, Japanese retail sales (YoY)
increased 2.3%, when analysts expected and increased of
only 0.6%. Also, Japanese industrial production (MoM)
increased 2.7%. Concluding, Chinese manufacturing PMI
decreased to 50.8, from a previous value of 51.1.

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Japanese Retail Sales (YoY)
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-1.00
0.00
1.00
2.00
3.00





























Oct 27 Oct 28 Oct 29 Oct 30 Oct 31 Wkly Chg
S&P 500 1 961,63 1 985,05 1 982,30 1 994,65 2 018,05 2,72%
DJIA 16 817,94 17 005,75 16 974,31 17 195,42 17 390,52 3,48%
NQ 100 4 046,02 4 106,63 4 090,55 4 100,64 4 158,21 2,87%
S&P Lac 40 3 397,12 3 507,76 3 478,97 3 585,18 3 620,92 3,78%
Oct 27 Oct 28 Oct 29 Oct 30 Oct 31 Wkly Chg
USD/JPY 107,81 108,16 108,89 108,21 112,33 3,86%
USD/YUAN 6,1165 6,1132 6,1112 6,1145 6,1127 -0,07%
USD/AUD 1,1361 1,1293 1,1367 1,1320 1,1366 -0,04%
USD/GBP 0,6203 0,6200 0,6246 0,6250 0,6251 0,58%
USD/CHF 0,9495 0,9473 0,9549 0,9560 0,9630 1,16%
USD/CAD 1,1247 1,1165 1,1180 1,1187 1,1266 0,30%
Brent Oil
7,34%
4,73%
London Wheat 1,13% -0,31%
U.S. Soybeans WTI Oil 6,62% -0,58%
Corn
Gold -4,89%
-6,26%
Natural Gas
Silver
Oct 27 Oct 28 Oct 29 Oct 30 Oct 31
US 3M 0,010% 0,020% 0,020% 0,010% 0,008%
US 1Y 0,099% 0,099% 0,109% 0,104% 0,099%
US 10 Y 2,259% 2,300% 2,321% 2,308% 2,335%
US 30 Y 3,370% 3,073% 3,053% 3,048% 3,066%
Joo Fernandes

US TREASURY YI ELDS
US stock index rise to a record high
S&Ps 500 Index rose to a record high, 1.2% to
2,018.05, after an unanticipated boost in stimulus from
the Bank of Japan sparked optimism in the global
market. Equities increased as the US economy
expands faster than anticipated the previous quarter.
The US economy seems to be strong enough to
handle the Federal Reserve bond buying. Energy
companies earnings spiked, with Exxon and Chevron
both rising to 2.4%. LinkedIn Corp. rose 13% to
$228.96 with revenues beating the expected average,
and also profits and costs surpassing predictions.
Starbucks dropped 2.3% to $75.56, after its fiscal
fourth-quarter revenue missed analyst expectations.
All ten of the main industries in the S&P 500 grew.
Raw-materials shares increased to 1.9%, and
technology had the second biggest gains after energy
companies with a 1.8% increase.

Brazil faces possible credit downgrade
Brazil wont meet its fiscal goal this year as the budget
deficit unexpectedly widened to surpass Bloomberg
analysts expectations in September. Moreover, swap
rates increased and Brazil now faces a possible credit
downgrade. After Brazils GDP dropped 0.6% in the
second quarter, the biggest quarterly reduction since
2009, the country entered a recession. Brazils GDP
will grow to 0.3% in 2014, its worst performance in
five years and just a bit short of the Latin American
and global average.

Energies had a downhill week
Oil futures were unstable this week closing on Friday
at 4-year lows. The market was turbulent, with news
on Thursday stating that Saudi Arabia trimmed output
in September to support the market reversing its
trend. By Friday investors had already dismissed them
based on contrary clarifications and Ebola concerns.
Natural Gas followed an erratic pattern with a
downward trend based on mild weather forecasts in
the U.S. curbing the demand for heating and air
conditioning. Gold recovered some ground on Friday
after soft U.S. home sales softened the dollar but still
felt the effects of a solid U.S. jobless claim on
Thursday. Corn remains on a downhill trend although
it has recovered some ground in the last few weeks
having traded at a 7-week high on Friday.
FEP Finance Club; tradingeconomics.com
COMMODI TI ES

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SPOTLI GHT

CURRENCI ES


I NDEXES PERFORMANCE
Brazil GDP Growth Rate (%)
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Financial Markets | fm@fepfinanceclub.org |www.facebook.com/FEPFinanceClub
Jorge Rodrigues

FEP Finance Club; Investing.com
Ana Costa
FEP Finance Club; Google Finance
Siury Mercedes Pedro Rocha