1. Capital Markets Research
Mar 21, 2011
Thai Stock Market Mar 18 Change US Market Mar 18 Change
SET Index 1003.29 +0.94 Dow Jones 11,858.52 +83.93
Market Turnover (Bt mn) Nasdaq 2,643.67 +5.48
Foreign Net Position (Bt mn) S&P 500 1,279.20 +5.48
Thai Bond Market Mar 18 Change US 10 yr T-note (%) 3.29 +3 bp
Total Return Index 202.01 +0.14 US 2yr T-note (%) 0.60 +1 bp
NYMEX crude ($/b) 101.07 -0.35
Yield curve 1m 3m 6m 1yr 2yr 3yr 5yr 7yr 10yr 12yr 14yr 18yr
Mar 18 (%) 2.20 2.40 2.61 2.72 3.00 3.20 3.37 3.65 3.78 3.98 4.06 4.15
Chng 1D (bp) -2 -1 -1 -1 +0 -1 +0 +0 -1 +0 -1 -1
Chng 5D (bp) +2 +2 +0 -2 -3 -6 -3 -2 -7 -6 -4 -6
Interbank Rates Mar 21 Mar 17 BIBOR 1w 1m 2m 3m 6m 9m 1yr
Overnight (%) 2.50 2.35-2.46
Repurchase Rates 1-day 7-day 14-day 1m SIBOR 1m 3m 6m
Mar 18 (%) 2.50000 2.50000 - - Mar 18 0.26028 0.30967 0.46339
THBFIX (Ref.) 1m 2m 3m 6m 9m 1yr LIBOR 1m 3m 6m
Mar 18 1.90251 2.08996 2.14676 2.35270 2.51168 2.67686 Mar 18 0.25350 0.30900 0.46000
SWAP (THB/THB,Onshore) 1yr 2yr 3yr 4yr 5yr 7yr 10yr
Mar 21 Bid/Ask 2.51/2.56 2.84/2.89 3.12/3.18 3.38/3.42 3.57/3.61 3.76/3.80 3.99/4.07
KBank Counter Rates Buying Selling Premium/Discount (stgs/m)
(against THB) Sight Bill T/T T/T Export/Import
USD 30.05 30.15 30.40 1.85/8.10
EUR 42.4813 42.6225 43.1600 0.87/6.68
GBP 48.6325 48.7938 49.3825 2.71/7.58
JPY 0.3698 0.3710 0.3780 2.37/8.76
KBank Technical Analysis Mar 21 Mar 18 Support Resistance Trend Strategy
THB (Onshore) 30.28 30.30 30.23 30.33 Sideway Sell USD near resistance
JPY 81.57 78.83 80.30 82.60 Sideway Buy USD near support
EUR/USD 1.4065 1.4022 1.4120 1.4220 Sideway Buy EUR near support
Note: due to technical errors, we are not able to update some data on the table this morning.
Macro and Market Outlook
• Equities among the economies in the Arab gulf also rose as Saudi Arabia’s King Abdullah
announced $67bn increase in public spending in addition to February’s $36bn package
• Thailand’s custom-cleared exports and imports in February continued to show strength in
economic recovery with key manufacturing products seeing an export growth rate of 29.9%yoy
• China raised the its banking sector’s reserve requirement ratio for the third time this year by
another 50bp to 20%, effective March 25th
FX Market Wrap
• USD/JPY closed lower to 80.77 after a strong rebound above 81.00 as G7 central banks begun
FX intervention. Near-term yen outlook is still one of an appreciating trend as repatriation is
unavoidable but on the longer-run, the market continues to talk about a weaker yen
• USD/THB closed lower to 30.36, in line with regional currencies which strengthened against the
dollar on the back of improvement in the global market’s investment sentiment
Economic News Update
• Oil climbed in New York after the U.S., U.K. and France launched cruise missiles and airstrikes
at targets in Libya and as continuing unrest in the region renewed concerns the turmoil may
spread and disrupt supplies
Now you can listen to today’s exchange rate trend (press 711) and our summary of exchange rate movements (press 721)
via K-BIZ Contact Center 0 2888 8822, available 24 Hours
www.twitter.com/KBankFX www.facebook.com/KBankFX
1
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.
2. KBank Daily Update Mar 21, 2011
There is likely to be more interest rate hikes this year for
Macro and Market Outlook China but monetary tightening for maintenance of
Global stock markets closed higher on Friday (markets economic stability is viewed as a positive factor for the
calmed down after Colonel Qaddafi called for a ceasefire medium run. At the same time, China is also allowing its
on Friday) but still ended the week lower. Key concerns currency to strengthen slowly, as cheaper import prices
continue to be the economic impact of Japan’s disasters could help quell imported inflation locally. This morning,
and the unrests in the Arab states, especially after the China sets the USD/CNY reference rate at a record low of
attacks on Libya by the international coalition under the 6.5632 once again (Fri at 6.5668)
name of the UN which includes the U.S., U.K., and France
as key mission leaders.
370 70 US Treasuries and Thai rates
350 65 Treasury futures contracts fell for a third day as Japan
330 made progress in cooling nuclear reactors at the
60
Fukushima Dai-Ichi plant, easing concern a meltdown
310
55 would endanger global economic growth.
290
270 50 Strategists including Jim Caron at Morgan Stanley & Co.
said the Japan earthquake and tsunami and Middle-East
250 45
Mar-10 Jul-10 Nov-10 Mar-11
unrest won’t derail the world economy. “Market risks are
skewed for rates to rise,” analysts at New York-based
MSCI All country index (LHS) Bloomberg GCC200 index for Africa&Middle East (RHS)
Morgan Stanley led by Caron said in a March 18 report.
Bonds rose last week as the events spurred demand for
Equities among the economies in the Arab gulf also rose the safest securities.
as Saudi Arabia’s King Abdullah announced further
increase in public spending (including some $67 billion on The yield on 10-year Treasury futures contracts for June
housing construction), after he had announced a $36billion delivery rose two basis points to 3.55 percent at 9 a.m. in
package in February. Singapore, according to data compiled by Bloomberg.
(Source: Bloomberg)
Thailand’s custom-cleared exports and imports in February
continued to show strength in economic recovery with key S&P Index (% )
manufacturing products seeing an export growth rate of 1400 4.0
29.9% yoy. The trade balance also reverted to a surplus, at 1300
$1,767.6mn, compared to that of January’s deficit of 3.5
$856.8mn. Unwrought gold exports accounted for much of 1200
3.0
the trade surplus, recording at $1,240mn ($58mn in Jan). 1100
% yoy 2.5
1000
80 4000
60 3000 900 2.0
40 2000 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11
20 1000 S&P Index 10yr Treasury yield
0 0
-20 -1000
-40 -2000
Thai interest rate: Bond yields were little changed but
-60 -3000 demand was observed in the mid-curve bonds from foreign
Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11
investors. The market is waiting for the MPC minutes due
Trade balance ($ mn, right axis) Export, % yoy Import, % yoy this Wednesday for cues of monetary policy going forward.
Meanwhile, the PDMO would also be announcing its bond
supply for the next quarter towards the end of the month.
China raised the its banking sector’s reserve requirement
ratio for the third time this year by another 50bp to 20% % Interest rate swaps
(large banks and 18% for small banks), effective March 4.0
25th. This is in line with the market’s expectation and the 3.5
recent comments by the PBoC Governor that the
3.0
authorities had to do more to keep inflationary pressure low
and expectations anchored. 2.5
% 2.0
20 1.5
19 1.0
18 1-Nov 1-Dec 1-Jan 1-Feb 1-Mar
17
16 1Y 2Y 3Y 5Y
15
14
13
12
Jan-09 Jul-09 Jan-10 Jul-10 Jan-11
major banks small banks
2
For private circulation only. The foregoing is for informational purposes only and not to be considered as an offer to buy or sell, or a solicitation of an offer to buy or sell any security. Although the information herein was
obtained from sources we believe to be reliable, we do not guarantee its accuracy nor do we assume responsibility for any error or mistake contained herein.
Further information on the securities referred to herein may be obtained upon request.
3. KBank Daily Update Mar 21, 2011
FX Wrap Currency Movement
Fri 18-Mar-11 Thu 17-Mar-11 % Change
1.44
1.42 USD/THB 30.36 30.48 -0.39
1.40 USD/JPY 80.77 80.70 +0.09
1.38 EUR/USD 1.419 1.400 +1.35
1.36
GBP/USD 1.6227 1.6073 +0.96
1.34
1.32 USD/CHF 0.9006 0.9163 -1.71
1.30 USD/SGD 1.2734 1.2819 -0.66
1.28 USD/TWD 29.59 29.54 +0.17
1-Dec 16-Dec 31-Dec 15-Jan 30-Jan 14-Feb 1-Mar 16-Mar
USD/KRW 1,125.8 1,133.55 -0.68
EUR/USD
USD/PHP 43.62 43.75 -0.30
USD/IDR 8,800 8,772 +0.32
EUR/USD climbed higher to 1.419 on global market’s
optimism but we would have to watch for the EU summit USD/MYR 3.051 3.065 -0.46
towards the end of this week for further updates on how the USD/CNY 6.569 6.572 -0.05
EU nations would deal with debt problems. Source: Reuters
.FX Consensus Forecast
USD/JPY closed lower to 80.77 after a strong rebound
above 81.00 as G7 central banks begun FX intervention on Spot Jun 2011 Dec 2011
Friday morning. The near-term outlook on the yen is still
USD/THB 30.29 30.00 29.00
one of an appreciating trend as repatriation is unavoidable
as Japan rebuilds and insurance companies sell assets to USD/JPY 80.98 85.00 88.00
make payments. On the longer-run, however, the market EUR/USD 1.42 1.38 1.35
continues to talk about a weaker yen due to Japan’s
GBP/USD 1.62 1.63 1.63
mounting public debt and risks of economic slowdown if
Japan cannot escape from its deflationary trap. USD/CNY 6.57 6.45 6.30
85.00 USD/SGD 1.27 1.26 1.23
84.00 USD/IDR 8,765 8,825 8,800
83.00 USD/MYR 3.04 3.00 2.97
82.00 USD/PHP 43.63 43.30 42.00
81.00
USD/KRW 1,128 1,099 1,070
80.00
USD/TWD 29.58 29.10 28.50
79.00
AUD/USD 1.00 1.01 0.98
78.00
1-Dec 1-Jan 1-Feb 1-Mar NZD/USD 0.73 0.74 0.75
Source: Bloomberg, KBank for USD/THB
USD/JPY
Currency Pair Targets
USD/THB closed lower to 30.36, in line with regional Spot Jun 2011 Dec 2011
currencies which strengthened against the dollar on the
back of improvement in the global market’s investment USD/THB 30.29 30.00 29.00
sentiment. USD/THB saw little changes on Friday for the JPYTHB 37.40 35.29 32.95
lack of major market-moving factors. EURTHB 42.90 41.40 39.15
31.10 GBP/THB 49.09 48.90 47.27
30.90
CNY/THB 4.61 4.65 4.60
30.70
30.50 AUD/THB 30.16 30.30 28.42
30.30 CHF/THB 22.14 22.20 21.75
30.10
SGD/THB 23.79 23.81 23.58
29.90
Source: KBank, Bloomberg
29.70
29.50 KBank NEER Index
1-Oct 1-Nov 1-Dec 1-Jan 1-Feb 1-Mar
Current 98.28
USD/THB YTD + 5.53%
vs 52 weeks ago + 2.16%
vs 1mth ago - 0.10%
vs 1 week ago - 0.08%
vs 1 day ago + 0.01%
vs long term average + 10.40%
Note: NEER is constructed from the weighted average of bilateral exchange
rates of the baht via Thailand’s 21 major trading partners and trade
competitors. An increase in NEER refers to an appreciation
3
For private circulation only. The foregoing is for informational purposes only and not to be considered as an offer to buy or sell, or a solicitation of an offer to buy or sell any security. Although the information herein was
obtained from sources we believe to be reliable, we do not guarantee its accuracy nor do we assume responsibility for any error or mistake contained herein.
Further information on the securities referred to herein may be obtained upon request.
4. KBank Daily Update Mar 21, 2011
Total Return Analysis – 3 month horizon, annualized Auction results of BoT bonds Mar 18
Yield shift (bps) -40 -30 -20 -10 0 +10 +20 +30 +40 Bid-
Tenor Amt. Accepted
LB116A 2.63 2.58 2.54 2.50 2.45 2.41 2.37 2.32 2.03 Symbol Avg. Yield (%) coverage
(yrs) (Bt mn) Range (%)
ratio
LB11NA 3.51 3.29 3.07 2.86 2.64 2.43 2.21 1.99 1.53
BOT133B 2.00 15,000 2.60875/2.65875 2.640050 0.70
LB123A 4.08 3.75 3.42 3.09 2.76 2.43 2.11 1.78 1.20
CB11405A 0.04 85,000 2.310/2.350 2.330060 1.27
LB12NA 5.14 4.58 4.02 3.46 2.90 2.34 1.78 1.22 0.41
Source: ThaiBMA
LB133A 5.86 5.16 4.45 3.75 3.04 2.34 1.63 0.93 -0.03
LB137A 6.40 5.58 4.77 3.96 3.15 2.34 1.53 0.72 -0.34 Auction Calendar of Government Bonds
LB13OA 6.82 5.91 5.01 4.10 3.20 2.29 1.39 0.48 -0.68 Tenor Amt.
Symbol Auction Date Maturity Date Remark
LB143A 7.30 6.29 5.28 4.27 3.26 2.25 1.24 0.23 -1.03 (yrs) (Bt mn)
LB145A 7.62 6.53 5.43 4.34 3.24 2.14 1.05 -0.05 -1.39 LB17OA 7.09 10,000 30-Mar-11 10-Oct-17 -
LB145B 7.61 6.52 5.42 4.33 3.23 2.14 1.04 -0.05 -1.40 Source: ThaiBMA
LB14DA 8.45 7.17 5.89 4.61 3.32 2.04 0.76 -0.52 -2.05 Auction Calendar of BOT Bonds
LB155A 9.22 7.75 6.28 4.81 3.34 1.87 0.40 -1.07 -2.78 Tenor Amt.
Symbol Auction Date Maturity Date Remark
LB157A 9.10 7.67 6.24 4.81 3.38 1.95 0.52 -0.91 -2.59 (yrs) (Bt mn)
LB15DA 10.04 8.37 6.69 5.01 3.34 1.66 -0.01 -1.69 -3.61 CB11421C 0.08 25,000 22-Mar-11 21-Apr-11 -
LB167A 10.74 8.93 7.13 5.33 3.52 1.72 -0.08 -1.88 -3.93 CB11623B 0.25 20,000 22-Mar-11 23-Jun-11 -
LB16NA 11.25 9.32 7.38 5.45 3.52 1.58 -0.35 -2.28 -4.46 -
CB11922A 0.50 12,000 22-Mar-11 22-Sep-11
LB171A 11.35 9.41 7.47 5.53 3.60 1.66 -0.28 -2.22 -4.40
Source: ThaiBMA
LB175A 11.87 9.80 7.74 5.67 3.61 1.54 -0.52 -2.59 -4.90
LB183A 13.19 10.81 8.44 6.07 3.69 1.32 -1.05 -3.42 -6.04
LB183B 12.93 10.62 8.31 6.00 3.70 1.39 -0.92 -3.22 -5.78
LB191A 13.69 11.20 8.72 6.23 3.74 1.26 -1.23 -3.71 -6.45
LB196A 14.59 11.86 9.14 6.41 3.69 0.97 -1.76 -4.48 -7.45
LB198A 14.42 11.75 9.09 6.43 3.76 1.10 -1.56 -4.22 -7.13
LB19DA 14.69 11.96 9.24 6.51 3.79 1.06 -1.66 -4.38 -7.35
LB213A 16.10 13.03 9.96 6.90 3.83 0.77 -2.29 -5.36 -8.67
LB214A 15.67 12.72 9.76 6.81 3.86 0.91 -2.04 -4.98 -8.18
LB22NA 17.72 14.26 10.81 7.36 3.91 0.45 -2.99 -6.44 -10.14
LB233A 18.19 14.65 11.11 7.57 4.03 0.49 -3.04 -6.57 -10.36
LB236A 19.29 15.48 11.66 7.85 4.04 0.23 -3.58 -7.38 -11.44
LB244A 19.41 15.58 11.74 7.91 4.08 0.24 -3.58 -7.41 -11.48
LB24DA 20.03 16.04 12.06 8.08 4.10 0.13 -3.85 -7.82 -12.04
LB267A 20.55 16.45 12.36 8.26 4.17 0.08 -4.01 -8.10 -12.44
LB283A 22.24 17.72 13.21 8.70 4.19 -0.32 -4.82 -9.32 -14.07
LB296A 23.52 18.69 13.85 9.03 4.20 -0.62 -5.44 -10.26 -15.32
LB383A 28.35 22.32 16.30 10.29 4.29 -1.72 -7.71 -13.71 -19.94
LB396A 29.12 22.91 16.71 10.51 4.32 -1.86 -8.04 -14.21 -20.63
Average 13.13 10.74 8.35 5.97 3.58 1.19 -1.19 -3.57 -6.20
Source: KBank, Bloomberg
KBank Rich – Cheap Model
40.00
30.00
20.00
10.00
0.00
-10.00
-20.00
-30.00 3 mth avg
Now
-40.00
LB296A
LB113A
LB116A
LB11NA
LB123A
LB133A
LB137A
LB145B
LB14DA
LB155A
LB15DA
LB167A
LB16NA
LB175A
LB183B
LB191A
LB196A
LB198A
LB19DA
LB213A
LB24DA
LB267A
LB283A
LB396A
Source: Bloomberg, KBank The 3-month average indicates the average differences between observed and derived yields
4
For private circulation only. The foregoing is for informational purposes only and not to be considered as an offer to buy or sell, or a solicitation of an offer to buy or sell any security. Although the information herein was
obtained from sources we believe to be reliable, we do not guarantee its accuracy nor do we assume responsibility for any error or mistake contained herein.
Further information on the securities referred to herein may be obtained upon request.
5. KBank Daily Update Mar 21, 2011
Hedge funds slashed bullish oil bets from an all-time high
Economic News Update on concern that demand in Japan will tumble after the
country’s biggest earthquake. About 29 percent of the
Oil Rises After Military Strikes Against country’s refining capacity has been shut, Petroleum
Libya, Mideast Unrest: Oil climbed in New York Association of Japan data show.
after the U.S., U.K. and France launched cruise missiles
and airstrikes at targets in Libya and as continuing unrest The funds and other large speculators decreased net-long
in the region renewed concerns the turmoil may spread positions, or wagers on rising prices, by 13 percent in the
and disrupt supplies. seven days ended March 15, the most since the week
ended Jan. 25, according to the Commodity Futures
Futures advanced as much as 2.3 percent after Libyan Trading Commission’s weekly Commitments of Traders
leader Muammar Qaddafi vowed to repel allied forces report. (Source: Bloomberg)
pounding military installations. Ninety percent of Bahrain
Petroleum Co.’s employees went on strike last week in
response to a police crackdown on anti-government
demonstrations, while Yemen declared a state of
emergency on March 18.
Crude oil for April delivery gained as much as $2.28 to
$103.35 a barrel, in electronic trading on the New York
Mercantile Exchange, and was at $103.26 at 12:58 p.m.
Sydney time. The contract, which expires tomorrow,
dropped 35 cents to $101.07 on March 18. The more-
actively traded May contract rose as much as $2.42 to
$104.27.
Brent crude oil for May settlement increased $2.01, or 1.8
percent, to $115.94 a barrel on the London-based ICE
Futures Europe exchange. The contract fell 97 cents, or
0.8 percent, to end the session at $113.93 a barrel on
March 18.
A no-fly zone is now in place over Libya, Admiral Mike
Mullen, chairman of the U.S. Joint Chiefs of Staff, said
yesterday. The coalition ordered Qaddafi to withdraw his
forces from major cities after weeks of fighting with rebels
that has left hundreds dead in the bloodiest of popular
uprisings to have swept the Middle East this year.
Bahrain’s government declared a three-month state of
emergency on March 15 after troops from Saudi Arabia
and other Arab Gulf states arrived to support the
administration in quelling more than a month of protests led
by the Shiite Muslim majority, which is calling for
democracy and civil rights in the Sunni-ruled kingdom.
Libyan output has fallen to less than 400,000 barrels a day,
about a quarter of the production before the crisis, and may
stop, Shokri Ghanem, chairman of Libya’s National Oil Co.,
said on March 19. The country produced 1.59 million
barrels a day in January, according to estimates compiled
by Bloomberg.
Libya’s oil exports may be halted for “many months”
because of damage to facilities and sanctions following a
rebellion against Qaddafi, the International Energy Agency
said in its monthly Oil Market Report on March 15.
There is no need to call a special meeting of the
Organization of Petroleum Exporting Countries to address
the situation in Libya, said Abdullah Al-Attiyah, Qatar’s Market Strategists:
deputy prime minister and former oil minister. OPEC Nalin Chutchotitham
supplies about 40 percent of the world’s crude.
Email: nalin.c@kasikornbank.com
Tel: 02-470-3235
5
For private circulation only. The foregoing is for informational purposes only and not to be considered as an offer to buy or sell, or a solicitation of an offer to buy or sell any security. Although the information herein was
obtained from sources we believe to be reliable, we do not guarantee its accuracy nor do we assume responsibility for any error or mistake contained herein.
Further information on the securities referred to herein may be obtained upon request.
6. KBank Daily Update Mar 21, 2011
Economic Calendar
Date / Time Country Event Period Consensus Actual Prior Revised
03/17/2011 19:30 US Initial Jobless Claims Mar-12 388K 385K 397K 401K
03/17/2011 19:30 US Continuing Claims Mar-05 3750K 3706K 3771K 3786K
03/17/2011 20:15 US Industrial Production FEB 0.60% -0.10% -0.10% 0.30%
03/17/2011 20:15 US Capacity Utilization FEB 76.50% 76.30% 76.10% 76.40%
03/17/2011 20:45 US Bloomberg Economic Expectations MAR -- -8 4 --
03/17/2011 21:00 US Leading Indicators FEB 0.90% 0.80% 0.10% --
03/18/2011 07:01 UK Nationwide Consumer Confidence FEB 47 38 47 48
03/18/2011 07:30 AU RBA Foreign Exchange Transactn FEB -- 414M 326M --
03/18/2011 09:00 CH China February Property Prices
03/18/2011 12:00 JN Coincident Index CI JAN F -- 105.9 106.2 --
03/18/2011 12:00 JN Leading Index CI JAN F -- 101.5 101.9 --
03/18/2011 13:00 TH Customs Exports (YoY) FEB 17.00% 31.00% 22.30% --
03/18/2011 13:00 TH Customs Imports (YoY) FEB 21.20% 22.50% 33.30% --
03/18/2011 13:00 TH Customs Trade Balance FEB -$189M $1768M -$857M --
03/18/2011 14:00 GE Producer Prices (MoM) FEB 0.70% 0.70% 1.20% --
03/18/2011 14:00 GE Producer Prices (YoY) FEB 6.30% 6.40% 5.70% --
03/18/2011 14:30 TH Forward Contracts Mar-11 -- $18.2B $18.4B --
03/18/2011 14:30 TH Foreign Reserves Mar-11 -- $181.9B $180.8B --
03/18/2011 14:45 FR Wages (QoQ) 4Q F -- 0.30% 0.20% --
03/18/2011 16:00 EC Euro-Zone Current Account nsa JAN -- -19.6B -0.1B 1.0B
03/18/2011 16:00 EC ECB Euro-Zone Current Account SA JAN -- -0.7B -13.3B -12.5B
03/18/2011 16:00 IT Trade Balance (Total) (Euros) JAN -- -6554M -2723M -2775M
03/18/2011 16:00 IT Trade Balance Eu (Euros) JAN -- -786M -1394M -1446M
03/18/2011 17:00 EC Euro-Zone Trade Balance sa JAN -2.5B -3.3B -2.3B -1.1B
03/18/2011 17:00 EC Euro-Zone Trade Balance JAN -9.0B -14.8B -0.5B --
03/18/2011 17:00 IT Industrial Orders s.a. (MoM) JAN -1.00% -0.30% 5.40% 5.40%
03/18/2011 17:00 IT Industrial Orders n.s.a. (YoY) JAN 16.00% 17.50% 17.40% --
03/18/2011 17:00 IT Industrial Sales s.a. (MoM) JAN 0.50% 1.00% -0.30% -0.20%
03/18/2011 17:00 IT Industrial Sales n.s.a. (YoY) JAN -- 8.00% 8.40% 8.50%
03/18/2011 18:00 CA Consumer Price Index FEB -- 118.1 117.8 --
03/18/2011 18:00 CA Consumer Price Index MoM FEB 0.40% 0.30% 0.30% --
03/18/2011 18:00 CA Consumer Price Index YoY FEB 2.30% 2.20% 2.30% --
03/18/2011 18:00 CA Bank Canada CPI Core MoM FEB 0.40% 0.20% 0.00% --
03/18/2011 18:00 CA Bank Canada CPI Core YoY FEB 1.10% 0.90% 1.40% --
03/18/2011 PH Balance of Payments FEB -- -$133M $1606M --
03/21/2011 07:01 UK Rightmove House Prices (MoM) MAR -- 0.80% 3.10% --
03/21/2011 07:01 UK Rightmove House Prices (YoY) MAR -- 0.90% 0.30% --
03/21/2011 15:00 TA Export Orders (YoY) FEB 12.90% -- 13.47% --
03/21/2011 19:30 US Chicago Fed Nat Activity Index FEB -- -- -0.16 --
03/21/2011 21:00 US Existing Home Sales FEB 5.11M -- 5.36M --
03/21/2011 21:00 US Existing Home Sales MoM FEB -4.70% -- 2.70% --
Source: Bloomberg
6
For private circulation only. The foregoing is for informational purposes only and not to be considered as an offer to buy or sell, or a solicitation of an offer to buy or sell any security. Although the information herein was
obtained from sources we believe to be reliable, we do not guarantee its accuracy nor do we assume responsibility for any error or mistake contained herein.
Further information on the securities referred to herein may be obtained upon request.