Global Markets Overview
Global Markets Overview January 30, 2015 Research Department Athens General Index 30-days chart 450,000 900 400,000 Athens FTSE-ASE Mid Cap 30-days chart Athens FTSE-ASE Large Cap 30-days chart 450,000 290 8,000 400,000 280 7,000 350,000 270 300,000 300,000 260 250,000 250,000 250 200,000 200,000 240 150,000 150,000 230 100,000 350,000 850 800 750 100,000 50,000 0 710 50,000 210 1,000 690 0 200 0 FTSE-MID 40 Turnover 400,000 1,050 300,000 950 700,000 450 600,000 400 500,000 350 40,000 1,300 35,000 1,200 30,000 400,000 300 300,000 250 15,000 900 10,000 800 700 200,000 200 100,000 750 100,000 150 5,000 0 650 0 100 0 FTSE-20 Turnover ASE Index 43,641.7 1,000 20,000 850 ATHEX Market Cap (€mn): 1,100 25,000 200,000 ASE Turnover FTSE-MID 40 Index FTSE-ASE Mid Cap Index 52-wk chart FTSE-ASE Large Cap Index 52-wk chart 1,150 670 FTSE-20 Index 1,350 500,000 750 730 Athens General Index 52-wk chart 1,250 770 4,000 2,000 FTSE-20 Turnover 600,000 790 5,000 220 ASE Index 700,000 810 6,000 3,000 700 ASE Turnover 830 Market Cap to 2013e GDP: 0* 600 FTSE-20 Index FTSE-MID 40 Turnover FTSE-MID 40 Index 24.0% Athex Statistics as of: 29/1/15 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 Athens General Index 733.61 3.16 -10.11 -19.11 -38.60 -11.20 -36.53 708.61 1,379.42 20.0 N/A 11.1 7.1 1.2 0.6 0.6 1.0 3.6 4.0 FTSE-ASE Large Cap 218.88 4.15 -16.59 -26.13 -42.98 -17.36 -42.40 209.48 445.52 12.0 N/A 11.0 6.8 1.4 0.7 0.6 1.2 4.0 4.1 FTSE-ASE Mid Cap 741.34 1.03 0.89 -9.71 -33.47 -4.10 -34.26 696.63 1,317.40 0.6 N/A N/A 13.0 0.8 0.6 0.8 0.8 0.7 0.8 Indexes 2014e 2015e 2015e Sector Indexes 60.90 12.90 -35.86 -50.09 -61.60 -36.68 -65.53 53.22 213.44 1.2 N/A 10.2 4.0 1.1 0.4 0.3 0.0 N/A N/A Telecoms 2,091.95 -2.19 -16.48 -17.03 -28.57 -16.48 -27.48 2,058.92 3,633.39 16.5 704.7 10.4 9.1 2.5 1.5 1.4 0.0 N/A N/A Oil-Gas 1,723.42 1.51 -6.42 -0.68 -32.38 -5.04 -37.91 1,608.57 3,236.15 N/A N/A 8.9 6.0 1.3 0.8 0.7 3.3 6.2 9.0 Industrials 2,014.79 1.68 5.35 -4.30 -38.00 3.11 -35.49 1,816.11 3,724.87 30.4 70.4 18.5 8.6 1.5 0.9 0.9 1.6 3.3 3.2 Construction - Materials Banks 2,147.51 2.92 -0.79 -0.59 -32.17 -1.71 -17.94 2,028.51 3,482.98 N/A N/A 15.3 9.3 0.8 0.6 0.6 0.1 0.9 2.5 Technology 682.82 3.56 -2.63 -6.41 -29.08 -5.96 -21.50 622.75 1,134.79 N/A N/A N/A N/A 0.5 N/A N/A 0.5 N/A N/A Commerce 4,683.20 -5.71 4.66 0.12 -26.05 2.87 -23.04 3,847.16 7,649.84 30.3 8.9 11.9 9.9 1.7 1.4 1.2 0.0 2.7 2.5 Food & Beverage 5,474.25 1.51 -6.53 -13.57 -17.78 -6.55 -27.26 5,066.70 7,643.82 62.5 24.2 16.9 15.6 2.5 1.6 1.5 1.6 2.6 2.8 122.93 2.66 -12.92 -21.25 -36.94 -14.83 -48.82 115.79 287.11 N/A N/A N/A N/A 0.7 0.3 N/A 0.0 N/A N/A Health Financial Services 1,033.08 8.97 5.93 -9.58 -44.32 3.15 -38.45 900.30 2,207.51 N/A N/A 13.9 12.4 1.2 1.7 1.7 0.3 5.1 4.8 Personal & Household 4,683.20 -5.71 4.66 0.12 -26.05 2.87 -23.04 3,847.16 7,649.84 30.3 8.9 11.9 9.9 1.7 1.4 1.2 0.0 2.7 2.5 Basic Resources 2,160.92 0.29 13.88 -5.06 -25.60 12.07 -18.46 1,753.11 3,356.44 N/A N/A 9.8 6.4 0.7 0.6 0.5 0.0 N/A N/A Retail 3,809.65 -5.54 2.12 -2.04 -15.05 0.20 22.17 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 2,253.90 -0.91 -0.90 -13.34 -22.99 -1.23 -5.02 2,181.63 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 1,317.25 5.17 -11.20 -16.18 -38.27 -14.08 -21.84 1,238.26 2,304.69 24.0 17.8 11.5 9.4 2.3 1.7 1.6 5.4 7.6 8.9 Utilities 1,902.39 6.84 -9.90 -11.60 -52.80 -9.35 -45.14 1,711.47 4,471.04 N/A N/A 6.1 5.0 0.5 0.3 0.3 0.8 5.1 5.6 Settl. Price Premium/ Discount (%) % 1d Open Interest ∆ Open Interest Days to expire Aggregate Open Interest * 218.00 -0.40 4.18 46,399 1,824 21 47,021 0.321 -1.23 22.99 34,362 -5,155 49 34,362 0.93 -0.64 9.50 27,837 -820 49 27,887 Futures (March 2015 expiration for stock futures) FTSE-20 February 2015 ALPHA BANK A.E. NATL BANK GREECE 0.526 0.19 6.26 34,685 3,950 49 34,690 MYTILINEOS HLDGS 5.37 2.29 2.29 3,526 -48 49 3,526 PUBLIC POWER COR 4.65 -2.72 4.73 4,369 125 49 4,369 HELLENIC TELECOM 7.66 0.79 -2.54 5,199 -150 49 5,259 OPAP SA 7.20 -0.55 4.35 1,312 43 49 1,312 Real GDP YoY Real GDP QoQ PIRAEUS BANK * 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 Germany France Spain Italy Portugal United States 1d, net 6m, net Source: Bloomberg CDS * Spread ** 2Yr Bond N/A - - - 3,170 - 5Yr Bond 13.604 0.18 9.54 2.26 1,585 1,362.0 10Yr Bond 10.171 -0.17 4.31 0.43 1,393 981.2 2Yr Bond -0.1760 -0.01 -0.21 -0.08 - - 5Yr Bond -0.0160 0.00 -0.31 -0.03 18 - 10Yr Bond 0.3590 0.01 -0.76 -0.18 42 - 5Yr Bond 0.088 -0.01 -0.43 -0.09 48 10.4 10Yr Bond 0.597 0.03 -0.91 -0.23 88 23.8 5Yr Bond 0.838 -0.01 -0.20 -0.04 86 85.4 10Yr Bond 1.456 0.02 -1.02 -0.16 134 109.7 5Yr Bond 0.777 -0.02 -0.38 -0.18 109 79.3 10Yr Bond 1.603 0.01 -1.04 -0.29 162 124.4 5Yr Bond 1.627 0.01 -0.44 0.18 183 164.3 10Yr Bond 2.609 0.02 -0.97 -0.08 245 225.0 5Yr Bond 1.2597 -0.01 -0.51 -0.39 - - 10Yr Bond 1.7355 -0.02 -0.82 -0.44 - - 30Yr Bond 2.3013 -0.01 -1.01 -0.45 - - * Generic CDS Intraday Prices. Due to liquidity reasons, pricing sources may vary ** vs German Bund, in bps Macroeconomic Snapshots / Credit Ratings ytd, 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 0.10 CPI YoY CPI MoM -0.20 -0.10 1.50 11.50 31/12/2014 31/12/2014 30/11/2014 30/11/2014 -2.60 25.30 Caa1 *- B STABLE WR NEG Aaa AAAu AAA 0.10 -0.30 31/1/2015 93.40 -4.10 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 0.10 -0.80 6.50 31/1/2015 30/11/2014 -1.00 31/1/2015 STABLE STABLE STABLE 0.70 9.90 Aa1 31/12/2014 31/12/2014 30/11/2014 30/9/2014 NEG NEG STABLE 5.40 23.90 Baa2 BBB 31/12/2014 31/12/2014 31/12/2014 30/11/2014 -1.00 0.00 0.10 B Fitch 31/10/2014 31/12/2013 1.00 S&P 0.50 76.90 -0.50 Moody's 31/12/2014 31/12/2014 31/10/2014 30/9/2014 31/12/2013 30/9/2014 31/12/2013 Retail UnemploySales ment Rate (monthly) YoY -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 30, 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 3.16 29/1/2015 -38.60 -11.20 -36.53 708.61 1,379.42 20.0 N/A 11.1 7.1 1.2 0.6 0.6 1.0 3.6 4.0 10,737.87 0.25 29/1/2015 11.93 9.51 14.56 8,354.97 10,810.57 18.2 17.7 13.8 12.6 1.8 1.7 1.6 2.8 2.9 3.2 France 4,631.43 0.44 29/1/2015 7.40 8.39 10.80 3,789.11 4,679.26 25.6 18.2 14.9 13.3 1.5 1.4 1.4 3.1 3.4 3.6 UK 6,810.60 -0.22 29/1/2015 0.55 3.72 4.16 6,072.68 6,904.86 16.7 19.7 15.2 13.5 2.0 1.7 1.7 3.6 4.0 4.2 4.1 Country Last Price % 1d Greece 733.61 Germany Last Upd Spain 10,507.60 0.48 29/1/2015 -3.93 2.22 5.45 9,370.50 11,249.40 16.5 21.8 15.0 12.8 1.4 1.4 1.3 4.4 3.7 Portugal 2,304.30 0.38 29/1/2015 -14.94 8.26 -17.21 2,053.74 3,170.54 N/A N/A 13.2 8.9 1.3 1.0 0.9 3.1 3.7 4.5 Italy 20,593.72 0.56 29/1/2015 -1.41 8.32 6.09 17,555.77 22,590.18 180.9 N/A 14.6 12.0 1.0 1.0 1.0 2.9 3.7 4.3 Ireland 5,498.23 -0.18 29/1/2015 16.55 5.24 17.37 4,275.26 5,639.89 52.4 36.7 17.9 15.6 1.9 2.0 1.8 1.6 2.0 1.9 Sweden 1,570.39 0.50 29/1/2015 12.31 7.23 20.54 1,246.56 1,570.84 17.0 16.9 16.0 14.9 2.3 2.3 2.2 3.9 3.9 4.2 Luxembourg 1,566.35 -1.71 29/1/2015 -0.37 3.02 8.69 1,353.57 1,608.63 56.0 20.0 17.6 14.0 1.1 1.1 1.1 4.8 2.6 2.8 AUSTRIAN TRADED ATX INDX Austria 2,187.13 -0.32 29/1/2015 -6.53 1.25 -15.29 1,980.53 2,692.17 24.7 N/A 12.8 10.5 1.0 0.9 0.8 2.8 3.6 4.2 OMX COPENHAGEN 20 INDEX Denmark 815.32 0.02 29/1/2015 9.60 9.52 27.64 618.14 822.04 19.7 22.7 17.6 15.5 2.5 2.8 2.6 1.8 2.1 2.6 Switzerland 8,435.34 1.49 29/1/2015 -0.73 -6.10 2.81 7,852.83 9,292.44 18.4 19.6 16.4 15.0 2.6 2.5 2.3 3.0 3.5 3.8 OMX STOCKHOLM 30 INDEX LUXEMBOURG LuxX INDEX SWISS MARKET INDEX Emerging Europe BIST 100 INDEX SOFIX INDEX WSE WIG INDEX BUCHAREST BET INDEX Turkey 88,557.78 -1.97 29/1/2015 5.15 3.31 41.24 60,848.52 91,805.74 9.9 10.7 10.9 9.5 1.3 1.4 1.3 2.7 2.7 3.1 Bulgaria 498.42 -0.64 29/1/2015 -7.73 -4.54 -8.49 486.61 625.40 7.0 7.6 N/A N/A 0.7 N/A N/A 5.3 N/A N/A Poland 52,040.24 0.65 29/1/2015 3.27 1.21 3.22 48,765.47 55,687.59 17.5 16.8 13.3 11.4 1.3 1.3 1.2 3.7 3.7 4.0 Romania 7,011.07 0.05 29/1/2015 1.09 -1.02 9.06 6,110.93 7,309.05 11.9 9.7 8.9 8.2 1.0 0.9 0.8 2.8 4.1 4.8 BRIC BRAZIL IBOVESPA INDEX Brazil 47,762.24 0.14 -4.49 1.10 44,904.83 62,304.88 29.8 15.4 10.6 9.0 1.1 1.1 1.0 4.0 4.4 5.1 Russia 1,657.98 1.12 9:16:56 πµ 19.96 18.71 13.31 1,182.89 1,706.29 6.7 8.2 5.3 4.6 0.8 0.5 0.4 3.9 5.5 6.4 India 29,318.55 -1.22 9:01:55 πµ 12.39 6.62 43.03 19,963.12 29,844.16 16.7 20.5 18.7 15.9 2.6 2.9 2.6 1.5 1.4 1.5 China 3,210.36 -1.59 9:01:34 πµ 47.18 -0.75 57.91 1,974.38 3,406.79 10.3 15.4 12.3 10.8 1.4 1.6 1.4 3.0 2.4 2.7 DOW JONES INDUS. AVG US 17,416.85 1.31 29/1/2015 3.18 -2.28 9.90 15,340.69 18,103.45 15.7 15.6 16.1 14.5 2.9 2.9 2.7 2.1 2.4 2.5 NASDAQ COMPOSITE INDEX US 4,683.41 0.98 12:16:00 πµ 4.94 -1.11 13.59 3,946.03 4,814.95 27 34 19.9 17.1 3.3 3.3 3.0 1.2 1.2 1.2 S&P 500 INDEX US 2,021.25 0.95 29/1/2015 2.60 -1.83 12.66 1,737.92 2,093.55 17.2 17.8 16.9 15.0 2.6 2.5 2.4 1.9 2.1 2.2 1.7 MICEX INDEX S&P BSE SENSEX INDEX SHANGHAI SE COMPOSITE 29/1/2015 -16.03 US Asia, Pacific NIKKEI 225 HANG SENG INDEX Japan 17,674.39 0.39 8:28:01 πµ 12.96 1.28 17.77 13,885.11 18,030.83 22.2 20.7 19.0 16.8 1.7 1.7 1.6 1.3 1.5 Hong Kong 24,518.37 -0.32 9:01:56 πµ -0.86 3.87 11.27 21,137.61 25,362.98 10.9 10.4 11.4 10.2 1.4 1.3 1.2 3.3 3.5 3.8 Singapore 3,419.98 0.03 9:01:56 πµ 1.98 1.63 12.97 2,953.01 3,432.62 13.6 13.9 13.9 12.7 1.4 1.3 1.2 3.3 3.3 3.6 Australia 5,588.32 0.34 8:00:36 πµ -0.61 3.28 7.71 5,052.20 5,679.50 19.8 19.3 16.0 14.7 2.0 1.9 1.8 4.3 4.6 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 19.84 2.32 29/1/2015 34.24 1.85 15.96 10.80 24.09 S&P 500 18.76 -8.22 29/1/2015 40.74 -2.29 8.50 10.28 31.06 Nasdaq 100 19.48 -8.93 29/1/2015 39.84 -0.81 4.45 9.66 31.17 MARKIT ITRX EUROPE 12/19 (Generic) Europe 57.17 - 9:15:17 πµ -7.49 -9.12 -29.35 51.78 86.56 MARKIT ITRX EUR XOVER 12/19 (Generic) Europe 311.81 - 9:15:17 πµ 26.31 -9.87 1.35 218.43 429.90 % 6m % ytd % 52w 52w Low 52w High COMMODITIES Energy Currencies Price % 1d % 6m % ytd EUR / US Dollar 1.1327 0.19 -15.34 -6.39 -16.42 1.1098 - EUR/Japanese Yen 133.44 -0.25 -3.11 -7.98 -4.21 130.15 149.80 43.58 107.73 EUR / British Pound 0.7520 0.10 -5.02 -3.17 -8.55 0.7405 0.8403 -54.78 45.19 115.71 EUR / Swiss Franc 1.0453 0.07 -14.15 -13.08 -14.64 0.7813 1.2262 -46.24 2.67 6.49 EUR / Canadian Dollar 1.4321 0.13 -5.37 1.3754 1.5587 EUR / Australian Dollar 1.4565 -0.47 1.42 -1.72 -5.68 1.3798 1.5591 EUR / Turkish Lira 2.7289 0.00 -4.59 -3.55 -10.71 2.6045 3.1300 3m Exchange Last Price % 1d - 46.63 -0.47 9:16:00 πµ -55.46 -16.37 -57.02 - NYM 44.46 -0.16 9:16:55 πµ -55.66 -16.54 -54.74 Brent Crude Futr-Generic 1st month ($/bbl) ICE 48.82 -0.63 9:06:54 πµ -54.16 -14.84 Natural Gas Futr-Generic 1st month ($/bbl) NYM 2.69 -0.92 9:16:25 πµ -28.84 -6.75 Dated BFO Crude Oil Spot Px ($/bbl) WTI Crude Futr-Generic 1st month ($/bbl) Last Upd Precious Metals Exchange Last Price % 1d Last Upd % 6m % ytd % 52w 52w Low 52w High GOLD SPOT $/OZ - 1,261.98 0.37 9:16:53 πµ -2.65 6.51 1.45 1131.24 1392.22 SILVER SPOT $/OZ - 16.91 -0.22 9:16:51 πµ -17.96 7.69 -11.75 14.29 22.18 PLATINUM SPOT $/OZ - 1,223.85 0.27 9:16:46 πµ -17.46 1.31 -11.48 1177.15 1521.38 PALLADIUM SPOT $/OZ - 778.70 0.64 9:16:30 πµ -11.56 -2.39 9.99 696.80 912.00 Base Metals ** Last 12 months (Trailing 12 months) Money Market Rates 1w -1.89 1.3994 6m 9m 12m -0.0140 0.0010 0.0530 0.1350 0.2040 0.2730 US 0.1367 0.1705 0.2546 0.3574 0.5508 0.6179 Japan 0.0407 0.0714 0.1021 0.1436 0.3543 0.2676 Europe 1m 1.89 % 52w 52wLow 52wHigh Exchange Last Price % 1d Last Upd % 6m % ytd % 52w 52w Low 52w High LME ALUMINUM 3MO ($) / MT LME 1,819.00 -1.68 29/1/2015 -8.22 -1.81 4.42 1671.25 2119.50 LME COPPER LME 5,395.00 -1.62 29/1/2015 -23.82 -14.37 -24.30 5339.50 7220.00 LME 1,860.00 -1.51 29/1/2015 -17.95 0.11 -13.19 1743.00 2307.00 Latest Rate Last Update Next Update LME 14,900.00 -1.00 29/1/2015 -20.11 -1.65 6.54 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 Corn Futr-Generic 1st month ($/bu.) CBT 370.25 -0.34 9:06:50 πµ 2.35 -6.74 -14.59 318.25 519.50 US Fed 0.25 28/1/2015 18/3/2015 Wheat Futr - Generic 1st month ($/bu.) CBT 508.25 0.10 9:06:28 πµ -3.60 -13.82 -8.18 466.25 735.00 Japan BoJ 0.10 22/1/2014 * Soybean Futr - Generic 1st month ($/bu.) CBT 970.50 0.23 9:06:51 πµ -20.48 -4.78 -23.88 904.00 1536.75 LME LEAD LME NICKEL 3MO ($) / MT 3MO ($) / MT 3MO ($) / MT Agriculture Sugar Futr - Generic 1st month ($/lb.) NYB 14.85 -2.04 29/1/2015 -10.65 2.27 0.75 13.32 18.47 Coffee Futr - Generic 1st month ($/lb.) NYB 160.00 -4.59 29/1/2015 -11.46 -3.96 36.64 117.15 225.50 Live Cattle Futr - Generic 1st month ($/lb.) CME 153.53 -0.28 29/1/2015 -3.31 -7.35 8.06 135.40 171.98 Lean Hogs Futr - Generic 1st month ($/lb.) CME 68.55 -4.16 29/1/2015 -43.56 -15.58 -20.77 68.53 133.90 Source: Bloomberg 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 30, 2015 Research Department Bonds, Spreads, CDS 10 Yr Bond Yields 5 Yr Bond Yields Greece, Germany, Ireland, Portugal, Spain Germany, Ireland, Portugal, Spain, Greece 14 11 13 10 12 9 11 10 8 9 7 8 6 7 5 6 5 4 4 3 3 2 2 1 1 0 0 31/1/2014 24/4/2014 Greece 16/7/2014 Germany Ireland 7/10/2014 Portugal -1 30/1/2014 29/12/2014 Spain Italy Greek Spreads, 10 Yr Bonds (5 Yr n/a) 35835 -3 1,400 1,650 1,600 1,250 1,550 1,200 1,500 1,150 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 16/12/2014 26/12/2014 Greek 10Yr Spread 5/1/2015 15/1/2015 25/1/2015 6/10/2014 Portugal Spain 850 13/1/2015 Greek 5Yr Spread 16/1/2015 19/1/2015 22/1/2015 Greek 5Yr CDS Spreads and CDS, 10 Yr Bonds - Ireland, Portugal, Italy, Spain (CBIL pricing for CDS) 300 28/12/2014 Italy Greece Greek CDS, 5 Yr & 10 Yr Bonds (CMAN pricing) 66257 1,300 6/12/2014 15/7/2014 Ireland 1,700 1,350 550 26/11/2014 23/4/2014 Germany 25/1/2015 28/1/2015 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 18/12/2014 28/12/2014 Irish Spread Portugese CDS Italian Spread Source: Bloomberg 7/1/2015 Irish CDS Spanish Spread Italian CDS 17/1/2015 Portugese Spread Spanish CDS 27/1/2015 0 18/12/2014 28/12/2014 Irish Spread (6Yr) Portugese CDS Italian Spread 7/1/2015 Irish CDS Spanish Spread Italian CDS 17/1/2015 27/1/2015 Portugese Spread Spanish CDS Please refer to the last pages of this report for important disclosures Global Markets Overview January 30, 2015 Research Department Currencies Euro / US Dollar 1.1327 0.19% 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 30/1/2014 28/2/2014 30/3/2014 30/4/2014 30/5/2014 Euro / Japanese Yen 133.44 30/6/2014 30/7/2014 30/8/2014 30/9/2014 30/10/2014 30/11/2014 30/12/2014 Euro / British Pound -0.25% 0.7520 30/1/2015 0.10% 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 30/1/2014 30/3/2014 30/5/2014 30/7/2014 30/9/2014 30/11/2014 30/1/2015 0.74 30/1/2014 30/3/2014 30/5/2014 30/7/2014 30/9/2014 30/11/2014 30/1/2015 Commodities, (Precious) Metals Dated BFO Crude Oil Spot Px ($/bbl) 46.63 Gold, Spot ($/OZ) -0.47% 120 1,261.98 0.37% 1,450 110 1,400 100 1,350 90 1,300 80 - 1,250 70 1,200 60 1,150 50 40 30/1/2014 30/3/2014 30/5/2014 30/7/2014 30/9/2014 Aluminum (3MO Future) ($/MT) 1,819.00 30/11/2014 30/1/2015 1,100 30/1/2014 30/5/2014 30/7/2014 30/9/2014 Copper (3MO Future) ($/MT) -1.68% 2,150 30/3/2014 7,400 2,100 7,200 2,050 7,000 2,000 6,800 1,950 6,600 30/11/2014 5,395.00 30/1/2015 -1.62% 702.1 6,400 1,900 6,200 1,850 6,000 363.8 1,800 390.2 5,800 1,750 5,600 1,700 1,650 30/1/2014 Source: Bloomberg 5,400 23/4/2014 15/7/2014 6/10/2014 28/12/2014 5,200 30/1/2014 23/4/2014 15/7/2014 6/10/2014 28/12/2014 Please refer to the last pages of this report for important disclosures Global Markets Overview January 30, 2015 Research Department Macroeconomic Calendar Regions included: EC, Greece, Germany, France, Portugal, Italy, Spain, Ireland, United Kingdom, US, China, Japan Date Time 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 11:30 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 01/29/2015 12:00 01/29/2015 12:00 01/29/2015 12:00 01/29/2015 13:00 01/29/2015 15:00 01/29/2015 15:00 01/29/2015 15:00 01/29/2015 15:00 01/29/2015 15:30 01/29/2015 15:30 01/29/2015 16:45 01/29/2015 17:00 01/29/2015 17:00 01/29/2015 17:00 01/30/2015 01:30 01/30/2015 01:30 01/30/2015 01:30 01/30/2015 01:30 01/30/2015 01:30 01/30/2015 01:30 01/30/2015 01:30 01/30/2015 01:30 01/30/2015 01:30 01/30/2015 01:50 01/30/2015 01:50 01/30/2015 02:05 01/30/2015 04:00 01/30/2015 07:00 01/30/2015 07:00 01/30/2015 07:00 01/30/2015 09:00 01/30/2015 09:00 01/30/2015 09:45 01/30/2015 09:45 01/30/2015 09:45 01/30/2015 09:45 01/30/2015 10:00 01/30/2015 10:00 01/30/2015 10:00 01/30/2015 10:00 01/30/2015 11:00 01/30/2015 11:00 01/30/2015 11:00 01/30/2015 11:00 01/30/2015 11:30 01/30/2015 11:30 01/30/2015 11:30 01/30/2015 11:30 01/30/2015 11:30 01/30/2015 11:30 01/30/2015 12:00 01/30/2015 12:00 01/30/2015 12:00 01/30/2015 12:00 01/30/2015 12:00 01/30/2015 12:00 01/30/2015 13:00 01/30/2015 13:00 01/30/2015 13:00 01/30/2015 13:00 01/30/2015 15:30 01/30/2015 15:30 01/30/2015 15:30 01/30/2015 15:30 01/30/2015 15:30 01/30/2015 16:00 01/30/2015 16:45 01/30/2015 17:00 01/30/2015 17:00 01/30/2015 17:00 01/30/2015 17:00 01/30/2015 17:00 02/01/2015 03:00 Source: Bloomberg Event SP SP GE GE EC EC IT IT PO PO IT IT IT EC EC EC EC EC UK GE GE GE GE US US US US US US JN JN JN JN JN JN JN JN JN JN JN UK JN JN JN JN GE GE FR FR FR FR SP SP SP SP GE GE SP IT UK UK UK UK UK UK EC EC GR IT IT EC PO PO PO PO US US US US US US US US US US US US CH 13) 14) 15) 16) 17) 18) 23) 24) 25) 26) 29) 30) 31) 32) 33) 34) 35) 36) 37) 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) 89) 90) 91) 92) 93) 94) 95) 96) 97) 98) 99) 100) 101) 102) 103) 104) 105) 106) 107) 108) Retail Sales YoY Retail Sales SA YoY Unemployment Change (000's) Unemployment Rate M3 Money Supply YoY M3 3-month average Hourly Wages MoM Hourly Wages YoY Consumer Confidence Index Economic Climate Indicator Consumer Confidence Index Business Confidence Economic Sentiment Business Climate Indicator Industrial Confidence Consumer Confidence Economic Confidence Services Confidence CBI Reported Sales CPI MoM CPI YoY CPI EU Harmonized MoM CPI EU Harmonized YoY Initial Jobless Claims Continuing Claims Bloomberg Consumer Comfort Pending Home Sales MoM Pending Home Sales NSA YoY ISM Releases Seasonal Adjustments Jobless Rate Job-To-Applicant Ratio Overall Household Spending YoY Natl CPI YoY Natl CPI Ex Fresh Food YoY Natl CPI Ex Food, Energy YoY Tokyo CPI YoY Tokyo CPI Ex-Fresh Food YoY Tokyo CPI Ex Food, Energy YoY Industrial Production MoM Industrial Production YoY GfK Consumer Confidence Vehicle Production YoY Housing Starts YoY Annualized Housing Starts Construction Orders YoY Retail Sales MoM Retail Sales YoY Consumer Spending MoM Consumer Spending YoY PPI MoM PPI YoY GDP QoQ GDP YoY CPI EU Harmonised YoY CPI YoY CPI Brandenburg MoM CPI Brandenburg YoY Current Account Balance Unemployment Rate Net Consumer Credit Net Lending Sec. on Dwellings Mortgage Approvals Money Supply M4 MoM M4 Money Supply YoY M4 Ex IOFCs 3M Annualised Unemployment Rate CPI Estimate YoY Retail Sales YoY PPI MoM PPI YoY CPI Core YoY Retail Sales MoM Retail Sales YoY Industrial Production MoM Industrial Production YoY Employment Cost Index GDP Annualized QoQ Personal Consumption GDP Price Index Core PCE QoQ ISM Milwaukee Chicago Purchasing Manager U. of Mich. Sentiment U. of Mich. Current Conditions U. of Mich. Expectations U. of Mich. 1 Yr Inflation U. of Mich. 5-10 Yr Inflation Manufacturing PMI Survey Actual Prior Revised Dec Dec Jan Jan Dec Dec Dec Dec Jan Jan Jan Jan Jan Jan Jan Jan F Jan Jan Jan Jan P Jan P Jan P Jan P Jan 24 Jan 17 Jan 25 Dec Dec -2.50% -10K 6.50% 3.50% 3.10% ----100 98 -0.12 -4.5 -8.5 101.6 6 32 -0.80% -0.10% -1.00% -0.20% 300K 2405K -0.50% 10.50% 5.40% 6.50% -9K 6.50% 3.60% 3.10% 0.00% 1.10% -21.9 0.3 104 97.1 91.6 0.16 -5 -8.5 101.2 4.8 39 -1.00% -0.30% -1.30% -0.50% 265K 2385K 47.3 -3.70% 8.50% 0.50% 1.90% -27K 6.50% 3.10% 2.70% 0.10% 1.10% -22.3 0.3 99.7 97.5 87.6 0.04 -5.2 -8.5 100.7 5.6 61 0.00% 0.20% 0.10% 0.10% 307K 2443K 44.7 0.80% 1.70% ---25K 6.60% -----0.2 99.9 97.3 -0.15 --100.6 ------308K 2456K -0.60% 1.50% Dec Dec Dec Dec Dec Dec Jan Jan Jan Dec P Dec P Jan Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec 4Q P 4Q P Jan P Jan P Jan Jan Nov Dec P Dec Dec Dec Dec Dec Dec Dec Jan Nov Dec Dec Jan A Dec Dec Dec Dec 4Q 4Q A 4Q A 4Q A 4Q A Jan Jan Jan F Jan F Jan F Jan F Jan F Jan 3.50% 1.12 -2.30% 2.30% 2.60% 2.10% 2.20% 2.20% 1.80% 1.20% 0.30% -2 --14.80% 0.900M -0.30% 3.60% 0.50% -0.50% --0.50% 1.90% -1.50% -1.20% ---13.50% 1.2B 1.9B 59.0K ---11.50% -0.50% ---0.70% ----0.60% 3.00% 4.00% 0.90% 1.10% 58 57.5 98.2 ----50.2 3.40% 1.15 -3.40% 2.40% 2.50% 2.10% 2.30% 2.20% 1.70% 1.00% 0.30% 1 -2.50% -14.70% 0.883M 7.50% 0.20% 4.00% ------------------------------------------ 3.50% 1.12 -2.50% 2.40% 2.70% 2.10% 2.10% 2.30% 1.80% -0.50% -3.70% -4 -12.20% -14.30% 0.888M 16.90% 1.00% -0.80% 0.40% -1.10% -0.10% -2.00% 0.50% 1.60% -1.10% -1.00% 0.00% 0.30% 0.3B 13.40% 1.3B 2.1B 59.0K 0.00% -2.80% 2.90% 11.50% -0.20% 0.50% -0.20% -1.60% 0.70% 3.10% 0.20% -0.10% -2.00% 0.70% 5.00% 3.20% 1.40% 1.40% 57.61 58.3 98.2 108.3 91.6 2.40% 2.80% 50.1 ------2.20% ---------0.50% -0.80% ----------------------------------58.8 ------- Please refer to the last pages of this report for important disclosures Global Markets Overview January 30, 2015 Research Department Economic Events Calendar 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 01/30/2015 16:00 01/30/2015 18:30 01/29/2015 01/30 02/02/2015 10:00 02/02/2015 02/03/2015 11:00 02/04/2015 13:00 02/04/2015 18:00 02/04/2015 18:00 02/04/2015 19:45 02/05/2015 11:00 02/05/2015 13:00 02/05/2015 18:00 02/05/2015 02/06/2015 12:00 02/06/2015 19:45 02/06/2015 02/08/2015 02/10 02/09/2015 03:30 02/09/2015 13:00 02/10/2015 11:00 02/10/2015 11:00 02/10/2015 15:20 02/10/2015 17:00 02/11/2015 15:00 02/11/2015 18:00 02/12/2015 02/13/2015 15:30 02/13/2015 02/16/2015 16:00 02/17/2015 10:00 02/18/2015 05:00 02/20/2015 15:30 02/25/2015 14:45 02/25/2015 19:00 02/25/2015 02/26/2015 20:00 02/27/2015 EC EC PO PO PO PO PO GE EC HU US PO PO EC PO US EC PO PO EC IT US EC GR JN PO PO PO US PO US PO EC US PO EC EC JN US EC FR PO GE EC Regions included: EC, Greece, Germany, France, Portugal, Italy, Spain, Ireland, United Kingdom, US, China, Japan 1) NATO's Stoltenberg Holds Press Conference in Brussels 2) EU's Katainen Speaks on EU Investment Program in Frankfurt 3) Portuguese Prime Minister Speaks at Debate in Parliament 4) Portugal Releases December Retail Sales, Employment Report 5) Portugal Reports Industrial Production Index 6) Portuguese Vice Premier Portas Speaks at Awards Event 7) Banco BPI CEO Speaks at American Club of Lisbon Event 8) Bundesbank's Nagel Speaks in Munich 9) EU Justice, Interior Ministers Hold Meeting in Latvia 10) European Central Bankers Meet in Hungary 11) U.S. President Obama to Release Fiscal 2016 Budget 12) Fitch Ratings Holds Lisbon Credit Conference 13) Portugal Reports Fourth-Quarter Unemployment Rate 14) EU's Hill Speaks at Long-Term Financing Conference in Brussels 15) Former Novo Banco Board Member Rato Speaks in Parliament 16) Fed's Mester Speaks on Economy and Banking in Columbus 17) EU Publishes Economic Forecasts 18) Portugal Releases Industrial Sales, Employment Report 19) Espirito Santo Board Member dos Santos Speaks in Parliament 20) NATO Defense Ministers Hold Meeting in Brussels 21) Bank of Italy Report on Balance-Sheet Aggregates 22) Fed's Lockhart Speaks on U.S. Economy in Naples, Florida 23) U.S.'s Biden Meets With EU Officials in Brussels 24) Merkel to Make Two-Day Trip to U.S. and Canada 25) BOJ Board Member Morimoto Speaks in Chiba 26) Portugal Reports International Trade Figures for December 27) ECB's Costa, Praet Speak on Financial Stability in Lisbon 28) Novo Banco CEO Stock da Cunha Speaks in Parliament 29) Fed's Lacker to Speak on Economy in Raleigh, North Carolina 30) Construction Entrepreneur Guilherme Speaks in Parliament 31) Fed's Fisher Speaks to Economists in New York 32) Former Tranquilidade CEO Brito e Cunha Speaks in Parliament 33) EU Leaders Hold Summit in Brussels 34) Revisions of Producer Price Index 35) Bank of Portugal Releases Data on Banks 36) Euro-Area Finance Ministers Meet in Brussels 37) EU Finance Ministers Hold Meeting in Brussels 38) Bank of Japan Policy Statement/Kuroda Press Conference 39) Revisions of Consumer Price Index 40) EU Publishes Its Winter Economic Forecasts 41) Total Jobseekers 42) Portugal Releases Year-to-Date Budget Report 43) Fed's Lockhart Speaks on U.S. Outlook At Banking Conference 44) EU-Brazil Summit in Brussels CH JN JN IT IT IT IR US US UK UK UK FR FR FR US US CH CH CH JN US US CH GR UK JN JN FR JN UK UK UK GE US US JN US US IT GR GE US JN Regions included: EC, Greece, Germany, France, Portugal, Italy, Spain, Ireland, United Kingdom, US, China, Japan 1) China Development Bank to Sell CNY4Bln 1-Year Bonds(1502) 2) Japan Sells JPY5.73 Tln 3-Month Bills; Yield -0.0027%(509) 3) Japan Sells JPY2.699 Tln 2-Year Bonds; Yld 0.006% (349) 4) Italy Sells EUR3 Bln 1.05% 2019 Bonds; Yld 0.89% 5) Italy Sells EUR3.5 Bln 2.5% 2024 Bonds; Yld 1.62% 6) Italy Sells EUR1.75 Bln Floating 2020 Bonds; Yld 0.87% 7) Ireland to Sell EUR500 Mln 183-Day Bills 8) U.S. Sells USD35 Bln 5-Year Notes; High Yld 1.288% 9) U.S. Sells USD29 Bln 7-Year Notes; High Yld 1.590% 10) U.K. to Sell GBP500 Mln 28-Day Bills 11) U.K. to Sell GBP1.5 Bln 182-Day Bills 12) U.K. to Sell GBP1 Bln 92-Day Bills 13) France to Sell 3-Month Bills 14) France to Sell 6-Month Bills 15) France to Sell 12-Month Bills 16) U.S. to Sell USD26 Bln 3-Month Bills 17) U.S. to Sell USD26 Bln 6-Month Bills 18) China Development Bank to Sell CNY6 Bln 5-Year Bonds (1503) 19) China Development Bank to Sell CNY5 Bln 7-Year Bonds (1504) 20) China Development Bank to Sell CNY7 Bln 10-Year Bonds (1505) 21) Japan to Sell 10-Year Bonds 22) U.S. to Sell USD25 Bln 52-Week Bills 23) U.S. to Sell 4-Week Bills 24) China to Sell CNY20 Bln 5-Year Bonds (1503) 25) Greece to Sell 26-Week Bills 26) U.K. to Sell 2024 I/L Bonds 27) Japan to Sell 3-Month Bill 28) Japan to Sell 30-Year Bonds 29) France to Sell Bonds 30) Japan to Sell 6-Month Bill 31) U.K. to Sell 1-Month Bills 32) U.K. to Sell 3-Month Bills 33) U.K. to Sell 6-Month Bills 34) Germany to Sell EUR2 Bln Bubills (DE0001119386) 35) U.S. to Sell 3-Month Bills 36) U.S. to Sell 6-Month Bills 37) Japan Auction for Enhanced-Liquidity 38) U.S. to Sell 4-Week Bills 39) U.S. to Sell 3-Year Notes 40) Italy to Sell Bills 41) Greece to Sell 13-Week Bills 42) Germany to Sell EUR5 Bln Bonds (DE0001137495) 43) U.S. to Sell 10-Year Notes 44) Japan to Sell 3-Month Bill Government Auctions / Buyouts Calendar 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 15:50 02/02/2015 15:50 02/02/2015 15:50 02/02/2015 18:30 02/02/2015 18:30 02/03/2015 04:30 02/03/2015 05:00 02/03/2015 05:00 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 02/06/2015 13:00 02/09/2015 12:30 02/09/2015 18:30 02/09/2015 18:30 02/10/2015 10:00 02/10/2015 18:30 02/10/2015 20:00 02/11/2015 12:00 02/11/2015 12:00 02/11/2015 12:30 02/11/2015 20:00 02/12/2015 05:35 Source: Bloomberg Please refer to the last pages of this report for important disclosures Global Markets Overview January 30, 2015 Research Department Earnings Releases Calendar Global - Top Events Primary Exchange New York Tokyo Tokyo Helsinki SIX Swiss Ex Xetra London Stockholm MICEX Main London Xetra Helsinki New York New York Toronto New York Stockholm New York New York NASDAQ GS New York NASDAQ GS 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 NASDAQ GS New York New York New York New York New York NASDAQ GS New York NASDAQ GS NASDAQ GS New York New York New York Toronto Korea SE Stockholm New York New York Copenhagen Soc.Bol SIBE New York New York New York NASDAQ GS New York New York London Natl India Natl India SIX Swiss Ex New York New York New York New York New York NASDAQ GS Tokyo EN Paris Dublin Company Name Albemarle Corp (C) Nomura Holdings Inc (C) Toshiba Corp Nokia OYJ Givaudan SA Infineon Technologies AG Diageo PLC Sandvik AB (C) Gazprom OAO Royal Dutch Shell PLC Deutsche Bank AG Kone OYJ Air Products & Chemicals Inc Helmerich & Payne Inc Potash Corp of Saskatchewan Inc Thermo Fisher Scientific Inc Atlas Copco AB Enterprise Products Partners LP Time Warner Cable Inc Alexion Pharmaceuticals Inc PulteGroup Inc Viacom Inc EMC Corp/MA Baxter International Inc Colgate-Palmolive Co Dow Chemical Co/The Ford Motor Co Harley-Davidson Inc Hershey Co/The Occidental Petroleum Corp ConocoPhillips Coach Inc Alibaba Group Holding Ltd Blackstone Group LP/The Celgene Corp JetBlue Airways Corp Valero Energy Corp Abbott Laboratories Royal Caribbean Cruises Ltd Phillips 66 Ally Financial Inc Biogen Idec Inc Manitowoc Co Inc/The Amazon.com Inc Google Inc Visa Inc Deckers Outdoor Corp InvenSense Inc Canadian Oil Sands Ltd (C) Hyundai Glovis Co Ltd Svenska Cellulosa AB SCA Chevron Corp Eli Lilly & Co Novo Nordisk A/S Banco Popular Espanol SA Simon Property Group Inc MasterCard Inc AbbVie Inc Mattel Inc Altria Group Inc Tyson Foods Inc BT Group PLC (P) ICICI Bank Ltd (C) ICICI Bank Ltd Julius Baer Group Ltd Sysco Corp Exxon Mobil Corp Anadarko Petroleum Corp Cliffs Natural Resources Inc XL Group PLC Advent Software Inc (C) Sharp Corp/Japan Klepierre Ryanair Holdings PLC Bloomberg Ticker ALB US 8604 JP 6502 JP NOK1V FH GIVN VX IFX GR DGE LN SAND SS GAZP RM RDSA LN DBK GR KNEBV FH APD US HP US POT CN TMO US ATCOA SS EPD US TWC US ALXN US PHM US VIAB US EMC US BAX US CL US DOW US F US HOG US HSY US OXY US COP US COH US BABA US BX US CELG US JBLU US VLO US ABT US RCL US PSX US ALLY US BIIB US MTW US AMZN US GOOGL US V US DECK US INVN US COS CN 086280 KS SCAB SS CVX US LLY US NOVOB DC POP SM SPG US MA US ABBV US MAT US MO US TSN US BT/A LN ICICIBC IN ICICIBC IN BAER VX SYY US XOM US APC US CLF US XL US ADVS US 6753 JP LI FP RYA ID Date 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 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 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 29/1/2015 29/1/2015 29/1/2015 29/1/2015 29/1/2015 29/1/2015 29/1/2015 30/1/2015 30/1/2015 30/1/2015 30/1/2015 30/1/2015 30/1/2015 30/1/2015 30/1/2015 30/1/2015 30/1/2015 30/1/2015 30/1/2015 30/1/2015 30/1/2015 30/1/2015 2/2/2015 2/2/2015 2/2/2015 2/2/2015 2/2/2015 2/2/2015 2/2/2015 3/2/2015 2/2/2015 2/2/2015 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 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 Time Period 0:12 8:00 8:00 8:00 8:00 8:30 9:00 9:00 9:00 9:01 Bef-mkt 12:45 13:00 13:00 13:00 13:00 13:00 13:00 13:00 13:25 13:30 13:50 13:54 14:00 14:00 14:00 14:00 14:00 14:00 14:00 14:00 14:00 14:00 14:02 14:30 14:30 14:37 14:45 15:00 15:00 15:48 23:01 23:01 23:01 23:02 23:05 23:06 23:06 23:26 7:09 9:00 Bef-mkt Bef-mkt Bef-mkt Bef-mkt Bef-mkt Bef-mkt Bef-mkt 13:00 14:00 14:30 Q4 2014 Q3 2015 Q3 2015 Y 2014 Y 2014 Q1 2015 S1 2015 Y 2014 Q3 2014 Y 2014 Y 2014 Y 2014 Q1 2015 Q1 2015 Q4 2014 Q4 2014 Y 2014 Q4 2014 Q4 2014 Q4 2014 Q4 2014 Q1 2015 Q4 2014 Q4 2014 Q4 2014 Q4 2014 Q4 2014 Q4 2014 Q4 2014 Q4 2014 Q4 2014 Q2 2015 Q3 2015 Q4 2014 Q4 2014 Q4 2014 Q4 2014 Q4 2014 Q4 2014 Q4 2014 Q4 2014 Q4 2014 Q4 2014 Q4 2014 Q4 2014 Q1 2015 Q3 2015 Q3 2015 Q4 2014 Y 2014 Y 2014 Q4 2014 Q4 2014 Y 2014 Y 2014 Q4 2014 Q4 2014 Q4 2014 Q4 2014 Q4 2014 Q1 2015 Q3 2015 Q3 2015 Q3 2015 Y 2014 Q2 2015 Q4 2014 Q4 2014 Q4 2014 Q4 2014 Q4 2014 Q3 2015 Y 2014 Q3 2015 8:00 Bef-mkt 15:00 Aft-mkt Aft-mkt Aft-mkt Aft-mkt 6:00 Actual 0.99 19.23 9.6976 0.294 57.757 0.115 0.537 4.797 4.464 3.575 3.928 1.47 1.55 1.7 0.49 1.99 10.46 0.35 2.03 1.3 0.43 1.29 0.69 1.34 0.76 0.85 0.26 0.35 1.04 0.72 0.6 0.72 5.05 1.25 1.01 0.26 1.83 0.71 0.32 1.63 0.4 4.09 0.27 0.45 6.88 2.53 4.5 0.21 0.05 14300 EPS (local currency) Estimate Surprise Guidance 1.02 -2.94% 15.118 27.20% 8.502 14.06% 0.27 8.89% 68.478 -15.66% 0.099 16.16% 0.621 -13.53% 4.782 0.31% 3.601 2.982 1.548 1.491 1.551 0.464 1.94 10.719 0.366 2.092 1.287 0.402 1.285 0.683 1.311 0.743 0.695 0.224 0.334 1.064 0.678 0.584 0.66 4.651 0.918 1.007 0.239 1.328 0.686 0.418 1.407 0.393 3.775 0.318 0.183 7.11 2.487 4.515 0.199 0.213 15023.3 10.631 1.643 0.732 10.071 0.138 2.465 0.674 0.856 0.913 0.664 0.727 0.078 4.969 2.669 0.408 1.345 0.87 0.117 0.881 0.357 7.327 2.034 -0.013 -0.72% 31.72% -5.04% 3.96% 9.61% 5.60% 2.58% -2.42% -4.37% -2.96% 1.01% 6.97% 0.39% 1.02% 2.21% 2.29% 22.30% 16.07% 4.79% -2.26% 6.19% 2.74% 9.09% 8.58% 36.17% 0.30% 8.79% 37.80% 3.50% -23.45% 15.85% 1.78% 8.34% -15.09% 145.90% -3.23% 1.73% -0.33% 5.53% -76.53% -4.82% 1.475 1.315 1.01 0.69 0.375 4.46 0.19 Currency USD JPY JPY EUR CHF EUR GBp SEK RUB GBp EUR EUR USD USD CAD USD SEK USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD CAD KRW SEK USD USD DKK EUR USD USD USD USD USD USD GBp INR INR CHF USD USD USD USD USD USD JPY EUR EUR (*) 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 30, 2015 Research Department GREEK MARKET - Corporate Actions General Meetings Company GM Date Time 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 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 0.125 € Approved by the 29/12/14GM 0.2017€ (gross) interim div. + 0.0283€ (net) distribution of tax free reserves (0.23€ total, 0.21€ net) 0.17 21/01/15 0.025 € 20/1/15 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 Rights New 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 11/8 - 19/8/2014 5/8/14 11/8 - 25/8/2014 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 10/3 - 18/3/2014 4/3/14 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 Exchange Terms (1/2) 1/6 Absorbed Company Cease Trading Day 02/12/14 New Shares Start Trading Day 5/12/14 Comments Financial Calendar Company FY 2014 Results Fourlis Holdings SA 24/2/15 Hellenic Telecommunications Or 26/2/15 Bmkt: Before market opens, Amkt: After market closes, ND: Non distribution (of dividend) Bold Colors indicate a new addition (stays bold for a couple of days) or a current action / event Time of Releases Amkt Bmkt Please refer to the last pages of this report for important disclosures Global Markets Overview January 30, 2015 Research Department Bonds, Spreads, CDS 10 Yr Bond Yields 5 Yr Bond Yields Greece, Germany, Ireland, Portugal, Spain Germany, Ireland, Portugal, Spain, Greece 14 11 13 10 12 9 11 10 8 9 7 8 6 7 5 6 5 4 4 3 3 2 2 1 1 0 0 31/1/2014 24/4/2014 Greece 16/7/2014 Germany Ireland 7/10/2014 Portugal -1 30/1/2014 29/12/2014 Spain Italy Greek Spreads, 10 Yr Bonds (5 Yr n/a) 35835 -3 1,400 1,650 1,600 1,250 1,550 1,200 1,500 1,150 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 16/12/2014 26/12/2014 Greek 10Yr Spread 5/1/2015 15/1/2015 25/1/2015 6/10/2014 Portugal Spain 850 13/1/2015 Greek 5Yr Spread 16/1/2015 19/1/2015 22/1/2015 Greek 5Yr CDS Spreads and CDS, 10 Yr Bonds - Ireland, Portugal, Italy, Spain (CBIL pricing for CDS) 300 28/12/2014 Italy Greece Greek CDS, 5 Yr & 10 Yr Bonds (CMAN pricing) 66257 1,300 6/12/2014 15/7/2014 Ireland 1,700 1,350 550 26/11/2014 23/4/2014 Germany 25/1/2015 28/1/2015 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 18/12/2014 28/12/2014 Irish Spread Portugese CDS Italian Spread Source: Bloomberg 7/1/2015 Irish CDS Spanish Spread Italian CDS 17/1/2015 Portugese Spread Spanish CDS 27/1/2015 0 18/12/2014 28/12/2014 Irish Spread (6Yr) Portugese CDS Italian Spread 7/1/2015 Irish CDS Spanish Spread Italian CDS 17/1/2015 27/1/2015 Portugese Spread Spanish CDS Please refer to the last pages of this report for important disclosures OTHER IMPORTANT DISCLOSURES - The present research report has been published for the first time today/ or on the…./…./…… - The above research material is provided to investors exclusively for information purposes and is not to be used or considered as an offer, advice or invitation to sell or buy or subscribe for any financial instrument mentioned in the present report. 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