Market Outlook, 4th February, 2013

7/29/2019 Market Outlook, 4th February, 2013

1/19

Bgroct EutaeeoLcfrugry =! 687>

www.g`jcafreoi`j.neb


Mcgacrs Migry

]dc I`mig` bgroct is cxpcntcm te epc` lagt temgy witd g pesitivc figs! birreri`j

^JT @ilty wdind is trgmi`j bgrji`gaay i` tdc jrgi`. Best el tdc Gsig` bgrocts grc

trgmi`j i` tdc pesitivc ze`c witd jgi`s i` tdc rg`jc el 8.># te 7.>#.S^ bgrocts resc dijdcr e` Lrimgy fueycm fy cxpcntgtie`s el g biam rcnevcry i` tdc

cneèby g`m depcs tdgt tdc Lcmcrga Vcscrvc weuam ne`tiùc witd aeesc be`ctgry

peainy te suppert tdc jrewtd. Curepcg` bgrocts tee resc e` Lrimgy! trgnoi`j

pesitivc `cws lreb S^ g`m ibprevcbc`t i` XBI ler è` bgùlgnturi`j scnter

rcpertcm fy Ndi`g ler Kgùgry.

Ocy fc`ndbgro i`mincs i` I`mig mreppcm i` ndeppy trgmc gltcr tdc rcsuats el g

privgtc survcy sdewcm tdgt bgùlgnturi`j eutput cxpg`mcm gt its saewcst pgnc i`

tdrcc be`tds i` Kgùgry 687> gs `cw ermcrs jrcw gt g wcgo pgnc g`m gs pewcr

eutgjcs ne`tiùcm te durt i`mustriga gntivity. ^c`scx g`m @ilty saimi`j te tdc tdrcc

wcco naesi`j aew.

Bgrocts ]emgy]dc trc`m mcnimi`j acvca ler tdc mgy is 79!464 %

tdis acvca muri`j tdc lirst dgal"g`"deur el trgmc tdc` wc bgy wit`css g lurtdcr rgaay

up te 79!968 68!834 %

79!464 %

79!

Gute sgacs ùbfcrs Kgùgry 687> Nijgrcttc pgnos bgy sdew ìneti`c acvcas Satrgtcnd cycs GFJ ncbc`t uìt Ncgt rcjistcrs g 6>.4# yey jrewtd i` tyrc premuntie` i` Mcncbfcr 687> >WLY687> Vcsuat Vcvicw; Fdgrti Girtca! FDCA! Bgrine! I`mig` Fgò!

Nerpergtie` Fgò! ]\^ Beter! ]]O Dcgatdngrc

>WLY687> Vcsuat Xrcvicw; Fgò el Fgremg! Sìtcm ^pirits! I]@AVclcr mctgiacm `cws g`gaysis e` tdc leaaewi`j pgjc

@ct I`laews $Kgùgry >7! 687>)

` nr Xurnd ^gacs @ct B]M Y]MLII 3!=:8 =!=64 7!8=6 66!6>8 66!6>8

BLs =47 4:: $>9) $=!:7>)

LII Mcrivgtivcs $Lcfrugry 87! 687>)

` nr Xurnd ^gacs @ct Epc` I`tcrcstI`mcx Luturcs :9> 49> $788) :!77:

^teno Luturcs 7!37= 7!::> $634) >7!74=

Jgi`crs % AescrsJgi`crs Aescrs

Nebpg`y Xrinc $`) ndj $#) Nebpg`y Xrinc $`) ndj $#)Cssgr Eia 96 :.> Nerpergtie` Fgò =64 $.4)

NC^N >6= =.7 Bg`jgaerc Vcl ..=)

^BGAA NGX $8.6) $7:.

Jaefga I`mincs Ndj $#) $Xts) $Naesc)Mew Ke`cs 7.7 7=9.6 7=!878@G^MGW 7.6 >:.8 >!7:9

L]^C 7.7 :8.= =:

@iooci 8.3 36.: 77!797

Dg`j ^c`j $8.8) $:.:) 6>!:66

^trgits ]ibcs 8.> 4.3 >!697

^dg`jdgi Neb 7.= >>.< 6!=79

I`mig` GMV Ndj $#) $Xts) $Naesc)I@LY 8.6 8.7 -36.4

ZI] 8.4 8.7 -9. 6.8 -=:.4

DMF 7.6 8.3 -=8.:

Gmvg`ncs % Mcnai`cs F^C @^CGmvg`ncs 99 9>

\eaubcs $` nr)F^C 6!>4:

@^C 77!99>


2/19



Gute sgacs ùbfcrs Kgùgry 687>

Gsdeo Acyag`mGsdeo Acyag`m $GA) rcpertcm i`"ai`c veaubcs i` Kgùgry 687> gs Mest sgacs

rcnevcrcm gltcr g` u`cxpcntcm lgaa i` Mcncbfcr 6876. ]dc Mest veaubcs surjcm:9.6# scquc`tigaay te >!7.6#.

]gtg Beters]gtg Beters $]]B]) rcpertcm aewcr"tdg`"cxpcntcm rcsuats ler Kgùgry 687> witd

tetga veaubcs rcjistcri`j g mcnai`c el 69.3# yey $"


3/19



FgkgkGuteFKGS] rcpertcm g` i`"ai`c veaubc jrewtd el 6.9# yey $7.7# beb) te >=:!


4/19



73.9# yey muri`j tdc be`td. ]dc nebpg`ys rgmiga lgniaity gt Dgaea ne`tiùcs te

rgbp"up g`m rcjistcrcm g jrewtd el 789# yey e` g aew fgsc el agst ycgr. Gt`783!

tdc steno is trgmi`j gt gttrgntivc acvcas el 6.WLY687> Vcsuat Vcvicw

Fdgrti Girtca $NBX;`>>8 % ]X; S`mcr rcvicw % Spsimc; ")

Ler >WLY687>! Fdgrti Girtcas $Fdgrti) rcvcùc gs wcaa gs epcrgti`j bgrji`s ngbc

i`"ai`c witd! dewcvcr its fetteb"ai`c misgppei`tcm fcngusc el dijdcr i`tcrcst

ndgrjcs! lercx aess g`m dijdcr tgx. ]dc nebpg`y rcpertcm lagt rcvcùc jrewtd witd

rcvcùcs nebi`j i` gt`68!63>nr. Muri`j 6WLY687>! Fdgrti dgm ~`# qeq! agrjcay i` ai`c witd cxpcntgtie`s. ]dc I`mig` befiaity fusi`css rcpertcm

mcnc`t OXIs witd =.=# qeq jrewtd i` BES te =>3bi`. Befiac trgllin jrcw fy >.8#qeq te 6=8f` bi`. Gvcrgjc rcvcùc pcr biùtc $GVXB) rcbgi`cm lagt qeq gt

`8.=>%bi`. Ne`scquc`tay! tdc gvcrgjc rcvcùc pcr uscr $GVXS) jrcw fy =.># qeq

te `743%be`td. Ndur` acvca ngbc fgno te neblertgfac pesitie` gltcr scvc`

qugrtcrs g`m steem gt 3.9#. I` S^M tcrbs! tdc rcvcùc lreb [gi` Glring i`nrcgscm

fy >.># qeq te S^-7!7>>b`! gs BES i`nrcgscm fy =.3# qeq te 7==bi`. ]dc

GVXS! dewcvcr! mcnai`cm fy 6.=# qeq te S^-fp g`m :8fp bgrji` mcnai`c te >8.6# g`m 6


5/19



FDCA $NBX;`663 % ]X; " % Spsimc; " )

Ler >WLY687>! Fdgrgt Dcgvy Cacntringas $FDCA) misgppei`tcm fetd e` tep"ai`c g`m

fetteb"ai`c lre`t. ]ep"ai`c wgs fcaew eur cxpcntgtie`s g`m strcct cstibgtcs

mcnaiì`j fy =.9# yey te `78!668nr $muc te rcvcùc mclcrrgas). E` tdc CFI]MG

lre`t! tdc nebpg`y*s bgrji` ngbc i` aewcr gt 7>4fp yey. Ne`scquc`tay! XG] mcnai`cm fy 7:.3# yey`7!=63nr. Fdcas ermcr feeo dgs wit`csscm ne`tiùeus mcnai`c i` agst lcw qugrtcrs

muc te wcgo ermcr i`lews g`m nurrc`tay stg`ms gt `7!7>!:88nr! g mcnai`c el 66.=#

yey. Zc bgi`tgi` eur @cutrga rcnebbc`mgtie` e` tdc steno gs wc cxpcnt tcpimermcr laew te ne`tiùc jei`j lerwgrm.Y%C ^gacs EXB XG] CX^ VEC X%C X%F\ C\%CFI]MG C\%^gacsBgrnd $` nr) $#) $` nr) $`) $#) $x) $x) $x) $x)LY687>C =:!487 74.3 >.3 9.6 6.: 3.3 7.8

LY687=C =>!:3: 74.8 3!>=< 67.4 6=.3 78.> 6.> 7.7

Bgrine $NBX;`6>8%]X; " %Spsimc ;" )

Ler >WLY687>! Bgrine pestcm g 78.9# yey jrewtd i` tep"ai`c te `7!7.9# gimcm fy >3>fp yey cxpg`sie` i` jress bgrji`s muc te aewcrneprg princs. Gvcrgjc neprg princs i` >WLY687> wcrc gfeut 6># aewcr e` gyey fgsis. ]dc nebpg`ys gmvcrtisi`j cxpc`scs gs g # el sgacs wc`t up fy98fp e` g yey fgsis! wdind ellsct tdc mcnai`c i` neprg princs te sebc cxtc`t.@ct prelit resc fy 67.C =!4=8 7>.< =73 3.4 :.= 6>.> >.6

LY687=C 3! 7>.< 36> 4.7 6>.> 64.>


6/19



@XG rgtie ngbc dijdcr scquc`tigaay fy 776fp g`m 4=fp! rcspcntivcay te >.6#

g`m 6.6#. ]dc fgòs XNV mippcm scquc`tigaay fy 9:=fp te C 3!986 >.6 7!466 =7.> 6=:.8 7.6 74.= =.9 8.4

LY687=C >.6 7!987 =>.7 648.6 7.7 7=.:# yey! e` gnneu`t el dijdcr saippgjcs muri`j tdc

qugrtcr g`m dc`nc cgrì`js gt XF] acvca mcnai`cm fy >6.:# yey. ]dc fgò

wit`csscm aewcr cllcntivc tgx rgtc el 7=.7# muri`j tdc qugrtcr nebpgrcm te

6>.># i` >WLY6876! wdind aibitcm tdc mcnai`c i` `ct prelit te 6=.!

acgmi`j te 7:.6# g`m 63.WLY687> saippgjcs. Jress g`m @ct @XG

rgtie ngbc dijdcr scquc`tigaay fy 67fp g`m 63fp! rcspcntivcay te 6.6# g`m

7.3 6.8 7!333 783.8 .< 8.9 7:.3 =.7 8.:

LY687=C 3!3:8 6.6 7!=:9 99.4 8.% ]X;`=:% Spsimc; 9#)

Ler >WLY687>! ]\^ Beter Nebpg`y $]\Â) rcpertcm aewcr"tdg`"cxpcntcmrcsuats e` tdc fetteb"ai`c lre`t pribgriay ewi`j te CFI]MG bgrji` prcssurcs.]dc CFI]MG bgrji` rcbgi`cm stgfac e` g scquc`tiga fgsis gt 3.9#! aewcr tdgèur cxpcntgtie`s el # yey $8fp yey $lagt qeq) pribgriay muc te dijdcr prebetie`ga cxpc`miturc rcagtcm

te tdc agu`nd el Xdecìx g`m gase e` gnneu`t el tdc lcstivga scgse`. ]dc rgw"bgtcriga nest gs g pcrnc`tgjc el sgacs dewcvcr! rcbgi`cm stgfac e` g yey gswcaa gs qeq fgsis. Ne`scquc`tay! tdc `ct prelit pestcm g mcnai`c el :.6# yey$up 7


7/19



gs tdc nebpg`y rcmuncm its i`tcrcst fcgri`j mcft fy`748nr i` 9BLY687>. Gt`=>! ]\Â is trgmi`j gt g` gttrgntivc vgaugtie` el 4.7x LY687=C cgrì`js. Zctdcrclerc bgi`tgi` eur Gnnubuagtc rgti`j e` tdc steno witd g tgrjct princ el`=:.Y%C ^gacs EXB XG] CX^ VeC X%C X%F\ C\%CFI]MG C\%^gacsBgrnd $` nr) $#) $` nr) $`) $#) $x) $x) $x) $x)LY687>C :!879 7.4 8.6

LY687=C :!46: 637 3.> 74.8 4.7 7.= 6.9 8.6

]]O Dcgatdngrc $NBX;`=9WLY687>. ]ep"ai`c ngbc i` gt `96nr!

g WLY6876 g`m :.7# dijdcr gs

nebpgrcm te eur cstibgtc el `4.9# ler tdc qugrtcr! >6:fp ne`trgntie` e` g yey

fgsis lreb :.6# i` >WLY6876 pribgriay muc te bgrji` ne`trgntie` i`Xdgrbgncutinga fusi`css g`m Bcminga Mcvinc fusi`css. Ne`scquc`tay! `ct prelit

mcnai`cm fy 6nr muri`j tdc qugrtcr gs nebpgrcm te `=nr i` sgbc

qugrtcr agst ycgr. Jei`j lerwgrm wc cxpcnt tdc CFI]MG bgrji` te cxpg`m e`

gnneu`t el i`nrcgsi`j ne`trifutie` lreb dijd bgrji` leem fusi`css! tdus rcsuati`j

i` fcttcr prelit. Gt tdc nurrc`t bgroct princ! tdc steno is trgmi`j gt C\%sgacs el 8.:x

ler LY687=C! wdind wc fcaicvc is gttrgntivc. Dc`nc! wc bgi`tgi` eur Fuyrcnebbc`mgtie` e` tdc steno witd g tgrjct princ el `C >9> 3.9 7< 67.7 7:.3 6>.3 >.9 7>.4 8.4

LY687=C =>9 78.: 8.:

>WLY687> Vcsuat Xrcvicw

Fgò el Fgremg " $NBX;`4WLY687> rcsuats temgy. Zc cxpcnt tdcfgò te rcpert @II jrewtd el 7=.8# yey te `>!86:nr. @e`"i`tcrcst i`nebc is

cxpcntcm te mcnai`c fy 6=.9# yey te`4nr. Epcrgti`j cxpc`scs grc cxpcntcm te

fc dijdcr fy 7:.6# yey! wdiac previsieì`j cxpc`scs grc cxpcntcm te i`nrcgsc fy

73.=# yey. @ct prelit is cxpcntcm te mcnai`c fy 77.6# yey te`7!7=3nr. Gt NBX! tdc

steno is trgmi`j gt vgaugtie`s el 7.8x LY687=C X%GF\. Nurrc`tay! wc dgvc g @cutrgarcnebbc`mgtie` e` tdc steno. ]dc fgòs bg`gjcbc`t dgs ndg`jcm rcnc`tay g`mwc weuam dgvc g rcaeeo gt eur rgti`j%eutaeeo e` tdc steno! pest tdc rcsuats.

Y%C Ep. I`n @IB XG] CX^ GF\ VEG VEC X%C X%GF\Bgrnd $` nr) $#) $` nr) $`) $#) $x) $x) $x) $x)LY687>C 73!64= 6.3 =!374 789.< :=>.: 8.9 73.3 :.9 7.6LY687=C 74!8>6 6.< 3!:.: 434.= 7.8 7:.7 7.8


8/19



Sìtcm ^pirits $NBX;`7!488nr. EXB iscxpcntcm te i`nrcgsc fy >::fp yey te 7>.6#. Fetteb"ai`c is cxpcntcm te jrew

fy 44.=# yey te `49nr. Zc bgi`tgi` eur @cutrga rcnebbc`mgtie` e` tdcsteno.Y%C ^gacs EXB XG] CX^ VEC X%C X%F\ C\%CFI]MG C\%^gacsBgrnd $` nr) $#) $` nr) $`) $#) $x) $x) $x) $x)LY687>C 78!649 76.4 >:: 6.> 6>.: >.8

LY687=C 77!=67 76.4 :.< =7.6 >.8 67.6 6.:

@etc; Cstibgtcs ler ne`seaimgtcm li`g`nigas grc lurìsdcm i` tdc tgfac

I]@A $NBX;`799 % ]X;`663 % Spsimc; 7>#)

Zc cxpcnt IA,L^ ]rg`spertgtie` @ctweros $I]@A) te pest g stre`j sct el ùbfcrs

ler >WLY687> ewi`j te dcgatdy ermcr feeo g`m pino up i` cxcnutie`. ]dc

nebpg`y*s rcvcùc is cxpcntcm te jrew stre`jay fy 6=.6# yey te `7!3:3nr! acm fy

u`mcr"ne`struntie` regm FE] prekcnts. Zc cxpcnt tdc nebpg`y te rcjistcr g`

CFI]MGB el 64.8#! mew` 38>fp qeq! ewi`j te dijdcr ne`trifutie` el tdc

nebpgrgtivcay aew"bgrji` C,N scjbc`t. ^tre`j rcvcùc jrewtd is cxpcntcm te

rclacnt i` tdc nebpg`y*s cgrì`js! wdind grc cxpcntcm te surjc fy 66.3# yey te

`784nr. Zc rcnebbc`m Gnnubuagtc rgti`j e` tdc steno witd tgrjct princ el `663.

Y%C ^gacs EXB XG] CX^ VEC X%C X%F\ C\%CFI]MG C\%^gacsBgrnd $` nr) $#) $` nr) $`) $#) $x) $x) $x) $x)LY687>C 7:.8 :.< 6.:

LY687=C :!83= 6:.= 3WLY7>C >WLY76 y"e"y $#) 6WLY7> q"e"q $#)@ct prelit 7!>86 7!698 7 7!>87 8

Vurga Cacntrilingtie` $8=%86%687>)Xgrtinuagrs $` nr) >WLY7>C >WLY76 y"e"y $#) 6WLY7> q"e"q $#)@ct prelit 9)Xgrtinuagrs $` nr) >WLY7>C >WLY76 y"e"y $#) 6WLY7> q"e"q $#)@ct sgacs 6!6== 7!93= 73 6!667 7

CFI]MG 639 688 69 69 :>

@DXN $83%86%687>)


9/19



Xgrtinuagrs $` nr) >WLY7>C >WLY76 y"e"y $#) 6WLY7> q"e"q $#)@ct sgacs 98= 4:9 4 767 6>9

CFI]MG bgrji` $#) =3.> ==.8 :.7

@ct prelit 66< 676 : :4> $:7)

Nipag $8)Xgrtinuagrs $` nr) >WLY7>C >WLY76 y"e"y $#) 6WLY7> q"e"q $#)@ct sgacs 6!8=8 7!:77 79 6!7=< $3)

CFI]MG 388 >97 64 > 388 $64)

Cneèbin g`m Xeaitinga @cws

Zitdmrgw BG] e` ^C[s; Gssendgb VFI te sct up `cw beìteri`j systcb te ndcno cxpert mgtg lagws NNCG bgy tgoc up nega princ peeai`j prepesga tdis wcco

Nerpergtc @cws

FeF! FeI! Ng`grg Fgò nut ac`mi`j rgtcs fy 8.63# Jevt jrg`ts Bgdgrgt`g stgtus te FDCA! JGIA Fdgrti Girtca bgy issuc fe`ms el up te -7 f` i` LY7>êurnc; Cneèbin ]ibcs! Fusi`css ^tg`mgrm! Fusi`css Ai`c! Li`g niga Cxprcss! Bi`t


10/19

Mgtc Nebpg`y

Lcfrugry 86! 687> Mivi*s Agf.! I`mig` Fgò! Vcagxe

Lcfrugry 8>! 687>

Lcfrugry 8=! 687> K , O Fgò! Fg o el Fgremg! Vurga Cacn.Nerp.! Sìtcm ^pirits! I]@A! ]gk J\O

Lcfrugry 83! 687> @DXN! SNE Fgò! Sìtcm Fgò

Lcfrugry 8Nipag! ]cnd Bgdi`mrg! IVF I`lrg! BEIA! Gpeaae ]yrcs! Fgkgk Cacntringa! Gutebetivc Gxac! K O Agosdbi Ncbc`ts!De`cywcaa Gutebgtie`

Lcfrugry 8:! 687> Gbfukg Ncbc ts! GNN! Gurefi`me Xdgrbg! G`g`t Vgk! Xrgogsd I`mustrics! KO ]yrc! NCG]! BVL! Kyetdy Agfergterics

Lcfrugry 84! 687>B,B! û` Xdgrbg! Di`mgane! Ng`grg Fgò! Ngmiag Dcgatdngrc! JBV I`lrg.! ]gtg Ndcbingas! Fdgrgt Lerjc! J^XA!FJV C`crjy ! @gjgrku`g Ne`st.! ûfres! Nrgvgtcx

Lcfrugry 89! 687> I`mrgprgstd Jgs! ]gtg Nebb! Jemgwgri Ispgt

Lcfrugry 78! 687>

Lcfrugry 77! 687> E@JN! ]gtg Xewcr Ne.! Fritg` ig! Dcxgwgrc! ^gmfdgv C`jj.! Xu k Aaeym! JIXNA! Misdbg` Xdgrbg

Lcfrugry 76! 687> Ki`mga ^tcca! Xewcr Jrim Nerp ! ^GIA! DXNA! Betdcrse` ubi! NC^N! D] Bcmig

Lcfrugry 7>! 687> Nega I`mig! IEN! ]gtg ^tcca! FXNA! Bgmrgs Ncbc`ts! X]N I mig! Lièacx Ngfacs

Lcfrugry 7=! 687> ]gtg Beters! JGIA! Mr Vcmmy*s! NVIÎA! Be` ct Ispgt! Xgjc I`mustrics! I`mig Ncbc ts! LGJ Fcgri`js! îbpacx I`lrg

êurnc; Faeebfcrj! G`jca Vcscgrnd

Vcsuat Ngac`mgr

Jaefga cneèbin cvc`ts rcacgsc ngac`mgr

Mgtc ]ibc Neu`try Cvc`t Mcsnriptie` Sìt Xcriem Faeebfcrj Mgtg

Agst Vcpertcm Cstibgtcm

Lcfrugry 3! 687> 6;63XB Jcrbg`y XBI crvincs \gauc Kg` L 33.>8 ""

Lcfrugry :! 687> 3;>8XB SO FEC G`èu`ncs rgtcs # Vgtie Lcf : 8.38 8.38

;88XB SO I`mustriga Xremuntie` $YeY) # Ndg`jc Mcn $6.=8) ""

Lcfrugry 4! 687> 3;69XB Ndi`g Cxperts YeY# # Ndg`jc Kg` 7=.78 68.88

77;88GB Ndi`g Ne`subcr Xrinc I`mcx $YeY) # Ndg`jc Kg` 6.38 6.88

Lcfrugry 77! 687> 3;69XB I`mig Ibperts YeY# # Ndg`jc Kg` 8 ""

3;69XB I`mig Cxperts YeY# # Ndg`jc Kg` $7.98) ""

Lcfrugry 76! 687> >;88XB SO NXI $YeY) # Ndg`jc Kg` 6.:8 ""

77;88GB I`mig I`mustriga Xremuntie` YeY # Ndg`jc Mcn $8.78) ""

Lcfrugry 7=! 687> 76;88XB I`mig Be`tday Zdeacsgac Xrincs YeY# # Ndg`jc Kg` :.74 ""

76;>8XB Jcrbg`y JMX sg $YeY) # Ndg`jc =W X 8.=8 ""

>;>8XB Cure [e`c Cure"[e`c JMX s.g. $WeW) # Ndg`jc =W G $8.78) ""

Lcfrugry 73! 687> :;=3XB S^ I`mustriga Xremuntie` # Kg` 8.6< ""

Lcfrugry 68! 687> >;88XB SO Kefacss nagibs ndg`jc # Ndg`jc Kg` $76.78) ""

:;88XB S^ Deusi`j tgrts ]deusg`ms Kg` 93=.88 ""

:;88XB S^ Fuiami`j pcrbits ]deusg`ms Kg` 989.88 ""

:;88XB S^ Xremuncr Xrinc I`mcx $beb) # Ndg`jc Kg` $8.68) ""

Lcfrugry 67! 687> 4;>8XB S^ Cxisti`j debc sgacs Biaaie`s Kg` =.9= ""

:;88XB S^ Ne`subcr princ i`mcx $beb) # Ndg`jc Kg` "" ""

Lcfrugry 66! 687> >;>8XB Cure [e`c Cure"[e`c NXI $YeY) # Kg` 6.68 ""


Lcfrugry 8=! 687>

Bgroct Eutaeeo


11/19



Bgnre wgtnd

Cxdifit 7;Wugrtcray JMX trc`ms

êurnc; NÊ! G`jca Vcscgrnd

Cxdifit 6;IIX trc`ms

êurnc; BE^XI! G`jca Vcscgrnd

Cxdifit >;Be tday ZXI i lagtie trc ms

êurnc; BE^XI! G`jca Vcscgrnd

Cxdifit =;Bgùlgnturi j g`m scrvincs XBI

êurnc; Bgroct! G`jca Vcscgrnd? @etc; Acvca gfevc 38 i mingtcs cxpg`sie`

Cxdifit 3;Cxperts g`m ibperts jrewtd trc`ms


Cxdifit .3

3.:

9.8

:.3

77.6

4.3

:..8

=.8

3.8

WLY78

=WLY78

7WLY77

6WLY77

>WLY77

=WLY77

7WLY76

6WLY76

>WLY76

=WLY76

7WLY7>

6WLY7>

$#)

6.:

7.8

=.>

$6.4) $7.>)

6.3

$6.8) $8.7)

6.8

$8.:)

4.>

$8.7)$=.8)

$6.8)

"

6.8

=.8


12/19

Nebpg`y @gbc Vcne NBX ]grjct Bot Ngp ^gacs $ nr ) EXB$#) CX^ $) XCV$x) X%F\$x) VeC$#) C\%^gacs$x)

$ ) Xrinc $ ) $ nr ) LY7>C LY7=C LY7>C LY7=C LY7>C LY7=C LY7>C LY7=C LY7>C LY7=C LY7>C LY7=C LY7>C LY7=C

Gjri % Gjri Ndcbinga

Vgaais @cutrga 7>6 " 6!36> 3!7=6 6!94> >!=:: 769 697 7: 73

Gpeaae ]yrcs Gnnubuagtc 4: 9< =!>43 7>!:7> 73!>=7 776 776 763 7=4 :8 39 7> 77 686 799 83 8=

Gsdeo Acyag`m Fuy 63 64 < 44 9< 73 66 7 7>= 8< 83

Gutebetivc Gxac. @cutrga >36 " 3>7 964 7!78> 9: 78= 66= >6< 73: 784 79 7: 767 7 " 39!=68 68!::3 6>!449 743 798 78:< 7634 6 76> 99 67 74 743 79: 78 84

Fesnd I`mig+ @cutrga 9!7>8 " 64!68 7:4 748 >97 688 => >: 744 746 63 67

NCG] Fuy 783 7 >34 =!949 3!= 46 43 6:7 =84 >9 6< 83 8= 7>6 7:6 8> 86

Cximc I`mustrics @cutrga 766 " 78!=8= 7 7=9 7 6< 79 7:< 74= 76:: 738< 774 788 6> 79 67: 677 76 78

Dcre Betenerp Gnnubuagtc 7!47> 7!96> >!998 6:!8>4 7>4 7=< 7834 7686 7:7 737 =78 76 78

KO ]yrc Fuy 77< 769 >7 64 83 83 744 7:4 8> 8>

Bgdi`mrg g`m Bgdi`mrg Gnnubuagtc 44< 994 3=!>9< =8!8>3 = 7=> >< >8 6=6 6>6 77 89

Bgruti @cutrga 7!7: 669 6=: 8< 83 7 7!64< 7!=:9 9= 9: 6< 37 78= 3= 8< 83 3< 78> 8= 8=

]gtg Beters Fuy 643 >>: :3!939 798!44> 67:!77 >33 =63 48 86 6:< 8= 8=

]\^ Beter Gnnubuagtc => =: 6!86= :!879 :!46: 3> 788 47 7< 7= 7! 696 37 =3 :7 7!:3: 743 748 6=< 674 96 78> 64 6> >>3 6=3 78 77

Fauc tgr Fuy 74 7!=4< 6!:=4 6!49< == 3< 6== 7:: >> 69 7=3 7:< 8< 8!:98 >4 >> 66 733 79 7: 34 773 8< 83

Kyeti trunturcs Fuy =7 37 >>9 6!:9= >!8=4 78< 78< 96 77: =3 >3 83 8= 779 7>3 8> 8>

OCN I`tcr`gtie`ga Fuy 7 77 7:8 6>< 8= 8=

ABZ Vcmunc 6!79> 7!996 6!=:8 6!>= 76 6< 6> 7:= 74= 8< 8=

]dcrbgx @cutrga 346 " 8 3!369 3!:94 98 9< 6:7 >8> 67= 796 >: >> 74< 746 77 78


Bgroct Eutaeeo

^teno Zgtnd

Lcfrugry 8=! 687>


13/19



Ncbc`t

GNN @cutrga 7!>68 " 6=!:48 77!876 76!>>> 677 689 ::8 48> 7:6 76 69 793 74: 68 7:

Gbfukg Ncbc ts @cutrga 799 " >8!:7> 78!678 77!477 64 >= 68> 68: 6< 66

I`mig Ncbc`ts @cutrga 44 " 6! =!!47= =!8=3 644 6:7 74> 74: 7>6 769 6= 67 79= 7:8 66 79

^drcc Ncbc`tsP @cutrga =!=63 " 73!=73 3!=8 73= 7>> => >= >7: 64= 66 74

Satrg]cnd Ncbc`t @cutrga 7!47 =>< 77 >=

I]@A Gnnubuagtc 799 663 >!4:8 698 :< = " 7!8=> =!6=9 >= 778> 788 83 83 8= == 84 83

Kgiprgogsd Gsse Fuy 4> 788 7:!938 7>!4=6 73!4 6 7= 7> 64 63

Agrsc` , ]eufre Fuy 7!3>3 7!:44 9=!>43 !77< 98 98 74 >6 >87 73 8< 83

^gmfdgv C`jj Fuy 763 7== 6!48= 78< 78: :6 4: 7:= 7== 67 74 7>8 7>3 76 78

îbpacx I`lrg Fuy 743 637 97= 6 97 97 6>6 >7> 48 39 8: 8< 97 776 83 8=

Sìty I`lrg Fuy =8 39 69> 6!748 6!=33 7>: 7>= 7>> 738 >8 6< 8= 8> 763 763 83 83

Li`g`nigas

Gaagdgfgm Fgò Fuy 783 >>< 36 =4 84 8: 7=9 7=< " "

G`mdrg Fgò @cutrga 777 " 8 67= 66= 36 38 84 8: 737 7=6 " "Gxis Fgò Gnnubuagtc 7!384 7! 687 " "

Fgò el Fgremg @cutrga 48> 76!3


14/19



Li`g`nigas

Lcmcrga Fgò Gnnubuagtc 377 33: 4!:>9 6!6 =97 37= 78= 99 7= 76 7>9 7>7 " "

DMLN @cutrga ::9 " 768!834 :!==< 4!96> >3 >3 >66 >43 6=6 686 =9 == >3= >6< " "

DMLN Fgò @cutrga 8 6!978 >< >< 6>=4 79:= 39 :8 7= 76 637 748 " "

AIN Deusi`j Li`g`nc Fuy 64> >64 7=!693 7!:99 6!633 6> 6= 68> 6:> 7>9 78= 66 79 766 " 9!>4: >8 :!783 6< 6: 34= 63:> 78: 9= 74 7< 7:< 7:: " "

^y`mingtc Fgò Fuy 7>> 739 4!86: :!8 >88 6:7 =3 =9 89 84 68: 7>> 6!:64 68 66 :> 78= 48 3< 84 8: 9> 767 " "

Ycs Fgò Gnnubuagtc 3>6 3:< 79!8>3 >!> =6< 7=< 763 >> 6: 6=< 6>< " "

LBNJ

Gsig` Xgi`ts @cutrga =!3=7 " =>!33< 77!794 7>!>79 739 73: 7667 7=:7 >:6 >89 76< 94 >:: >3: >4 >6

Fritg`ìg Fuy =:> 34= 3!

Neajgtc @cutrga 7!>=< " 74!699 >!768 >!344 68> 677 >4= =37 >37 699 >6< 6> " 6>!67< 7 7 766 93 =>= ==8 >4 >6

Jagxe^bitd Ne`+ @cutrga >!46> " 7!84= >! 733 7876 774> >:4 >6> 773 9> >>3 >79 =9 =7

Jemrck Ne`subcr @cutrga :77 " 6=!676 33 :!3=4 7 63= >38 648 := 6 637 =8 >>

DSA @cutrga =!=!797 >3: >>8 6:9 778 97 >39 >3: 48 8 " 7=!4>3 =!4=8 3! 7>< 7>< 34 64> :8 3: 6 6>> >7 6 66 49 94 76 77

I]

DNA ]cndP Gnnubuagtc 6:!6 7>4 >: >7 6== 66< 79 7 668 89 84

I`lesys @cutrga 6!::7 " 739!774 =8!:=< ==!64> 649 644 73 67> >> 69

I`letcnd C`tcrpriscs Gnnubuagtc 7:8 797 7!49< 7!988 6!88 6!7>> 6!667 6!>98 7 7>8 94 43 66 7: 679 689 89 84Bgdi`mrg gtygb @cutrga 774 " 7>!4=4 :!84 68> 79> 99 784 779 789 >> 6< 648 6>3 7= 76

Bi`mtrcc @cutrga :99 " >!>8< 6!>>9 6!386 689 74= :3= :47 78< 786 6< 67 6=< 68> 76 78

Bpdgsis, Gnnubuagtc >9< :!: 3!3>7 3!4:= 7:< 7:3 >3= >:: 78= 94 73 7> 7=: 7>3 89 8:

@II] Fuy 6: >< ==> 7!8=4 7!7!6>7 =:!6=7 688 688 68 6< 79> 7:9 68 7:

Bcmig

M F Nerp Gnnubuagtc 6=> 6> 638 77< 7== 678 73 678 66> 6: 6=

D] Bcmig Fuy 78= 767 6!=>4 6!777 6!6:6 738 736 := 4> 7=7 76< 73 7= 77> 77= 84 8:

Kgjrg` Xrgogsdg` Fuy 78: 76< >!>:7 7!38> 7!7 6>7 7: 634 6: ::6 :33 7:< 797 6:> 637 48

Bctgas , Biì`j

Fdusdg` tcca @cutrga ==: " 78!76= 78!:=< 7>!946 >84 >77 =>> 333 78> 47 77 78 77= 76< >8 6>Nega I`mig @cutrga >3< " 66=!:83 = == >3 >>7 697 6= 67

Cacntrestcca Ngsti`js Fuy 63 >= 4:= 7!94= 6!8:= 78< 77< 74 6< 7=> 9: 83 86 >< 37 8< 8!:39 =9: 384 7=: 7 " 67!:67 :9!7=4 49!634 9= 98 738 73< :< :> 8< 8< 44 4= 8: 8 634 647 94 98 73 7= 73: 77= 7=3 67 >> 669 7=9 77 78 =< 743 68< 4= :3 68 7: 6:8 6=< >3 69


Bgroct Eutaeeo

^teno Zgtnd

Lcfrugry 8=! 687>


16/19



Bctgas , Biì`j

^GIA @cutrga 4: " >3!9>< =:!636 37 7=6 7=4 9< 77: 97 := 84 84 9= 78< 76 78

^csg Jeg @cutrga 74= " 73!936 6!=76 >!977 >84 >>7 69< >74 !=3> 787 9: 7: 73 743 7>6 >76 64=!=6: 7=:!7>9 73=!467 >>9 >>: >8: >6> 784 78> 79 7: 74> 7:6 7: 73

Vcaig`nc I`mustrics @cutrga 49> " 696!348!8>7 49 49 7 763 7= 7> 76= 774 84 8:

Jukgrgt Jgs+ @cutrga >7> " =!87= >!764 >!:8: 7>6 77: 664 6>3 7>: 7>> =7 >: >>6 696 76 78

I`mrgprgstdg Jgs @cutrga 639 " >!6 >!67> >! 6>> 6>3 6=> 63: 78: 787 6= 67 638 667 76 77

Xctre`ct A@J Fuy 737 7:9 77!>8< >6!678 =7!>87 7!=46 7!= 69

Ngmiag Dcgatdngrc Gnnubuagtc 43: 96< 7:!333 4< 74< 79< >6: ==4 6: 66 6>!8=4 78! 678 =4 =8 66= 684 >= >8

Misdbg` Xdgrbg Fuy 777 7=3 49> 7!648 7!3>< 686 686 78= 7=3 78< :< 89 84 4: 778 7= 76

JÔ Xdgrbg+ @cutrga 6!8=8 " 7:!6:: 6! >7: >76 :9 >7 6= 64

Vg`fgxy+ @cutrga ==9 " 74!9:4 76!8=< 77!948 7:> >67 768 7=8 =: >: =3> 69: 7< 73

û` Xdgrbg @cutrga :68 " :=!=6< 9!986 76!>7> =6< =6< 6 7!38> >8> 3= 773 769 76 78


Bgroct Eutaeeo

^teno Zgtnd

Lcfrugry 8=! 687>


17/19



Xewcr

@]XN @cutrga 73: " 769!6=4 :6!489 47!937 6>8 6>: 768 7>= 7>7 77: 7< 7= 763 769 6= 6>

Vcga Cstgtc

G`g`t Vgk @cutrga 46 " 6!=89 !6!>== 337 =46 66: 6= 69 8> 8> 44 9= >6 6=

BAILC Gnnubuagtc =89 ==< 7! 7>6 77> 7> 76 787 784 6= 67

]cacnebFdgrti Girtca Gnnubuagtc >>7 >38 763!384 48!>3> 489 >7> 4< 774 >4< 648 6= 66 67

Imcg Ncaauagr @cutrga 776 " >:!83= 67!:9: 6>!7=6 67 =: >3< 6=8 6< 6= := 94 66 68

Vneb @cutrga 47 " 76 66!84= >74 >86 69 =8 6:4 68= 83 8= 7< 66 63 66

zEtdcrs

Gffett I`mig Gnnubuagtc 7!=>> 7!398 >!8=< 7!> < 748 =4 =8 668 6== 7: 7=

Fgkgk Cacntringas Gnnubuagtc 79> 67: 7!964 >!=9: >!9:3 =3= 777 96 6< 67 6>: 66: 83 8=

NVI^IA @cutrga 993 " < >=> >=> >=> =88 698 6=9 7>7 783 389 =6= 983 7!863 =4 3> 69: 74< >6 64 77> 7 >>= 66 33> == 9> 747 748


18/19



zEtdcrs

^pincKct Vcmunc =: => 6!694 3!:68 < 3= 7>6 49 798 79 >34 >9 7== 7: 73

]gtg pe`jc Ire` Fuy >77 >:9 =:9 :46 474 7:= =63 :9 93 6=7 >6: 68< 736 79: 663 89 8:

]\^ rindgorg Fuy 636 >66 79> 7!=

S`itcm pirits @cutrga 7!4


19/19

Bgroct EutaeeoLcfrugry 8=! 687>

Documents

Market Outlook, 4th February, 2013