1. Weekly
August 6, 2012
.
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2. ECB
Mario Draghi disappointed investors last Thursday, But were these news bad? We think that the ECB is
by not announcing any new measure. As we said, trying to force these countries to implement the
the markets expected much more, at least the reforms they need, as it is one of the conditions to
reactivation of the SMP (Security Markets bailout a country that asks for it.
Programme).
Instead, he told that EFSF would only support
countries that asked directly for a Bailout, and that
the ECB might buy bonds with short maturities of
those countries.

3. Spain, how deep is the Greece, are you really going
hole? to leave the Eurozone?
How many more regions will ask for a bailout? Will Everything depends on Troika’s report and the
the government ask for one as did Portugal, Ireland Greek commitment with the programme.
and Greece? How are their 10 year government
bonds going to perform? Clearly, we don’t want
contagion to spread to Italy!!

4. EuroStoxx50 Draghi’s Speech

5. How is FED? As usual!
As we forecasted, the FED didn’t announce any new measure. As Bernanke said, they will keep tracking
American economy, and if they need to they will implement new measures.
Source: Goldman Sachs
We continue to think that the FED won’t act in September. Even so, we should keep na eye on
macroeconomic data.

6. US: For a second straight month, manufacturing activity in the US contracted. Those are the worst
numbers since 2009. On the other hand, employment data was much better than expected as it was created
163K jobs in the country.
ISM Manufacturing Nonfarm Payrolls
63 275
251 259
220 246 223
61 59,9 220 202
59 157 163
143
57 120 112
121 110 84 96 85 87
55 54 68 64
53
51 49,8
49 -27
-51
47
08-31-10
09-30-10
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02-28-11
03-31-11
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07-31-11
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12-31-11
02-29-12
04-30-12
06-30-12
11-30-11
01-31-12
03-31-12
05-31-12
07-31-12

7. Weekly Preview
Trading fundamentals? Weekly data should mark the pace
Europe Production figures on several countries. Sovereign Crisis developments, namely, new developments about
Greece. Keep na eye on Spain and Italy.
US Earnings Season will continue, Macroeonomic figures .
Rest of
the China will publish inflation data
World
Positive week ahead? Still long term positive but keep na eye on the risks.