K bank daily mar 17

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K bank daily mar 17

  1. 1. Capital Markets Research Mar 17, 2011Thai Stock Market US Market (as of opening) Mar 16 Change Mar 16 ChangeSET Index Dow Jones 1008.13 +5.03 11,613.30 -242.12Market Turnover (Bt mn) 29,065.44 Nasdaq -8,586.22 2,616.82 -50.51Foreign Net Position (Bt mn) -1,777.64 S&P 500 -803.18 1,256.88 -24.99Thai Bond Market US 10 yr T-note (%) Mar 16 Change 3.19 -11 bpTotal Return Index 201.55 US 2yr T-note (%) -0.07 0.56 -5 bp NYMEX crude ($/b) 97.98 -0.80Yield curve 1m 3m 6m 1yr 2yr 3yr 5yr 7yr 10yr 12yr 14yr 18yrMar 16 (%) 2.18 2.38 2.60 2.74 3.02 3.22 3.39 3.66 3.82 4.01 4.08 4.17Chng 1D (bp) +2 +1 +0 +1 +1 +0 +0 +0 -2 -1 -1 -2Chng 5D (bp) +9 +2 -1 -3 -5 -11 -7 -2 -8 -5 -7 -6Interbank Rates Mar 17 Mar 15 BIBOR 1w 1m 2m 3m 6m 9m 1yrOvernight (%) 2.50 2.300-2.460 Mar 16 2.50750 2.53250 2.60000 2.65875 2.79375 2.84500 2.90250Repurchase Rates 1-day 7-day 14-day 1m SIBOR 1m 3m 6mMar 16 2.50000 2.50000 - - Mar 16 0.26850 0.31450 0.47350THBFIX (Ref.) 1m 2m 3m 6m 9m 1yr LIBOR 1m 3m 6mMar 16 2.20525 2.25522 2.19037 2.46607 2.61998 2.77071 Mar 16 0.25350 0.30900 0.46000SWAP (THB/THB,Onshore) 1yr 2yr 3yr 4yr 5yr 7yr 10yrMar 17 Bid/Ask 2.53/2.55 2.82/2.86 3.06/3.10 3.28/3.29 3.41/3.45 3.65/3.69 3.86/3.88KBank Counter Rates Buying Selling Premium/Discount (stgs/m)(against THB) Sight Bill T/T T/T Export/ImportUSD 30.09 30.19 30.44 1.90/9.00EUR 41.7138 41.8513 42.3825 1.25/8.23GBP 48.0213 48.1813 48.7638 2.98/8.94JPY 0.3760 0.3773 0.3843 2.38/9.68KBank Technical Analysis Mar 17 Mar 16 Support Resistance Trend StrategyTHB (Onshore) 30.33 30.39 30.25 30.40 Sideway Sell USD near resistanceJPY 79.24 78.13 79.10 82.60 Sideway Sell USD near resistanceEUR/USD 1.3911 1.3901 1.3850 1.3950 Sideway Sell EUR near resistance Macro and Market Outlook • U.S. and European stocks slumped while “fear index” surged to June 2010 high • Oil price in the U.S. fluctuated below $100/barrel. Concerns about Japan’s delays in production and growth outlook dampened oil price outlook while the heightened risks in the Middle East is making market nervous about oil price surge • Eurozone inflation rate rose to 2.4% while U.S. producer price inflation quickened to 5.6% FX Market Wrap • USD/JPY slumped past historical low of 79.75 in 1995 to 76.35 intraday on the back of global risk aversion and Japanese repatriation of investment funds • USD/THB remained near 30.40 on the back of short-term unwinding of banks’ long-position in USD/THB. The baht may weaken today in line with other regional currencies such as the TWD, MYR and SGD for the near term Economic News Update • Japan’s Finance Minister Yoshihiko Noda said that markets are nervous as the yen reached its strongest level in the postwar era Now you can listen to today’s exchange rate trend (press 711) and our summary of exchange rate movements (press 721) via K-BIZ Contact Center 0 2888 8822, available 24 Hours www.twitter.com/KBankFX www.facebook.com/KBankFX 1For private circulation only. The foregoing is for informational purposes only and not to be considered as an offer to buy or sell, or a solicitation of an offer to buy or sell any security. Although the information herein wasobtained from sources we believe to be reliable, we do not guarantee its accuracy nor do we assume responsibility for any error or mistake contained herein.Further information on the securities referred to herein may be obtained upon request.
  2. 2. KBank Daily Update Mar 17, 2011 the back of higher costs for energy, food and raw materials. Macro and Market Outlook The U.S. will announce its CPI data today. Asian stocks recovered yesterday after the NIKKEI rebounded to above 9,000 pts. However, major stock Europe’s CPI accelerated from 2.3% in January to 2.4% in indices in the U.S. and Europe slumped more than 1.0% on February, adding pressure on the central bank to raise the back of poorer economic data and concerns for the policy rate this year to curb inflation expectations. damaged nuclear plants in Japan. % 0.5 0.45 US Treasuries and Thai rates 0.4 Treasuries fell, snapping a three- day gain, on speculation 0.35 this week’s rally has been excessive. 0.3 0.25 The yield on the benchmark 10-year note climbed two 0.2 0.15 basis points to 3.19 percent as of 10:58 a.m. in Tokyo, 0.1 according to data compiled by Bloomberg Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 % bp Libor JPY 1m Libor JPY 3m Libor JPY 6m 4.0 310 The 1m Libor JPY remained higher than pre-earthquake at 3.8 290 3.6 0.2% despite BOJ’s injection of about 33 trillion yen since 3.4 270 Monday to ease financial market pressure. At the same 3.2 250 time, the VIX index (the market’s gauge of “fear” in the U.S. 3.0 230 stock markets) had also risen rapidly from 21 on Monday to 2.8 210 2.6 29.4 yesterday. This was the highest level since Greece’s 190 2.4 debt restructuring in May 2010. 2.2 170 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 50 90 88 10yr Treasury yield, % (left axis) 2-10 Spread (bps, RHS) 45 86 40 84 35 82 30 80 Thai interest rate: IRS and bond yields looked to stay low 25 78 76 amid the global risk aversion trade. At the same time, the 20 positive bond auction yesterday also helped to confirm 74 15 72 positive demand of government bonds. Whilst the BOT 10 70 seemed to be playing a small role in the USD/THB FX Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 swap market, leading short-dated IRS yields to fall slightly. VIX (left axis) DXY (right axis) In any case, local yields rebounded on Wednesday from There are heightened risks of more violence in Bahrain as lows made earlier in the week and are expected to remain troops moved in from Saudi Arabia to curb protests after in range for the time being. requests from the ruling royal family of Bahrain. At the same time, Libya’s government seemed to have moved in % Mid-curve government bond yields closer to gain back grounds from the protestors and the 4.2 son of Muammar Qaddafi displayed confidence of victory by saying yesterday that the unrests would end in 48 3.8 hours. Meanwhile, Moody’s downgraded Egypt’s long-term 3.4 rating to Ba3 with a negative outlook, indicating possibility 3.0 of further downgrades. 2.6 Oil price in the U.S. fluctuated below $100/barrel. Concerns 2.2 about Japan’s delays in production and growth outlook Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 dampened oil price outlook while the heightened risks in the Middle East is making market nervous about oil price LB133A LB15DA LB16NA LB21DA surge. % Ministry of Finance of Israel said its private offering of 1- 10 year bonds to foreign investors, in particular Thai mutual 8 funds, was highly successful. Israel was able to raise as 6 much as $124 mn in recent offering. Local mutual funds’ 4 continuity in foreign investment may be helping to ease 2 USD/THB pressure on the down side and the hedging 0 activities are helping to keep swap points low. In any case, -2 -4 we would have to continue watching out for the volume of -6 such activities. -8 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 PPI % YoY PPI % MoM sa U.S. producer price index accelerated more than expected to 5.6% yoy (consensus 4.7% , prior 3.6%) in February on 2 For private circulation only. The foregoing is for informational purposes only and not to be considered as an offer to buy or sell, or a solicitation of an offer to buy or sell any security. Although the information herein was obtained from sources we believe to be reliable, we do not guarantee its accuracy nor do we assume responsibility for any error or mistake contained herein. Further information on the securities referred to herein may be obtained upon request.
  3. 3. KBank Daily Update Mar 17, 2011 FX Wrap Currency Movement Wed 16-Mar-11 Tue15-Mar-11 % Change 1.42 1.40 USD/THB 30.42 30.48 -0.20 1.38 USD/JPY 77.32 80.70 -4.19 1.36 EUR/USD 1.391 1.400 -0.61 1.34 GBP/USD 1.5988 1.6073 -0.53 1.32 USD/CHF 0.8980 0.9163 -2.0 1.30 USD/SGD 1.2829 1.2819 +0.08 1.28 USD/TWD 29.53 29.54 -0.03 1-Dec 16-Dec 31-Dec 15-Jan 30-Jan 14-Feb 1-Mar USD/KRW 1,136.0 1,133.55 +0.21 EUR/USD USD/PHP 43.73 43.75 -0.05 USD/IDR 8,790 8,772 +0.21 EUR/USD was led lower to a close of 1.391 as global growth uncertainties dampens expectation of ECB’s policy USD/MYR 3.050 3.065 -0.49 rate hike in the near term, despite that inflation rate rose to USD/CNY 6.571 6.572 -0.01 2.4% in February Source: Reuters .FX Consensus Forecast USD/JPY slumped past historical low of 79.75 in 1995 to 76.35 intraday on the back of global risk aversion and Spot Jun 2011 Dec 2011 Japanese repatriation of investment funds. It is difficult to USD/THB 30.35 30.00 29.00 determine the bottoming of the USD/JPY as we are now at a new low but there might be rebounds today as the market USD/JPY 79.62 85.00 88.00 continues to assess impacts of the disaster in Japan. EUR/USD 1.39 1.35 1.35 BOJ may also intervene as a stronger yen is detrimental to GBP/USD 1.60 1.60 1.62 Japan’s recovery outlook. Yet, for the near term, global risk USD/CNY 6.57 6.47 6.31 aversion and expectation of repatriation continues to lead the view for the yen to remain strong. USD/SGD 1.28 1.26 1.23 USD/IDR 8,779 8,875 8,800 85.00 84.00 USD/MYR 3.06 3.00 2.93 83.00 USD/PHP 43.97 43.00 42.00 82.00 USD/KRW 1,138 1,095 1,050 81.00 USD/TWD 29.62 28.95 28.50 80.00 AUD/USD 0.98 1.00 0.98 79.00 NZD/USD 0.72 0.76 0.74 78.00 Source: Bloomberg, KBank for USD/THB 1-Dec 1-Jan 1-Feb 1-Mar Currency Pair Targets USD/JPY Spot Jun 2011 Dec 2011 USD/THB remained near 30.40 on the back of short-term USD/THB 30.45 30.00 29.00 unwinding of banks’ long-position in USD/THB JPYTHB 38.12 35.29 32.95 (speculations that there were substantial orders from exporters to sell JPY/THB prior to the earthquake). The EURTHB 42.23 40.50 39.15 baht may weaken today in line with other regional GBP/THB 48.59 48.00 46.98 currencies such as the TWD, MYR and SGD for the near term. The global market remained in risk aversion mode CNY/THB 4.62 4.64 4.60 with uncertainties of Japan’s nuclear plants ongoing and AUD/THB 29.74 30.00 28.42 the estimation of various forms of impacts from last week’s CHF/THB 21.90 22.80 21.46 disaster still underway. SGD/THB 23.65 23.81 23.58 31.10 Source: KBank, Bloomberg 30.90 30.70 KBank NEER Index 30.50 Current 98.36 30.30 YTD + 5.63% 30.10 vs 52 weeks ago + 2.57% 29.90 vs 1mth ago - 0.07% 29.70 29.50 vs 1 week ago - 0.01% 1-Oct 1-Nov 1-Dec 1-Jan 1-Feb 1-Mar vs 1 day ago - 0.04% USD/THB vs long term average + 10.51% Note: NEER is constructed from the weighted average of bilateral exchange rates of the baht via Thailand’s 21 major trading partners and trade competitors. An increase in NEER refers to an appreciation 3 For private circulation only. The foregoing is for informational purposes only and not to be considered as an offer to buy or sell, or a solicitation of an offer to buy or sell any security. Although the information herein was obtained from sources we believe to be reliable, we do not guarantee its accuracy nor do we assume responsibility for any error or mistake contained herein. Further information on the securities referred to herein may be obtained upon request.
  4. 4. KBank Daily Update Mar 17, 2011 Total Return Analysis – 3 month horizon, annualized Auction results of Government bonds Mar 16 Yield shift (bps) -40 -30 -20 -10 0 +10 +20 +30 +40 Bid- Tenor Amt. Accepted LB116A 2.61 2.56 2.51 2.46 2.41 2.36 2.31 2.26 1.96 Symbol Avg. Yield (%) coverage (yrs) (Bt mn) Range (%) ratio LB11NA 3.55 3.33 3.10 2.88 2.66 2.44 2.21 1.99 1.52 LB316A 20.62 6,000 4.178/4.180 4.179700 2.41 LB123A 4.14 3.80 3.46 3.13 2.79 2.46 2.12 1.79 1.20 LB14NA 4.00 8,000 2.72125/2.75125 2.737630 1.81 LB12NA 5.22 4.65 4.08 3.52 2.95 2.38 1.82 1.25 0.43 Source: ThaiBMA LB133A 5.90 5.19 4.48 3.77 3.06 2.35 1.64 0.92 -0.04 LB137A 6.46 5.64 4.82 4.00 3.19 2.37 1.55 0.74 -0.33 Auction Calendar of Government Bonds LB13OA 6.90 5.98 5.07 4.16 3.25 2.34 1.42 0.51 -0.65 Tenor Amt. Symbol Auction Date Maturity Date Remark LB143A 7.35 6.34 5.32 4.30 3.29 2.27 1.25 0.24 -1.03 (yrs) (Bt mn) LB145A 7.68 6.58 5.47 4.37 3.27 2.17 1.07 -0.04 -1.39 LB17OA 7.09 10,000 30-Mar-11 10-Oct-17 - LB145B 7.67 6.57 5.47 4.37 3.27 2.16 1.06 -0.04 -1.39 Source: ThaiBMA LB14DA 8.56 7.27 5.98 4.69 3.40 2.12 0.83 -0.46 -1.99 LB155A 9.33 7.86 6.38 4.91 3.43 1.96 0.48 -0.99 -2.71 LB157A 9.21 7.77 6.33 4.90 3.46 2.03 0.59 -0.84 -2.53 LB15DA 10.10 8.41 6.73 5.05 3.37 1.68 0.00 -1.68 -3.61 LB167A 10.81 9.00 7.19 5.38 3.57 1.76 -0.05 -1.85 -3.91 LB16NA 11.33 9.39 7.46 5.52 3.58 1.64 -0.30 -2.23 -4.42 LB171A 11.42 9.48 7.53 5.59 3.64 1.70 -0.24 -2.19 -4.38 LB175A 11.93 9.86 7.79 5.72 3.65 1.57 -0.50 -2.57 -4.88 LB183A 13.22 10.84 8.46 6.08 3.70 1.33 -1.05 -3.43 -6.05 LB183B 12.96 10.65 8.33 6.02 3.71 1.39 -0.92 -3.23 -5.79 LB191A 13.74 11.25 8.75 6.26 3.77 1.27 -1.22 -3.71 -6.45 LB196A 14.65 11.92 9.19 6.46 3.73 1.01 -1.72 -4.45 -7.42 LB198A 14.48 11.81 9.14 6.48 3.81 1.14 -1.52 -4.19 -7.10 LB19DA 14.76 12.03 9.30 6.57 3.84 1.11 -1.62 -4.34 -7.32 LB213A 15.87 12.87 9.88 6.88 3.89 0.90 -2.09 -5.08 -8.32 LB214A 15.74 12.79 9.83 6.88 3.92 0.97 -1.98 -4.93 -8.13 LB22NA 17.81 14.35 10.90 7.44 3.99 0.54 -2.91 -6.35 -10.05 LB233A 18.25 14.71 11.17 7.62 4.09 0.55 -2.99 -6.52 -10.31 LB236A 19.36 15.55 11.73 7.92 4.10 0.29 -3.52 -7.32 -11.38 LB244A 19.48 15.64 11.80 7.97 4.14 0.31 -3.52 -7.35 -11.43 LB24DA 20.08 16.10 12.11 8.13 4.15 0.17 -3.81 -7.78 -12.00 LB267A 20.60 16.50 12.40 8.30 4.21 0.12 -3.97 -8.06 -12.40 LB283A 22.28 17.77 13.26 8.75 4.24 -0.26 -4.76 -9.26 -14.00 LB296A 23.56 18.73 13.90 9.08 4.26 -0.56 -5.37 -10.18 -15.24 LB383A 28.35 22.34 16.33 10.33 4.33 -1.66 -7.64 -13.62 -19.85 LB396A 29.12 22.92 16.73 10.54 4.36 -1.82 -8.00 -14.16 -20.57 Average 13.18 10.79 8.40 6.01 3.62 1.24 -1.15 -3.53 -6.17 Source: KBank, Bloomberg KBank Rich – Cheap Model 40.00 30.00 20.00 10.00 0.00 -10.00 -20.00 -30.00 3 mth avg Now -40.00 LB296A LB113A LB116A LB11NA LB123A LB133A LB137A LB145B LB14DA LB155A LB15DA LB167A LB16NA LB175A LB183B LB191A LB196A LB198A LB19DA LB213A LB24DA LB267A LB283A LB396A Source: Bloomberg, KBank The 3-month average indicates the average differences between observed and derived yields 4 For private circulation only. The foregoing is for informational purposes only and not to be considered as an offer to buy or sell, or a solicitation of an offer to buy or sell any security. Although the information herein was obtained from sources we believe to be reliable, we do not guarantee its accuracy nor do we assume responsibility for any error or mistake contained herein. Further information on the securities referred to herein may be obtained upon request.
  5. 5. KBank Daily Update Mar 17, 2011 Economic News Update Noda Says Markets Are Nervous, Bank of Japan Injects Liquidity: Japan’s Finance Minister Yoshihiko Noda said that markets are nervous as the yen reached its strongest level in the postwar era, while the central bank pumped 5 trillion yen ($63 billion) into money markets. Noda declined to comment on whether the ministry would order the Bank of Japan to intervene in the foreign- exchange markets, after the yen climbed as high as 76.36 per dollar. The currency rose amid speculation Japanese investors will repatriate assets as the costs of the March 11 earthquake and tsunami escalate. The Nikkei 225 Stock Average slid 4 percent as of 9:45 a.m. Policy makers have so far focused on offering intraday cash to banks, with the central bank limiting its additional monetary stimulus three days ago to 5 trillion yen, an amount about one- tenth the size of the U.S. Federal Reserve’s quantitative easing. A government official speaking on condition of anonymity said that local institutional investors have abundant yen, and that repatriation wasn’t significant after the 1995 Kobe earthquake. “With Japan facing a difficult situation, the yen’s rapid advance could damp its economy further, which is not good for the global economy,” said Masafumi Yamamoto, chief currency strategist at Barclays Bank Plc in Tokyo, saying it’s possible the Group of Seven could mount joint intervention to sell yen. Japan’s currency was at 79.35 per dollar as of 9:55 a.m. in Tokyo, retreating from the high reached earlier today. The rout in the equity market has brought the Nikkei 255’s losses to 16 percent since the magnitude-9 earthquake and ensuing tsunami devastated northeast Japan and crippled the cooling systems at a nuclear power plant. The government is still struggling to get the Fukushima Dai-Ichi nuclear facility under control, with helicopters dropping water on the plant in an effort to prevent a meltdown. A stronger exchange rate threatens to add an additional burden to a Japanese economy that will already suffer from the damage wrought by the most powerful temblor to strike the nation. Companies from Toyota Motor Co. to Sony Corp. shut down factories in the aftermath, and gains in the yen would erode their export earnings. Japan’s exporters said they can remain profitable as long as the yen trades at 86.30 per dollar or weaker, compared with the previous year’s breakeven point at 92.90, the Cabinet Office said in an annual survey released on March 11. (Source: Bloomberg) Market Strategists: Nalin Chutchotitham Email: nalin.c@kasikornbank.com Tel: 02-470-3235 5 For private circulation only. The foregoing is for informational purposes only and not to be considered as an offer to buy or sell, or a solicitation of an offer to buy or sell any security. Although the information herein was obtained from sources we believe to be reliable, we do not guarantee its accuracy nor do we assume responsibility for any error or mistake contained herein. Further information on the securities referred to herein may be obtained upon request.
  6. 6. KBank Daily Update Mar 17, 2011 Economic Calendar Date / Time Country Event Period Consensus Actual Prior Revised 03/16/2011 01:15 US FOMC Rate Decision Mar-15 0.25% 0.25% 0.25% -- 03/16/2011 06:00 SK Unemployment Rate (SA) FEB 3.60% 4.00% 3.60% -- 03/16/2011 06:30 AU Westpac Leading Index (MoM) JAN -- -0.10% 0.80% 0.90% 03/16/2011 06:50 JN BSI Large All Industry (QoQ) 1Q -- -1.1 -5 -- 03/16/2011 06:50 JN BSI Large Manufacturing (QoQ) 1Q -- -3.2 -8 -- 03/16/2011 07:30 AU Dwelling Starts 4Q -1.40% -5.30% -13.20% -13.00% Conference Board China January Leading 03/16/2011 09:00 CH Economic Index 03/16/2011 14:00 EC EU 25 New Car Registrations FEB -- 0.90% -1.40% -- 03/16/2011 15:31 TH Total Car Sales FEB -- 77213 68398 -- 03/16/2011 16:00 IT CPI (NIC incl. tobacco) (MoM) FEB F 0.30% 0.30% 0.30% -- 03/16/2011 16:00 IT CPI (NIC incl. tobacco) (YoY) FEB F 2.40% 2.40% 2.40% -- 03/16/2011 16:00 IT CPI - EU Harmonized (MoM) FEB F 0.20% 0.20% 0.20% -- 03/16/2011 16:00 IT CPI - EU Harmonized (YoY) FEB F 2.10% 2.10% 2.10% -- 03/16/2011 16:30 UK Claimant Count Rate FEB 4.50% 4.50% 4.50% -- 03/16/2011 16:30 UK Jobless Claims Change FEB 1.3K -10.2K 2.4K 1.5K 03/16/2011 16:30 UK Average Weekly Earnings 3M/YoY JAN 2.10% 2.30% 1.80% -- 03/16/2011 16:30 UK Weekly Earnings exBonus 3M/YoY JAN 2.20% 2.20% 2.30% -- 03/16/2011 16:30 UK ILO Unemployment Rate (3mths) JAN 7.90% 8.00% 7.90% -- 03/16/2011 17:00 EC Euro-Zone CPI - Core (YoY) FEB 1.10% 1.00% 1.10% -- 03/16/2011 17:00 EC Euro-Zone CPI (MoM) FEB 0.40% 0.40% -0.70% -- 03/16/2011 17:00 EC Euro-Zone CPI (YoY) FEB 2.40% 2.40% 2.30% -- 03/16/2011 17:00 IT Current Account (mlns euro) JAN -- -8129M -5382M -- 03/16/2011 17:00 EC Euro-Zone Labour Costs (YoY) 4Q 1.00% 1.60% 0.80% 0.90% 03/16/2011 18:00 US MBA Mortgage Applications Mar-11 -- -0.70% 15.50% -- 03/16/2011 19:30 CA Manufacturing Sales MoM JAN 1.00% 4.50% 0.40% 0.60% 03/16/2011 19:30 US Housing Starts FEB 566K 479K 596K 618K 03/16/2011 19:30 US Building Permits FEB 570K 517K 562K 563K 03/16/2011 19:30 US Housing Starts MOM% FEB -5.00% -22.50% 14.60% 18.50% 03/16/2011 19:30 US Building Permits MOM% FEB 1.20% -8.20% -10.40% -10.20% 03/16/2011 19:30 US Producer Price Index (MoM) FEB 0.70% 1.60% 0.80% -- 03/16/2011 19:30 US PPI Ex Food & Energy (MoM) FEB 0.20% 0.20% 0.50% -- 03/16/2011 19:30 US Producer Price Index (YoY) FEB 4.70% 5.60% 3.60% -- 03/16/2011 19:30 US PPI Ex Food & Energy (YoY) FEB 1.80% 1.80% 1.60% -- 03/16/2011 19:30 US Current Account Balance 4Q -$110.0B -$113.3B -$127.2B -$125.5B 03/17/2011 04:00 SK Department Store Sales YoY FEB -- -- 24.00% -- 03/17/2011 04:00 SK Discount Store Sales YoY FEB -- -- 21.40% -- 03/17/2011 06:50 JN Tertiary Industry Index (MoM) JAN 1.40% -- -0.80% -- 03/17/2011 06:50 JN Japan Buying Foreign Bonds Mar-11 -- -- -¥225.2B -- 03/17/2011 06:50 JN Japan Buying Foreign Stocks Mar-11 -- -- ¥6.4B -- 03/17/2011 06:50 JN Foreign Buying Japan Bonds Mar-11 -- -- ¥481.0B -- 03/17/2011 06:50 JN Foreign Buying Japan Stocks Mar-11 -- -- ¥163.6B -- Source: Bloomberg 6 For private circulation only. The foregoing is for informational purposes only and not to be considered as an offer to buy or sell, or a solicitation of an offer to buy or sell any security. Although the information herein was obtained from sources we believe to be reliable, we do not guarantee its accuracy nor do we assume responsibility for any error or mistake contained herein. Further information on the securities referred to herein may be obtained upon request.

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