K bank daily mar 21

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K bank daily mar 21

  1. 1. Capital Markets Research Mar 21, 2011Thai Stock Market Mar 18 Change US Market Mar 18 ChangeSET Index 1003.29 +0.94 Dow Jones 11,858.52 +83.93Market Turnover (Bt mn) Nasdaq 2,643.67 +5.48Foreign Net Position (Bt mn) S&P 500 1,279.20 +5.48Thai Bond Market Mar 18 Change US 10 yr T-note (%) 3.29 +3 bpTotal Return Index 202.01 +0.14 US 2yr T-note (%) 0.60 +1 bp NYMEX crude ($/b) 101.07 -0.35Yield curve 1m 3m 6m 1yr 2yr 3yr 5yr 7yr 10yr 12yr 14yr 18yrMar 18 (%) 2.20 2.40 2.61 2.72 3.00 3.20 3.37 3.65 3.78 3.98 4.06 4.15Chng 1D (bp) -2 -1 -1 -1 +0 -1 +0 +0 -1 +0 -1 -1Chng 5D (bp) +2 +2 +0 -2 -3 -6 -3 -2 -7 -6 -4 -6Interbank Rates Mar 21 Mar 17 BIBOR 1w 1m 2m 3m 6m 9m 1yrOvernight (%) 2.50 2.35-2.46Repurchase Rates 1-day 7-day 14-day 1m SIBOR 1m 3m 6mMar 18 (%) 2.50000 2.50000 - - Mar 18 0.26028 0.30967 0.46339THBFIX (Ref.) 1m 2m 3m 6m 9m 1yr LIBOR 1m 3m 6mMar 18 1.90251 2.08996 2.14676 2.35270 2.51168 2.67686 Mar 18 0.25350 0.30900 0.46000SWAP (THB/THB,Onshore) 1yr 2yr 3yr 4yr 5yr 7yr 10yrMar 21 Bid/Ask 2.51/2.56 2.84/2.89 3.12/3.18 3.38/3.42 3.57/3.61 3.76/3.80 3.99/4.07KBank Counter Rates Buying Selling Premium/Discount (stgs/m)(against THB) Sight Bill T/T T/T Export/ImportUSD 30.05 30.15 30.40 1.85/8.10EUR 42.4813 42.6225 43.1600 0.87/6.68GBP 48.6325 48.7938 49.3825 2.71/7.58JPY 0.3698 0.3710 0.3780 2.37/8.76KBank Technical Analysis Mar 21 Mar 18 Support Resistance Trend StrategyTHB (Onshore) 30.28 30.30 30.23 30.33 Sideway Sell USD near resistanceJPY 81.57 78.83 80.30 82.60 Sideway Buy USD near supportEUR/USD 1.4065 1.4022 1.4120 1.4220 Sideway Buy EUR near supportNote: due to technical errors, we are not able to update some data on the table this morning. Macro and Market Outlook • Equities among the economies in the Arab gulf also rose as Saudi Arabia’s King Abdullah announced $67bn increase in public spending in addition to February’s $36bn package • Thailand’s custom-cleared exports and imports in February continued to show strength in economic recovery with key manufacturing products seeing an export growth rate of 29.9%yoy • China raised the its banking sector’s reserve requirement ratio for the third time this year by another 50bp to 20%, effective March 25th FX Market Wrap • USD/JPY closed lower to 80.77 after a strong rebound above 81.00 as G7 central banks begun FX intervention. Near-term yen outlook is still one of an appreciating trend as repatriation is unavoidable but on the longer-run, the market continues to talk about a weaker yen • USD/THB closed lower to 30.36, in line with regional currencies which strengthened against the dollar on the back of improvement in the global market’s investment sentiment Economic News Update • Oil climbed in New York after the U.S., U.K. and France launched cruise missiles and airstrikes at targets in Libya and as continuing unrest in the region renewed concerns the turmoil may spread and disrupt supplies 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 21, 2011 There is likely to be more interest rate hikes this year for Macro and Market Outlook China but monetary tightening for maintenance of Global stock markets closed higher on Friday (markets economic stability is viewed as a positive factor for the calmed down after Colonel Qaddafi called for a ceasefire medium run. At the same time, China is also allowing its on Friday) but still ended the week lower. Key concerns currency to strengthen slowly, as cheaper import prices continue to be the economic impact of Japan’s disasters could help quell imported inflation locally. This morning, and the unrests in the Arab states, especially after the China sets the USD/CNY reference rate at a record low of attacks on Libya by the international coalition under the 6.5632 once again (Fri at 6.5668) name of the UN which includes the U.S., U.K., and France as key mission leaders. 370 70 US Treasuries and Thai rates 350 65 Treasury futures contracts fell for a third day as Japan 330 made progress in cooling nuclear reactors at the 60 Fukushima Dai-Ichi plant, easing concern a meltdown 310 55 would endanger global economic growth. 290 270 50 Strategists including Jim Caron at Morgan Stanley & Co. said the Japan earthquake and tsunami and Middle-East 250 45 Mar-10 Jul-10 Nov-10 Mar-11 unrest won’t derail the world economy. “Market risks are skewed for rates to rise,” analysts at New York-based MSCI All country index (LHS) Bloomberg GCC200 index for Africa&Middle East (RHS) Morgan Stanley led by Caron said in a March 18 report. Bonds rose last week as the events spurred demand for Equities among the economies in the Arab gulf also rose the safest securities. as Saudi Arabia’s King Abdullah announced further increase in public spending (including some $67 billion on The yield on 10-year Treasury futures contracts for June housing construction), after he had announced a $36billion delivery rose two basis points to 3.55 percent at 9 a.m. in package in February. Singapore, according to data compiled by Bloomberg. (Source: Bloomberg) Thailand’s custom-cleared exports and imports in February continued to show strength in economic recovery with key S&P Index (% ) manufacturing products seeing an export growth rate of 1400 4.0 29.9% yoy. The trade balance also reverted to a surplus, at 1300 $1,767.6mn, compared to that of January’s deficit of 3.5 $856.8mn. Unwrought gold exports accounted for much of 1200 3.0 the trade surplus, recording at $1,240mn ($58mn in Jan). 1100 % yoy 2.5 1000 80 4000 60 3000 900 2.0 40 2000 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 20 1000 S&P Index 10yr Treasury yield 0 0 -20 -1000 -40 -2000 Thai interest rate: Bond yields were little changed but -60 -3000 demand was observed in the mid-curve bonds from foreign Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 investors. The market is waiting for the MPC minutes due Trade balance ($ mn, right axis) Export, % yoy Import, % yoy this Wednesday for cues of monetary policy going forward. Meanwhile, the PDMO would also be announcing its bond supply for the next quarter towards the end of the month. China raised the its banking sector’s reserve requirement ratio for the third time this year by another 50bp to 20% % Interest rate swaps (large banks and 18% for small banks), effective March 4.0 25th. This is in line with the market’s expectation and the 3.5 recent comments by the PBoC Governor that the 3.0 authorities had to do more to keep inflationary pressure low and expectations anchored. 2.5 % 2.0 20 1.5 19 1.0 18 1-Nov 1-Dec 1-Jan 1-Feb 1-Mar 17 16 1Y 2Y 3Y 5Y 15 14 13 12 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 major banks small banks 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 21, 2011 FX Wrap Currency Movement Fri 18-Mar-11 Thu 17-Mar-11 % Change 1.44 1.42 USD/THB 30.36 30.48 -0.39 1.40 USD/JPY 80.77 80.70 +0.09 1.38 EUR/USD 1.419 1.400 +1.35 1.36 GBP/USD 1.6227 1.6073 +0.96 1.34 1.32 USD/CHF 0.9006 0.9163 -1.71 1.30 USD/SGD 1.2734 1.2819 -0.66 1.28 USD/TWD 29.59 29.54 +0.17 1-Dec 16-Dec 31-Dec 15-Jan 30-Jan 14-Feb 1-Mar 16-Mar USD/KRW 1,125.8 1,133.55 -0.68 EUR/USD USD/PHP 43.62 43.75 -0.30 USD/IDR 8,800 8,772 +0.32 EUR/USD climbed higher to 1.419 on global market’s optimism but we would have to watch for the EU summit USD/MYR 3.051 3.065 -0.46 towards the end of this week for further updates on how the USD/CNY 6.569 6.572 -0.05 EU nations would deal with debt problems. Source: Reuters .FX Consensus Forecast USD/JPY closed lower to 80.77 after a strong rebound above 81.00 as G7 central banks begun FX intervention on Spot Jun 2011 Dec 2011 Friday morning. The near-term outlook on the yen is still USD/THB 30.29 30.00 29.00 one of an appreciating trend as repatriation is unavoidable as Japan rebuilds and insurance companies sell assets to USD/JPY 80.98 85.00 88.00 make payments. On the longer-run, however, the market EUR/USD 1.42 1.38 1.35 continues to talk about a weaker yen due to Japan’s GBP/USD 1.62 1.63 1.63 mounting public debt and risks of economic slowdown if Japan cannot escape from its deflationary trap. USD/CNY 6.57 6.45 6.30 85.00 USD/SGD 1.27 1.26 1.23 84.00 USD/IDR 8,765 8,825 8,800 83.00 USD/MYR 3.04 3.00 2.97 82.00 USD/PHP 43.63 43.30 42.00 81.00 USD/KRW 1,128 1,099 1,070 80.00 USD/TWD 29.58 29.10 28.50 79.00 AUD/USD 1.00 1.01 0.98 78.00 1-Dec 1-Jan 1-Feb 1-Mar NZD/USD 0.73 0.74 0.75 Source: Bloomberg, KBank for USD/THB USD/JPY Currency Pair Targets USD/THB closed lower to 30.36, in line with regional Spot Jun 2011 Dec 2011 currencies which strengthened against the dollar on the back of improvement in the global market’s investment USD/THB 30.29 30.00 29.00 sentiment. USD/THB saw little changes on Friday for the JPYTHB 37.40 35.29 32.95 lack of major market-moving factors. EURTHB 42.90 41.40 39.15 31.10 GBP/THB 49.09 48.90 47.27 30.90 CNY/THB 4.61 4.65 4.60 30.70 30.50 AUD/THB 30.16 30.30 28.42 30.30 CHF/THB 22.14 22.20 21.75 30.10 SGD/THB 23.79 23.81 23.58 29.90 Source: KBank, Bloomberg 29.70 29.50 KBank NEER Index 1-Oct 1-Nov 1-Dec 1-Jan 1-Feb 1-Mar Current 98.28 USD/THB YTD + 5.53% vs 52 weeks ago + 2.16% vs 1mth ago - 0.10% vs 1 week ago - 0.08% vs 1 day ago + 0.01% vs long term average + 10.40% 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 21, 2011 Total Return Analysis – 3 month horizon, annualized Auction results of BoT bonds Mar 18 Yield shift (bps) -40 -30 -20 -10 0 +10 +20 +30 +40 Bid- Tenor Amt. Accepted LB116A 2.63 2.58 2.54 2.50 2.45 2.41 2.37 2.32 2.03 Symbol Avg. Yield (%) coverage (yrs) (Bt mn) Range (%) ratio LB11NA 3.51 3.29 3.07 2.86 2.64 2.43 2.21 1.99 1.53 BOT133B 2.00 15,000 2.60875/2.65875 2.640050 0.70 LB123A 4.08 3.75 3.42 3.09 2.76 2.43 2.11 1.78 1.20 CB11405A 0.04 85,000 2.310/2.350 2.330060 1.27 LB12NA 5.14 4.58 4.02 3.46 2.90 2.34 1.78 1.22 0.41 Source: ThaiBMA LB133A 5.86 5.16 4.45 3.75 3.04 2.34 1.63 0.93 -0.03 LB137A 6.40 5.58 4.77 3.96 3.15 2.34 1.53 0.72 -0.34 Auction Calendar of Government Bonds LB13OA 6.82 5.91 5.01 4.10 3.20 2.29 1.39 0.48 -0.68 Tenor Amt. Symbol Auction Date Maturity Date Remark LB143A 7.30 6.29 5.28 4.27 3.26 2.25 1.24 0.23 -1.03 (yrs) (Bt mn) LB145A 7.62 6.53 5.43 4.34 3.24 2.14 1.05 -0.05 -1.39 LB17OA 7.09 10,000 30-Mar-11 10-Oct-17 - LB145B 7.61 6.52 5.42 4.33 3.23 2.14 1.04 -0.05 -1.40 Source: ThaiBMA LB14DA 8.45 7.17 5.89 4.61 3.32 2.04 0.76 -0.52 -2.05 Auction Calendar of BOT Bonds LB155A 9.22 7.75 6.28 4.81 3.34 1.87 0.40 -1.07 -2.78 Tenor Amt. Symbol Auction Date Maturity Date Remark LB157A 9.10 7.67 6.24 4.81 3.38 1.95 0.52 -0.91 -2.59 (yrs) (Bt mn) LB15DA 10.04 8.37 6.69 5.01 3.34 1.66 -0.01 -1.69 -3.61 CB11421C 0.08 25,000 22-Mar-11 21-Apr-11 - LB167A 10.74 8.93 7.13 5.33 3.52 1.72 -0.08 -1.88 -3.93 CB11623B 0.25 20,000 22-Mar-11 23-Jun-11 - LB16NA 11.25 9.32 7.38 5.45 3.52 1.58 -0.35 -2.28 -4.46 - CB11922A 0.50 12,000 22-Mar-11 22-Sep-11 LB171A 11.35 9.41 7.47 5.53 3.60 1.66 -0.28 -2.22 -4.40 Source: ThaiBMA LB175A 11.87 9.80 7.74 5.67 3.61 1.54 -0.52 -2.59 -4.90 LB183A 13.19 10.81 8.44 6.07 3.69 1.32 -1.05 -3.42 -6.04 LB183B 12.93 10.62 8.31 6.00 3.70 1.39 -0.92 -3.22 -5.78 LB191A 13.69 11.20 8.72 6.23 3.74 1.26 -1.23 -3.71 -6.45 LB196A 14.59 11.86 9.14 6.41 3.69 0.97 -1.76 -4.48 -7.45 LB198A 14.42 11.75 9.09 6.43 3.76 1.10 -1.56 -4.22 -7.13 LB19DA 14.69 11.96 9.24 6.51 3.79 1.06 -1.66 -4.38 -7.35 LB213A 16.10 13.03 9.96 6.90 3.83 0.77 -2.29 -5.36 -8.67 LB214A 15.67 12.72 9.76 6.81 3.86 0.91 -2.04 -4.98 -8.18 LB22NA 17.72 14.26 10.81 7.36 3.91 0.45 -2.99 -6.44 -10.14 LB233A 18.19 14.65 11.11 7.57 4.03 0.49 -3.04 -6.57 -10.36 LB236A 19.29 15.48 11.66 7.85 4.04 0.23 -3.58 -7.38 -11.44 LB244A 19.41 15.58 11.74 7.91 4.08 0.24 -3.58 -7.41 -11.48 LB24DA 20.03 16.04 12.06 8.08 4.10 0.13 -3.85 -7.82 -12.04 LB267A 20.55 16.45 12.36 8.26 4.17 0.08 -4.01 -8.10 -12.44 LB283A 22.24 17.72 13.21 8.70 4.19 -0.32 -4.82 -9.32 -14.07 LB296A 23.52 18.69 13.85 9.03 4.20 -0.62 -5.44 -10.26 -15.32 LB383A 28.35 22.32 16.30 10.29 4.29 -1.72 -7.71 -13.71 -19.94 LB396A 29.12 22.91 16.71 10.51 4.32 -1.86 -8.04 -14.21 -20.63 Average 13.13 10.74 8.35 5.97 3.58 1.19 -1.19 -3.57 -6.20 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 21, 2011 Hedge funds slashed bullish oil bets from an all-time high Economic News Update on concern that demand in Japan will tumble after the country’s biggest earthquake. About 29 percent of the Oil Rises After Military Strikes Against country’s refining capacity has been shut, Petroleum Libya, Mideast Unrest: Oil climbed in New York Association of Japan data show. after the U.S., U.K. and France launched cruise missiles and airstrikes at targets in Libya and as continuing unrest The funds and other large speculators decreased net-long in the region renewed concerns the turmoil may spread positions, or wagers on rising prices, by 13 percent in the and disrupt supplies. seven days ended March 15, the most since the week ended Jan. 25, according to the Commodity Futures Futures advanced as much as 2.3 percent after Libyan Trading Commission’s weekly Commitments of Traders leader Muammar Qaddafi vowed to repel allied forces report. (Source: Bloomberg) pounding military installations. Ninety percent of Bahrain Petroleum Co.’s employees went on strike last week in response to a police crackdown on anti-government demonstrations, while Yemen declared a state of emergency on March 18. Crude oil for April delivery gained as much as $2.28 to $103.35 a barrel, in electronic trading on the New York Mercantile Exchange, and was at $103.26 at 12:58 p.m. Sydney time. The contract, which expires tomorrow, dropped 35 cents to $101.07 on March 18. The more- actively traded May contract rose as much as $2.42 to $104.27. Brent crude oil for May settlement increased $2.01, or 1.8 percent, to $115.94 a barrel on the London-based ICE Futures Europe exchange. The contract fell 97 cents, or 0.8 percent, to end the session at $113.93 a barrel on March 18. A no-fly zone is now in place over Libya, Admiral Mike Mullen, chairman of the U.S. Joint Chiefs of Staff, said yesterday. The coalition ordered Qaddafi to withdraw his forces from major cities after weeks of fighting with rebels that has left hundreds dead in the bloodiest of popular uprisings to have swept the Middle East this year. Bahrain’s government declared a three-month state of emergency on March 15 after troops from Saudi Arabia and other Arab Gulf states arrived to support the administration in quelling more than a month of protests led by the Shiite Muslim majority, which is calling for democracy and civil rights in the Sunni-ruled kingdom. Libyan output has fallen to less than 400,000 barrels a day, about a quarter of the production before the crisis, and may stop, Shokri Ghanem, chairman of Libya’s National Oil Co., said on March 19. The country produced 1.59 million barrels a day in January, according to estimates compiled by Bloomberg. Libya’s oil exports may be halted for “many months” because of damage to facilities and sanctions following a rebellion against Qaddafi, the International Energy Agency said in its monthly Oil Market Report on March 15. There is no need to call a special meeting of the Organization of Petroleum Exporting Countries to address the situation in Libya, said Abdullah Al-Attiyah, Qatar’s Market Strategists: deputy prime minister and former oil minister. OPEC Nalin Chutchotitham supplies about 40 percent of the world’s crude. 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 21, 2011 Economic Calendar Date / Time Country Event Period Consensus Actual Prior Revised 03/17/2011 19:30 US Initial Jobless Claims Mar-12 388K 385K 397K 401K 03/17/2011 19:30 US Continuing Claims Mar-05 3750K 3706K 3771K 3786K 03/17/2011 20:15 US Industrial Production FEB 0.60% -0.10% -0.10% 0.30% 03/17/2011 20:15 US Capacity Utilization FEB 76.50% 76.30% 76.10% 76.40% 03/17/2011 20:45 US Bloomberg Economic Expectations MAR -- -8 4 -- 03/17/2011 21:00 US Leading Indicators FEB 0.90% 0.80% 0.10% -- 03/18/2011 07:01 UK Nationwide Consumer Confidence FEB 47 38 47 48 03/18/2011 07:30 AU RBA Foreign Exchange Transactn FEB -- 414M 326M -- 03/18/2011 09:00 CH China February Property Prices 03/18/2011 12:00 JN Coincident Index CI JAN F -- 105.9 106.2 -- 03/18/2011 12:00 JN Leading Index CI JAN F -- 101.5 101.9 -- 03/18/2011 13:00 TH Customs Exports (YoY) FEB 17.00% 31.00% 22.30% -- 03/18/2011 13:00 TH Customs Imports (YoY) FEB 21.20% 22.50% 33.30% -- 03/18/2011 13:00 TH Customs Trade Balance FEB -$189M $1768M -$857M -- 03/18/2011 14:00 GE Producer Prices (MoM) FEB 0.70% 0.70% 1.20% -- 03/18/2011 14:00 GE Producer Prices (YoY) FEB 6.30% 6.40% 5.70% -- 03/18/2011 14:30 TH Forward Contracts Mar-11 -- $18.2B $18.4B -- 03/18/2011 14:30 TH Foreign Reserves Mar-11 -- $181.9B $180.8B -- 03/18/2011 14:45 FR Wages (QoQ) 4Q F -- 0.30% 0.20% -- 03/18/2011 16:00 EC Euro-Zone Current Account nsa JAN -- -19.6B -0.1B 1.0B 03/18/2011 16:00 EC ECB Euro-Zone Current Account SA JAN -- -0.7B -13.3B -12.5B 03/18/2011 16:00 IT Trade Balance (Total) (Euros) JAN -- -6554M -2723M -2775M 03/18/2011 16:00 IT Trade Balance Eu (Euros) JAN -- -786M -1394M -1446M 03/18/2011 17:00 EC Euro-Zone Trade Balance sa JAN -2.5B -3.3B -2.3B -1.1B 03/18/2011 17:00 EC Euro-Zone Trade Balance JAN -9.0B -14.8B -0.5B -- 03/18/2011 17:00 IT Industrial Orders s.a. (MoM) JAN -1.00% -0.30% 5.40% 5.40% 03/18/2011 17:00 IT Industrial Orders n.s.a. (YoY) JAN 16.00% 17.50% 17.40% -- 03/18/2011 17:00 IT Industrial Sales s.a. (MoM) JAN 0.50% 1.00% -0.30% -0.20% 03/18/2011 17:00 IT Industrial Sales n.s.a. (YoY) JAN -- 8.00% 8.40% 8.50% 03/18/2011 18:00 CA Consumer Price Index FEB -- 118.1 117.8 -- 03/18/2011 18:00 CA Consumer Price Index MoM FEB 0.40% 0.30% 0.30% -- 03/18/2011 18:00 CA Consumer Price Index YoY FEB 2.30% 2.20% 2.30% -- 03/18/2011 18:00 CA Bank Canada CPI Core MoM FEB 0.40% 0.20% 0.00% -- 03/18/2011 18:00 CA Bank Canada CPI Core YoY FEB 1.10% 0.90% 1.40% -- 03/18/2011 PH Balance of Payments FEB -- -$133M $1606M -- 03/21/2011 07:01 UK Rightmove House Prices (MoM) MAR -- 0.80% 3.10% -- 03/21/2011 07:01 UK Rightmove House Prices (YoY) MAR -- 0.90% 0.30% -- 03/21/2011 15:00 TA Export Orders (YoY) FEB 12.90% -- 13.47% -- 03/21/2011 19:30 US Chicago Fed Nat Activity Index FEB -- -- -0.16 -- 03/21/2011 21:00 US Existing Home Sales FEB 5.11M -- 5.36M -- 03/21/2011 21:00 US Existing Home Sales MoM FEB -4.70% -- 2.70% -- 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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