1. Healthcare

Global Markets Overview
January 27, 2015
Research Department
Athens General Index 30-days chart
450,000
900
400,000
350,000
300,000
850
290
400,000
285
350,000
280
250,000
200,000
200,000
150,000
150,000
8,000
830
7,000
790
270
5,000
770
265
4,000
750
260
710
255
2,000
100,000
250
50,000
50,000
245
1,000
0
240
0
750
ASE Turnover
FTSE-20 Turnover
ASE Index
Athens General Index 52-wk chart
500,000
1,150
400,000
1,050
300,000
950
FTSE-ASE Mid Cap Index 52-wk chart
450
400
500,000
1,200
25,000
1,100
20,000
300,000
850
100,000
750
100,000
0
650
0
300
900
10,000
800
5,000
200
FTSE-20 Turnover
Market Cap to 2013e GDP:
0*
1,000
15,000
250
ASE Index
50,093.3
30,000
350
400,000
200,000
ATHEX Market Cap (€mn):
1,300
35,000
600,000
200,000
ASE Turnover
650
FTSE-MID 40 Index
40,000
700,000
1,250
670
FTSE-MID 40 Turnover
1,350
600,000
690
FTSE-20 Index
FTSE-ASE Large Cap Index 52-wk chart
700,000
730
3,000
100,000
0
810
6,000
275
300,000
250,000
800
Athens FTSE-ASE Mid Cap 30-days chart
Athens FTSE-ASE Large Cap 30-days chart
450,000
0
700
FTSE-20 Index
FTSE-MID 40 Turnover
FTSE-MID 40 Index
27.6%
Athex Statistics as of: 24/1/15
Athens Stock Exchange - Valuation Ratios
Athens Stock Exchange - Statistics
Price to Earnings (x)
Price to Book Value (x)
Dividend Yield (Gross) (%)
Last Price
% 1d
% 1m
% 3m
% 6m
% ytd
% 52w
52w low
52w high
2013a*
LTM **
2014e
2015e
2013a*
2013a
2014e
2015e
Athens General Index
813.55
-3.20
-4.65
-15.14
-33.02
-1.53
-29.83
756.80
1,379.42
20.0
N/A
12.3
7.9
1.2
0.7
0.7
1.0
3.2
3.6
FTSE-ASE Large Cap
251.77
-5.60
-8.66
-19.71
-35.58
-4.94
-33.88
240.84
445.52
12.0
N/A
12.7
7.8
1.4
0.8
0.7
1.2
3.4
3.6
FTSE-ASE Mid Cap
798.86
1.32
3.50
-8.07
-28.38
3.34
-29.21
696.63
1,317.40
0.6
N/A
N/A
13.4
0.8
0.6
N/A
0.8
0.6
0.7
Indexes
2014e 2015e
Sector Indexes
83.27
-13.26
-17.60
-38.90
-49.53
-13.42
-53.09
81.04
213.44
1.2
N/A
14.0
5.3
1.1
0.5
0.5
0.0
N/A
N/A
Telecoms
2,491.08
0.11
-4.74
-0.11
-16.59
-0.55
-11.53
2,196.55
3,633.39
16.5
839.1
12.4
10.7
2.5
1.8
1.7
0.0
N/A
N/A
Oil-Gas
1,790.59
0.21
0.15
-0.78
-30.07
-1.34
-35.23
1,608.57
3,236.15
N/A
N/A
9.4
6.3
1.3
0.8
0.8
3.3
5.9
9.0
Industrials
2,037.26
1.33
4.75
-9.09
-37.62
4.26
-35.89
1,816.11
3,724.87
30.4
71.9
18.7
8.7
1.5
0.9
1.0
1.6
3.2
4.3
Construction - Materials
Banks
2,230.22
0.53
-2.42
-2.31
-29.93
2.07
-15.48
2,028.51
3,482.98
N/A
N/A
15.7
9.4
0.8
0.7
0.7
0.1
0.8
2.5
Technology
718.83
-0.41
1.29
-6.68
-26.10
-1.00
-18.02
622.75
1,134.79
N/A
N/A
N/A
N/A
0.5
N/A
N/A
0.5
N/A
N/A
Commerce
5,054.29
-1.64
6.78
3.50
-21.25
11.02
-18.67
3,847.16
7,649.84
30.3
9.6
12.8
10.5
1.7
1.5
1.3
0.0
2.5
2.3
Food & Beverage
5,405.98
-2.94
-9.01
-13.22
-17.98
-7.72
-27.38
5,066.70
7,813.07
62.5
23.9
16.5
15.5
2.5
1.6
1.5
1.6
2.7
2.8
135.62
-3.38
2.40
-15.04
-31.87
-6.04
-40.29
116.58
287.11
N/A
N/A
N/A
N/A
0.7
0.3
N/A
0.0
N/A
N/A
Financial Services
1,053.86
-2.84
6.25
-18.01
-44.95
5.22
-36.36
900.30
2,207.51
N/A
N/A
14.2
12.3
1.2
1.8
1.7
0.3
5.0
4.5
Personal & Household
5,054.29
-1.64
6.78
3.50
-21.25
11.02
-18.67
3,847.16
7,649.84
30.3
9.6
12.8
10.5
1.7
1.5
1.3
0.0
2.5
2.3
Basic Resources
2,303.93
2.28
12.68
-0.77
-21.53
19.49
-12.87
1,753.11
3,356.44
N/A
N/A
11.0
6.8
0.7
0.6
0.6
0.0
N/A
N/A
Retail
4,032.41
5.64
5.48
4.50
-10.50
6.06
19.14
3,090.34
4,836.94
4.6
12.2
11.7
10.4
1.3
1.3
1.2
0.0
2.3
2.9
Real Estate
2,390.10
4.29
1.02
-10.30
-19.33
4.74
1.10
2,188.74
3,111.71
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Travelling - Leisure
1,490.63
-4.38
-8.46
-8.55
-29.26
-2.77
-12.51
1,369.61
2,304.69
24.0
20.1
13.0
10.5
2.3
1.9
1.8
5.4
6.7
7.8
Utilities
2,151.13
2.91
-3.48
-6.05
-46.66
2.51
-38.31
1,791.08
4,471.04
N/A
N/A
6.8
6.0
0.5
0.3
0.3
0.8
4.5
4.4
Settl.
Price
Premium/
Discount (%)
%
1d
Open
Interest
∆ Open
Interest
Days
to expire
Aggregate
Open
Interest *
251.00
-0.31
-3.46
46,979
-3,352
24
47,811
0.413
0.24
-11.18
35,992
1,063
52
35,992
1.29
1.57
-8.51
18,846
1,464
52
18,846
0.801
0.12
-13.50
20,522
3,543
52
20,527
Health
Futures
(March 2015 expiration
for stock futures)
FTSE-20 February 2015
ALPHA BANK A.E.
NATL BANK GREECE
PIRAEUS BANK
MYTILINEOS HLDGS
5.55
-0.18
2.78
3,459
-88
52
3,469
PUBLIC POWER COR
5.70
-2.06
2.70
4,345
26
52
4,345
HELLENIC TELECOM
8.84
-2.32
-1.56
5,809
367
52
5,809
OPAP SA
8.28
-0.84
-5.69
1,232
-314
52
1,232
Real GDP
YoY
Real GDP
QoQ
* 2013 P/E and P/Book ratios are calculated using the price of the index at 31.12.13
** Last 12 months (Trailing 12 months)
* Open interest for all expiration dates
Government Bonds, Spreads & CDS
Last
Yield
Greece
France
Spain
Italy
Portugal
United States
6m,
net
Source: Bloomberg
CDS
*
Spread
**
2Yr Bond
N/A
-
-
-
1,809
-
10.250
-0.40
6.17
-1.09
1,271
1,023.8
9.128
0.03
3.21
-0.62
1,052
874.1
-0.1510
0.00
-0.18
-0.05
-
-
2Yr Bond
5Yr Bond
0.0120
-0.01
-0.29
-0.01
18
-
10Yr Bond
0.3870
-0.01
-0.76
-0.15
42
-
5Yr Bond
0.094
-0.01
-0.44
-0.08
49
8.2
10Yr Bond
0.573
-0.01
-0.98
-0.25
92
18.6
5Yr Bond
0.778
0.01
-0.33
-0.10
75
76.6
10Yr Bond
1.389
0.01
-1.15
-0.22
122
100.2
5Yr Bond
0.733
0.01
-0.51
-0.22
100
72.1
10Yr Bond
1.508
0.01
-1.21
-0.38
151
112.1
5Yr Bond
1.432
0.00
-0.81
-0.02
163
142.0
10Yr Bond
2.392
0.02
-1.25
-0.30
225
200.5
5Yr Bond
1.3289
-0.01
-0.34
-0.32
-
-
10Yr Bond
1.8086
-0.02
-0.66
-0.36
-
-
30Yr Bond
2.3829
-0.01
-0.86
-0.37
-
-
* Generic CDS Intraday Prices. Due to liquidity reasons, pricing sources may vary
** vs German Bund, in bps
Macroeconomic Snapshots / Credit Ratings
ytd,
net
5Yr Bond
10Yr Bond
Germany
1d,
net
(%)
Eurozone
0.80
30/9/2014
Greece
1.60
30/9/2014
Germany
1.20
30/9/2014
France
0.40
30/9/2014
Spain
1.60
30/9/2014
Italy
-0.50
30/9/2014
Portugal
1.10
30/9/2014
US
2.70
30/9/2014
0.20
Debt to Budget Balance
to GDP
GDP
90.90
-4.10
30/9/2014 31/12/2013
31/3/2014
174.90
-12.20
30/9/2014 31/12/2013
0.70
31/12/2013
76.90
0.10
30/9/2014 31/12/2013
0.10
31/12/2013
93.40
-4.10
30/9/2014 31/12/2013
1.00
31/12/2013
92.10
-6.80
30/9/2014 31/12/2013
0.49
31/12/2013
132.60
-2.80
30/9/2014 31/12/2013
-0.10
31/12/2013
128.00
-4.90
30/9/2014 31/12/2013
0.30
31/12/2013
71.80
-2.80
30/9/2014 31/12/2013
5.00
30/9/2014
CPI
YoY
CPI
MoM
-0.20
-0.10
Retail UnemploySales ment Rate
(monthly)
YoY
1.50
11.50
31/12/2014 31/12/2014 30/11/2014
30/11/2014
0.50
25.30
31/12/2014 31/12/2014 31/10/2014
-2.60
31/10/2014
0.20
-0.50
-0.80
6.50
31/12/2014 31/12/2014 30/11/2014
31/12/2014
0.10
0.00
S&P
Caa1
B
B
STABLE STABLE
NEG
Aaa
AAAu
Fitch
AAA
STABLE STABLE STABLE
0.70
9.90
Aa1
31/12/2014 31/12/2014 30/11/2014
30/9/2014
NEG
NEG STABLE
0.50
23.90
Baa2
BBB
31/12/2014 31/12/2014 30/11/2014
30/11/2014
-1.00
0.00
0.10
Moody's
-0.60
-2.32
13.40
Baa2
30/11/2014
STABLE
0.20
13.90
31/12/2014 31/12/2014 30/11/2014
30/11/2014
0.80
0.00
3.20
5.60
31/12/2014 31/12/2014 31/12/2014
-0.37
31/12/2014
AA
BBB+
POS STABLE STABLE
31/12/2014 31/12/2014 30/11/2014
-0.36
0.00
AAu
Ba1
BBBu
BBB+
NEG STABLE
BBu
BB+
STABLE STABLE
POS
Aaa
AA+u
AAA
STABLE STABLE STABLE
Definitions: *- : watch list negative, WR: rating withdrawn
Notes: GDP refers to quarterly data (Q1, Q2, Q3, Q4). All other macro indicators involve monthly data
Please refer to the last pages of this report for important disclosures
Global Markets Overview
January 27, 2015
Research Department
DAX Index 30-days chart
12,000,000
11,000
10,800
10,000,000
S&P 500 Index 30-days chart
Dow Jones Index 30-days chart
16,000,000
10,400
6,000,000
12,000,000
10,200
10,000,000
10,000
8,000,000
9,800
4,000,000
DAX Turnover
2,000,000
16,600
10,000,000
9,000
0
16,400
0
Dow Jones Turnover
10,500
10,000
7,000,000
6,000,000
9,500
5,000,000
9,000
4,000,000
8,500
3,000,000
8,000
2,000,000
1,000,000
7,500
0
7,000
FTSE MIB INDEX
IRISH OVERALL INDEX
1,980
1,960
1,940
S&P 500 Turnover
S&P 500 Index
S&P 500 Index 52-week chart
18,000
140,000,000
17,500
120,000,000
16,000,000
17,000
2,100
2,050
2,000
1,950
1,900
1,850
1,800
1,750
1,700
1,650
1,600
1,550
1,500
100,000,000
16,500
12,000,000
80,000,000
16,000
8,000,000
15,500
4,000,000
60,000,000
15,000
40,000,000
14,500
20,000,000
14,000
0
Dow Jones Turnover
0
S&P 500 Turnover
Dow Jones Index
S&P 500 Index
WORLD INDEXES - Valuation Ratios
WORLD INDEXES - Statistics
PSI All-Share Index GR
30,000,000
Dow Jones Index
20,000,000
DAX Index
IBEX 35 INDEX
2,000
2,060
Dow Jones Index 52-week chart
8,000,000
FTSE 100 INDEX
2,020
40,000,000
9,200
11,000
CAC 40 INDEX
2,040
50,000,000
20,000,000
DAX Index 52-week chart
DAX INDEX
60,000,000
16,800
9,000,000
Athex Composite Share Pr
17,400
4,000,000
10,000,000
Europe
70,000,000
17,000
DAX Index
DAX Turnover
80,000,000
17,600
6,000,000
9,400
0
2,080
17,800
17,200
9,600
2,000,000
2,100
90,000,000
14,000,000
10,600
8,000,000
100,000,000
18,000
Price to Earnings (x)
Price to Book (x)
Dividend Yield (%)
% 6m
% ytd
% 52w
52w Low
52w High
2013a*
LTM **
2014e
2015e
2013a*
2014e
2015e
2013a
2014e
2015e
24/1/2015 -33.02
-1.53
-29.83
756.80
1,379.42
20.0
N/A
12.3
7.9
1.2
0.7
0.7
1.0
3.2
3.6
1.40
26/1/2015
11.97
10.12
15.50
8,354.97
10,807.57
18.2
18.6
14.0
12.7
1.8
1.7
1.6
2.8
2.9
3.2
4,675.13
0.74
26/1/2015
7.96
9.42
12.80
3,789.11
4,678.83
25.6
18.7
15.0
13.3
1.5
1.4
1.4
3.1
3.4
3.6
UK
6,852.40
0.29
26/1/2015
0.90
4.36
4.61
6,072.68
6,904.86
16.7
19.6
15.1
13.5
2.0
1.7
1.7
3.6
4.2
4.2
4.0
Country
Last Price
% 1d
Greece
813.55
-3.20
Germany
10,798.33
France
Last Upd
Spain
10,696.10
1.08
26/1/2015
-1.76
4.05
9.61
9,370.50
11,249.40
16.5
22.3
15.2
13.0
1.4
1.4
1.3
4.4
3.6
Portugal
2,362.66
1.33
26/1/2015 -15.97
11.01
-14.27
2,053.74
3,170.54
N/A
N/A
13.4
9.1
1.3
1.0
0.9
3.1
3.9
4.4
Italy
20,756.72
1.15
26/1/2015
-1.46
9.18
7.70
17,555.77
22,590.18
180.9
N/A
14.6
12.1
1.0
1.0
1.0
2.9
3.7
4.2
Ireland
5,591.52
0.25
26/1/2015
18.54
7.02
20.49
4,275.26
5,632.06
52.4
36.9
18.2
15.9
1.9
2.0
1.9
1.6
1.9
1.9
Sweden
1,554.70
1.19
26/1/2015
10.72
6.16
18.03
1,246.56
1,554.70
17.0
17.3
15.8
14.7
2.3
2.3
2.1
3.9
4.0
4.3
Luxembourg
1,574.01
1.01
26/1/2015
0.11
3.53
10.53
1,353.57
1,593.00
56.0
20.1
18.1
14.5
1.1
1.2
1.1
4.8
2.8
3.1
AUSTRIAN TRADED ATX INDX
Austria
2,252.14
1.10
26/1/2015
-5.13
4.26
-13.54
1,980.53
2,692.64
24.7
N/A
13.0
10.7
1.0
0.9
0.8
2.8
3.5
4.1
OMX COPENHAGEN 20 INDEX
Denmark
815.19
1.58
26/1/2015
9.87
9.51
30.46
618.14
815.24
19.7
22.7
17.8
15.6
2.5
2.8
2.6
1.8
2.1
2.6
Switzerland
8,296.45
1.66
26/1/2015
-3.21
-7.65
2.02
7,852.83
9,292.44
18.4
19.1
16.1
14.8
2.6
2.4
2.3
3.0
3.5
3.9
OMX STOCKHOLM 30 INDEX
LUXEMBOURG LuxX INDEX
SWISS MARKET INDEX
Emerging Europe
BIST 100 INDEX
SOFIX INDEX
WSE WIG INDEX
BUCHAREST BET INDEX
Turkey
91,412.94
0.75
26/1/2015
8.54
6.64
41.57
60,753.53
91,585.11
9.9
11.1
11.3
9.8
1.3
1.5
1.3
2.7
2.6
3.0
Bulgaria
498.61
0.26
26/1/2015
-8.51
-4.50
-8.79
486.61
625.40
7.0
7.6
N/A
N/A
0.7
N/A
N/A
5.3
N/A
N/A
Poland
51,516.62
-0.32
26/1/2015
-0.18
0.20
2.95
48,765.47
55,687.59
17.5
16.7
13.3
11.3
1.3
1.2
1.2
3.7
3.8
4.0
Romania
6,999.10
-0.82
26/1/2015
0.64
-1.18
7.97
6,110.93
7,309.05
11.9
9.6
8.7
8.1
1.0
0.9
0.8
2.8
4.2
4.9
-2.86
1.84
44,904.83
62,304.88
29.8
15.4
10.7
9.0
1.1
1.1
1.0
4.0
4.4
5.1
17.99
11.47
1,182.89
1,700.77
6.7
8.8
5.3
4.7
0.8
0.5
0.4
3.9
5.5
6.3
BRIC
BRAZIL IBOVESPA INDEX
MICEX INDEX
S&P BSE SENSEX INDEX
Brazil
48,576.55
-0.41
Russia
1,647.81
0.33
26/1/2015 -15.99
9:23:13 πµ
18.68
India
29,314.75
0.12
9:08:13 πµ
12.20
6.60
38.71
19,963.12
29,456.63
16.7
20.4
18.6
15.9
2.6
2.9
2.6
1.5
1.4
1.5
China
3,352.96
-0.89
9:07:35 πµ
57.67
3.66
64.90
1,974.38
3,406.79
10.3
16.1
12.8
11.3
1.4
1.7
1.5
3.0
2.3
2.6
DOW JONES INDUS. AVG
US
17,678.70
0.03
26/1/2015
4.23
-0.81
11.62
15,340.69
18,103.45
15.7
15.9
16.0
14.5
2.9
2.9
2.7
2.1
2.3
2.5
NASDAQ COMPOSITE INDEX
US
4,771.76
0.29 12:16:00 πµ
7.24
0.75
16.85
3,946.03
4,814.95
27
36
20.3
17.4
3.3
3.4
3.1
1.2
1.2
1.2
S&P 500 INDEX
US
2,057.09
0.26
26/1/2015
3.98
-0.09
15.47
1,737.92
2,093.55
17.2
18.2
17.1
15.1
2.6
2.6
2.4
1.9
2.1
2.2
SHANGHAI SE COMPOSITE
US
Asia, Pacific
NIKKEI 225
HANG SENG INDEX
Japan
17,768.30
1.72
8:28:01 πµ
14.95
1.82
18.41
13,885.11
18,030.83
22.2
21.5
19.2
16.9
1.7
1.7
1.6
1.3
1.5
1.7
Hong Kong
24,767.11
-0.57
9:08:12 πµ
2.28
4.92
12.70
21,137.61
25,362.98
10.9
10.5
11.5
10.3
1.4
1.3
1.2
3.3
3.5
3.8
Singapore
3,423.98
0.75
9:08:13 πµ
2.20
1.75
12.54
2,953.01
3,426.91
13.6
13.9
14.0
12.7
1.4
1.3
1.2
3.3
3.3
3.6
Australia
5,547.23
0.83
8:04:11 πµ
-0.65
2.52
5.84
5,052.20
5,679.50
19.8
19.2
15.8
14.5
2.0
1.9
1.8
4.3
4.7
4.9
Straits Times Index STI
S&P/ASX 200 INDEX
Volatility & Risk Indexes
* 2013 P/E and P/Book ratios are calculated using the price of the index at 31.12.13
VDAX
VIX
VXN
DAX
19.07
-2.75
26/1/2015
32.98
-2.10
33.26
10.80
24.09
S&P 500
15.52
-6.84
26/1/2015
22.30
-19.17
-10.91
10.28
31.06
26/1/2015
Nasdaq 100
16.97
-0.53
27.02
-13.59
-10.07
9.66
31.17
MARKIT ITRX EUROPE 12/19 (Generic)
Europe
52.07
-
9:23:13 πµ -15.10
-17.24
-37.84
51.78
86.56
MARKIT ITRX EUR XOVER 12/19 (Generic)
Europe
291.35
-
9:23:13 πµ
17.01
-15.79
-7.24
218.43
429.90
% 6m
% ytd
% 52w
52w Low
52w High
COMMODITIES
Energy
Currencies
Price
% 1d
% 6m
% ytd
EUR / US Dollar
1.1242
-0.34
-16.36
-7.09
-17.82
1.1098
-
EUR/Japanese Yen
132.65
-0.66
-3.09
-8.52
-5.26
130.15
149.80
44.20
107.73
EUR / British Pound
0.7452
-0.29
-5.81
-4.04
-9.64
0.7405
0.8403
-55.13
45.19
115.71
EUR / Swiss Franc
1.0158
0.27
-16.39 -15.53
-17.05
0.7813
1.2300
-39.03
2.77
6.49
EUR / Canadian Dollar
1.4032
0.11
-3.36
-0.16
-7.54
1.3754
1.5587
% ytd
% 52w
52w Low
52w High
EUR / Australian Dollar
1.4183
-0.33
-0.73
-4.29
-9.46
1.3798
1.5676
-1.91
8.22
2.00
1131.24
1392.22
EUR / Turkish Lira
2.6470
-0.16
-6.35
-6.44
-15.63
2.6045
3.1668
0.20
9:22:51 πµ -13.42
14.35
-8.84
14.29
22.18
0.15
9:22:14 πµ -15.20
3.81
-11.18
1177.15
1521.38
3m
778.60
-0.29
9:22:10 πµ -11.56
-2.40
7.75
696.80
912.00
Exchange
Last Price
% 1d
-
45.12
-0.29
9:22:00 πµ -57.70
-19.08
-58.41
-
NYM
44.94
-0.47
9:22:59 πµ -55.98
-15.64
-53.05
Brent Crude Futr-Generic 1st month ($/bbl)
ICE
47.87
-0.60
9:13:07 πµ -55.84
-16.50
Natural Gas Futr-Generic 1st month ($/bbl)
NYM
2.96
2.57
9:19:35 πµ -21.85
2.28
Precious Metals
Exchange
Last Price
% 1d
Last Upd
% 6m
GOLD SPOT $/OZ
-
1,282.24
0.07
9:23:03 πµ
SILVER SPOT $/OZ
-
17.96
PLATINUM SPOT $/OZ
-
1,254.05
PALLADIUM SPOT $/OZ
-
Dated BFO Crude Oil Spot Px ($/bbl)
WTI Crude Futr-Generic 1st month ($/bbl)
Base Metals
** Last 12 months (Trailing 12 months)
Last Upd
Money Market Rates
1w
1.3994
6m
9m
12m
-0.0230
0.0010
0.0530 0.1370
0.2060
0.2750
US
0.1344
0.1678
0.2561 0.3539
0.5508
0.6219
Japan
0.0450
0.0721
0.0971 0.1421
0.3543
0.2726
Europe
1m
% 52w 52wLow 52wHigh
Exchange
Last Price
% 1d
Last Upd
% 6m
% ytd
% 52w
52w Low
52w High
LME ALUMINUM 3MO ($) / MT
LME
1,879.00
2.62
26/1/2015
-5.91
1.43
6.64
1671.25
2119.50
LME COPPER
LME
5,580.00
1.10
26/1/2015 -21.68
-11.43
-22.28
5339.50
7220.00
LME
1,870.00
1.33
26/1/2015 -17.51
0.65
-13.71
1743.00
2307.00
Latest Rate
Last Update
Next Update
LME
14,750.00
2.79
26/1/2015 -23.18
-2.64
1.79
13650.00
21625.00
Europe
ECB
0.05
22/1/2015
5/3/2015
Exchange
Last Price
% 1d
Last Upd
% 6m
% ytd
% 52w
52w Low
52w High
UK
BoE
0.50
8/1/2015
5/2/2015
CBT
383.00
-0.26
9:11:39 πµ
5.51
-3.53
-11.29
318.25
519.50
US
Fed
0.25
17/12/2014
28/1/2015
Japan
BoJ
0.10
22/1/2014
*
LME LEAD
LME NICKEL
3MO ($) / MT
3MO ($) / MT
3MO ($) / MT
Agriculture
Corn Futr-Generic 1st month ($/bu.)
Wheat Futr - Generic 1st month ($/bu.)
CBT
519.25
-0.24
9:12:00 πµ
-3.49
-11.95
-7.85
466.25
735.00
Soybean Futr - Generic 1st month ($/bu.)
CBT
980.50
-0.31
9:11:34 πµ -19.12
-3.80
-23.86
904.00
1536.75
Sugar Futr - Generic 1st month ($/lb.)
NYB
15.35
1.19
Coffee Futr - Generic 1st month ($/lb.)
NYB
161.85
-0.37
Live Cattle Futr - Generic 1st month ($/lb.)
CME
149.83
-0.35
Lean Hogs Futr - Generic 1st month ($/lb.)
CME
70.83
2.20
Source: Bloomberg
26/1/2015 -10.44
26/1/2015
-9.66
26/1/2015
-5.83
26/1/2015 -42.71
5.72
1.59
13.32
18.47
-2.85
41.48
113.15
225.50
-9.58
4.48
135.40
171.98
-12.78
-18.00
68.85
133.90
Interest Rates
* As of 4/4/2013, the BOJ has shifted its monetary policy focus to a targeted monetary
base via Japanese government bond (JGB) purchases.
Please refer to the last pages of this report for important disclosures
Global Markets Overview
January 27, 2015
Research Department
Bonds, Spreads, CDS
10 Yr Bond Yields
5 Yr Bond Yields
Greece, Germany, Ireland, Portugal, Spain
Germany, Ireland, Portugal, Spain, Greece
13
11
12
10
11
9
10
8
9
7
8
7
6
6
5
5
4
4
3
3
2
2
1
1
0
0
28/1/2014
21/4/2014
Greece
13/7/2014
Germany
Ireland
4/10/2014
Portugal
-1
27/1/2014
26/12/2014
Spain
Greek Spreads, 10 Yr Bonds (5 Yr n/a)
Germany
35835
-3
1,250
20/4/2014
Italy
12/7/2014
Ireland
Portugal
3/10/2014
Spain
25/12/2014
Italy
Greece
Greek CDS, 5 Yr & 10 Yr Bonds (CMAN pricing)
66257
1,600
1,200
1,550
1,150
1,500
1,450
1,100
1,400
1,050
1,350
1,000
1,300
950
1,250
900
1,200
850
1,150
800
1,100
750
1,050
700
1,000
650
950
600
900
550
24/11/2014
850
4/12/2014
14/12/2014
24/12/2014
Greek 10Yr Spread
3/1/2015
13/1/2015
23/1/2015
8/1/2015
Greek 5Yr Spread
11/1/2015
14/1/2015
17/1/2015
Greek 5Yr CDS
Spreads and CDS, 10 Yr Bonds
-
Ireland, Portugal, Italy, Spain (CBIL pricing for CDS)
300
20/1/2015
23/1/2015
26/1/2015
Greek 10Yr CDS
Spreads and CDS, 5 Yr Bonds
Ireland, Portugal, Italy, Spain (CBIL pricing for CDS)
220
280
200
260
180
240
220
160
200
140
180
523
160
120
140
100
725.1
702.1
120
80
100
60
80
60
40
40
20
390.16
20
0
16/12/2014
26/12/2014
Irish Spread
Portugese CDS
Italian Spread
Source: Bloomberg
5/1/2015
Irish CDS
Spanish Spread
Italian CDS
15/1/2015
Portugese Spread
Spanish CDS
25/1/2015
0
16/12/2014
26/12/2014
Irish Spread (6Yr)
Portugese CDS
Italian Spread
5/1/2015
Irish CDS
Spanish Spread
Italian CDS
15/1/2015
25/1/2015
Portugese Spread
Spanish CDS
Please refer to the last pages of this report for important disclosures
Global Markets Overview
January 27, 2015
Research Department
Currencies
Euro / US Dollar
1.1242
-0.34%
1.40
1.38
1.36
1.34
1.32
1.30
1.28
1.26
1.24
1.22
1.20
1.18
1.16
1.14
1.12
1.10
27/1/2014
27/2/2014
27/3/2014
27/4/2014
27/5/2014
Euro / Japanese Yen
132.65
27/6/2014
27/7/2014
27/8/2014
27/9/2014
27/10/2014
27/11/2014
27/12/2014
Euro / British Pound
-0.66%
0.7452
27/1/2015
-0.29%
0.85
150
######
-3.00
145
0.84
0.83
0.82
0.81
0.80
140
0.79
0.78
0.77
135
0.76
0.75
130
27/1/2014
27/3/2014
27/5/2014
27/7/2014
27/9/2014
27/11/2014
27/1/2015
0.74
27/1/2014
27/3/2014
27/5/2014
27/7/2014
27/9/2014
27/11/2014
27/1/2015
Commodities, (Precious) Metals
Dated BFO Crude Oil Spot Px ($/bbl)
45.12
Gold, Spot ($/OZ)
-0.29%
120
1,282.24
0.07%
1,450
110
1,400
100
1,350
90
1,300
80
-
1,250
70
1,200
60
1,150
50
40
27/1/2014
27/3/2014
27/5/2014
27/7/2014
27/9/2014
Aluminum (3MO Future) ($/MT)
1,879.00
27/11/2014
27/1/2015
1,100
27/1/2014
27/5/2014
7,400
2,100
27/7/2014
27/9/2014
Copper (3MO Future) ($/MT)
2.62%
2,150
27/3/2014
27/11/2014
5,580.00
27/1/2015
1.10%
702.1
7,200
2,050
7,000
2,000
6,800
1,950
6,600
1,900
6,400
1,850
6,200
363.8
1,800
6,000
1,750
5,800
1,700
1,650
27/1/2014
Source: Bloomberg
390.2
5,600
20/4/2014
12/7/2014
3/10/2014
25/12/2014
5,400
27/1/2014
20/4/2014
12/7/2014
3/10/2014
25/12/2014
Please refer to the last pages of this report for important disclosures
Global Markets Overview
January 27, 2015
Research Department
Macroeconomic Calendar
Regions included: EC, Greece, Germany, France, Portugal, Italy, Spain, Ireland, United Kingdom, US, China, Japan
Date Time
01/26/2015 01:50
01/26/2015 01:50
01/26/2015 01:50
01/26/2015 01:50
01/26/2015 10:00
01/26/2015 10:00
01/26/2015 11:00
01/26/2015 11:00
01/26/2015 11:00
01/26/2015 17:30
01/27/2015 01:50
01/27/2015 03:30
01/27/2015 04:00
01/27/2015 07:00
01/27/2015 10:00
01/27/2015 10:00
01/27/2015 11:30
01/27/2015 11:30
01/27/2015 11:30
01/27/2015 11:30
01/27/2015 11:30
01/27/2015 15:30
01/27/2015 15:30
01/27/2015 15:30
01/27/2015 15:30
01/27/2015 16:00
01/27/2015 16:00
01/27/2015 16:00
01/27/2015 16:00
01/27/2015 16:00
01/27/2015 16:00
01/27/2015 16:45
01/27/2015 16:45
01/27/2015 17:00
01/27/2015 17:00
01/27/2015 17:00
01/27/2015 17:00
01/27/2015 19:00
01/27/2015 19:00
01/28/2015 01/31
01/28/2015 03:45
01/28/2015 04:00
01/28/2015 09:00
01/28/2015 09:00
01/28/2015 09:00
01/28/2015 09:45
01/28/2015 13:00
01/28/2015 13:00
01/28/2015 13:00
01/28/2015 13:00
01/28/2015 14:00
01/28/2015 21:00
01/28/2015 21:00
01/29/2015 01:50
01/29/2015 01:50
01/29/2015 01:50
01/29/2015 01:50
01/29/2015 01:50
01/29/2015 01:50
01/29/2015 01:50
01/29/2015 01:50
01/29/2015 09:00
01/29/2015 09:00
01/29/2015 10:00
01/29/2015 10:00
01/29/2015 10:00
01/29/2015 10:00
01/29/2015 10:55
01/29/2015 10:55
01/29/2015 11:00
01/29/2015 11:00
01/29/2015 11:00
01/29/2015 11:00
01/29/2015 11:00
01/29/2015 11:00
01/29/2015 11:00
01/29/2015 11:00
01/29/2015 11:00
01/29/2015 11:00
01/29/2015 11:30
01/29/2015 11:30
01/29/2015 11:30
01/29/2015 11:30
01/29/2015 12:00
01/29/2015 12:00
01/29/2015 12:00
01/29/2015 12:00
01/29/2015 12:00
Source: Bloomberg
Event
JN
JN
JN
JN
SP
SP
GE
GE
GE
US
JN
CH
CH
JN
SP
SP
UK
UK
UK
UK
UK
US
US
US
US
US
US
US
US
US
US
US
US
US
US
US
US
FR
FR
CH
CH
CH
GE
GE
GE
FR
IR
IR
IR
IR
US
US
US
JN
JN
JN
JN
JN
JN
JN
JN
UK
UK
GE
GE
SP
SP
GE
GE
EC
EC
GE
GE
GE
GE
GE
GE
IT
IT
PO
PO
GE
GE
IT
IT
IT
EC
EC
1)
2)
3)
4)
5)
6)
7)
8)
9)
10)
11)
12)
13)
14)
15)
16)
17)
18)
19)
20)
21)
22)
23)
24)
25)
26)
27)
28)
29)
30)
31)
32)
33)
34)
35)
36)
37)
38)
39)
40)
41)
42)
43)
44)
45)
46)
47)
48)
49)
50)
51)
52)
53)
54)
55)
56)
57)
58)
59)
60)
61)
62)
63)
64)
65)
66)
67)
68)
69)
70)
71)
72)
73)
74)
75)
76)
77)
78)
79)
80)
81)
82)
83)
84)
85)
86)
87)
88)
Trade Balance
Trade Balance Adjusted
Exports YoY
Imports YoY
PPI MoM
PPI YoY
IFO Business Climate
IFO Current Assessment
IFO Expectations
Dallas Fed Manf. Activity
PPI Services YoY
Industrial Profits YoY
Conference Board China December Leading Economic Index
Small Business Confidence
Total Mortgage Lending YoY
House Mortgage Approvals YoY
BBA Loans for House Purchase
Index of Services MoM
Index of Services 3M/3M
GDP QoQ
GDP YoY
Durable Goods Orders
Durables Ex Transportation
Cap Goods Orders Nondef Ex Air
Cap Goods Ship Nondef Ex Air
S&P/CS 20 City MoM SA
S&P/CS Composite-20 YoY
S&P/CaseShiller 20-City Index NSA
S&P/Case-Shiller US HPI MoM
S&P/Case-Shiller US HPI YoY
S&P/Case-Shiller US HPI NSA
Markit US Composite PMI
Markit US Services PMI
New Home Sales MoM
New Home Sales
Consumer Confidence Index
Richmond Fed Manufact. Index
Total Jobseekers
Jobseekers Net Change
Leading Index
Westpac-MNI Consumer Sentiment
Bloomberg Jan. China Economic Survey
Import Price Index MoM
Import Price Index YoY
GfK Consumer Confidence
Consumer Confidence
Property Prices MoM
Property Prices YoY
Retail Sales Volume MoM
Retail Sales Volume YoY
MBA Mortgage Applications
FOMC Rate Decision (Upper Bound)
FOMC Rate Decision (Lower Bound)
Japan Buying Foreign Bonds
Japan Buying Foreign Stocks
Foreign Buying Japan Bonds
Foreign Buying Japan Stocks
Retail Trade YoY
Retail Sales MoM
Large Retailers' Sales
Loans & Discounts Corp YoY
Nationwide House PX MoM
Nationwide House Px NSA YoY
CPI Saxony YoY
CPI Saxony MoM
Retail Sales YoY
Retail Sales SA YoY
Unemployment Change (000's)
Unemployment Rate
M3 Money Supply YoY
M3 3-month average
CPI Brandenburg MoM
CPI Brandenburg YoY
CPI Hesse MoM
CPI Hesse YoY
CPI Bavaria MoM
CPI Bavaria YoY
Hourly Wages MoM
Hourly Wages YoY
Consumer Confidence Index
Economic Climate Indicator
CPI North Rhine Westphalia MoM
CPI North Rhine Westphalia YoY
Consumer Confidence Index
Business Confidence
Economic Sentiment
Business Climate Indicator
Industrial Confidence
Survey
Actual
Prior
Revised
Dec
Dec
Dec
Dec
Dec
Dec
Jan
Jan
Jan
Jan
Dec
Dec
-¥735.2B
-¥743.1B
11.2
2
-0.90%
-3.50%
106.5
110.8
102.5
3
3.50%
--
-¥660.7B
-¥712.1B
12.9
1.9
-1.10%
-3.70%
106.7
111.7
102
-4.4
3.60%
-8.00%
-¥891.9B
-¥925.0B
4.9
-1.7
-1.10%
-1.50%
105.5
110
101.1
4.1
3.60%
-4.20%
-¥893.5B
-¥832.5B
--1.6
-1.20%
--109.8
101.3
3.5
---
Jan
Nov
Nov
Dec
Nov
Nov
4Q A
4Q A
Dec
Dec
Dec
Dec
Nov
Nov
Nov
Nov
Nov
Nov
Jan P
Jan P
Dec
Dec
Jan
Jan
Dec
Dec
Dec
Jan
---36500
0.30%
0.90%
0.60%
2.80%
0.30%
0.60%
0.90%
1.00%
0.60%
4.30%
172.96
0.70%
4.65%
--53.8
2.70%
450K
95.5
5
3503.7k
15.5
---
46.3
----------------------------
46.7
17.70%
18.00%
36717
0.30%
0.70%
0.70%
2.60%
-0.70%
-0.40%
0.00%
0.20%
0.76%
4.50%
173.36
0.65%
4.64%
167.11
53.5
53.3
-1.60%
438K
92.6
7
3488.3k
27.4
99.17
112.5
---------0.90%
-0.70%
-0.50%
-0.20%
-----------------
Dec
Dec
Feb
Jan
Dec
Dec
Dec
Dec
Jan 23
Jan 28
Jan 28
Jan 23
Jan 23
Jan 23
Jan 23
Dec
Dec
Dec
Dec
Jan
Jan
Jan
Jan
Dec
Dec
Jan
Jan
Dec
Dec
Jan
Jan
Jan
Jan
Jan
Jan
Dec
Dec
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
-1.50%
-3.40%
9.1
91
-----0.25%
-----0.90%
0.30%
0.50%
-0.30%
6.60%
---2.50%
-10K
6.50%
3.50%
3.10%
------------100
98
-0.12
-4.5
-----------------------------------------------
-0.80%
-2.10%
9
90
0.50%
16.20%
0.20%
4.70%
14.20%
0.25%
0.00%
-¥397.2B
¥657.4B
-¥233.7B
-¥577.4B
0.40%
-0.30%
1.20%
2.88%
0.20%
7.20%
0.50%
0.20%
0.50%
1.90%
-27K
6.50%
3.10%
2.70%
0.00%
0.30%
-0.10%
0.00%
0.00%
0.30%
0.10%
1.10%
-22.3
0.3
-0.10%
0.10%
99.7
97.5
87.6
0.04
-5.2
---------------0.50%
-0.20%
1.10%
----------------0.10%
0.20%
------------
Please refer to the last pages of this report for important disclosures
Global Markets Overview
January 27, 2015
Research Department
Economic Events Calendar
01/27/2015 09:00
01/27/2015 10:00
01/27/2015 11:00
01/27/2015 13:00
01/27/2015 15:30
01/27/2015 16:00
01/27/2015 17:00
01/27/2015 19:00
01/27/2015
01/27/2015
01/26/2015 01/27
01/25/2015 01/28
01/28/2015 10:30
01/28/2015 13:30
01/28/2015 18:00
01/28/2015 21:00
01/28/2015 21:00
01/29/2015 10:30
01/29/2015 11:30
01/29/2015 13:00
01/29/2015 16:00
01/29/2015 18:00
01/29/2015 01/30
01/30/2015 11:00
01/30/2015 11:00
01/30/2015 12:00
01/30/2015 13:00
01/30/2015 13:00
01/30/2015 14:45
02/03/2015 11:00
02/04/2015 13:00
02/04/2015 18:00
02/04/2015 19:45
02/05/2015 11:00
02/06/2015 12:00
02/06/2015 19:45
02/06/2015
02/08/2015 02/10
02/09/2015 03:30
02/10/2015 11:00
02/10/2015 15:20
02/11/2015 07:00
02/12/2015
02/13/2015 15:30
EC
EC
PO
IT
IT
BE
PO
FR
IT
EC
EC
US
EC
SP
PO
US
US
EC
PO
PO
IT
PO
EC
EC
EC
PO
PO
PO
PO
PO
PO
EC
US
EC
IT
US
EC
GR
JN
PO
US
US
EC
US
Regions included: EC, Greece, Germany, France, Portugal, Italy, Spain, Ireland, United Kingdom, US, China, Japan
1)
Germany's Schaeuble, Italy's Padoan Speak to EU Committee
2)
EU Finance Ministers Meet in Brussels
3)
Former BESA President Rui Guerra Speaks in Parliament
4)
Dty Finance Minister Testifies on Govt Forthcoming Tax Decre
5)
Italy Debt Agency Head, Bank of Italy's Speak at Rome Event
6)
EU Finance Ministers Discuss Ukraine
7)
Escom Chairman Helder Bataglia Speaks in Parliament
8)
Total Jobseekers
9)
Finmeccanica Holds Board Meeting on Business Plan
10)
EU's Malmstroem Speaks at EU-China Conference in Brussels
11)
EU's Stylianides Visits Ukraine Jan. 26-27
12)
U.S. Treasury Secretary Jacob Lew Travels to Europe
13)
ALDE Anti-Terrorism Conference in Brussels
14)
Bank of Spain Governor Linde Speaks at an Event
15)
Espirito Santo Compliance Officer Speaks in Parliament
16)
FOMC Meet to Discuss Interest Rates
17)
FOMC Rate Decision (Upper Bound)
18)
EU Foreign Ministers Hold Meeting on Ukraine in Brussels
19)
Portugal Releases Consumer, Business Confidence Report
20)
Portugal Releases Monthly Employment, Unemployment Estimates
21)
Italian Parliament, Regional Delegates Vote on New President
22)
Former Novo Banco Board Member Honorio Speaks in Parliament
23)
EU Justice, Interior Ministers Hold Meeting in Latvia
24)
NATO's Stoltenberg Holds Press Conference in Brussels
25)
EU's Katainen Speaks on EU Investment Program in Frankfurt
26)
Portuguese Prime Minister Speaks at Debate in Parliament
27)
Portugal Releases December Retail Sales, Employment Report
28)
Portugal Reports Industrial Production Index
29)
Portuguese Vice Premier Portas Speaks at Awards Event
30)
Fitch Ratings Holds Lisbon Credit Conference
31)
Portugal Reports Fourth-Quarter Unemployment Rate
32)
EU's Hill Speaks at Long-Term Financing Conference in Brussels
33)
Fed's Mester Speaks on Economy and Banking in Columbus
34)
EU Publishes Economic Forecasts
35)
Bank of Italy Report on Balance-Sheet Aggregates
36)
Fed's Lockhart Speaks on U.S. Economy in Naples, Florida
37)
U.S.'s Biden Meets With EU Officials in Brussels
38)
Merkel to Make Two-Day Trip to U.S. and Canada
39)
BOJ Board Member Morimoto Speaks in Chiba
40)
ECB's Costa, Praet Speak on Financial Stability in Lisbon
41)
Fed's Lacker to Speak on Economy in Raleigh, North Carolina
42)
Fed's Fisher Speaks to Economists in New York
43)
EU Leaders Hold Summit in Brussels
44)
Revisions of Producer Price Index
GE
FR
FR
FR
US
US
US
JN
SP
SP
IT
IT
IT
CH
IT
GE
US
US
CH
JN
JN
IT
IT
IT
IR
US
US
UK
UK
UK
US
US
JN
US
US
CH
GR
UK
JN
JN
FR
JN
UK
UK
Regions included: EC, Greece, Germany, France, Portugal, Italy, Spain, Ireland, United Kingdom, US, China, Japan
1)
Germany Sells EUR1.4525 Bln 364-Day Bills; Yield -0.1725%
2)
France Sells EUR3.593 Bln 84-Day Bills; Yield -0.122%
3)
France to Sell Up to EUR1.9 Bln 133-Day Bills
4)
France Sells EUR1.898 Bln 343-Day Bills; Yield -0.12%
5)
U.S. Sells USD24 Bln 3-Month Bills; High Yld 0.020%
6)
U.S. Sells USD24 Bln 6-Month Bills; High Yld 0.075%
7)
U.S. Sells USD30 Bln 4-Week Bills; High Yld 0.020%
8)
Japan Auction for Enhanced-Liquidity
9)
Spain to Sell 3-Month Bills
10)
Spain to Sell 9-Month Bills
11)
Italy to Sell Up to EUR2 Bln Zero 2016 Bonds
12)
Italy to Sell Up to EUR1 Bln 1.7% 2018 Bonds
13)
Italy to Sell Up to EUR1 Bln 2.55% 2041 Bonds
14)
China to Sell CNY20 Bln 10-Year Bonds (1429)
15)
Italy to Sell Bills
16)
Germany to Sell EUR2 Bln 2.5% 2046 Bonds (DE0001102341)
17)
U.S. to Sell USD15 Bln 2-Year Floating Rate Notes
18)
U.S. to Sell USD26 Bln 2-Year Notes
19)
China Development Bank to Sell CNY4Bln 1-Year Bonds(1502)
20)
Japan to Sell 3-Month Bill
21)
Japan to Sell 2-Year Bonds
22)
Italy to Sell Up to EUR3 Bln 1.05% 2019 Bonds
23)
Italy to Sell Up to EUR3.5 Bln 2.5% 2024 Bonds
24)
Italy to Sell Up to EUR1.75 Bln Floating 2020 Bonds
25)
Ireland to Sell EUR500 Mln 183-Day Bills
26)
U.S. to Sell USD35 Bln 5-Year Notes
27)
U.S. to Sell USD29 Bln 7-Year Notes
28)
U.K. to Sell GBP500 Mln 28-Day Bills
29)
U.K. to Sell GBP1.5 Bln 182-Day Bills
30)
U.K. to Sell GBP1 Bln 92-Day Bills
31)
U.S. to Sell 3-Month Bills
32)
U.S. to Sell 6-Month Bills
33)
Japan to Sell 10-Year Bonds
34)
U.S. to Sell 52-Week Bills
35)
U.S. to Sell 4-Week Bills
36)
China to Sell 5-Year Bonds
37)
Greece to Sell 26-Week Bills
38)
U.K. to Sell 2024 I/L Bonds
39)
Japan to Sell 3-Month Bill
40)
Japan to Sell 30-Year Bonds
41)
France to Sell Bonds
42)
Japan to Sell 6-Month Bill
43)
U.K. to Sell 1-Month Bills
44)
U.K. to Sell 3-Month Bills
Government Auctions / Buyouts Calendar
01/26/2015 12:30
01/26/2015 15:50
01/26/2015 15:50
01/26/2015 15:50
01/26/2015 18:30
01/26/2015 18:30
01/26/2015 20:00
01/27/2015 10:00
01/27/2015 11:30
01/27/2015 11:30
01/27/2015 12:00
01/27/2015 12:00
01/27/2015 12:00
01/28/2015 05:00
01/28/2015 12:00
01/28/2015 12:30
01/28/2015 18:30
01/28/2015 20:00
01/29/2015 05:00
01/29/2015 05:35
01/29/2015 05:45
01/29/2015 12:00
01/29/2015 12:00
01/29/2015 12:00
01/29/2015 12:30
01/29/2015 18:30
01/29/2015 20:00
01/30/2015 13:00
01/30/2015 13:00
01/30/2015 13:00
02/02/2015 18:30
02/02/2015 18:30
02/03/2015 05:45
02/03/2015 18:30
02/03/2015 18:30
02/04/2015 05:00
02/04/2015 12:00
02/04/2015 12:30
02/05/2015 05:35
02/05/2015 05:45
02/05/2015 11:50
02/06/2015 05:35
02/06/2015 13:00
02/06/2015 13:00
Source: Bloomberg
Please refer to the last pages of this report for important disclosures
Global Markets Overview
January 27, 2015
Research Department
Earnings Releases Calendar
Global - Top Events
Primary Exchange
New York
New York
New York
NASDAQ GS
New York
NASDAQ GS
EN Amsterdam
Xetra
Stockholm
NASDAQ GS
New York
New York
New York
SIX Swiss Ex
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
NASDAQ GS
New York
New York
NASDAQ GS
NASDAQ GS
NASDAQ GS
NASDAQ GS
New York
New York
BM&FBOVESPA
MICEX Main
SIX Swiss Ex
Stockholm
Stockholm
Stockholm
New York
New York
New York
New York
New York
New York
Stockholm
NASDAQ GS
NASDAQ GS
NASDAQ GS
New York
EN Amsterdam
New York
New York
New York
New York
Korea SE
New York
Tokyo
Tokyo
Helsinki
SIX Swiss Ex
Xetra
London
New York
New York
New York
New York
New York
New York
New York
New York
Company Name
MeadWestvaco Corp
DR Horton Inc
Norfolk Southern Corp
Seagate Technology PLC
United Technologies Corp
Microsoft Corp
Koninklijke Philips NV
Siemens AG
Telefonaktiebolaget LM Ericsson
American Airlines Group Inc
Bristol-Myers Squibb Co
Corning Inc
Polaris Industries Inc
Novartis AG
Prologis Inc
Peabody Energy Corp
Danaher Corp
EI du Pont de Nemours & Co
Lockheed Martin Corp
Dover Corp
Pfizer Inc
Procter & Gamble Co/The
Caterpillar Inc
3M Co
Freeport-McMoRan Inc
AK Steel Holding Corp
Freescale Semiconductor Ltd
Apple Inc
AT&T Inc
United States Steel Corp
Amgen Inc
Electronic Arts Inc
Yahoo! Inc
Illumina Inc
Juniper Networks Inc
VMware Inc
(C) Petroleo Brasileiro SA
(C) Gazprom OAO
Roche Holding AG
Nordea Bank AB
Electrolux AB
Hennes & Mauritz AB
Hess Corp
AmerisourceBergen Corp
ADT Corp/The
Anthem Inc
Boeing Co/The
Rayonier Advanced Materials Inc
SKF AB
QUALCOMM Inc
Qorvo Inc
Facebook Inc
Alliant Techsystems Inc
Unibail-Rodamco SE
Albemarle Corp
Core Laboratories NV
Las Vegas Sands Corp
DHT Holdings Inc
(C) SK Hynix Inc
Fiat Chrysler Automobiles NV
(C) Nomura Holdings Inc
(C) Toshiba Corp
Nokia OYJ
Givaudan SA
Infineon Technologies AG
Royal Dutch Shell PLC
Abbott Laboratories
Air Products & Chemicals Inc
Baxter International Inc
Colgate-Palmolive Co
Dow Chemical Co/The
Helmerich & Payne Inc
Hershey Co/The
Kate Spade & Co
Bloomberg
Ticker
MWV US
DHI US
NSC US
STX US
UTX US
MSFT US
PHIA NA
SIE GR
ERICB SS
AAL US
BMY US
GLW US
PII US
NOVN VX
PLD US
BTU US
DHR US
DD US
LMT US
DOV US
PFE US
PG US
CAT US
MMM US
FCX US
AKS US
FSL US
AAPL US
T US
X US
AMGN US
EA US
YHOO US
ILMN US
JNPR US
VMW US
PETR4 BZ
GAZP RM
ROG VX
NDA SS
ELUXB SS
HMB SS
HES US
ABC US
ADT US
ANTM US
BA US
RYAM US
SKFB SS
QCOM US
QRVO US
FB US
ATK US
UL NA
ALB US
CLB US
LVS US
DHT US
000660 KS
FCAU US
8604 JP
6502 JP
NOK1V FH
GIVN VX
IFX GR
RDSA LN
ABT US
APD US
BAX US
CL US
DOW US
HP US
HSY US
KATE US
Date
26/1/2015
26/1/2015
26/1/2015
26/1/2015
26/1/2015
26/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
27/1/2015
28/1/2015
28/1/2015
28/1/2015
28/1/2015
28/1/2015
28/1/2015
28/1/2015
28/1/2015
28/1/2015
28/1/2015
28/1/2015
28/1/2015
28/1/2015
29/1/2015
28/1/2015
28/1/2015
28/1/2015
28/1/2015
28/1/2015
28/1/2015
28/1/2015
28/1/2015
29/1/2015
29/1/2015
29/1/2015
29/1/2015
29/1/2015
29/1/2015
29/1/2015
29/1/2015
29/1/2015
29/1/2015
29/1/2015
29/1/2015
29/1/2015
29/1/2015
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
T
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
Time
Period
12:55
14:00
15:00
15:00
23:05
23:11
8:00
8:08
8:30
Bef-mkt
Bef-mkt
Bef-mkt
Bef-mkt
Bef-mkt
Bef-mkt
Bef-mkt
13:00
13:00
13:25
14:00
14:00
14:00
14:30
14:30
15:00
15:30
23:00
23:30
Aft-mkt
Aft-mkt
Aft-mkt
Aft-mkt
Aft-mkt
Aft-mkt
Aft-mkt
Aft-mkt
Q4 2014
Q1 2015
Q4 2014
Q2 2015
Q4 2014
Q2 2015
Y 2014
Q1 2015
Y 2014
Q4 2014
Q4 2014
Q4 2014
Q4 2014
Y 2014
Q4 2014
Q4 2014
Q4 2014
Q4 2014
Q4 2014
Q4 2014
Q4 2014
Q2 2015
Q4 2014
Q4 2014
Q4 2014
Q4 2014
Q4 2014
Q1 2015
Q4 2014
Q4 2014
Q4 2014
Q3 2015
Q4 2014
Q4 2014
Q4 2014
Q4 2014
Q3 2014
Q3 2014
Y 2014
Y 2014
Y 2014
Y 2014
Q4 2014
Q1 2015
Q1 2015
Q4 2014
Q4 2014
Q4 2014
Y 2014
Q1 2015
Q3 2015
Q4 2014
Q3 2015
Y 2014
Q4 2014
Q4 2014
Q4 2014
Q4 2014
Y 2014
Q4 2014
Q3 2015
Q3 2015
Y 2014
Y 2014
Q1 2015
Y 2014
Q4 2014
Q1 2015
Q4 2014
Q4 2014
Q4 2014
Q1 2015
Q4 2014
Q4 2014
22:59
8:00
8:00
9:00
9:00
Bef-mkt
Bef-mkt
Bef-mkt
13:00
14:30
15:00
16:00
23:00
23:00
0:00
Aft-mkt
Aft-mkt
Aft-mkt
Aft-mkt
Aft-mkt
Aft-mkt
8:00
8:00
8:00
8:00
8:30
9:00
Bef-mkt
Bef-mkt
Bef-mkt
Bef-mkt
Bef-mkt
Bef-mkt
Bef-mkt
Bef-mkt
Actual
0.46
0.39
1.64
1.35
1.88
0.77
1.625
1.3
4.8
5.23
EPS (local currency)
Estimate
Surprise Guidance
0.444
3.60%
0.29
0.344
13.37%
1.638
0.12%
1.348
0.15%
1.622
15.91%
0.748
2.94%
1.151
41.18%
1.578
-17.62%
4.454
7.77%
1.512
0.404
0.384
1.943
5.226
0.08%
0.468
-0.359
1.123
0.707
0.708
2.847
0.946
0.529
1.134
1.548
1.796
0.352
0.077
0.075
0.322
2.596
0.547
0.835
2.054
0.925
0.9
0.294
0.792
0.308
1.065
0.383
14.706
0.841
10.407
12.037
0.243
0.972
0.491
1.744
2.072
0.607
11.005
1.254
1.166
0.483
2.842
10.862
1.02
1.541
0.781
0.068
5373.32
0.206
15.118
8.502
0.274
67.572
0.099
3.609
0.678
1.491
1.309
0.743
0.695
1.541
1.064
0.238
1.24
10.782
1.545
0.69
1.475
1.315
Currency
USD
USD
USD
USD
USD
USD
EUR
EUR
SEK
USD
USD
USD
USD
CHF
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
BRL
RUB
CHF
SEK
SEK
SEK
USD
USD
USD
USD
USD
USD
SEK
USD
USD
USD
USD
EUR
USD
USD
USD
USD
KRW
USD
JPY
JPY
EUR
CHF
EUR
GBp
USD
USD
USD
USD
USD
USD
USD
USD
(*) Reported Value, (^) GAAP Value, (T) Tentative, (C) Confirmed Date, (E) Estimated Date
Source: Bloomberg
Please refer to the last pages of this report for important disclosures
Global Markets Overview
January 27, 2015
Research Department
GREEK MARKET - Corporate Actions
General Meetings
Company
GM Date
Time
Livanis Publishing Organizatio
29/1/15
11.00
Compucon Computer Applications
30/1/15
12.00
Balkan Real Estate SA
3/2/15
15.00
Kleemann Hellas SA
4/2/15
14.00
MLS Multimedia SA
11/2/15
15.00
Alco Hellas SA
13/2/15
12.00
AGM: Annual General Meeting, EGM: Extra-ordinary General Meeting, Rep: Repetitive Meeting
Type
EGM
EGM
EGM
EGM
EGM
EGM
Comments
Dividends
Company
Interim Div
2014
X-Div
Date
Remaining Div
2014
X-Div
Date
Total Div
2014 (gross* )
X-Div
Date
Capital
X-Div
Return 2014
Date
Notes
0.15 €
To be proposed at the 26/6/14 GM
0.20 €
To be proposed at the 17/6/14 GM
0.03 €
Approved by the 3/6/14 GM
1.50 €
Approved by the 29/5/14 GM
Approved by the 29/12/14GM
0.125 €
0.2017€ (gross) interim div. + 0.0283€ (net) distribution of tax free reserves (0.23€ total, 0.21€ net)
0.17
21/01/15
20/1/15
0.025 €
Nexans Hellas SA
Hellenic Exchanges - Athens St
Elve SA
Alpha Trust Mutual Fund Manage
Folli Follie SA
OPAP SA
0.2300 €
12/01/15
GEKE SA
Thrace Plastics Co SA
* The abovementioned dividend amounts are subject to a 25% withholding tax (Law 3943/2011)
(1) 0.65€ from retained earnings & reserves + 0.15€ interim dividend 2014. Net amount equals to 0.5461€+0.1250€=0.672€
Rights Issue / Bonus Issue - (Reverse) Splits
Company
Compucon Computer Applications
Ilyda SA
Alco Hellas SA
Kekrops SA
Compucon Computer Applications
Lamda Development SA
JUMBO SA
Kathimerini Publishing SA
Kathimerini Publishing SA
Terms
9 new / 4 old at 1.82€
1 new / 100 old at 0.90€
Rev. Split: 1 new / 5 old
3 new / 1 old at 0.40€
Rev. Split: 1 new / 11 old
0.79469... new / 1 old at 4.25€
Bonus shares: 1 new / 22 old
8 new / 1 old at 0.33€
Rev. Split: 2 new / 10 old
New
Rights
Exercise
Trading
shares
Period
Period trading day
13/10/14
15/10/14
16/10 - 30/10/2014 16/10 - 24/10/2014
18/11/14
Cease of trading: 1/9/2014
5/9/14
5/8/14
11/8 - 25/8/2014
11/8 - 19/8/2014
29/8/14
2/7/14
4/7/14
8/7/14
23/6/14
25/6/14
27/6 - 11/7/2014
27/6 - 7/7/2014 22/7/2014
5/3/14
7/3/14
- 11/3/2014
6/3/14
10/3 - 24/3/2014
4/3/14
10/3 - 18/3/2014
28/3/14
4/3/14
10/3/14
ExDate
Record
Date
Comments
& Notes
Approved by the 6/5 GM
Adjusted start share price 0.751€
Adjusted start share price 0.418€
Approved by the 12/2 GM
Adjusted price €4.46 after the split,
€0.788 after the increase
Mergers
Company
(1)
Elval - Hellenic Aluminium Ind
Absorbed Company
(2)
ETEM SA
Exchange
Terms (1/1)
1/1
Bold Colors indicate a new addition (stays bold for a couple of days) or a current action / event
Exchange
Terms (1/2)
1/6
Absorbed Company
Cease Trading Day
02/12/14
New Shares
Start Trading Day
5/12/14
Comments
Please refer to the last pages of this report for important disclosures
Global Markets Overview
January 27, 2015
Research Department
Bonds, Spreads, CDS
10 Yr Bond Yields
5 Yr Bond Yields
Greece, Germany, Ireland, Portugal, Spain
Germany, Ireland, Portugal, Spain, Greece
13
11
12
10
11
9
10
8
9
7
8
7
6
6
5
5
4
4
3
3
2
2
1
1
0
0
28/1/2014
21/4/2014
Greece
13/7/2014
Germany
Ireland
4/10/2014
Portugal
-1
27/1/2014
26/12/2014
Spain
Greek Spreads, 10 Yr Bonds (5 Yr n/a)
Germany
35835
-3
1,250
20/4/2014
Italy
12/7/2014
Ireland
Portugal
3/10/2014
Spain
25/12/2014
Italy
Greece
Greek CDS, 5 Yr & 10 Yr Bonds (CMAN pricing)
66257
1,600
1,200
1,550
1,150
1,500
1,450
1,100
1,400
1,050
1,350
1,000
1,300
950
1,250
900
1,200
850
1,150
800
1,100
750
1,050
700
1,000
650
950
600
900
550
24/11/2014
850
4/12/2014
14/12/2014
24/12/2014
Greek 10Yr Spread
3/1/2015
13/1/2015
23/1/2015
8/1/2015
Greek 5Yr Spread
11/1/2015
14/1/2015
17/1/2015
Greek 5Yr CDS
Spreads and CDS, 10 Yr Bonds
-
Ireland, Portugal, Italy, Spain (CBIL pricing for CDS)
300
20/1/2015
23/1/2015
26/1/2015
Greek 10Yr CDS
Spreads and CDS, 5 Yr Bonds
Ireland, Portugal, Italy, Spain (CBIL pricing for CDS)
220
280
200
260
180
240
220
160
200
140
180
523
160
120
140
100
725.1
702.1
120
80
100
60
80
60
40
40
20
390.16
20
0
16/12/2014
26/12/2014
Irish Spread
Portugese CDS
Italian Spread
Source: Bloomberg
5/1/2015
Irish CDS
Spanish Spread
Italian CDS
15/1/2015
Portugese Spread
Spanish CDS
25/1/2015
0
16/12/2014
26/12/2014
Irish Spread (6Yr)
Portugese CDS
Italian Spread
5/1/2015
Irish CDS
Spanish Spread
Italian CDS
15/1/2015
25/1/2015
Portugese Spread
Spanish CDS
Please refer to the last pages of this report for important disclosures
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