Professional Documents
Culture Documents
* ) $)( $)
• * %+) & , - # "
!" # $ • # ! ! .$!/ & ! ,&& +
% !& '
"$ (
• # &0 , # ! 1
!,
• - 2/ & ! ,!
)*
+, • * 1& ! * % &3 !1 ,&*
- ) .
- • , 4 35 , " 4
/ -0 -0
• " !0 4 / 1 3 ,&67' )
/ -
1 • #8 ! " ! "
• %) 9 :
; ,1
!, 4
! , /
• ) # ! 2
!" ! # • % 1& 3 !4 !9
1 ( (
2- ( ( • & 9 7 ! 1
!,
( (
•
• & < &/ 3 ;' 4! & !
!" ! #
-313, ( (
3 ( (
1 3 ( (
00 ( (
0 -1 -0 ( (
#$ %&'
!" #
0 -
0 -
- 11
0 -
0 -
#( %&'
!" #
4) 1# "% < = " > % = : : : >7 % ? < ?# > : @ >= = >A;
&0 %B % = ?> ?#:7# @ A# # :>= C % ? B 1 :AA :>A #
-5 @ % : # D > ?% ? %< 7 > ":7> "@ B " 2 %>= #:>% ?#:7# %: =
1 2 B% B # 9 :@: : ; B % = @ =:9 :> ? = 7 > ": / >7 ( "
1 6& 6 " % "%; @ :>: :% = @; A D >" > ? =?:= %:> # 7D ;
" " > " 7# % " E %> : %:D % :>A #% ?: # 9 9 D:= "
" =: " " 99 1#: ? < ? C9 7 # " : %>7 %
(?#: # 99 : % F
)* #
%7#89" 7 : : 7 " ";
MORNING NOTE
MARKET COMMENTARY
2
MORNING NOTE
* %+) & 1# ? 7 "9%>: #%D :>< = % " " %>= " B >= %>=:>A(9%D:>A # ?%;
, - B @ # K:> ; 9%> # 9 = 7: > B < ?%A > " = :> %%; :% )&
# " / 3 #= "%; % "@ < ?%A > 7
% % : 9%> :> , <%>(,%#%>A(%B
@ #9% : :A> =%" " %>= " B >= %>=:>A! 32$ % :=%; 1# A 9
% 9%> >A%A # B 9% :7:9%: > B : 7 "9 > > "%> B %7 :>A
7 "9%>: :> % " D 99 < ?%A >L 7%: %: > 9 A %"" (:> :> ?: #
# -%: >% " :D , :7; !
% 1& K
%;%& %: #=(?#:7#?% 7> ; : =(9 =% ? > 9 B : B& "
3 !4 !9 B # E% >= = * > (7 "9% = ?: # # 9 D: 7 9 >=:>A E %
B& " = #:A# 9 %:>A C9 >=: %>= :>7 >7 B B @: #" >
7 B : D> & D > ( # ? D ( ?% #:A# % & "
7 "9% = ?: # & " 9 D: ; "%:>; @ 7% B :"9 D = % B
" 7;7 %>= 7 :7% 9 = 7 % ? % # :"9 D = %D %A =%; % 9
B # 7 "9%>;' D> ! $