daily report - banca intesa beograd€¦ · daily report 21.08.2013 financial market analysis unit...

Milica Travica 201-1672 201-3617

Olivera Glišić 201-1314 201-3621

Vladimir Gavović 201-1263

Darko Karanović 201-3624

Vitomir Marić 201-1315 Marija Prebanić 201-3626

Biljana Radosavljević 201-3622 Dragan Ignja 201-3627

201-3625

Domestic market

Currency Value Previous Change YTD Currency Value Previous Change YTD

EURRSD 114.2517 114.0382 0.19% -0.47% EURUSD 1.3420 1.3341 0.59% -1.69%

USDRSD 85.1227 85.4155 -0.34% 1.22% EURCHF 1.2319 1.2340 -0.17% -2.04%

CHFRSD 92.7820 92.5409 0.26% 1.50% EURGBP 0.8561 0.8522 0.46% 3.48%

GBPRSD 133.3470 133.6594 -0.23% 4.20% GBPUSD 1.5676 1.5654 0.14% -12.34%

Source: NBS USDJPY 97.31 97.96 -0.66% -5.36%Source: Bloomberg

EUR and USD indicators for current day:

Time Country Period Previous Forecast

!! 15:00 USD -1.2% 1.4%

Source: Bloomberg

Maturity Value Previous Value Previous Change bps

7 days 8.86% 8.92% BEONIA 8.90 8.7 20.00

Source: NBS Next mon.com. 10.09.2013 BELIBOR1M 9.42 9.45 -3.00

BELIBOR3M 9.64 9.67 -3.00

Source: Reuters

Maturity Value Previous Maturity Value Previous Value3 month 9.35% 9.39% Serbia 5y 2017 5.841% 5.857% ECB 0.50%6 month 9.10% 9.39% Serbia 7y 2020 6.597% 6.599% FED 0.25%12 month 10.20% 9.13% Serbia 10y 2021 7.148% 7.146% SNB 0.00%24 month 10.48% 9.89% Source: Bloomberg Source: Bloomberg

36 month 12.00% 10.50%60 month 10.69% 10.50%84 month 12.25% 12.65%

24 monthNBS key rate +

2.08%

NBS key rate

+ 0.98%Value Previous Change bps

EONIA 0.078% 0.079% -0.001EURIBOR1M 0.127% 0.127% 0.000

Maturity Value Previous EURIBOR3M 0.225% 0.226% -0.001

12 month 3.15% 3.93% EURIBOR6M 0.342% 0.342% 0.000

24 month 4.480% 4.88% LIBOR1M (USD) 0.18286% 0.18356% -0.00070

36 month 4.500% 4.88% LIBOR3M (USD) 0.26210% 0.26310% -0.00100

50 month 5.25% 5.00% LIBOR1M (CHF) -0.00300% -0.00300% 0.00000

Source: Treasury - Ministry of Finance LIBOR3M (CHF) 0.01800% 0.01800% 0.00000

Source: Bloomberg

Note: Interest rates refer to the previous working day

FX Savings Bond - Serbia

Price Yield

A2014 97.14 3.80% Moody's S&P Fitch

A2015 93.01 4.16% B1 BB- BB-

A2016 88.83 4.35% latest update 14.7.2013 28.3.2013 26.7.2013

Source: Belex Source: Bloomberg

DAILY REPORT21.08.2013

Financial market analysis Unit

FX sales Unit

Snežana Spasojević

MM and fixed income

Custody Unit

International market

RSD T Bills - Serbia

Ljiljana Zipovski

Brokerage Unit

Financial market analysis unit

Existing Home Sales

FX rate

Central bank informed us that till 12:30 total amount of trading was 33.9 mil EUR at average rate 114, 2333.

Event

NBS Key rate Average weighted interest rate - NBS

REPO transactionsInterbank rates - Serbia

Interbank rates - World

Serbia long-term credit rating

EUR T Bills - Serbia

11.00%

Serbia Eurobonds (USD) Major Key Rates

1.15

1.22

1.29

1.36

1.43

1.50

avg.11 nov.11 feb.12 maj.12 avg.12 nov.12 feb.13 maj.13 avg.13

EUR/USD

90

95

100

105

110

115

120

125


EUR/RSD

mailto:[email protected]











Turnover

Ratios

Belex 15 501.26

72,995,215 Din.

P / E

Belex15

P / B

0,54 4,52

121,430,046 Din.

SERBIA

983.57

0.45%

979.51 -2.19%

1,066,545 € -39.98% Source: Belex

-4.32%

Equity market

640,094 €

-39.89%

Value

Belex line

YTDPrevious Change

0.41%

499.03

Serbs to Approach IMF in September for New Accord - Serbia will approach the International Monetary Fund next month to discuss a new loan accord that would

assure investors the government is serious about overhauling the economy, a government adviser said.Bond investors would take an agreement with the

Washington-based lender as proof that Serbia is willing to do what it takes to strengthen finances and boost growth, Sinisa Mali, the economic adviser to Deputy

Prime Minister Aleksandar Vucic, said today in Belgrade.“The request will be sent in September,” Mali said in a telephone interview. “Everyone who invests in

Serbian bonds wants to see the IMF as a confirmation that the government has committed to reforms.”Serbia has already turned to bond investors three times in the

past year to ensure smooth budget financing through March 2014. The government has raised $3.25 billion in three bond sales since last September, the equivalent

of 8 percent of gross domestic product.Yields on Serbian 10-year Eurobonds maturing in 2021 dropped 4 basis points, or 0.04 percentage point, to 7.227 percent by

3:15 p.m. in Belgrade. The dinar pared intraday losses that led the currency to 114.4670 to the euro, trading at 114.1610 or 0.1 percent weaker on the day,

according to data compiled by Bloomberg.(source:bloomberg)

Serbia should invest EUR 9 billion in energy sector by 2030 - draft strategy shows, as it notes possibility of building nuclear power plants should not be

completely excluded. Serbia should invest EUR 9 billion in the energy sector development by 2030, and joint investments with foreign partners are envisaged for

most of the projects,according to a draft energy sector development strategy through 2030, Beta reported yesterday. The priority projects include the construction of

coal-fired power facilities with a total installed capacity of 700 MW by 2025, of which facilities with a total installed capacity of 350 MW should be built by 2020. The

priority projects also include the construction of the Bistrica pumped-storage hydropower plant on the Lim River, building a 450 MW gas-fired

cogeneration plant by 2020, and the development of transmission and distribution infrastructure(source:executive newsletter)

Finance ministry says furniture maker Simpo must apply for debt-for-equity swap or another tax debt settling program by tomorrow, as drug maker

Galenika agrees to settle its debt - The Tax Administration has given final warnings to furniture maker Simpo and state-owned drug maker Galenika ahead of

freezing their accounts over tax debts, the finance ministry said in a statement yesterday, local media reported. Galenika has informed the ministry that it is ready to

settle its tax debt, of RSD 213.3 million, and that it would immediately start making successive debt payments, the ministry said. Simpo has until tomorrow to apply for

debt-for-equity swap or commit to settling its RSD 5.76 billion tax debt in another way, the ministry said, warning that it would freeze Simpo’s accounts as early as

Friday if the company misses the deadline. In related news, First Deputy Prime Minister Aleksandar Vucic said that everyone in Serbia, including sports clubs, must

pay taxes. The Partizan basketball club’s management discussed tax debt rescheduling with Tax Administration Director Ivan Simic on Monday, according to Beta.

The club’s tax debts exceed RSD 150 million.(source:executive newsletter)

300

350

400

450

500

550

600

650

700


Belex15

600

800

1,000

1,200

1,400

1,600


Belex Line

-3.46%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.36%

1.14%

1.97% 2.07%

VZAS GMON AIKB KMBN IMLK JMBN MTLC FITO JESV TIGR ALFA NIIS AERO SJPT ENHL

Daily change - members of Belex15


AERO 442 484,432 1.14% -0.90% 0.67 20.83 3.20

ENHL 593 963,032 2.07% -1.17% #N/A N/A #N/A N/A #N/A N/A

NIIS 833 2,982,973 0.36% -0.36% #N/A N/A #N/A N/A #N/A N/A

SJPT 569 428,457 1.97% -2.23% #N/A N/A #N/A N/A #N/A N/A

TIGR 180 0 0.00% 0.00% #N/A N/A #N/A N/A #N/A N/A

Izvor: Bloomberg

ALFA 10,998 0 0.00% 9.82% 0.36 1.73 22.80

KMBN 1,300 0 0.00% 4.75% 0.22 2.37 8.94

MTLC 2,200 0 0.00% 0.00% #N/A N/A #N/A N/A #N/A N/A

Izvor: Bloomberg

AIKB 1,400 64,101,800 0.00% 1.45% 0.26 3.41 #N/A N/A

AIKBPB 835 0 0.00% 0.00% n/a n/a #N/A N/A

ALBS 150 0 0.00% 0.00% #N/A N/A #N/A N/A #N/A N/A

AMSO 336 0 0.00% -20.00% 0.14 1.31 11.37

BMBI 23,000 0 0.00% 0.11% 2.50 9.96 25.62

BNNI 3,262 0 0.00% -19.99% #N/A N/A #N/A N/A #N/A N/A

PSBN 25,754 0 0.00% 0.00% 0.94 12.77 7.72

PSBNPB 12,450 0 0.00% 0.00% n/a n/a 7.72

BASB 898 0 0.00% 0.00% 0.61 1,587.76 0.04

BIPB 40 7,480 0.00% 11.11% #N/A N/A #N/A N/A #N/A N/A

CYBN 3,400 0 0.00% 5.79% 0.78 179.41 0.44

CRFS 10,000 0 0.00% 0.00% 1.94 6.98 23.16

CCNB 8,497 0 0.00% 18.01% 0.30 30.99 0.99

COKA 2,100 0 0.00% 0.00% 0.40 6.05 6.81

DMNR 4,440 0 0.00% 0.00% 0.24 1.54 16.50

DNOS 908 0 0.00% 0.55% 0.02 0.64 3.27

EGMN 3,300 0 0.00% 0.00% 0.46 42.81 1.09

EPEN 3,220 0 0.00% 0.00% #N/A N/A #N/A N/A #N/A N/A

EPIN 1,500 0 0.00% 0.00% #N/A N/A #N/A N/A #N/A N/A

EPNS 703 0 0.00% 0.72% #N/A N/A #N/A N/A #N/A N/A

EPVI 255 0 0.00% 0.00% 0.45 307.47 0.15

GLBG 155 0 0.00% 0.00% 0.15 3.75 2.71

FITO 3,030 0 0.00% 0.00% 0.99 5.01 21.37

GLOS 90 0 0.00% 0.00% 0.04 #N/A N/A #N/A N/A

GFOM 431 0 0.00% 0.00% 0.39 11.21 3.49

GMON 2,337 0 0.00% -0.97% 0.57 1.62 39.03

IMLK 2,800 333,200 0.00% -3.11% 2.31 9.17 #N/A N/A

IMLKPB 1,400 0 0.00% 0.00% 1.16 4.58 #N/A N/A

IMPL 795 3,975 0.00% 0.00% #N/A N/A #N/A N/A #N/A N/A

IRTL 250 0 0.00% 0.00% 0.15 2.75 5.42

JESV 3,701 0 0.00% -5.03% #N/A N/A #N/A N/A #N/A N/A

JMBN 7,000 0 0.00% 0.00% 0.36 12.02 3.00

JGHM 2,044 0 0.00% 0.00% #N/A N/A #N/A N/A #N/A N/A

KMBNPB 810 0 0.00% -1.70% n/a n/a 8.94

KOPB 1,500 0 0.00% 0.00% 0.13 3.76 3.63

LSTA 250 0 0.00% 0.00% 0.18 #N/A N/A -1.87

LKDN 6,000 0 0.00% -4.76% 0.32 3.38 10.16

TGAS 4,128 243,552 -0.53% -4.57% #N/A N/A #N/A N/A #N/A N/A

MLSU 1,013 0 0.00% -0.20% #N/A N/A #N/A N/A #N/A N/A

MOIN 10,000 0 0.00% 0.00% 0.39 #N/A N/A -32.29

NEOP 560 86,800 12.00% 22.89% #N/A N/A #N/A N/A #N/A N/A

MLNI 1,620 0 0.00% 0.00% 0.98 6.51 12.35

PLNN 15,000 0 0.00% 0.00% #N/A N/A #N/A N/A #N/A N/A

PLNM 1,080 0 0.00% 0.00% 0.29 13.19 2.16

PRBN 25 0 0.00% 19.05% 0.04 #N/A N/A -7.05

PRGS 19 0 0.00% 0.00% 0.03 #N/A N/A -40.45

PRJM 1,867 0 0.00% 0.00% 1.03 3.71 27.53

PTLK 20 0 0.00% 0.00% 0.02 36.61 0.06

RDJZ 480 0 0.00% 0.00% 0.09 0.63 #N/A N/A

RVNC 600 0 0.00% 0.00% 0.30 3.56 #N/A N/A

SMPO 110 0 0.00% 0.00% 0.02 #N/A N/A -2.15

SLNP 385 0 0.00% 0.00% 0.89 575.37 0.03

SRBN 9,750 0 0.00% 0.00% 0.63 317.74 0.20

SJKS 4,400 0 0.00% 0.00% 2.09 7.90 24.77

TKOSM 3,497 0 0.00% 0.00% 3.36 #N/A N/A #N/A N/A

TETO 6,000 0 0.00% 0.00% 0.92 1.74 51.20

TLFN 180 0 0.00% 0.00% #N/A N/A #N/A N/A #N/A N/A

UNBN 375 0 0.00% -6.25% 0.04 #N/A N/A -11.41

VBSE 680 0 0.00% 0.00% #N/A N/A #N/A N/A #N/A N/A

VZAS 418 9,196 -3.46% 5.11% 0.33 2.79 #N/A N/A

VITL 1,100 0 0.00% 0.00% 0.26 #N/A N/A -9.45

VDAV 5,000 0 0.00% 0.00% 0.49 25.21 2.03

VRVI 1,248 0 0.00% 0.00% 0.42 #N/A N/A -12.81

Vital ad Vrbas 840,330,688 Din.

Takovo Osiguranje Kragujevac 2,004,914,063 Din.

Te-To ad Senta 2,402,483,887 Din.

Voda Vrnjici ad 573,934,998 Din.

Vršački Vinogradi ad 461,295,746 Din.

Univerzal Banka ad Beograd 212,805,374 Din.

Valjaonica Bakra Sevojno 437,482,086 Din.

Veterinarski Zavod Subotica 944,761,902 Din.

Radijator ad Zrenjanin 169,970,886 Din.

Telefonija ad Beograd 104,255,096 Din.

Srpska Banka ad Beograd 2,945,757,813 Din.

Šajkaška Fabrika Šećera 3,687,310,059 Din.

Sloga ad Novi Pazar 213,463,257 Din.

Proges ad Beograd 116,261,307 Din.

Ravanica ad Bajmok 688,916,992 Din.

Simpo ad Vranje 116,567,001 Din.

Projektomontaža ad Beograd 313,883,789 Din.

Pupin Telecom ad Zemun 22,439,461 Din.

Planinka ad Kuršumlija 979,260,010 Din.

Planum GP ad Beograd 447,238,800 Din.

Privredna Banka Beograd 142,666,656 Din.

Montinvest ad Beograd 238,899,994 Din.

Neoplanta ad Novi Sad 1,334,884,888 Din.

Niška Mlekara ad Niš 467,010,345 Din.

Luka Dunav ad Pančevo 1,095,845,947 Din.

Messer Tehnogas 4,279,324,219 Din.

Mlekara ad Subotica 2,320,224,854 Din.

Komercijalna Banka prior.akc. 302,543,091 Din.

Kopaonik ad Beograd 231,484,497 Din.

Lasta ad Beograd 382,739,990 Din.

Jedinstvo Sevojno 1,127,765,015 Din.

Jubmes Banka 1,817,213,989 Din.

Jugohemija ad Beograd 475,293,365 Din.

Imlek ad prioritetne akcije 17,243,799 Din.

Impol Seval 749,118,164 Din.

Iritel ad Beograd 72,526,001 Din.

Goša FOM 590,040,283 Din.

Goša Montaža 601,118,469 Din.

Imlek ad 22,505,195,313 Din.

Energoprojekt Entel 1,360,433,960 Din.

Galenika Fitofarmacija 2,666,399,902 Din.

Globos Osiguranje 99,977,760 Din.

Dunav Osiguranje ad 235,334,534 Din.

Energoprojekt Niskogradnja 1,049,671,143 Din.

Energomontaža ad 235,257,004 Din.

Bambi Banat ad Beograd

Credy Banka ad Kragujevac

Čoka Duvanska Industrija 83,223,000 Din.

Dimničar ad Beograd 19,980,000 Din.

Crvenka Fabrika Šećera 6,814,129,883 Din.

Čačanska Banka ad 1,546,301,025 Din.

ROETickerWeekly

change

Turnover in

RSDPrice rsd

67,797,897 Din.

Daily

changeROE

12,664,058,594 Din.

P/BV

Soja protein

Naftna industrija Srbije

Aerodrom Nikola Tesla

Energoprojekt holding

Turnover in

RSD

CompanyDaily

changeP/E

Ticker

AMS Osiguranje ad Beograd

Market Capitalization

1,097,686,768 Din.

185,688,812 Din.

364,242,371 Din.BIP ad Beograd

Weekly

changeTicker Price rsd

Komercijalna banka

Company P/E Market Capitalization

BAS ad Beograd

Aik Banka prioritetne akcije

2,244,000,000 Din.

135,829,312,500 Din.

P/BV

Poštanska Štedionica prior.akc.

Banini ad

309,322,815 Din.

5,895,131,836 Din.

1,922,582,397 Din.

Market Capitalization

8,475,552,734 Din.

15,155,892,578 Din.

Energoprojekt Industrija 295,964,996 Din.

Energoprojekt Visokogradnja 769,282,227 Din.

Galeb GTE ad Beograd 49,041,534 Din.

Company

Standard Listing

Daily

changePrice rsd

P/BV

11,322,102,539 Din.

ROE

Poštanska Štedionica ad

Weekly

change

Turnover in

RSD

Open market (Selected stocks)

Aik Banka ad Niš

P/E

Albus ad Novi Sad

Metalac

Alfa Plam

Tigar

8,806,676,758 Din.

11,691,218,750 Din.

175,263,992 Din.

279,445,923 Din.

2,076,118,164 Din.

11,691,218,750 Din.

Prime Listing


0.55% 6.53%

-0.29% 1.13%

-0.22% 30.22%

-0.51% 14.64%

-0.90% -5.83%

Source: Bloomberg

crobex sbi20

sofix bet-c

dj balkan

450.85

Previous Change

644.56

BET

455.04

Romania 5,903.55 5,933.73

DJ Stoxx Balkan 50 450.95Balkans

SOFIX

Slovenia

YTD

Croatia 1,854.08

Bulgaria

Crobex

449.85

642.72SBITOP

Index

REGION

ValueCountry / Region

Redknee Solutions Inc. (TSX: RKN), a provider of business-critical billing and charging software and solutions for communications service providers,

announced that BH Telecom, the largest operator in Bosnia and Herzegovina and an acquired customer, has signed a multi-million dollar deal to upgrade

to the latest version of Redknee's converged billing, charging, policy and customer care solution - With Redknee's charge@once unified solution, BH

Telecom will be equipped to accelerate its strategy to grow its 45 percent share of the market. Redknee's agile solution provides communications service providers

(CSPs) with the flexibility and scalability to build customer loyalty, generate new revenue streams, and increase market share.With the Bosnia and Herzegovina

mobile market evolving, competition intensifying and customer demand for innovative services increasing, BH Telecom will leverage Redknee's charge@once

unified platform to maintain its market lead, improve competitiveness and offer its subscribers a greater range of personalized and value-added services. In addition,

Redknee's real-time converged billing and charging solution is being installed in a replicated environment for geographic redundancy to deliver business continuity

support. As part of the upgrade to charge@once unified, BH Telecom will utilize Redknee's customer care solution to provide advanced support to its customer care

agents, enabling them to quickly resolve subscriber issues and market new incentives and promotions to attract customers. (source:balkans)

The Slovenian government accepted a National Reform Programme 2013-2014 and an amendment to the Stability Programme 2013 on May 9, 2013

(“Plans”) in its effort to reduce the country's deficit and public debt - Among the measures intended to revive short-term economic growth, to reduce the public

deficit at less than 3 per cent of the GDP in 2014, and to stabilise the public debt at less than 55 per cent of GDP, the government has introduced the following four

important tax changes which are planned to come into effect in 2013 and 2014: increasing the standard VAT rate of 20 percent by 2 percent (to 22 percent) and the

reduced VAT rate of 8.5 percent by 1 percent (to 9.5 percent);halting the gradual decrease in the corporate tax rate at 17 percent; amending the emergency tax on

real estate of greater value with effect from January 1, 2013; introducing the so-called “emergency tax” on gross income with effect from January 1, 2014 (but only if

the measures stated above fail to meet the set fiscal target).(source:bloomberg)

1,843.85

1,500

1,600

1,700

1,800

1,900

2,000

2,100


CROBEX

400

450

500

550

600

650

700

750


SBITOP

200

250

300

350

400

450

500


SOFIX

3,500

4,000

4,500

5,000

5,500

6,000

6,500


BET

250

350

450

550

650

750

avg.11 sep.11 okt.11 nov.11 dec.11 jan.12 feb.12 mar.12 apr.12 maj.12 jun.12 jul.12 avg.12 sep.12 okt.12 nov.12 dec.12 jan.13 feb.13 mar.13 apr.13 maj.13 jun.13 jul.13 avg.13

DJ Stoxx Balkan 50


-0.05% 14.49%

0.38% 15.86%

0.68% 19.67%

-0.19% 9.42%

-0.83% 8.07%

-2.63% 28.87%

Source: Bloomberg

dow jones s&p

nasdaq dax

nikkei dj stoxx

Disclaimer

This overview is written to inform and does not represent a call for making business decisions and buying or selling mentioned financial instruments. Banca Intesa ad Beograd does not guarantee

exactness of summoned data. Information, opinions and commentaries in this overview are given with the best intention according to available data provided from relevant sources and as a result

of professional attitudes and orientations of analytical team working in Banca Intesa ad Beograd. Banca Intesa ad Beograd does not assume responsibility for possible loss and damage caused by

business activities according to any element and contents of the overview. This document may only be reproduced in whole or in part together with the name of Banca Intesa Beograd.

Previous Change YTD

USA

Nikkei 225

Dow Jones Stoxx 600 302.25

6,453.46UK

Japan

EU

FTSE

15,002.99

Value

S&P 500

3,613.59

1,652.35

Dow Jones Industrial

NASDAQ USA

WORLD

Country / Region

USA

Index

15,010.74

3,589.09

304.77

6,465.73

1,646.06

13,396.38

European stocks fell for a second day, following Asian shares lower, amid speculation the Federal Reserve will curb its bond-buying program as soon as

next month.BHP Billiton Ltd. lost 1.7 percent after posting full-year net income that missed analyst forecasts - Glencore Xstrata Plc slid 1.6 percent after

writing down $7.7 billion of assets, even as it posted first-half adjusted net income that beat analyst predictions. Lindt & Spruengli AG rose to its highest price since

November 2007 as the world’s largest maker of premium chocolate reported earnings before interest and taxes that exceeded estimates. “Markets are definitely

more jittery and it seems to be a regurgitation of the Fed tapering concerns,” James Butterfill,who helps manage about $44 billion as head of global equity strategy at

Coutts & Co. in London, said in a telephone interview. “We’ve got the Fed minutes tomorrow. The balance of probabilities is swinging towards a tapering

announcement in September rather than December but the timing still remains inconclusive in our view.”Investors will study the minutes of the Federal Open Market

Committee’s July 30-31 meeting for signs of when it will begin to reduce the $85 billion pace of monthly bond purchases. The minutes may also describe the risks

from inflation staying below the central bank’s 2 percent goal.(source:bloomberg)

U.S. stocks rose, snapping a four-day slump and halting a global slide, as retailers gained after reporting better-than-estimated earnings - Ten-year

Treasury yields retreated from the highest levels since 2011 and the dollar weakened.Best Buy Co., Urban Outfitters Inc. and TJX Cos. led gains in the S&P 500 after

earnings beat estimates. Investors withdrew $8.4 billion from emerging-market exchange-traded funds this year as weakening economies from India to Indonesia

fueled pessimism in markets already concerned the Federal Reserve will start cutting bond purchases in September. The central bank publishes minutes of its July

meeting tomorrow. “We had some pretty good retail earnings, it just shows the consumer is not dead and that things are moving in the right direction,” Frank Ingarra,

head trader at Greenwich,Connecticut-based NorthCoast Asset Management LLC, said in a phone interview. His firm manages about $1.7 billion. “Everyone is still

focused on Fed tapering. We remain cautiously bullish with pretty full exposure to stocks.”(source:bloomberg)

13,758.13

10,000

10,500

11,000

11,500

12,000

12,500

13,000

13,500

14,000

14,500

15,000

15,500

16,000


Dow Jones Industrial

1,000

1,100

1,200

1,300

1,400

1,500

1,600

1,700

1,800


S&P 500

2,000

2,200

2,400

2,600

2,800

3,000

3,200

3,400

3,600

3,800


NASDAQ Composite

4,500

5,000

5,500

6,000

6,500

7,000


FTSE

200

210

220

230

240

250

260

270

280

290

300

310

320


DJ Stoxx 600

7,000

8,000

9,000

10,000

11,000

12,000

13,000

14,000

15,000

16,000

17,000


Nikkei 225

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