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DAILY MARKET UPDATE MONDAY, MARCH 22, 2010

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Switzerland Europe

Roche Holding AG (ROG VX) Metro AG (MEO GY)

• The world’s biggest maker of cancer medicines • An unidentified U.S. investor is considering
said it has asked European Union regulators to bidding for Germany’s 120 insolvent Karstadt
approve its MabThera medicine for use in department stores and Metro AG’s Kaufhof
previously untreated advanced follicular chain of 113 stores, Bild am Sonntag said, without
lymphoma. saying where it got the information.

Swatch Group AG (UHR VX) Prudential Plc (PRU LN)

• The world’s biggest watchmaker has acquisition
targets and could buy a jewelry brand, NZZ am
Sonntag reported, citing an interview with Chief
Executive Officer Nick Hayek.
• The British insurer’s Chief Executive Officer Tidjane
Thiam will hold talks with Chinese regulators this
week about the company’s planned purchase
of American International Group’s Asian unit AIA,
the Sunday Telegraph reported without saying
where it got the information.

Winterthur Technologie AG (WTGN SW)
• Europe’s third-largest maker of industrial grinding
wheels said 2009 net income fell to 1.5 million
euros ($2 million) from 16.1 million euros a year
earlier.
Allianz SE (ALV GY) and Corio NV (CORA NA)
• Europe’s largest insurer and Dutch property
developer Corio are in talks to buy Italy’s biggest
shopping center for about 430 million euros ($582
million), according to three people with
knowledge of the transaction.

USA

Future Current Chg Pct 1d Trend

DJIA . Jun ’10 10641 -0.43%

S&P 500 Jun ’10 1150.2 -0.53%

Nasdaq 100 Jun ‘10 1922 -0.53%

U.S. Market News

The U.S. House passed the most sweeping health-care legislation in four decades, rewriting the rules governing
medical industries and ensuring that tens of millions of uninsured Americans will get medical coverage.
Yesterday’s 219-212 vote marks the biggest victory for President Barack Obama, who will sign the bill into law.
Smart-phone seller Palm slid 1.65, or 29%, to 4.11, after hitting a 52-week low intraday, as its latest forecast and
sales data raised concerns about the company's viability. A warning of significantly lower revenue in the current
quarter on disappointing sales of its latest smart phone caused analysts to cut ratings. Solar-panel maker
SunPower fell 2.73, or 14%, to 16.91, after concluding an internal accounting investigation related to its Philippines
operations and said it would restate several of the company's financial statements. Aetna rose 3.7 percent to
$34.46. The third-largest U.S. health insurer said it expects first-quarter operating profit per share to exceed
analysts’ estimates. Nexen said Royal Dutch Shell made a "significant discovery" in the Eastern Gulf of Mexico.
The company holds a 20% stake in the project, and Shell operates the well and owns 80%. The former chief
executive of American International Group, Maurice "Hank" Greenberg, reached a deal to sell most of the shares
he holds in the insurer.
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Oil
Crude oil tumbled the most in three weeks as the dollar strengthened against the euro, curbing the appeal of
commodities as an alternative investment. Oil retreated 1.9 percent as speculation that Greece may fail to
secure financial assistance from the European Union weakened the euro, which is heading for its biggest weekly
decline against the dollar since January. Prices also dropped after failing to sustain a move above $83 a barrel
this week. Crude oil for April delivery fell $1.52 to settle at $80.68 a barrel on the New York Mercantile Exchange,
the biggest decline since Feb. 25. Oil lost 0.7 percent last week, the most since Feb. 5. Total U.S. fuel demand
dropped the most since November in the week ended March 12, the Energy Department said two days ago.
Consumption decreased by 4.2 percent to 18.8 million barrels a day, 7.8 percent below the five-year average
for the second week in March.

Gold
Gold, little changed, may extend its decline as the dollar continued to advance and India’s interest rate
increase damped investor demand. Gold for immediate delivery was little changed at $1,107.30 an ounce at
2:41 p.m. in Singapore, after swinging between a 0.3 percent loss and a 0.2 percent gain. The metal lost 1.8
percent on March 19, the steepest drop since Feb. 4. The Reserve Bank of India increased the benchmark
reverse-repurchase rate to 3.5 percent from a record-low 3.25 percent last week, fueling speculation that
demand for commodities will ease. It was the first increase since July 2008.

Soft Commodities
Soybeans rose for a fifth straight day, the longest rally in five months, on signs that livestock producers boosted
demand for animal feed after the price fell last week to the lowest level since December 2008. Soybean futures
for May delivery rose 2.25 cents, or 0.2 percent, to $9.6175 a bushel on the Chicago Board of Trade, capping a
3.9 percent gain this week. The five-session rally was the longest since Oct. 12. This year, the commodity is down
8.3 percent on forecasts for record production in Brazil and Argentina, the biggest exporters of animal feed and
cooking oil. Soybean-meal futures for May delivery rose 30 cents to $270.20 for 2,000 pounds on the CBOT, up 7.5
percent this week, the biggest gain in five months. The most-active futures fell to $251 on March 15, the lowest
level since December 2008. Corn is the biggest U.S. crop, valued at $48.6 billion in 2009, followed by soybeans at
$31.8 billion, government figures show. Corn fell, paring its first weekly gain this month, as a rebound in the dollar
eroded the appeal U.S. grain exports and commodities as an alternative investment. Corn futures for May
delivery fell 1.5 cents, or 0.4 percent, to $3.745 a bushel on the Chicago Board of Trade. Prices rallied the
previous three days, ending the week up 2.8 percent, the first gain since the week ended Feb. 26. The most-
active contract is down 9.7 percent this year on forecasts for larger crops in Argentina and Brazil, the biggest
exporters after the U.S.

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The dollar traded near a three-week high against the euro as declines in Asian stocks and speculation more
central banks will follow India in raising interest rates boosted demand for safer investments. The greenback rose
versus all 16 of its major counterparts after the Reserve Bank of India unexpectedly raised borrowing costs on
March 19, fueling expectations nations such as China will do the same. The euro fell for a fourth day versus the
greenback on concern the European Union will fail to agree on an aid package for Greece. The pound
weakened on speculation Dubai World will prolong the repayment of its loans, hurting earnings at U.K. banks.
The dollar traded at $1.3506 per euro as of 7:20 a.m. in London from $1.3530 last week, after earlier rising to
$1.3498, the highest level since March 2. The yen traded at 122.44 per euro from 122.51, after earlier climbing to
122.17, the strongest since March 10. Japan’s currency was at 90.65 per dollar from 90.54. The pound dropped
0.4 percent to $1.4954, and declined to 90.33 pence per euro from 90.12 pence.

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Treasury 10-year futures contracts held gains from last week as traders bet the U.S. economy will keep
expanding without driving faster inflation. The difference between two- and 10-year yields shrank to 2.69
percentage points, close to the least this year. The spread narrowed from a record 2.94 percentage points on
Feb. 18 as investors sought longer maturities, those that will benefit most from low inflation. Asian stocks fell the
most in three weeks and the euro slid against the yen, raising speculation investors will seek the relative safety of
government debt. Ten-year futures contracts for June delivery had an implied yield of 3.93 percent as of 1:55
p.m. in Hong Kong, little changed from March 19. The yield declined two basis points, or 0.02 percentage point,
last week. The price was 116 31/32. Trading of Treasury bills, notes and bonds was closed in Japan today for a
holiday. The difference between yields on 10-year notes and Treasury Inflation Protected Securities, or TIPS, a
gauge of trader expectations for consumer prices, narrowed to 2.21 percentage points from this year’s high of
2.49 percentage points reached on Jan. 11. U.S. consumer prices were unchanged in February from the
previous month, the first time they didn’t increase since March 2009, Labor Department figures showed on
March 18.
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Equities Commodities
Index Current Change % Change % YTD Index Current Net Change 1d Change % YTD
MSCI World 1'191 -0.50% 1.91% GSCI ER 429.75 -6.50 -2.54%
SPX 1'160 -0.51% 4.02% GSCI Agriculture ER 52.03 -0.43 -13.06%
INDU 10'742 -0.35% 3.01% GSCI Livestock ER 214.21 -0.23 7.56%
NDX 1'932 -0.59% 3.88% GSCI Precious Metal ER 162.61 -2.99 0.90%
SX5E 2'898 -0.54% -2.26% GSCI Industrial Metal ER 251.95 -2.49 0.20%
DAX 5'982 -0.50% 0.42% GSCI Energy ER 270.40 -4.82 -1.47%
SMI 6'881 -0.25% 5.12% AIG ER 132.38 -1.18 -4.89%
UKX 5'650 0.13% 4.38% WTI 80.21 -0.47 -0.52%
CAC 3'925 -0.32% -0.28% Brent 79.88 -1.60 -0.20%
NKY 10'825 0.75% 2.64% Natural Gas 4.12 -0.05 -25.10%
HSI 21'031 -1.59% -3.85% Gold 1'106.90 -0.70 0.85%
IBOV 68'829 -1.25% 0.35% Silver 16.94 -0.09 0.44%
KOSPI 1'673 -0.80% -0.60% Aluminium 2'225.25 -17.25 1.29%
SENSEX BSE 30 17'513 -0.37% 0.28% Copper 7'461.00 -15.00 0.00%
RTSI 1'545 -0.90% 6.93% Zinc 2'277.00 -39.00 -11.28%
Tin 17'603.00 -145.00 3.77%
Volatility Nickel 22'431.00 -311.00 20.97%
Current Net Change WTD Net Change 1m Lead 2'178.00 -50.75 -10.63%
VIX 16.97 0.00 -2.97 Corn 374.25 -0.25 -11.79%
VSTOXX 20.50 0.00 -3.39 Wheat 484.75 1.00 -12.66%
VDAX 18.58 0.00 -3.01 Soybean 959.50 -2.25 -8.94%
VSMI 14.45 0.00 -2.47 Sugar 18.64 -0.39 -26.12%
Cocoa 2'834.00 -59.00 -14.38%
Currencies Coffee 132.50 -3.05 -3.71%
Current Change % 1d Change % YTD Cotton 82.39 0.21 7.57%
USD/CHF 1.0629 -0.15% 2.61% Live Cattle 95.13 -0.05 8.44%
USD/JPY 90.5900 -0.06% -2.68% Feed Cattle 110.38 0.85 11.77%
CHF/JPY 85.2400 0.08% -5.42% Lean Hogs 82.58 -0.35 6.86%
EUR/USD 1.3507 0.17% -6.03%
EUR/CHF 1.4355 0.06% -3.35% Credit
GBP/CHF 1.5906 0.19% -5.24% iTraxx Europe IG 5yr 66.09
USD/BRL 1.8017 -0.56% 3.17% iTraxx Europe Crossover 5yr 448.08

Libor Rates Swap Rates

USD EUR CHF GBP JPY USD EUR CHF GBP JPY
1M 0.25 0.36 0.09 0.55 0.16 1Y 0.57 1.12 0.49 0.85 0.45
3M 0.28 0.58 0.25 0.65 0.24 2Y 1.19 1.52 0.84 1.62 0.46
6M 0.42 0.90 0.33 0.87 0.45 5Y 2.68 2.44 1.62 2.94 0.72
12M 0.88 1.20 0.64 1.32 0.68 10Y 3.74 3.31 2.38 3.86 1.41

ECONOMIC INDICATORS OF THE WEEK

US: Date Event Survey Actual Prior

23.03.2010 Existing Home Sales 4.98M 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
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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