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DAILY MARKET UPDATE WEDNESDAY, MARCH 24, 2010

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Switzerland Europe

Lonza Group AG (LONN VX)
• The maker of active ingredients
pharmaceutical companies may announce 200
jobs cuts at its plant in Visp, Switzerland, next
week, Basler Zeitung reported, citing people
familiar with the matter. Lonza spokesman
Dominik Werner said the job cuts were
announced in January when the company said
it was restructuring.
European Aeronautics Defence & Space Co. (EAD
FP)
for • The World Trade Organization said that the
European reimbursable loan mechanism for
aircraft subsidies is legal. EADS owns planemaker
Airbus SAS.

Komax Holding AG (KOMN SW) Repsol YPF SA (REP SM)

• The world’s largest maker of wire-processing • Spain’s largest oil company may be active as the
machines reported a full-year net loss of 19.8 Spanish Parliament will vote on a proposal to
million Swiss francs compared with net income of remove corporate bylaws that cap the voting
23.2 million francs a year earlier. rights of any one shareholder.

Meyer Burger Technology AG (MBTN SW)
• The maker of precision saws was downgraded to
“underweight” from “neutral” at HSBC Holdings
Plc.
Banco Popular Espanol SA (POP SM)
• Spain’s third-largest bank is selling 1 billion euros
of eight-year covered bonds that will be priced
to yield 115 basis points more than the
benchmark mid-swap rate.

USA

Future Current Chg Pct 1d Trend

DJIA . Jun ’10 10813 -0.15%

S&P 500 Jun ’10 1167.6 -0.17%

Nasdaq 100 Jun ‘10 1958.75 -0.18%

U.S. Market News

Cliffs Natural Resources, up 6.9%, led a rally in steel companies on a report that Brazil’s Vale raised prices. U.S.
Steel, the second-largest U.S.-based steelmaker by 2009 sales, gained 4.9 percent. Intel paced gains among
chipmakers as Taiwan Semiconductor Manufacturing lifted its forecast for global output in 2010. The Taiwanese
company forecasts global semiconductor market output will grow 22 percent this year, compared with a
previous forecast of 18 percent. Integrated Silicon Solution rallied 15 percent to $8.58. The maker of chips for
consumer electronics and mobile phones said it probably earned at least 20 cents a share in the fiscal second
quarter, beating its earlier forecast of 12 cents at most. Apple, the maker of the iPhone, jumped 1.6 percent to a
record $228.36. Amazon.com, the world’s largest Internet retailer, declined 0.9 percent to $129.26. A report in the
Wall Street Journal said that Sony is dropping the price on its Pocket Reader to $169 until April 4, $90 less than
Amazon’s Kindle. Carnival increased 2.4 percent to $38.81. The biggest cruise-line operator raised its full-year
profit forecast as ticket prices rebounded from last year’s lows.
`ljjlafqfbp |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| =
Oil
Crude oil rose for a second day as U.S. equities advanced and on forecasts that a government report will show
U.S. fuel inventories declined. Oil climbed 0.4 percent as the Standard & Poor’s 500 Index increased to the
highest level in 18 months. An Energy Department report tomorrow will probably show that stockpiles of gasoline
and distillate fuel fell last week, according to a Bloomberg News survey of analysts. Crude oil for May delivery
rose 31 cents to settle at $81.91 a barrel on the New York Mercantile Exchange. Prices are up 3.2 percent this
year. Prices dropped 38 cents from the settlement after the American Petroleum Institute reported at 4:30 p.m.
that U.S. crude-oil stockpiles increased 7.51 million barrels to 351.5 million. May oil traded at $81.53 a barrel at
4:32 p.m.

Gold
Gold declined as a stronger dollar and the prospect of higher interest rates sapped investor demand for the
precious metal. Gold for immediate delivery fell as much as 0.5 percent to $1,099.50 an ounce as the Dollar
Index, a six-currency gauge of the currency’s value, rose for a third day. The metal dipped to $1,092.47 an
ounce on March 22, its lowest in almost a month, after India unexpectedly raised interest rates. Gold traded at
$1,100.05 at 2:54 p.m. Singapore time as the dollar gained and the euro weakened amid concern that Greece
may be forced to seek aid from the International Monetary Fund. A German Finance Ministry official told
reporters in Berlin that Germany and France agreed to back an IMF role. Former U.K. Treasury adviser Roger
Bootle said in an interview the 16-nation euro region may be “at the early stages of what may prove to be” a
breakup. The euro fell as low as $1.3407 per dollar, the weakest level since May 8, and slid to a record 1.4233
Swiss francs. Gold often trades inversely to the dollar. Silver for immediate delivery fell 0.9 percent to $16.875 an
ounce, platinum declined 0.5 percent to $1,601.75 an ounce and palladium dropped 1.2 percent to $457.50 an
ounce.

Soft Commodities
Soybeans declined on speculation that the dollar’s strength and bumper harvests in South America may reduce
demand for U.S. supplies after the price advanced to a one-month high. Corn and wheat fell. May-delivery
soybeans dropped as much as 0.9 percent to $9.595 a bushel on the Chicago Board of Trade and traded at
$9.60 a bushel at 3:43 p.m. Seoul time. The most-active contract touched $9.765 a bushel yesterday, the highest
price since Feb.23. rise to 77.919 million. Corn for May delivery dropped 0.6 percent to $3.605 a bushel at 3:34
p.m. Seoul time. The price slumped 2.2 percent yesterday, the biggest decline since Feb. 3. Wheat for May
delivery fell 0.5 percent to $4.745 a bushel after losing 2 percent yesterday, the biggest drop since March 4, as a
government report showed improving crop conditions in Kansas, the biggest grower of winter varieties. The price
has slumped 12 percent this year, partly because of higher global production and slack demand for U.S.
supplies.

cu= ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| =
The dollar advanced as much as 0.5 percent against a basket of six major counterparts, making U.S. supplies
more expensive to importers holding other currencies. The euro fell versus most major counterparts after an
official said French and German leaders agreed the International Monetary Fund should be involved in any aid
package for Greece, damping demand for the common currency. Switzerland’s currency rose against the euro
for the eighth straight day, the longest run in 17 months, on bets the Swiss central bank will allow the currency to
gain as the economy improves. The pound slid after U.K. inflation slowed last month by more than forecast,
buoying the case for the Bank of England to keep rates at a record low to safeguard the recovery. The euro
depreciated 0.4 percent to $1.3499 at 5 p.m. in New York, from $1.3558 yesterday, when it touched $1.3464, the
lowest level since March 2. The 16-nation currency weakened against the yen for a fifth day, the longest stretch
since January, slipping 0.2 percent to 122.03 yen, from 122.21. The dollar advanced 0.3 percent to 90.40 yen,
from 90.14 yen. The euro weakened versus 15 of its 16 major counterparts after a German Finance Ministry
official told reporters in Berlin today, on condition of anonymity, that Germany and France agreed to back an
IMF role in aid to debt-burdened Greece.

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Europe’s banks are selling covered bonds at the fastest pace in four years in a sign investors are betting the
continent’s economy is strong enough to weather the Greek budget crisis. Caja Ahorros Barcelona, Spain’s
largest savings bank, and Westdeutsche Immobilienbank AG, a unit of Germany’s third-biggest state-owned
lender, are among the mainly European financial companies that issued 87.5 billion euros ($118 billion) of the
notes this year, according to data compiled by Bloomberg. That’s the most since 95.4 billion euros were sold in
the same period of 2006. Sales of securities backed by mortgages and public-sector loans are rising as euro-
region ministers agree to a framework to bail out Greece. A day after European Central Bank President Jean-
Claude Trichet said recent data points to a “moderate recovery,” Germany and France agreed that the
International Monetary Fund should be involved in any package for the Mediterranean nation, a German
Finance Ministry official said. The extra yield investors demand to own euro-denominated covered bonds
relative to government debt is the lowest in almost two months at 89 basis points, or 0.89 percentage point,
from a high for the year of 100 basis points on Feb. 8, Bank of America Merrill Lynch index data show.
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Equities Commodities
Index Current Change % Change % YTD Index Current Net Change 1d Change % YTD
MSCI World 1'201 0.62% 2.77% GSCI ER 430.88 0.07 -2.28%
SPX 1'174 0.72% 5.30% GSCI Agriculture ER 50.74 -1.00 -15.21%
INDU 10'889 0.95% 4.42% GSCI Livestock ER 210.01 -2.95 5.45%
NDX 1'963 0.70% 5.53% GSCI Precious Metal ER 162.09 0.64 0.58%
SX5E 2'911 0.68% -1.84% GSCI Industrial Metal ER 250.84 -0.54 -0.24%
DAX 6'017 0.50% 1.00% GSCI Energy ER 273.17 1.30 -0.46%
SMI 6'877 0.16% 5.06% AIG ER 131.79 -0.28 -5.31%
UKX 5'674 0.52% 4.82% WTI 81.28 -0.63 0.21%
CAC 3'953 0.63% 0.41% Brent 80.70 0.00 0.82%
NKY 10'815 0.38% 2.55% Natural Gas 4.11 -0.02 -25.38%
HSI 20'993 0.03% -4.02% Gold 1'100.60 -3.10 0.27%
IBOV 69'387 0.50% 1.16% Silver 16.90 -0.13 0.20%
KOSPI 1'681 -0.05% -0.10% Aluminium 2'224.75 4.25 1.26%
SENSEX BSE 30 17'451 0.23% -0.08% Copper 7'404.50 104.00 0.00%
RTSI 1'530 0.33% 5.91% Zinc 2'220.25 -37.50 -13.49%
Tin 17'548.00 48.00 3.44%
Volatility Nickel 22'475.00 222.00 21.20%
Current Net Change WTD Net Change 1m Lead 2'085.25 -61.50 -14.43%
VIX 16.35 -0.62 -3.92 Corn 360.50 -2.25 -15.03%
VSTOXX 19.94 -0.56 -5.12 Wheat 474.25 -2.50 -14.55%
VDAX 18.20 -0.39 -4.46 Soybean 961.00 -7.00 -8.80%
VSMI 14.86 0.41 -1.73 Sugar 16.57 -1.27 -34.32%
Cocoa 2'895.00 22.00 -12.54%
Currencies Coffee 134.75 1.75 -2.07%
Current Change % 1d Change % YTD Cotton 82.65 -0.24 7.91%
USD/CHF 1.0622 -0.46% 2.54% Live Cattle 92.35 -0.03 5.27%
USD/JPY 90.5600 -0.18% -2.72% Feed Cattle 108.83 0.08 10.20%
CHF/JPY 85.2600 0.28% -5.40% Lean Hogs 81.80 -0.25 5.86%
EUR/USD 1.3428 0.53% -6.65%
EUR/CHF 1.4262 0.09% -4.02% Credit
GBP/CHF 1.5906 0.03% -5.24% iTraxx Europe IG 5yr 66.68
USD/BRL 1.7761 0.77% 1.78% iTraxx Europe Crossover 5yr 437.84

Libor Rates Swap Rates

USD EUR CHF GBP JPY USD EUR CHF GBP JPY
1M 0.25 0.37 0.09 0.55 0.15 1Y 0.55 1.10 0.47 0.85 0.45
3M 0.28 0.58 0.25 0.65 0.24 2Y 1.15 1.47 0.82 1.57 0.46
6M 0.43 0.90 0.33 0.87 0.45 5Y 2.60 2.41 1.59 2.88 0.71
12M 0.89 1.19 0.64 1.32 0.68 10Y 3.66 3.27 2.35 3.81 1.39

ECONOMIC INDICATORS OF THE WEEK

US: Date Event Survey Actual Prior

23.03.2010 Existing Home Sales 5.00 5.02M 5.05M
24.03.2010 MBA Mortgage Application - -1.9%
24.03.2010 Durable Goods Orders 0.5% 2.6%
24.03.2010 Durables ex Transportation 0.6% -1.0%
25.03.2010 Initial Jobless Claims 450k 457k

EU: Date Event Survey Actual Prior

22.03.2010 Euro-Zone Consumer Confidence -17 -17 -17
24.03.2010 PMI Services 52.1 51.8
24.03.2010 Industrial New Orders SA (YoY) 13.9% 9.4%

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