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DAILY MARKET UPDATE THURSDAY, MARCH 11, 2010

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Switzerland Europe

Panalpina Welttransport Holding AG ( PWTN SW) Puma AG (PUM GY)

• The Company reported a fourth-quarter net loss • The sporting goods maker said it will acquire the
of CHF 11 Mn compared with a profit of CHF 9 golf equipment brand Cobra Golf from Fortune
Mn a year earlier. Brands Inc. The purchase price wasn’t disclosed.

Geberit AG ( GEBN VX) Maire Tecnimont SpA (MT IM)

• The company’s fourth-quarter net income rose • The energy and engineering services company
15% to CHF 81.2 Mn. said net income fell to EUR 77 Mn in 2009 from
EUR 117 Mn the previous year.

BP Plc (BP/ LN)

• The U.K. oil and gas company is in talks to buy
Devon Energy Corp.’s Brazilian and Gulf of
Mexico oil assets in a transaction valued at more
than $5 Bn.

USA

Future Current Chg Pct 1d Trend

DJIA . Mar ’10 10539 -0.23%

S&P 500 Mar ’10 1141.3 -0.38%

Nasdaq 100 Mar ‘10 1913.25 -0.29%

U.S. Market News

FuelCell Energy Inc., the maker of pollution-free power plants said it won a $2.1 Mn in order from Air Products & Chemicals Inc., to use its technology in a
hydrogen fueling station. Barclays’ retail banking division is drawing up a strategic plan which will focus on how the group could break into the US market
via a big acquisition. Citigroup, will raise the prospect of the US bank earning as much as $ 20 Bn from its core business within a few years, a big increase
from current levels that would mark a sharp revival in Citi’s fortunes. Jo-Ann Stores Inc., the fabric retailer forecast 2011 earnings excluding some items of
$2.75 to $2.90 a share. Semtech Corp., the maker of chips for mobile phones and personal computers reported fourth-quarter earnings excluding some
items of 30 cents a share.
(Bloomberg)
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Oil
Crude oil fell for the second time in three days on a stronger dollar and concern that recent price gains
outpaced demand growth in the U.S., the world’s largest energy consumer. Oil declined from an eight-week
high as the dollar climbed against the euro, reducing the appeal of commodities as an alternative investment.
U.S. refinery utilization fell last week for the first time in five weeks to 80.7% of capacity. Crude oil for April delivery
dropped as much as 55 cts, or 0.7%, to $81.54 a barrel. It was at $81.53. Yesterday, the contract rose 60 cts, or
0.7%, to $82.09, the highest settlement since Jan. 11. Oil rose yesterday as gasoline supplies dropped 2.96 Mn
barrels last week, the Energy Information Administration said in its weekly inventory report. Crude stockpiles
increased 1.4 Mn. Total U.S. fuel consumption increased 0.2% to 19.7 Mn barrels a day last week, the highest
level since August. That’s still 2.5% below the 20.2 Mn barrels a day refiners supplied in the week of March 14,
2008, before the effects of the global financial crisis.

Gold
Gold gained for the first time in four days after the metal’s drop by the most in five weeks spurred purchases.
Gold for immediate delivery rose as much as 0.3% to $1,111.75 an ounce, before trading at $1,110.70. Bullion
tumbled 1.2% yesterday, the biggest decline since Feb. 4, as demand for a hedge against depreciating
currencies slowed after the euro rebounded. Gold Gains for First Day in Four as Decline Encourages Buying 9
Gold priced in euros added 0.3% today. Among other precious metals for immediate delivery, silver and
platinum were little changed at $17.0225 an ounce and $1,593.25 an ounce respectively, while palladium fell
1.4% to $457.88 an ounce.

Soft Commodities
Corn rose for the first time in six sessions on concern that cold, wet weather last month may hamper planting
work in the U.S., the world’s largest exporter. Corn for May delivery rose as much as 2.5 cts, or 0.7%, to $3.68 a
bushel and traded at $3.67. The price fell to a one-month low yesterday after the U.S. government said
inventories before this year’s harvest will be bigger than forecast. Average temperatures last month were 8
degrees Fahrenheit lower than normal and rainfall in Texas was more than double the normal average, Texas
AgriLife said March 9 in a report. Soybeans for May delivery dropped 0.2% to $9.565 a bushel, reversing an earlier
0.5% gain. Wheat for May delivery fell 0.1% to $4.81 a bushel.

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The yen and dollar rose versus their major counterparts after Chinese reports on inflation, factories and loans
fueled concern the government will act to damp growth, boosting demand for the lowest-yielding currencies.
Japan’s currency strengthened from a two-week low against the euro after Chinese inflation reached a 16-
month high and on speculation exporters brought funds home before the fiscal year ends this month. New
Zealand’s dollar fell for a second day versus the greenback as the central bank signaled a slower exit from
stimulus measures. South Korea’s won dropped on a media report the nation’s largest power company
purchased dollars. The yen climbed to 123.30 per euro from 123.62, when it fell to 124.00, the weakest since Feb.
23. Japan’s currency advanced to 90.37 per dollar from 90.52. The dollar climbed to $1.3643 per euro from
$1.3657, and was at $1.4974 per pound from $1.4978. The New Zealand dollar dropped 0.5% to 69.89 U.S. cts,
and slid 0.6% to JPY63.16. The U.K. pound was little changed against the dollar. The pound traded at $1, versus
$1.4978 the previous trading day. It was little changed at 91.10 pence per euro. The Swiss franc was little
changed against the dollar. The franc traded at 1.0706 per dollar, versus 1.0699 the previous trading day. It was
little changed at 1.4611 per euro.

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Treasury 30-year yields were near the highest on record compared with two-year rates as the U.S. prepared to
sell $13 Bn of long bonds amid signs the global recovery is gaining momentum. Investors are seeking higher
interest rates on long-term loans to the government as President Barack Obama borrows record amounts to
sustain the U.S. economic revival. Yields show investors added to bets on inflation for a seventh session
yesterday, the longest run in a year. The 30-year bond yielded 4.68. The 4.625% security due February 2040
traded at 99 1/32. The rate was 3.78 percentage points more than two-year yields, after increasing to 3.85
percentage points on Feb. 17, the steepest slope to the so-called yield curve since 1980. The government sold
$21 Bn of 10-year debt yesterday after auctioning a record-tying $40 billion of three-year notes on March 9.
Obama has increased U.S. marketable debt to an unprecedented $7.41 trillion to fund a budget deficit the
government predicts will swell to a record $1.6 trillion in the fiscal year ending Sept. 30. Japan’s 10-year bonds
declined, snapping two days of gains, as rising stocks sapped demand for the refuge of government debt. The
yield on the 1.4% security maturing in March 2020 increased 1.5 basis points, to 1.315%. The price fell JPY 0.134 to
JPY 100.750. Ten-year bond futures for June delivery dropped 0.26 to 139.15 as of the afternoon close at the
Tokyo Stock Exchange. The Nikkei 225 Stock Average advanced 1%.
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Equities Commodities
Index Current Change % Change % YTD Index Current Net Change 1d Change % YTD
MSCI World 1,180 0.53% 1.01% GSCI ER 435.24 1.65 -1.29%
SPX 1,146 0.45% 2.74% GSCI Agriculture ER 51.96 -0.49 -13.17%
INDU 10,567 0.03% 1.34% GSCI Livestock ER 207.43 -0.77 4.15%
NDX 1,917 0.84% 3.07% GSCI Precious Metal ER 162.67 -2.19 0.94%
SX5E 2,909 1.00% -1.87% GSCI Industrial Metal ER 251.76 -2.51 0.13%
DAX 5,937 0.86% -0.35% GSCI Energy ER 275.96 2.48 0.55%
SMI 6,874 0.08% 5.01% AIG ER 133.61 -0.32 -4.01%
UKX 5,641 0.68% 4.21% WTI 81.56 -0.53 1.15%
CAC 3,944 0.86% 0.18% Brent 80.48 0.57 1.39%
NKY 10,665 0.96% 1.12% Natural Gas 4.55 -0.01 -17.44%
HSI 21,171 -0.18% -3.21% Gold 1,108.50 0.40 0.99%
IBOV 69,979 0.58% 2.03% Silver 16.94 -0.08 0.41%
KOSPI 1,657 -0.34% -1.55% Aluminium 2,201.90 -25.85 0.22%
SENSEX BSE 30 17,093 -0.03% -2.13% Copper 7,524.00 129.00 0.00%
RTSI 1,501 -0.03% 3.90% Zinc 2,349.75 0.75 -8.11%
Tin 17,680.00 195.00 4.37%
Volatility Nickel 21,450.00 -731.00 15.84%
Current Net Change WTD Net Change 1m Lead 2,264.75 44.00 -6.76%
VIX 18.57 1.15 -5.39 Corn 365.00 -0.50 -13.97%
VSTOXX 21.82 0.95 -7.28 Wheat 479.75 -1.75 -13.56%
VDAX 18.45 -0.45 -7.40 Soybean 953.25 -4.75 -9.54%
VSMI 14.72 0.13 -5.87 Sugar 19.69 -0.63 -21.96%
Cocoa 2,844.00 42.00 -14.08%
Currencies Coffee 132.75 0.00 -3.52%
Current Change % 1d Change % YTD Cotton 79.54 -0.67 3.85%
USD/CHF 1.0716 -0.16% 3.40% Live Cattle 91.55 -0.18 4.36%
USD/JPY 90.3800 0.15% -2.92% Feed Cattle 104.95 -0.08 7.50%
CHF/JPY 84.3400 0.32% -6.54% Lean Hogs 80.68 0.02 4.40%
EUR/USD 1.3635 0.16% -5.03%
EUR/CHF 1.4626 -0.01% -1.53% Credit
GBP/CHF 1.6030 -0.04% -4.42% iTraxx Europe IG 5yr 61.53
USD/BRL 1.7688 0.39% 1.37% iTraxx Europe Crossover 5yr 430.48

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 0.51 1.14 0.48 0.87 0.44
3M 0.26 0.60 0.25 0.64 0.25 2Y 1.12 1.53 0.83 1.61 0.45
6M 0.39 0.91 0.33 0.87 0.45 5Y 2.64 2.46 1.59 2.94 0.70
12M 0.86 1.20 0.63 1.31 0.68 10Y 3.74 3.35 2.37 3.89 1.39

ECONOMIC INDICATORS OF THE WEEK

US: Date Event Survey Actual Prior

09.03.2010 ABC Consumer Confidence -48 -49 -49
10.03.2010 MBA Mortgage Applications - 0.5% 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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