Please note and carefully read the

Important Disclosure on the last page

Daily
Stock/FX
FX&/ Market Commentary
Bond Daily Commentary
November 13, 2013 P.1
Published on Tuesday to Friday
Market Recap Indicative range for the last trading day
Market %
GBP retreated: U.K. CPI growth (YoY) Index
Open High Low Close Chg
Chg
moderated from 2.7% to 2.2%, trailed market DOW
15773.15 15793.38 15708.29 15750.67 -32.4 -0.2
estimates. JONES
S&P 500 1769.51 1771.78 1762.29 1767.69 -4.2 -0.2
NZD fell to 0.8169 but rebounded to 0.821: NASDAQ 3907.82 3922.28 3902.67 3919.92 0.1 0.0
RBNZ Governor said the strong NZD poses a
risk to the economy. DAX 9102.99 9124.24 9073.93 9076.48 -31.4 -0.3

CAC 4288.68 4297.94 4263.78 4263.78 -26.4 -0.6

AUD dropped: Chinas 3PS rolled out a reform
NIKKEI 14289.87 14588.68 14278.21 14588.68 318.8 2.2
plan for next 7 Years, but details are lacking.
TWSE 8233.62 8233.62 8160.17 8195.26 12.7 0.2

HSI 23051.76 23084.88 22857.26 22901.41 -168.4 -0.7

Data Source: Bloomberg L.P.

Stock/ FX / Bond Daily Commentary

Hot News: China 3rd Plenary Session laid out reform directions
The four-day 3rd Plenary Session (3PS) of the 18th Party Congress ended yesterday. In a statement released
after the meeting, it stated that China aims to accomplish major achievements in 2020.
Besides, the statement says economic reform remains a main area of focus.

Citi's view
Citi analysts are of the view that the core of the economic reform is to the market shall play a determinative
role in allocating resources. Land in cities and the countryside, which can be used for construction, may be
pooled in one market.
The information available for now suggests that an actionable plan may only be rolled out gradually going
forward. The 2020 target is likely rules out the possibility of a short-term pain scenario.

FX & Commodity Market Focus and Technical Analysis

AUD: AUD/USD fell 0.6% to 0.9302 yesterday. The pair may drop to 0.9267, with resistance at 0.9538.
GBP: GBP/USD dropped 0.5% at 1.5905 yesterday. The pair may stabilize at 1.5750-1.5829.
CAD: USD/CAD rose 0.2% to 1.0495 yesterday. The pair may range trade between 1.0398-1.0568.

Citi Foreign
YESTERDAY PERFORMANCE FX TREND TECHNICAL
Exchange Forecast:
CCY
Close Short Term 0-3 6-12
Day High Day Low Support Resistance
Price Comment Months Months
USD 81.17 81.46 81.02 Bullish 81.19 81.76 79.01 79.00
EUR/USD 1.3436 1.3456 1.3359 Bearish 1.3218 1.3487 1.38 1.40
USD/JPY 99.64 99.80 99.11 Bullish 97.62 100.60 98.00 105.00
GBP/USD 1.5905 1.5992 1.5855 Neutral 1.5829 1.6118 1.66 1.71
USD/CAD 1.0495 1.0509 1.0464 Neutral 1.0398 1.0568 1.03 1.06
AUD/USD 0.9302 0.9369 0.9269 Neutral 0.9267 0.9538 0.98 0.95
NZD/USD 0.8221 0.8264 0.8169 Neutral 0.8177 0.8436 0.87 0.85
USD/CHF 0.9175 0.9227 0.9155 Neutral 0.9000 0.9400 0.91 0.89
GOLD 1268.00 1286.13 1261.42 Bearish $1,250 $1,361 1200 1280
Data Source: Bloomberg L.P.
FX Rate Source: Bloomberg L.P. (cut off time is NY Time 5:00pm)
2013 Citibank
Citibank and Arc Design is a registered service mark of Citibank, N.A. or Citigroup Inc. Citibank (Hong Kong) Limited
 Please note and carefully read the
Important Disclosure on the last page

Daily
Stock/FX
FX&/ Market Commentary
Bond Daily Commentary
November 13, 2013 P.2

Daily FX Focus
GBP to stabilize

Stock/ FX / Bond Daily Commentary

Source: Bloomberg L.P., data as of Nov 13, 2013

GBP/USD may stabilize at 1.5750-1.5829 (12.22-12.28):

GBP retreated: U.K. CPI growth (YoY) moderated from 2.7% to 2.2%, trailed market estimates.
GBP Outlook: Todays quarterly inflation report may stabilize the pound in the short term.
Technically, GBP/USD may stabilize at around 1.5750-1.5829 and may rebound to 1.6118 upon consolidation.

NZD to edge lower

Source: Bloomberg L.P., data as of Nov 13, 2013

NZD/USD may edge lower:

The kiwi fell as the Financial Stability Report said the strong NZD poses a risk to the economy.
NZD Outlook: The kiwi may be pressured in short term on dollars broad-based strength, but downside may
be limited due to the upbeat NZ economy and the expectation of rate hike by RBNZ in Q1 2014.
Technically, NZD/USD may edge lower. Supports may be seen at 0.8176 and 0.8088.

NOTE: The brackets are the exchange rates in terms of Hong Kong dollar, with
HKD $7.76 exchange rate for reference, and 1,000 yen per unit for JPY/HKD.
Daily
Stock/FX
FX&/ Market Commentary
Bond Daily Commentary
November 13, 2013 P.3

Important Economic Data (Nov 11, 2013 Nov 15, 2013)

Date Time Event Actual Survey Prior

11/11/2013 07:50 JN Trade Balance BoP Basis Sep -874.8B -853.9B -885.9B
11/11/2013 08:30 AU Home Loans MoM Sep 4.40% 3.50% -4.00%
11/11/2013 11/15 NZ REINZ House Sales YoY Oct 2.10% -- 19.00%
11/12/2013 08:01 UK RICS House Price Balance Oct 57% 58% 53%
11/12/2013 08:30 AU NAB Business Conditions Oct 4 -- -4
11/12/2013 17:30 UK CPI YoY Oct 2.20% 2.50% 2.70%
11/13/2013 07:30 AU Westpac Consumer Conf SA MoM Nov -- -- -2.10%
11/13/2013 08:30 AU Wage Cost Index YoY 3Q -- 2.90% 2.90%
11/13/2013 17:30 UK Jobless Claims Change Oct -- -30.0K -41.7K
11/13/2013 17:30 UK ILO Unemployment Rate 3Mths Sep -- 7.70% 7.70%
Stock/ FX / Bond Daily Commentary
11/13/2013 18:00 EC Industrial Production WDA YoY Sep -- 0.40% -2.10%
11/13/2013 18:30 UK Bank of England Inflation Report Nov
11/14/2013 03:00 US Monthly Budget Statement Oct -- -$104.0B --
11/14/2013 05:45 NZ Retail Sales Ex Inflation QoQ 3Q -- 0.90% 1.70%
11/14/2013 07:50 JN GDP Annualized SA QoQ 3Q -- 1.60% 3.80%
11/14/2013 08:00 NZ ANZ Consumer Confidence MoM Nov -- -- 2.90%
11/14/2013 17:30 UK Retail Sales Ex Auto MoM Oct -- -0.20% 0.70%
11/14/2013 17:30 UK Retail Sales Incl. Auto MoM Oct -- 0.10% 0.60%
11/14/2013 18:00 EC GDP SA QoQ 3Q -- 0.10% 0.30%
11/14/2013 21:30 CA Int'l Merchandise Trade Sep -- -1.30B -1.31B
11/14/2013 21:30 US Initial Jobless Claims Nov -- 330K 336K
11/14/2013 21:30 US Trade Balance Sep -- -$39.0B -$38.8B
EU Finance Ministers Meet in
11/15/2013 16:00 EC Nov
Brussels
11/15/2013 18:00 EC CPI MoM Oct -- -0.10% 0.50%
11/15/2013 22:00 CA Existing Home Sales MoM Oct -- -- 0.80%
11/15/2013 22:15 US Industrial Production MoM Oct -- 0.10% 0.60%
Source: Source: Bloomberg L.P.
(K = Thousand, M = Million, B = Billion)

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