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DAILY MARKET UPDATE TUESDAY, MARCH 09, 2010

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Switzerland Europe

Charles Voegele Holding AG (VCH SW) Vinci SA (DG FP)

• The clothes retailer reports full-year earnings. The • The world’s largest construction company won a
company said it made a full-year net loss of CHF EUR 51Mn water contract in Jamaica.
14Mn.

Verwaltungs- und Privat-Bank AG (VPB SW)
• The Liechtenstein-based bank reports full-year
results. The company reported full-year net
income of CHF 59.8Mn after having a loss of CHF
80.3 Mn a year earlier.
Cie. du Bois Sauvage SA (COMB BB)
• Bois Sauvage reported full-year comprehensive
profit of EUR 41.4Mn. Net asset value increased to
EUR 282 a share on March 5.

VZ Holding AG (VZN SW)
• The Swiss financial adviser that specializes in
retirement and inheritance planning reports full-
year results. VZ Group’s operating revenues grew
6.1% to reach CHF 110.1Mn. Net profit rose by
9.5% to CHF 37.6Mn.
European Aeronautic, Defence & Space Co. (EAD FP)
• The aerospace company said it will report a loss
for 2009 because of charges linked to the A400M
military transport plane program.

USA

Future Current Chg Pct 1d Trend

DJIA . Mar ’10 10527 -0.10%

S&P 500 Mar ’10 1135.4 -0.15%

Nasdaq 100 Mar ‘10 1886.5 -0.09%

U.S. Market News

Comerica Inc., the Dallas-based bank said it started a public offering of about $ 800Mn of its common stock.
Comerica also said it intends to notify the U.S. Treasury Department of its intention to redeem all 2.25Mn shares of
its Series F, Fixed Rate Cumulative Perpetual Preferred Stock, as issued to the Treasury under its Capital Purchase
Program. H&R Block Inc., the U.S. tax preparer said same-office tax returns prepared in retail operations slid 6.8%
for the fiscal 2010 tax season through Feb. 28, compared with the same period a year earlier. Casey’s General
Stores Inc, the owner of convenience stores in the Midwest reported third-quarter profit excluding some items of
34 cts a share, missing the average analyst estimate in a Bloomberg survey by 18%. Texas Instruments Inc., the
second-largest U.S. chipmaker said profit and sales will be at the high end of its forecasts, fueled by increasing
demand for phone systems and industrial machinery. UAL Corp., the parent of United Airlines said February
revenue for each passenger flown a mile increased by 17% to 19%. Weather-related cancelations affecting the
U.S. East Coast reduced revenue by about $ 40Mn.
(Bloomberg)
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Oil
Oil declined for the first day in three as analysts forecast an increase in U.S. crude supplies, signaling fuel
demand from the world’s biggest energy consumer may be slow to recover. Oil dropped from an eight-week
high as the dollar recovered yesterday’s losses against the euro, limiting investment demand for commodities as
a hedge against inflation. U.S. crude inventories rose 2Mn barrels last week. Gasoline stockpiles increased
150,000 barrels from 231.9Mn the previous week. Crude oil for April delivery dropped as much as 45 cts, or 0.6%,
to $81.42 a barrel. It was at $81.45. Yesterday, the contract rose 37 cts to $81.87, the highest settlement since
Jan. 11. Futures have gained 2.6% this year. The dollar was at $1.3617 per euro, from $1.3634 yesterday in New
York. The greenback has gained almost 5% this year against the 16-nation euro amid concern over government
debt in Europe.

Gold
Gold, trading little changed in Asia, may drop for a second day as the dollar halted its decline and China said
bullion is not likely to be the country’s main reserve investment. Gold for immediate delivery traded at $1,122.18
an ounce, after falling as much as 0.3% earlier. The precious metal is “unlikely” to be China’s primary investment
to diversify its reserve holdings because of price risks, Yi Gang, head of the State Administration of Foreign
Exchange, said today. China increased its reserves by 454 tons to 1,054 tons since 2003, and has the world’s fifth-
biggest holding by country, the administration said in April last year. Holdings in the SPDR Gold Trust, the biggest
exchange-traded fund backed by the metal, were unchanged yesterday at 1,116.12 metric tons. Among other
precious metals for immediate delivery, silver fell 0.4% to $17.1850 an ounce, platinum slid 0.4% to $1,590.85 an
ounce, and palladium dropped 1.9% to $464 an ounce.

Soft Commodities
Corn dropped for a fourth day as rain over the past two months boosted yield prospects for crops in Brazil and
Argentina, and investors waited for the release of a U.S. government report on supply estimates. Corn for May
delivery fell as much as 0.4% to $3.735 a bushel and the contract was at $3.737. Yesterday, the price touched
$3.7275, the lowest level since Feb. 22. Brazil and Argentina will harvest bigger corn crops this year than
previously estimated after rain boosted yields. Soybeans for May delivery lost as much as 0.4% to $9.4425 a
bushel before trading at $9.4525. Wheat for delivery in the same month, which can be used to replace corn in
animal feeds, fell 0.8% to $4.9125. Corn is the biggest U.S. crop, valued at $ 48.6Bn in 2009, government figures
show. Argentina and Brazil are the largest exporters after the U.S.

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The yen rose against the euro, snapping a two-day drop, on speculation Japanese companies are bringing
home overseas earnings before the nation’s fiscal year ends this month. Japan’s currency gained versus all 16 of
its major counterparts after China’s foreign-exchange regulator said speculative capital is flowing into the
country, fueling optimism the funds will also boost neighboring economies. The pound fell for a second day
against the dollar after a U.K. house price gauge was weaker than economists forecast, a sign the country’s
economic recovery may be running out of steam. The yen rose to 122.60 per euro from 123.13 yesterday when it
dropped to 123.90, the weakest level since Feb. 23. Japan’s currency gained to 90.03 per dollar from 90.31. The
euro traded at $1.3618 from $1.3634. Sterling slid 0.3% to $1.5021. Japan’s large manufacturers expect the yen to
average 91.16 per dollar in the six months to March 2010, according to the Bank of Japan’s quarterly Tankan
survey. A stronger yen erodes the profits of exporters. The Swiss franc was little changed against the dollar. The
franc traded at 1.0737 per dollar versus 1.0732 the previous trading day. It was little changed at 1.4624 per euro.
The U.K. pound fell 0.3% against the dollar. The pound traded at $1.5021, versus $1.5066 the previous trading day.
It weakened to 90.64 pence per euro, from 90.48.

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Treasury yields were near the highest level in two weeks as the U.S. prepared to sell a record-tying $ 40Bn of
three-year notes today, the first of three auctions this week totaling $74 billion. Benchmark 10-year notes have
handed investors a 3.8% loss in the past 12 months, based on Bank of America Corp. indexes, as U.S. shares
recovered from their 2009 lows. The Standard & Poor’s 500 Index climbed 68% from a year ago, when it fell to
levels not seen for 13 years, as a recovery in the U.S. economy spurred demand for higher-yielding assets. The 10-
year note yielded 3.71%. The rate climbed to 3.73% yesterday, the highest since Feb. 23. The 3.625% security due
February 2020 traded at 99 10/32. The three-year notes scheduled for sale today yielded 1.45% in pre-auction
trading, rising from 1.377% at the previous sale of the securities on Feb. 9. The bid-to-cover ratio was 2.83 times at
last month’s auction, versus an average of 2.89 for the past 10 sales.
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Equities Commodities
Index Current Change % Change % YTD Index Current Net Change 1d Change % YTD
MSCI World 1,175 0.36% 0.53% GSCI ER 436.16 0.67 -1.08%
SPX 1,139 -0.02% 2.10% GSCI Agriculture ER 53.42 -0.21 -10.74%
INDU 10,553 -0.13% 1.19% GSCI Livestock ER 208.61 1.28 4.74%
NDX 1,891 0.12% 1.64% GSCI Precious Metal ER 165.02 -1.58 2.40%
SX5E 2,879 0.06% -2.89% GSCI Industrial Metal ER 252.83 -0.90 0.55%
DAX 5,876 -0.02% -1.37% GSCI Energy ER 274.99 0.92 0.20%
SMI 6,851 0.05% 4.66% AIG ER 134.52 -0.16 -3.35%
UKX 5,607 0.12% 3.58% WTI 81.47 -0.40 1.04%
CAC 3,904 -0.18% -0.83% Brent 80.47 0.58 1.37%
NKY 10,568 -0.17% 0.20% Natural Gas 4.57 0.04 -17.06%
HSI 21,237 0.19% -2.91% Gold 1,122.70 -1.30 2.29%
IBOV 68,575 -0.39% -0.02% Silver 17.21 -0.06 2.04%
KOSPI 1,661 0.05% -1.30% Aluminium 2,200.25 0.50 0.15%
SENSEX BSE 30 17,096 -0.04% -2.11% Copper 7,541.50 75.00 0.00%
RTSI 1,508 2.57% 4.40% Zinc 2,344.50 19.00 -8.31%
Tin 17,229.00 -107.00 1.71%
Volatility Nickel 22,231.00 -97.00 20.06%
Current Net Change WTD Net Change 1m Lead 2,234.50 24.00 -8.01%
VIX 17.79 0.37 -8.21 Corn 373.75 -1.25 -11.90%
VSTOXX 22.10 1.23 -7.50 Wheat 491.50 -3.50 -11.44%
VDAX 19.56 0.65 -6.79 Soybean 946.50 -1.50 -10.18%
VSMI 15.02 0.43 -6.67 Sugar 21.57 -0.62 -14.51%
Cocoa 2,834.00 -31.00 -14.38%
Currencies Coffee 131.10 0.70 -4.72%
Current Change % 1d Change % YTD Cotton 81.92 -0.12 6.96%
USD/CHF 1.0738 -0.06% 3.59% Live Cattle 94.23 0.03 4.93%
USD/JPY 90.0100 0.33% -3.34% Feed Cattle 106.28 0.28 8.86%
CHF/JPY 83.8200 0.38% -7.21% Lean Hogs 72.73 -0.07 4.08%
EUR/USD 1.3617 0.12% -5.17%
EUR/CHF 1.4633 0.06% -1.46% Credit
GBP/CHF 1.6133 0.24% -3.76% iTraxx Europe IG 5yr 62.95
USD/BRL 1.7885 -0.58% 2.46% iTraxx Europe Crossover 5yr 435.47

Libor Rates Swap Rates

USD EUR CHF GBP JPY USD EUR CHF GBP JPY
1M 0.23 0.38 0.09 0.54 0.16 1Y 0.50 1.13 0.46 0.88 0.44
3M 0.25 0.60 0.25 0.65 0.25 2Y 1.11 1.52 0.77 1.66 0.45
6M 0.40 0.91 0.32 0.87 0.45 5Y 2.63 2.48 1.53 3.01 0.69
12M 0.87 1.20 0.62 1.31 0.68 10Y 3.75 3.36 2.32 3.94 1.39

ECONOMIC INDICATORS OF THE WEEK

US: Date Event Survey Actual Prior

09.03.2010 ABC Consumer Confidence -48 - -49
10.03.2010 MBA Mortgage Applications - - 14.6%
11.03.2010 Trade Balance -$41.0B - -$40.2B
12.03.2010 Retail Sales Ex Auto & Gas 0.3% - 0.6%

EU: Date Event Survey Actual Prior

08.03.2010 Unemployment Rate 4.4% 4.4% 4.5%
08.03.2010 CPI (MoM) - -0.1% 1.3%
12.03.2010 Euro-Zone Ind. Prod. Sa 0.7% - -1.7%

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