MARKET RESEARCH

Apr 21st Apr 25th

SPOTLIGHT
Japan Inflation Rate 2,00% 1,50% 1,00% 0,50% 0,00% -0,50% -1,00% -1,50%

Portugal places bonds at record low yields

Last week, PSI20 slid 0.30%. According to Banco de Portugal, Portuguese public debt amounted to EUR 213 600 million at the end of 2013, equivalent to 129% of GDP. This corresponds to an increase of 4.9 percentage points since the end of 2012, when the public debt topped EUR 204 900 million, or 124.1% of GDP. Debt agency IGCP placed on Wednesday's auction Govt. bonds at an average yield of 3.58%, the lowest on record in a Portuguese auction of that maturity and significantly lower than the secondary market yield of 3.68% registered just beforehand. The expense of the Portuguese State with the payment of social benefits decreased 1.6% to 5 180 million, according to budget execution until March.

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INDEXES PERFORMANCE
Apr 21
PSI 20 STOXX 50 FTSE 100 DAX CAC 40 NIKKEI 225 HANG SENG
7,410.05 3,155.81 6,625.25 9,409.71 4,431.81 14,549.45 22,760.24

Apr 22
7,444.02 3,161.69 6,625.25 9,455.52 4,450.85 14,586.29 22,718.69

Apr 23
7,551.57 3,197.39 6,681.76 9,602.12 4,480.17 14,480.41 22,855.26

Apr 24
7,480.97 3,188.38 6,674.74 9,597.07 4,478.27 14,563.25 22,527.38

Apr 25
7,388.15 3,179.34 6,703.00 9,474.79 4,464.93 14,369.72 22,524.56

Wkly Chg
-0.30% 0.75% 1.17% 0.69% 0.75% -1.01% -1.04%

Positive data lifts European Indexes

European stock markets advanced last week, with STOXX50 gaining 0.75%. Euro zone service sector activity rose more-than-expected in April, according to data from research group Markit that said Euro Zone Services PMI rose to 53.0 this month, from 52.2 in March. Data from European Commission revealed that consumer confidence within the euro zone fell less-than-expected last month. The Euro zone consumer confidence fell to an annual rate of -8.70, from -9.30 in the preceding month. Besides, according to the German research institute, Ifo, German business confidence improved in April, underlining optimism over the health of the euro zones largest economy. Ifo said its Business Climate Index rose to 111.2 this month, up from a reading of 110.7 in March.

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CURRENCIES
Apr 21
EUR/USD EUR/CHF EUR/GBP EUR/JPY EUR/YUAN AUD/JPY
1.379 1.221 0.821 141.620 8.592 95.870

Apr 22
1.381 1.222 0.821 141.710 8.613 96.180

Apr 23
1.382 1.221 0.823 141.620 8.620 95.190

Apr 24
1.383 1.220 0.823 141.500 8.645 94.820

Apr 25
1.383 1.220 0.823 141.360 8.651 94.730

Wkly Chg
0.17% -0.02% 0.02% -0.04% 0.43% -0.91%

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REFERENCE RATES
Apr 21 Euribor 1M Euribor 3M Euribor 6M Euribor 12M Eonia Apr 22 0.248% 0.329% 0.429% 0.603% 0.217% Apr 23 0.253% 0.332% 0.432% 0.606% 0.238% Apr 24 0.261% 0.337% 0.437% 0.611% 0.294% Apr 25 0.269% 0.344% 0.443% 0.619% 0.331%

Japans consumer price rise

Asian stocks dropped this week, with utilities and materials producers leading declines, after China manufacturing data signaled persisting weakness in the worlds second-largest economy. The Peoples Bank of China decided to cut the reserve requirement ratio, aiming to stimulate growth in some parts of the country. Japanese trade gap increased to a wider-thanexpected 1446.3 billion in March of 2014, as energy imports continued to rise. Moreover, Japans consumer prices rose 2.7% (YoY) in April, the biggest jump since 1992, pumped up by a sales-tax increase and a year of unprecedented stimulus from the BoJ. Australias core consumer prices gained less than economists forecast last quarter, allowing the central bank to extend a period of steady interest rates.

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BOND YIELDS
Apr 21 Portugal 6M Portugal 5Y Portugal 10Y Spain 10Y France 10Y Italy 10Y Germany 10Y UK 10Y 0.653% 2.490% 3.731% 3.101% 1.992% 3.124% 1.516% 2.696% Apr 22 0.656% 2.441% 3.705% 3.065% 2.010% 3.093% 1.536% 2.713% Apr 23 0.510% 2.441% 3.656% 3.050% 2.007% 3.089% 1.521% 2.677% Apr 24 0.641% 2.467% 3.660% 3.088% 2.013% 3.127% 1.532% 2.697% Apr 25 0.668% 2.507% 3.681% 3.059% 1.976% 3.107% 1.484% 2.647%

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SPOTLIGHT
U.S. Core Durable Goods Orders (MoM)

US stocks drop due to technology sector

U.S. stocks declined, as disappointing results from Amazon.com Inc. triggered a selloff in technology shares and tensions over Ukraine climbed. The S&P fell nearly 0.1%, meaning it has alternated between gains and losses for eight consecutive weeks. On the economic front, existing home sales slipped 0.2% to an annual rate of 4.59M units, while new home sales dropped 14.5% to a seasonally adjusted annual rate of 384,000 units. Besides, the Reuters/University of Michigan Consumer Sentiment Index hit 84.1 in April, better than estimated 83. Moreover, durable goods orders increased 2.6%, as demand rose across all categories, and core durable goods orders rose 2% in March, easily surpassing forecasts for a 0.6% gain. Finally, the Labor Department said the number of people who filed for unemployment assistance in the U.S. last week rose by 24,000 to 329,000.

3,0% 2,0% 1,0% 0,0% -1,0% -2,0%

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INDEXES PERFORMANCE
Apr 21
S&P 500 DJIA NQ 100 S&P Lac 40
1,871.89 16,449.25 3,559.95 3,727.56

Apr 22
1,879.55 16,514.37 3,588.80 3,712.28

Apr 23
1,875.39 16,501.65 3,557.04 3,711.01

Apr 24
1,878.61 16,501.65 3,591.03 3,735.96

Apr 25
1,863.40 16,361.46 3,533.10 3,689.70

Wkly Chg
-0.08% -0.29% -0.04% -1.25%

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CURRENCIES
Apr 21
USD/JPY USD/YUAN AUD/USD GBP/USD USD/CHF USD/CAD
102.690 6.219 0.934 1.679 0.885 1.102

Mixed data released in Argentina

Apr 25
102.190 6.254 0.927 1.680 0.882 1.104

Apr 22
102.630 6.238 0.937 1.682 0.885 1.103

Apr 23
102.500 6.238 0.929 1.678 0.883 1.103

Apr 24
102.310 6.249 0.927 1.681 0.882 1.102

Wkly Chg
-0.22% 0.30% -0.70% -0.01% -0.22% 0.15%

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COMMODITIES
-3.76% -1.63% -0.15% 2.20%
Crude Oil WTI Natural Gas Crude Oil Brent Corn

0.64% 0.38% 2.43% 2.94%

Gold Silver Copper Sugar

The Bank of Mexico kept interest rates at 3.5% as expected, saying risks to economic growth persist despite a slight improvement in demand, while inflation remains under control. Argentina's economy expanded 1.3% in February compared with the same month a year ago, a result that outpaced market expectations. Moreover, Argentina's industrial production contracted 6% in March from the same month last year, marking the sixth consecutive monthly loss in factory output due in part to weakness in the automaking sector. Finally, Argentina's trade surplus contracted dramatically, indicating the country could be effectively heading for a recession.

Oil slid over recordhigh supply levels

Oil futures ended the week close to a three-week low, amid concerns over record-high U.S. crude supply levels. On the metals front, gold futures ended the week at a more than one-week high, as demand for safe haven assets strengthened amid intensifying tensions between Russia and Ukraine. Besides, copper prices rallied 2.43%, amid speculation demand in top consumer China will strengthen in the near-term. Finally, sugar rose amid forecasts over less than expected rainfall this monsoon.

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US TREASUR Y YIELDS
US US US US 3M 1Y 10 Y 30 Y Apr 21 0.030% 0.096% 2.719% 3.526% Apr 22 0.030% 0.093% 2.715% 3.498% Apr 23 0.020% 0.096% 2.700% 3.483% Apr 24 0.015% 0.093% 2.688% 3.456% Apr 25 0.015% 0.091% 2.666% 3.444%

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Ana Reis

Beatriz Fougo

David Novo

Jos Silva

Pratik Ashok

Pedro Santos

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