KBank Daily Update Nov 21.2011

475 views

Published on

Foreign Exchange, Oil, Gold, Treasury

Published in: Business, Economy & Finance
  • Be the first to comment

  • Be the first to like this

KBank Daily Update Nov 21.2011

  1. 1. Capital Markets Research Nov 21, 2011 Nov 21, 2011Thai Stock Market Nov 18 Change US Market Nov 18 ChangeSET Index 984.16 +9.22 Dow Jones 11,796.16 +25.43Market Turnover (Bt mn) 21,467.19 S&P 500 -2,155.17 1,215.65 -0.48Foreign Net Position (Bt mn) -1,869.58 -978.51 Nasdaq 2,572.50 -15.49Thai Bond Market Nov 18 Change US 10 yr T-note (%) 1.98 -2.9 bpTotal Return Index 210.44 +206.63US 2yr T-note (%) 0.29 +0.8 bp NYMEX crude ($/b) 97.67 -1.15TGB Yield curve 1m 3m 6m 1yr 2yr 3yr 5yr 7yr 10yr 12yr 14yr 18yrNov 18 3.41 3.34 3.31 3.26 3.22 3.24 3.26 3.36 3.41 3.54 3.61 3.75Chng 1D (bp) +0 -1 +0 +0 -1 -1 +0 -1 -3 +0 -1 +0Chng 5D (bp) -2 +3 -2 -3 -5 -4 +0 +0 +0 +0 +0 +0Interbank Rates Nov 21 Nov 17 BIBOR 1w 1m 2m 3m 6m 9m 1yrOvernight (%) 3.50 3.40-3.50 Nov 18 3.50000 3.50000 3.50444 3.50222 3.51889 3.52333 3.53444Repurchase Rates 1-day 7-day 14-day 1m SIBOR 1m 3m 6mNov 18 3.50000 3.50000 3.47290 - Nov 18 0.25689 0.47911 0.68800THBFIX (Ref.) 1m 2m 3m 6m 9m 1yr LIBOR 1m 3m 6mNov 18 3.09568 2.69449 2.59561 2.73149 2.73047 2.76039 Nov 18 0.25656 0.48778 0.69861Swap THB/THB 1yr 2yr 3yr 4yr 5yr 7yr 10yr Nov 21 Bid/Ask 2.71/2.75 2.72/2.75 2.82/2.86 2.97/3.01 3.10/3.15 3.29/3.33 3.46/3.50KBank Counter Rates Buying Selling Forward Premium(satangs/month)(against THB) Sight Bill T/T T/T Export/ImportUSD 30.78 30.88 31.13 3.30/13.50EUR 41.5050 41.6400 42.1938 2.31/14.75GBP 48.3775 48.5350 49.1325 5.13/14.71JPY 0.3986 0.3999 0.4075 5.05/16.26KBank Technical Analysis Nov 21 Nov 18 Support Resistance Trend StrategyUSD/THB (Onshore) 31.03 31.00 30.95 31.10 Sideway Buy USD near supportUSD/JPY 76.81 76.91 76.50 82.60 SidewaySell USD near resistanceEUR/USD 1.3525 1.3525 1.3490 1.3550 SidewaySell EUR near resistanceNote: This table is primarily for the purpose of providing information. It is advisable that you contact us prior to quotations. Macro and Market Outlook • Gold price rose slightly on Friday amid easing concerns over the debt crisis in Italy after its bond yields slightly declined • The US economy is seen moving forward as the leading indicators show 0.9% improvement in October • Stock market last week trembled, largely caused by fund flows that tried to avoid risky assets amid fears of recession in the eurozone FX Market Wrap • EUR/USD corrected upwards to close above 1.3500 but the euro remained under pressure. ECB president reiterated that the central bank unlikely offer further assistance to the debt crisis • Asian currencies mostly weakened against the greenback on Friday, led by the Korean won and the Malaysian ringgit USD/THB continued to see a steady rise for the third straight day News Update from the Web • Congressional deficit-reduction committee looked set to concede failure, unable to bridge deep partisan differences over taxes and spending going into the 2012 elections 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 Nov 21, 2011 U.S. securities extended a gain from last week that was Macro and Market Outlook driven by concern Europe’s leaders aren’t able to contain the region’s debt crisis, boosting demand for haven assets. Gold price rose slightly on Friday amid easing concerns The Treasury Department is scheduled to sell $35 billion of over the debt crisis in Italy after its bond yields slightly two-year notes today, the first of three auctions of coupon- declined. However, during the past week gold price bearing debt this week totaling $99 billion. dropped by over 3% following a sharp decline in risky assets. Prospects of gold remain uncertain as financial Ten-year yields declined three basis points to 1.98 percent problems in the eurozone have not been resolved. There as of 9:56 a.m. in Tokyo, according to Bloomberg Bond has been disagreement between German and French Trader prices. leaders on whether they would use the ECB to bail out debt nations. Germany is seen reluctant to rely on the ECB for Treasuries due in more than a year have returned 1.2 fear that inflation could surge if the ECB keeps printing percent in the past three months, the most of 26 bond money. This week the market is likely to keep an eye on markets in U.S. dollar terms, indexes compiled by the Italian bond yields. Bloomberg and the European Federation of Financial Analysts Societies show. $/ounce $/barrel 2000 120 S&P Index (% ) 115 1900 1300 3.00 110 1800 105 2.75 1700 100 1250 95 2.50 1600 90 1200 2.25 1500 85 80 2.00 1400 1150 75 1300 70 1.75 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 1100 1.50 Gold prices (LHS) WTI oil price (RHS) Aug-11 Sep-11 Oct-11 Nov-11 S&P Index 10yr Treasury yield The US economy is seen moving forward as the leading indicators show 0.9% improvement in October. Economic growth for this year is projected to be slightly lower than 2% Thai interest rate: BoT Governor Prasarn trairatvorakul as the debt problems in the eurozone affected consumer’s said on Friday that the central bank is assessing the sentiment in the US. Apart from the eurozone, the US has impacts of the floods and whether output and consumption not yet resolved its deficit plans. The congressional would weaken significantly or would rebound quickly. supercomittee is unlikely to reach the agreement on deficit- Meanwhile, he also mentioned that confidence level would cutting plans, which could further leads to market volatility also need to be considered and the MPC stands ready to for this week. take those factors into consideration for their decision in th the next meeting on Nov 30 . % y oy 15 The FX swap market shows signs of increased 10 expectations of a 25-50bp rate cut, as swap points fell. At 5 the same time, renewed concerns over Europe’s debt problems also caused some worry over USD liquidity in the 0 market, leading swap points in the same downward -5 direction. Nevertheless, Dr Prasarn did mention that there is no big concern over USD liquidity at the moment. -10 % Government bond yield curve Oct-08 Apr-09 Oct-09 Apr-10 Oct-10 Apr-11 Oct-11 3.50 US Leading economic indicator 3.45 3.40 3.35 Stock market last week trembled, largely caused by fund flows that tried to avoid risky assets amid fears of recession 3.30 in the eurozone. Foreign investors were net sellers of stock 3.25 markets in Korea and Taiwan by about $593mn and 3.20 $313mn during the last week, particularly on Friday 3.15 following an increase in the Italy’s bond yields that induced 1y 2y 3y 4y 5y 6y 7y 8y 9y 10y investors to sell off risky assets and hold more cash in 18-Nov-11 11-Nov-11 TTM terms of the US dollar for fear that the sovereign debt crisis in Italy could trigger bank crisis in the eurozone. Bond yields fell 1-3bp across the curve on Friday, led by investors’ demand. Yields declined more at long-end of the curve, leading to a flatter yield curve with 2-10 spread US Treasuries and Thai rates falling from 21bp to 19bp. 2-year yield stood at 3.22%. (Source: Bloomberg) Treasuries rose, becoming the best- performing major bond market over three months, including currency changes, as stocks fell on speculation U.S. lawmakers will fail to agree on how to cut the budget deficit. 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 Nov 21, 2011 FX Wrap Currency Movement Fri 18-Nov-11 Thu 17-Nov-11 % Change 1.440 USD/THB 30.98 30.85 +0.42 1.420 USD/JPY 76.85 76.93 -0.10 1.400 1.380 EUR/USD 1.351 1.346 +0.37 1.360 GBP/USD 1.5791 1.5751 +0.25 1.340 USD/CHF 0.9173 0.9215 -0.46 1.320 USD/SGD 1.2985 1.2975 +0.08 1.300 USD/TWD 30.25 30.19 +0.18 1-Sep 1-Oct 1-Nov USD/KRW 1,138.5 1,133.2 +0.47 EUR/USD USD/PHP 43.39 43.36 +0.07 USD/IDR 9,085 9,100 -0.16 EUR/USD corrected upwards to close above 1.3500 but the euro remained under pressure. The market will likely USD/MYR 3.160 3.156 +0.14 continue to worry about the bond market as ECB president USD/CNY 6.357 6.351 +0.09 reiterated that the central bank would unlikely offer further Source: Reuters assistance to the debt crisis, amid speculations of U.S.- .FX Consensus Forecast style QE in Europe. He continued to urge faster actions Spot Dec 2011 Jun 2012 Dec 2012 from European governments. USD/THB 31.04 30.50 30.00 29.50 83.00 USD/JPY 76.80 77.00 78.00 80.00 82.00 81.00 EUR/USD 1.3523 1.35 1.35 1.39 80.00 GBP/USD 1.5753 1.57 1.58 1.61 79.00 USD/CNY 6.355 6.310 6.190 6.080 78.00 77.00 USD/SGD 1.2998 1.27 1.23 1.19 76.00 USD/IDR 9,088 8,950 8,600 8,588 75.00 USD/MYR 3.17 3.13 3.03 2.98 1-Jun 1-Jul 1-Aug 1-Sep 1-Oct 1-Nov USD/JPY USD/JPY 100day mov avg USD/PHP 43.40 43.00 42.50 41.50 USD/KRW 1,139 1,130 1,075 1,050 USD/JPY had been declining steadily since the start of USD/TWD 30.25 30.00 29.50 29.00 November, after a sharp surge on the last day of October due to Japan’s intervention. This proves - likely for the 3rd AUD/USD 1.00 1.01 1.02 1.05 th or 4 time this year - that the authorities attempt is only USD/CHF 0.92 0.91 0.91 0.92 temporary. The key factor stopping the yen from reflecting Source: Bloomberg, KBank for USD/THB Japan’s weak economy is that the market remained deeply concerned about debt crisis in Europe. A counter-balance Currency Pair Targets effect, albeit undesirable, could come from the decline in Spot Dec 2011 Jun 2012 Dec 2012 Japan’s exports. Japan showed the highest contraction USD/THB 31.04 30.50 30.00 29.5 rate of exports in 5 months’ period for the month of JPYTHB 40.42 39.61 38.46 36.88 October, with shipments being under pressure from the stronger and global economic slowdown. EURTHB 41.98 41.18 40.50 41.01 GBP/THB 48.90 47.89 47.40 47.50 JPY 0.4% CNY Change against USD, 5-day CNY/THB 4.88 4.83 4.85 4.85 0.0% TWD -0.3% AUD/THB 30.91 30.81 30.60 30.98 PHP -0.4% CHF/THB 33.85 33.52 32.97 32.07 THB -0.8% SGD -0.8% SGD/THB 23.88 24.02 24.39 24.79 MYR -1.2% Source: KBank, Bloomberg IDR -1.4% KRW -1.4% KBank NEER Index INR -2.4% Current 98.28 -3.0% -2.5% -2.0% -1.5% -1.0% -0.5% 0.0% 0.5% YTD + 5.54% vs 52 weeks ago - 3.43% Asian currencies mostly weakened against the vs 1mth ago + 0.00% greenback on Friday, led by the Korean won and the Malaysian ringgit (despite better-than-expected Malaysia’s vs 1 week ago + 0.00% Q3 GDP growth at 5.8%yoy). USD/THB continued to see vs 1 day ago + 0.00% a steady rise for the third straight day, closing at 30.99. vs long term average + 10.07% Today, we expect that the baht would test a resistance at Note: NEER is constructed from the weighted average of bilateral exchange rates of the baht via Thailand’s 21 major trading partners and trade 31.10, against our forecast last week that USD/THB would competitors. An increase in NEER refers to an appreciation remain within the range of 30.75-31.05 for the next 5 days. 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 Nov 21, 2011 Total Return Analysis – 3 month horizon, annualized Auction results of BoT Bill Nov 18 Yield shift (bps) -40 -30 -20 -10 0 +10 +20 +30 +40 Bid- Tenor Amt. Accepted LB123A 3.65 3.58 3.51 3.44 3.38 3.31 3.24 3.17 2.86 Symbol Avg. Yield (%) coverage (yrs) (Bt mn) Range (%) ratio LB12NA 4.64 4.32 4.01 3.69 3.38 3.06 2.75 2.43 1.87 CB11D07A 0.04 65,000 3.340-3.365 3.3508 0.95 LB133A 5.06 4.61 4.16 3.71 3.26 2.81 2.36 1.90 1.20 LB137A 5.55 4.99 4.42 3.85 3.29 2.72 2.15 1.59 0.77 Source: ThaiBMA LB13OA 5.97 5.30 4.62 3.94 3.27 2.59 1.92 1.24 0.32 Auction Calendar of BoT Bonds LB143A 6.39 5.61 4.84 4.06 3.28 2.50 1.72 0.95 -0.08 Tenor Amt. Symbol Auction Date Maturity Date Remark LB145A 6.78 5.90 5.02 4.14 3.26 2.38 1.50 0.62 -0.51 (yrs) (Bt mn) LB145B 6.68 5.82 4.97 4.11 3.25 2.39 1.53 0.68 -0.43 BOT152A 4.00 65,000 22-Nov-11 24-Feb-11 - LB14DA 7.59 6.51 5.44 4.36 3.29 2.21 1.14 0.07 -1.26 CB11D22C 0.08 30,000 22-Nov-11 22-Dec-11 - LB155A 8.28 7.02 5.76 4.51 3.25 2.00 0.74 -0.51 -2.02 CB12223B 0.25 15,000 22-Nov-11 23-Feb-12 - LB157A 8.12 6.91 5.69 4.48 3.27 2.06 0.85 -0.36 -1.82 CB12524A 0.50 17,000 22-Nov-11 24-May-12 - LB15DA 9.00 7.56 6.12 4.68 3.24 1.80 0.37 -1.07 -2.76 Source: ThaiBMA LB167A 9.65 8.06 6.47 4.88 3.30 1.71 0.13 -1.46 -3.29 LB16NA 10.30 8.55 6.80 5.06 3.31 1.56 -0.18 -1.93 -3.92 * No LB auction in December LB171A 10.25 8.52 6.79 5.06 3.34 1.61 -0.12 -1.84 -3.82 LB175A 10.76 8.91 7.06 5.20 3.35 1.49 -0.36 -2.21 -4.31 LB183A 12.03 9.88 7.72 5.56 3.41 1.25 -0.91 -3.06 -5.47 LB183B 11.81 9.71 7.61 5.51 3.41 1.31 -0.79 -2.89 -5.24 LB191A 12.59 10.29 8.00 5.70 3.41 1.11 -1.18 -3.47 -6.02 LB196A 13.52 10.99 8.47 5.95 3.43 0.92 -1.60 -4.12 -6.88 LB198A 13.34 10.86 8.39 5.92 3.44 0.97 -1.50 -3.97 -6.69 LB19DA 13.86 11.26 8.65 6.05 3.45 0.86 -1.74 -4.34 -7.19 LB213A 15.05 12.16 9.26 6.37 3.48 0.59 -2.30 -5.19 -8.33 LB214A 14.93 12.07 9.21 6.34 3.48 0.62 -2.24 -5.09 -8.20 LB22NA 17.00 13.63 10.26 6.89 3.52 0.15 -3.21 -6.58 -10.19 LB233A 17.11 13.72 10.33 6.94 3.55 0.17 -3.22 -6.60 -10.24 LB236A 18.19 14.54 10.88 7.23 3.58 -0.07 -3.71 -7.36 -11.25 LB244A 18.70 14.92 11.15 7.37 3.60 -0.17 -3.93 -7.70 -11.71 LB24DA 19.02 15.16 11.31 7.46 3.61 -0.23 -4.08 -7.92 -12.01 LB267A 19.67 15.67 11.68 7.69 3.70 -0.29 -4.27 -8.25 -12.48 LB283A 21.41 16.99 12.57 8.15 3.74 -0.68 -5.09 -9.49 -14.15 LB296A 22.76 18.01 13.26 8.52 3.78 -0.96 -5.70 -10.43 -15.41 LB383A 27.97 21.96 15.96 9.97 3.98 -2.01 -7.99 -13.96 -20.18 LB396A 28.80 22.60 16.41 10.22 4.03 -2.15 -8.32 -14.49 -20.90 Average 12.84 10.49 8.14 5.80 3.45 1.11 -1.24 -3.58 -6.17 Source: KBank, Bloomberg KBank Rich – Cheap Model Weekly update Nov 1st Bps (actual YTM vs. model) 20.00 15.00 10.00 5.00 0.00 -5.00 -10.00 -15.00 3 mth avg Now -20.00 LB296A 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 Nov 21, 2011 The deadlock comes back to two fundamental differences: Economic News Update Republican opposition to tax increases, particularly on the wealthiest Americans, and Democratic refusal to cut Debt-reduction panel spirals toward federal retirement and healthcare benefits without such tax failure – by Reuters increases. After more than two months of talks, the congressional While expectation for a deal was low, with an election year deficit-reduction committee looked set to concede failure, ahead and the ugly debate on the debt ceiling fresh on the unable to bridge deep partisan differences over taxes and minds of many, investors remain concerned about the spending going into the 2012 elections. inability of Congress to compromise. Republican and Democratic lawmakers cast doubt on any They fear gridlock may hurt White House efforts to extend possibility of agreement in appearances on Sunday talk a temporary payroll tax cut and jobless benefits for the shows. Without some unexpected breakthrough, aides long-term unemployed, further harming fragile economic said, the 12-member bipartisan "super committee" will growth. admit defeat on Monday. White House officials were conspicuously absent from the Some of the panel members appeared to be stepping up Sunday talk shows. Administration officials see little blame as the clock ticked toward an imminent deadline. political fallout for Obama if the panel fails and believe They must vote on any deal by Wednesday but Monday is there is still breathing room for a deal in coming months the deadline to have legislation written and presented to since the automatic cuts would not kick in until early 2013. the entire committee. Those cuts would be evenly divided between domestic and "Nobody wants to give up hope. Reality is, to some extent, defense programs. But some Republican members of starting to overtake hope," Representative Jeb Hensarling, Congress are talking about dismantling the automatic cuts the panels Republican co-chairman, said on "Fox News to protect the Defense Department from deep reductions. Sunday." Obama has warned Congress he would veto any attempt President Barack Obama, a Democrat seeking re-election to block automatic cuts, even though his own defense in November 2012, has avoided direct involvement in the secretary says the armed forces cannot afford to work with talks after making his recommendations in September. less. But a White House spokeswoman urged the panel to make With an eye on the election, many Democrats and the "tough choices" to complete its task - a package of at Republicans have recently agreed on one thing - no deal is least $1.2 trillion in deficit reduction over the next decade. actually better than a bad deal. On NBCs "Meet the Press" program, neither Republican They would then enter the campaign period without having Senator Jon Kyl nor Democratic Senator John Kerry gave betrayed any of their parties core principals and could any indication a deal was near. They stuck to their parties blame the other side for not being willing to compromise. entrenched positions and blamed the other side for deadlock. Some are already positioning to score political points on the super committee. In a fundraising letter sent on If the panel does not reach consensus, automatic spending Saturday, Democratic House leader Nancy Pelosi said cuts of $1.2 trillion over a decade are due to start in 2013. Republicans were thwarting progress on job creation and urged supporters to donate to get more Democrats in office Failure by the committee of six Republicans and six in the 2012 elections. Democrats, created in the wake of the battle over the federal governments debt ceiling last summer, could cement notions of a dysfunctional Washington among voters and investors. Congress has rock-bottom approval ratings of around 10 percent after more than a year of budget fights that saw the government pushed to the brink of a shutdown and then to an unprecedented cut in the U.S. credit rating. Given unusual powers to tackle the governments budget deficit and debt, which topped $15 trillion on Friday, the Market Strategists: committee was seen by many as the best chance in the Nalin Chutchotitham near term for the United States to get control of its finances. nalin.c@kasikornbank.com Some of the 12 panel members were chosen by their +662-470-3235 parties for deal-making skills and expertise on tax and Amonthep Chawla benefits, while others were chosen for partisan loyalty. amonthep.c@kasikornbank.com +662-470-6749 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 Nov 21, 2011 Economic Calendar Date / Time Country* Event Period Consensus Actual Prior Revised 11/18/2011 11:55 PH Balance of Payments OCT -- $208M $719M -- 11/18/2011 12:30 JN Nationwide Dept. Sales (YoY) OCT -- -0.50% -2.40% -- 11/18/2011 12:30 JN Tokyo Dept. Store Sales (YoY) OCT -- -1.90% -3.60% -- 11/18/2011 14:00 GE Producer Prices (MoM) OCT 0.10% 0.20% 0.30% -- 11/18/2011 14:00 GE Producer Prices (YoY) OCT 5.30% 5.30% 5.50% -- 11/18/2011 14:30 TH Foreign Reserves Nov-11 -- $181.8B $181.8B -- 11/18/2011 14:30 TH Forward Contracts Nov-11 -- $29.3B $29.2B -- 11/18/2011 16:00 IT Industrial Orders s.a. (MoM) SEP -6.00% -8.30% 5.00% 4.20% 11/18/2011 16:00 IT Industrial Orders n.s.a. (YoY) SEP -- -3.60% 10.50% 7.80% 11/18/2011 16:00 IT Industrial Sales s.a. (MoM) SEP -- -5.40% 4.00% 3.80% 11/18/2011 16:00 IT Industrial Sales n.s.a. (YoY) SEP -- 1.90% 12.00% 11.60% 11/18/2011 17:00 MA Current Account Balance 3Q -- 26.6B 23.4B -- 11/18/2011 17:00 MA GDP YoY% 3Q 4.80% 5.80% 4.00% 4.30% 11/18/2011 19:00 CA Consumer Price Index MoM OCT 0.10% 0.20% 0.20% -- 11/18/2011 19:00 CA Consumer Price Index YoY OCT 2.80% 2.90% 3.20% -- 11/18/2011 19:00 CA Bank Canada CPI Core MoM OCT 0.10% 0.30% 0.50% -- 11/18/2011 19:00 CA Bank Canada CPI Core YoY OCT 1.90% 2.10% 2.20% -- 11/18/2011 19:00 CA Consumer Price Index OCT -- 120.8 120.6 -- 11/18/2011 19:23 IT Current Account (mlns euro) SEP -- -3530M -5393M -- 11/18/2011 20:30 CA Leading Indicators MoM OCT 0.10% 0.20% -0.10% 0.10% 11/18/2011 22:00 US Leading Indicators OCT 0.60% 0.90% 0.20% 0.10% 11/21/2011 06:50 JN Merchnds Trade Balance Total OCT ¥39.9B -¥273.8B ¥300.4B ¥296.2B 11/21/2011 06:50 JN Adjusted Merchnds Trade Bal. OCT -¥204.0B -¥457.9B -¥21.8B -¥96.7B 11/21/2011 06:50 JN Merchnds Trade Exports YoY OCT -0.3 -3.7 2.4 2.3 11/21/2011 06:50 JN Merchnds Trade Imports YoY OCT 15.1 17.9 12.1 -- 11/21/2011 07:00 SI GDP (QoQ) 3Q F 2.00% 1.90% 1.30% -6.40% 11/21/2011 07:00 SI GDP (YoY) 3Q F 6.10% 6.10% 5.90% -- 11/21/2011 07:01 UK Rightmove House Prices (MoM) NOV -- -3.10% 2.80% -- 11/21/2011 07:01 UK Rightmove House Prices (YoY) NOV -- 1.20% 1.20% -- 11/21/2011 09:30 TH Gross Domestic Product SA (QoQ) 3Q 1.50% 0.50% -0.20% 0.00% 11/21/2011 09:30 TH Gross Domestic Product (YoY) 3Q 4.50% 3.50% 2.60% 2.70% 11/21/2011 11:30 JN All Industry Activity Index (MoM) SEP -1.00% -- -0.50% -- 11/21/2011 12:00 JN Coincident Index CI SEP F -- -- 88.9 -- 11/21/2011 12:00 JN Leading Index CI SEP F -- -- 91.6 -- 11/21/2011 14:00 JN Convenience Store Sales YoY OCT -- -- -4.00% -- 11/21/2011 15:00 TA Export Orders (YoY) OCT 3.50% -- 2.72% -- 11/21/2011 15:20 TA Current Account Balance (USD) 3Q 9600M -- 9015M -- 11/21/2011 16:00 EC Euro-Zone Current Account nsa SEP -- -- -6.3B -- 11/21/2011 16:00 EC ECB Euro-Zone Current Account SA SEP -- -- -5.0B -- 11/21/2011 20:30 CA Wholesale Sales MoM SEP 0.70% -- 0.20% -- Source: Bloomberg (EC – eurozone, SK – South Korea, SI – Singapore, IN – India, ID – Indonesia, AU – Australia, MA – Mlaysia, TH - Thailand, CH – China) 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.

×