NAME MA_200D MA_100DLAST_PR PR vs200d PR vs 100D

Size: px
Start display at page:

Download "NAME MA_200D MA_100DLAST_PR PR vs200d PR vs 100D"

Transcription

1 IBEX 35 NAME HIGH_52W LOW_52WLAST_PR PR vs HIGH PR vs LOW UNION FENOSA % 66.70% INDRA SISTEMAS % 12.87% TELEFONICA % 23.15% ACS % 25.18% INDITEX % 14.13% BANKINTER % 18.79% RED ELECTRICA % 4.93% IBERDROLA RENOVA % 50.00% IBERIA % 34.45% ENAGAS % 8.33% ABERTIS % 14.65% ENDESA % 7.20% GRIFOLS SA % 7.43% IBERDROLA SA % 23.17% BANCO SABADELL % 19.05% ACERINOX % 5.50% CRITERIA CAIXA C % 10.26% FCC % 18.29% REPSOL YPF SA % 11.03% BANESTO SA % 16.49% BOLSAS Y MERCADO % 17.53% MAPFRE SA % 15.84% TECNICAS REUNIDA % 67.51% ACCIONA SA % 49.49% ABENGOA % 13.10% BANCO SANTANDER % 30.36% BBVA % 30.79% BANCO POPULAR % 26.79% CINTRA % 11.55% FERROVIAL % 13.23% TELECINCO % 5.03% GAMESA % 21.19% GAS NATURAL SDG % 2.70% SACYR VALLEHERM % 19.92% OBRASCON HUARTE % 8.06% NAME MA_200D MA_100DLAST_PR PR vs200d PR vs 100D UNION FENOSA % 2.72% ACS % -3.44% TELEFONICA % 1.49% BANKINTER % -3.85% INDITEX % -6.48% INDRA SISTEMAS % -6.06% IBERDROLA RENOVA % 5.86% IBERIA % % ABERTIS % -9.29% TECNICAS REUNIDA % 20.85% RED ELECTRICA % % IBERDROLA SA % -5.71% ACCIONA SA % 1.06% BOLSAS Y MERCADO % % ENAGAS % % FCC % % ACERINOX % % BANCO SABADELL % % CRITERIA CAIXA C % % REPSOL YPF SA % % ENDESA % % GRIFOLS SA % % ABENGOA % % FERROVIAL % % BANESTO SA % % TELECINCO % % BANCO SANTANDER % % BANCO POPULAR % % BBVA % % MAPFRE SA % % SACYR VALLEHERM % % CINTRA % % OBRASCON HUARTE % % GAMESA % % GAS NATURAL SDG % % IBERDROLA SA % 10.04% BBVA % 10.79% BANCO SANTANDER % 10.97% TECNICAS REUNIDA % 5.32% SACYR VALLEHERM % 5.93% FCC % 6.98% GAMESA % 5.90% BANCO POPULAR % 9.47% TELEFONICA % 4.31% INDRA SISTEMAS % 2.72% ACCIONA SA % 2.40% CRITERIA CAIXA C % 2.58% FERROVIAL % 3.30% INDITEX % 2.85% BANESTO SA % 4.69% IBERDROLA RENOVA % 1.63% ABERTIS % 5.05% ACS % 1.68% BOLSAS Y MERCADO % 5.53% REPSOL YPF SA % 2.81% RED ELECTRICA % -0.98% MAPFRE SA % 3.88% BANCO SABADELL % 6.81% GRIFOLS SA % -0.56% ENAGAS % -2.32% UNION FENOSA % 0.28% ABENGOA % 2.68% TELECINCO % -1.71% CINTRA % 1.41% BANKINTER % 0.72% IBERIA % -1.48% ACERINOX % -2.18% OBRASCON HUARTE % -3.05% ENDESA % -9.54% GAS NATURAL SDG % % No part of this report may be copied, conveyed or distributed into the United States of America or furnished to any person or entity in the United States. The failure to comply with these restrictions may breach the laws of the US. PAGE 1

2 EUROSTOXX 50 NAME HIGH_52W LOW_52W LAST_PR PR vs HIGH PR vs LOW SANOFI-AVENTIS % 15.82% DEUTSCHE TELEKOM % 7.52% TELEFONICA % 23.15% FRANCE TELECOM % 8.11% MUENCHENER RUE-R % 21.87% VIVENDI % 17.65% AIR LIQUIDE SA % 10.57% SAP AG % 26.89% TOTAL SA % 20.02% UNILEVER NV-CVA % 6.28% LVMH MOET HENNES % 25.17% DANONE % 6.13% L'OREAL % 11.99% TELECOM ITALIA S % 28.32% RWE AG % 8.94% SCHNEIDER ELECTR % 27.11% BAYER AG % 0.00% SUEZ SA-FRACTION % 17.87% VINCI SA % 32.72% SIEMENS AG-REG % 34.61% CARREFOUR SA % 20.56% IBERDROLA SA % 23.17% BASF SE % 34.23% ENI SPA % 14.13% PHILIPS ELECTRON % 11.34% ENEL SPA % 6.90% REPSOL YPF SA % 11.03% ALLIANZ SE-REG % 32.67% BNP PARIBAS % 53.44% E.ON AG % 7.65% SAINT GOBAIN % 24.83% NOKIA OYJ % 30.58% CREDIT AGRICOLE % 37.36% DAIMLER AG % 24.04% BANCO SANTANDER % 30.36% BBVA % 30.79% GENERALI ASSIC % 14.83% INTESA SANPAOLO % 36.71% DEUTSCHE BOERSE % 34.31% DEUTSCHE BANK-RG % 77.70% SOC GENERALE % 47.23% AXA % 43.09% ALCATEL-LUCENT % 43.68% AEGON NV % 34.10% VOLKSWAGEN AG 1, % 31.42% UNICREDIT SPA % 45.31% RENAULT SA % 39.20% ARCELORMITTAL % 0.68% ING GROEP NV-CVA % 49.17% FORTIS % % NAME MA_200D MA_100D LAST_PR PR vs 200D PR vs 100D TELEFONICA % 1.49% FRANCE TELECOM % -6.61% SANOFI-AVENTIS % -7.32% DEUTSCHE TELEKOM % -8.22% VINCI SA % 1.77% MUENCHENER RUE-R % -9.97% TOTAL SA % -3.56% SCHNEIDER ELECTR % 0.12% SAP AG % -1.24% LVMH MOET HENNES % 4.03% VOLKSWAGEN AG % % VIVENDI % -7.48% TELECOM ITALIA S % -9.16% CARREFOUR SA % -5.60% AIR LIQUIDE SA % -2.98% L'OREAL % % DANONE % % UNILEVER NV-CVA % % IBERDROLA SA % -5.71% SIEMENS AG-REG % -1.85% RWE AG % % BASF SE % -1.14% SUEZ SA-FRACTION % % CREDIT AGRICOLE % -5.51% ENI SPA % % ALLIANZ SE-REG % -4.31% PHILIPS ELECTRON % % BAYER AG % % REPSOL YPF SA % % DAIMLER AG % -8.34% DEUTSCHE BANK-RG % 13.56% DEUTSCHE BOERSE % % SAINT GOBAIN % % NOKIA OYJ % % BNP PARIBAS % -9.14% ENEL SPA % % BANCO SANTANDER % % BBVA % % E.ON AG % % INTESA SANPAOLO % % SOC GENERALE % % GENERALI ASSIC % % ALCATEL-LUCENT % % AXA % % AEGON NV % % RENAULT SA % % ARCELORMITTAL % % UNICREDIT SPA % % ING GROEP NV-CVA % % FORTIS % 17.54% SOC GENERALE % 19.71% ALCATEL-LUCENT % 18.82% CREDIT AGRICOLE % 15.13% DEUTSCHE BOERSE % 14.55% BNP PARIBAS % 18.76% ING GROEP NV-CVA % 14.63% IBERDROLA SA % 10.04% ALLIANZ SE-REG % 11.14% RENAULT SA % 15.33% DEUTSCHE BANK-RG % 18.08% BBVA % 10.79% UNICREDIT SPA % 11.97% TELECOM ITALIA S % 7.06% BANCO SANTANDER % 10.97% AXA % 13.10% TELEFONICA % 4.31% SANOFI-AVENTIS % 2.85% SCHNEIDER ELECTR % 4.10% MUENCHENER RUE-R % 5.81% CARREFOUR SA % 6.77% INTESA SANPAOLO % 8.14% GENERALI ASSIC % 2.87% NOKIA OYJ % 9.88% AEGON NV % 7.79% FRANCE TELECOM % 2.06% SIEMENS AG-REG % 6.37% E.ON AG % -1.73% DEUTSCHE TELEKOM % 1.74% VOLKSWAGEN AG % 2.88% VIVENDI % 1.07% REPSOL YPF SA % 2.81% VINCI SA % 4.25% L'OREAL % 3.85% RWE AG % 2.09% SAP AG % 0.90% SAINT GOBAIN % 4.53% UNILEVER NV-CVA % 0.76% TOTAL SA % 1.69% DANONE % 0.53% ENEL SPA % -1.05% FORTIS % 8.39% BASF SE % 5.14% ENI SPA % 1.03% DAIMLER AG % 4.58% AIR LIQUIDE SA % 0.30% LVMH MOET HENNES % 1.57% PHILIPS ELECTRON % 0.51% SUEZ SA-FRACTION % 1.08% BAYER AG % -9.53% ARCELORMITTAL % % No part of this report may be copied, conveyed or distributed into the United States of America or furnished to any person or entity in the United States. The failure to comply with these restrictions may breach the laws of the US. PAGE 2

3 GLOBAL INDICES NAME HIGH_52W LOW_52W LAST_PR PR vs HIGH PR vs LOW VENEZUELA STOCK MKT INDX 41,585 32,730 41, % 26.02% CHILE STOCK MKT SELECT 3,114 2,018 2, % 23.01% IGBC GENERAL INDEX 10,363 6,272 7, % 25.42% NZX 50 FF GROSS INDEX 3,681 2,411 2, % 8.09% SWISS MARKET INDEX 7,785 4,235 4, % 13.67% KOSPI INDEX 1, , % 31.14% FTSE 100 INDEX 6,377 3,461 3, % 11.45% DOW JONES UTILITIES AVG % 10.14% MEXICO BOLSA INDEX 32,293 16,480 19, % 17.26% NASDAQ 100 STOCK INDX 2,056 1,019 1, % 17.01% S&P/ASX 200 INDEX 5,981 3,121 3, % 10.43% SHANGHAI SE COMPOSITE IX 3,863 1,665 2, % 33.56% FTSE/JSE AFRICA TOP40 IX 31,393 15,853 17, % 12.25% S&P/TSX COMPOSITE INDEX 15,155 7,480 8, % 14.43% DOW JONES INDUS. AVG 13,137 6,470 7, % 14.31% DAX INDEX 7,232 3,589 3, % 11.11% NIKKEI ,601 6,995 7, % 13.97% TAIWAN TAIEX INDEX 9,310 3,955 5, % 27.61% S&P 500 INDEX 1, % 16.70% ISE NATIONAL 100 INDEX 43,996 20,912 23, % 13.37% CAC 40 INDEX 5,142 2,465 2, % 12.24% PSI 20 INDEX 11,298 5,660 6, % 6.83% IBEX 35 INDEX 14,301 6,703 7, % 14.06% BRAZIL BOVESPA STOCK IDX 73,920 29,435 39, % 34.23% RUSSELL 2000 INDEX % 17.81% DJ STOXX 600 = Pr % 10.73% DJ EURO STOXX 50 = Pr 3,900 1,765 2, % 13.98% PHILA SEMICONDUCTOR INDX % 31.85% BSE SENSEX 30 INDEX 17,736 7,697 9, % 18.14% NYSE COMPOSITE INDEX 9,687 4,182 4, % 16.41% HANG SENG INDEX 26,387 10,676 13, % 22.49% STRAITS TIMES INDEX 3,270 1,455 1, % 8.27% STOCK EXCH OF THAI INDEX % 11.69% WSE WIG INDEX 49,166 20,370 23, % 13.84% DOW JONES TRANS. AVG 5,537 2,134 2, % 21.36% ARGENTINA MERVAL INDEX 2, , % 28.37% AEX-Index % 8.14% BUDAPEST STOCK EXCH INDX 23,508 9,338 9, % 5.99% S&P/MIB INDEX 34,711 12,332 14, % 14.19% PRAGUE STOCK EXCH INDEX 1, % 14.24% MICEX INDEX 1, % 58.86% PERU LIMA GENERAL INDEX 18,465 5,993 7, % 22.01% CECE Composite Index EUR 2, % 21.74% BUCHAREST BET INDEX 7,947 1,833 2, % 15.59% NAME MA_200D MA_100D LAST_PR PR vs 200D PR vs 100D VENEZUELA STOCK MKT INDX 36,995 35,648 41, % 15.71% SHANGHAI SE COMPOSITE IX 2,310 1,996 2, % 11.39% IGBC GENERAL INDEX 8,337 7,522 7, % 4.58% CHILE STOCK MKT SELECT 2,648 2,468 2, % 0.57% KOSPI INDEX 1,326 1,109 1, % 5.45% NZX 50 FF GROSS INDEX 2,968 2,691 2, % -3.16% TAIWAN TAIEX INDEX 5,755 4,535 5, % 11.31% BRAZIL BOVESPA STOCK IDX 46,990 37,949 39, % 4.11% MEXICO BOLSA INDEX 23,314 19,876 19, % -2.77% FTSE/JSE AFRICA TOP40 IX 21,505 18,298 17, % -2.75% PSI 20 INDEX 7,332 6,258 6, % -3.39% FTSE 100 INDEX 4,697 4,141 3, % -6.86% S&P/ASX 200 INDEX 4,254 3,580 3, % -3.73% NASDAQ 100 STOCK INDX 1,485 1,193 1, % -0.08% PHILA SEMICONDUCTOR INDX % 5.81% S&P/TSX COMPOSITE INDEX 10,842 8,666 8, % -1.22% SWISS MARKET INDEX 6,151 5,377 4, % % DOW JONES UTILITIES AVG % % BSE SENSEX 30 INDEX 11,803 9,339 9, % -2.63% IBEX 35 INDEX 10,018 8,498 7, % % DOW JONES INDUS. AVG 9,694 8,201 7, % -9.82% STOCK EXCH OF THAI INDEX % -1.64% NIKKEI ,476 8,165 7, % -2.37% MICEX INDEX 1, % 23.31% CAC 40 INDEX 3,650 3,075 2, % % ISE NATIONAL 100 INDEX 31,281 25,255 23, % -6.13% HANG SENG INDEX 17,294 13,560 13, % -3.56% DAX INDEX 5,327 4,462 3, % % S&P 500 INDEX 1, % -8.08% ARGENTINA MERVAL INDEX 1,423 1,042 1, % 0.97% DJ STOXX 600 = Pr % % DJ EURO STOXX 50 = Pr 2,755 2,296 2, % % NYSE COMPOSITE INDEX 6,713 5,315 4, % -8.41% PERU LIMA GENERAL INDEX 10,274 7,086 7, % 3.19% STRAITS TIMES INDEX 2,216 1,710 1, % -7.86% WSE WIG INDEX 32,636 25,644 23, % -9.57% RUSSELL 2000 INDEX % % AEX-Index % % DOW JONES TRANS. AVG 4,006 3,170 2, % % PRAGUE STOCK EXCH INDEX 1, % % BUDAPEST STOCK EXCH INDX 15,932 11,830 9, % % S&P/MIB INDEX 23,130 18,408 14, % % CECE Composite Index EUR 1,729 1, % % BUCHAREST BET INDEX 4,206 2,630 2, % % VENEZUELA STOCK MKT INDX 38,925 38,193 41, % 8.00% BSE SENSEX 30 INDEX 8,614 8,507 9, % 6.89% NIKKEI 225 7,559 7,384 7, % 7.97% DOW JONES TRANS. AVG 2,457 2,358 2, % 9.86% HANG SENG INDEX 12,463 12,182 13, % 7.35% MICEX INDEX % 8.87% RUSSELL 2000 INDEX % 8.43% MEXICO BOLSA INDEX 18,592 17,925 19, % 7.81% DOW JONES UTILITIES AVG % 5.30% S&P/ASX 200 INDEX 3,325 3,246 3, % 6.15% NYSE COMPOSITE INDEX 4,702 4,525 4, % 7.58% S&P 500 INDEX % 7.54% TAIWAN TAIEX INDEX 4,885 4,756 5, % 6.14% NZX 50 FF GROSS INDEX 2,524 2,499 2, % 4.31% SHANGHAI SE COMPOSITE IX 2,155 2,166 2, % 2.65% KOSPI INDEX 1,134 1,101 1, % 6.28% S&P/TSX COMPOSITE INDEX 8,309 8,003 8, % 6.96% BUCHAREST BET INDEX 2,058 2,020 2, % 4.89% DOW JONES INDUS. AVG 7,187 6,951 7, % 6.40% NASDAQ 100 STOCK INDX 1,159 1,120 1, % 6.42% IBEX 35 INDEX 7,451 7,255 7, % 5.39% PHILA SEMICONDUCTOR INDX % 6.75% FTSE 100 INDEX 3,776 3,684 3, % 4.69% SWISS MARKET INDEX 4,716 4,557 4, % 5.65% STRAITS TIMES INDEX 1,544 1,524 1, % 3.40% ARGENTINA MERVAL INDEX 1,032 1,002 1, % 4.95% PERU LIMA GENERAL INDEX 7,197 7,035 7, % 3.93% DJ EURO STOXX 50 = Pr 1,982 1,925 2, % 4.51% DJ STOXX 600 = Pr % 3.64% CAC 40 INDEX 2,727 2,660 2, % 4.05% CHILE STOCK MKT SELECT 2,449 2,424 2, % 2.40% BRAZIL BOVESPA STOCK IDX 39,018 38,350 39, % 3.03% S&P/MIB INDEX 13,907 13,644 14, % 3.21% PRAGUE STOCK EXCH INDEX % 4.08% STOCK EXCH OF THAI INDEX % 1.44% FTSE/JSE AFRICA TOP40 IX 17,619 17,121 17, % 3.94% ISE NATIONAL 100 INDEX 23,502 23,408 23, % 1.28% PSI 20 INDEX 6,008 5,901 6, % 2.46% BUDAPEST STOCK EXCH INDX 9,849 9,864 9, % 0.33% DAX INDEX 3,971 3,869 3, % 3.07% IGBC GENERAL INDEX 7,835 7,772 7, % 1.21% CECE Composite Index EUR % 3.62% WSE WIG INDEX 23,252 23,023 23, % 0.73% AEX-Index % 1.31% No part of this report may be copied, conveyed or distributed into the United States of America or furnished to any person or entity in the United States. The failure to comply with these restrictions may breach the laws of the US. PAGE 3

4 Fibonacci Retracements Madrid, 24 March 2009 Research Global Strategy Director Ana Munera Technical Analysis Team Leader Victoria Torras Samuel García Alejandro Cortiula Christian Oliver IMPORTANT DISCLOSURES This document and the information, opinions, estimates and recommendations expressed herein, have been prepared by BBVA Global Markets Research, S.A. (hereinafter called "BBVA Research"). BBVA Research and/or any of its subsidiaries holds, directly or indirectly, at least 1 % of the equity capital of the following company/ies whose shares are open to negotiation in organised markets and which is/are the subject of analysis in the report herein: ACS Actividades de Construcción y Servicios, Axtel, S.A. DE C.V., BAE Systems PLC Ord, BME (Bolsas y Mercados Españoles), Bolsa de Valores de Caracas, Bolsa Mexicana de Valores, S.A.B. de C.V., China Citic Bank Limited CNCB, Cámara de riesgo central de contraparte de Colombia, S.A. Deceval, S.A., Fomento de Construcciones y Contratas, S.A., Gamesa, S.A., Grupo Aeroportuario del Pacífico, S.A. de CV, Grupo Ferrovial, Grupo Video Visa, Indra Sistemas, S.A., Metrovacesa, S.A., Naftracs (Nacional Financiera) ETF, Promotora Ambiental, S.A. de C.V., Repsol-YPF, S.A., Sol Meliá Finace Limited, Sol Meliá S.A., Técnicas Reunidas, S.A., Telefónica, S.A., Tubos Reunidos, S.A., Unión Eléctrica-Fenosa, S.A. In the past twelve months, BBVA Research or any of its affiliates has participated as manager or co-manager in public offerings, and received compensation for these services, of the following company/ies, which is/are the subject of analysis of this report: Abn Amro Bank (México), Anglo American PLC, Australian and New Zealand Banking Group Limited, Banco Espirito Santo, Banco Pastor, Banco Popular Español, Banco Sabadell, Bankinter, Bolsa, Brisa-Auto Estradas de Portugal, British American Tobacco, Caixa Galicia, Caixanova, Caixa Penedes, Caja Burgos, Caja Castilla la Mancha, Caja de ahorros del Mediterraneo, Caja Duero, Caja Insular de Canarias, Caja Madrid, Caja Murcia, Caja Navarra, Caja Sol, Carrefour, Cemex, CFE, Cimpor, Compagnie de Saint Gobain, Cores, Credit Suisse Group AG, Deere & Co., Deutsche Apotheker-und Ärztebank E.G., Deutsche Hypothekenbank AG, Deutsche Telekom, Dexia, Dresdner Bank AG, Duke Energy CORP, E.ON AG, EDP - Energias de Portugal, EI Du Pont de Nemours & Co, Eksportfinans A/S, Embotelladoras Arca, ENI Spa, Financiera Independencia, Ford México, GALP Energias, GE Company- GE Capital Corporation (GARANTE), Gmac, HSBC Bank, HSH Nordbank AG, Hypo Real Estate Bank International, Iberdrola, IBM Corp, ICO, Intesa Sanpaolo, Jeronimo Martins, John Deere, Kraft Foods, La Caixa, Landesbank Baden-Wuerttemberg, Martifer SGPS S.A., Megacable, Merrill Lynch & Co., Milennium BCP, Mota - Engil SGPS, National Grid PLC, Natixis, NRF (Nissan), NRW Bank, Paccar Inc. México, Philip Morris International, Posadas, REN SGPS S.A., Renault, Rio Tinto LTD, Royal Bank of Scotland Group, Ruba, Schneider Electric, S.A., Sonae SGPS, Sonae.com, Swedbank AB, Teka Espanha, Telefónica SA, Toyota, Transinsular S.A., Unicaja, Urbi, Visa, Inc., Vodafone, Volkswagen AG, WL Bank, Xstrata. In the past twelve months, BBVA Research or any of its affiliates has received compensation for investment banking services from the following Company/ies, which is/are the subject of analysis of this report: Acciona, Agropecuaria Santa Genoveva, Alpargatas S.A., Alsea, Arcelor Mittal, Carso Global Telecom, CencoSud, CFE, Colbun, El Puerto de Liverpool, Empresa Nacional de Electricidad (Chile), Empresas Públicas Medellín S.A. ESP, FCC (Fomento de Construcción y Contratación), Fomento de Infraestructura Turística Cancún, Gigante, Grupo Bimbo, Grupo Brescia, Grupo Cementos de Chihuahua, Grupo Maseca (Gruma), Industrias Peñoles, Internacional de Cerámicas (Interceramic), Kansas City Southern de México, Kimberly Clark de México, Lamosa, OHL (Concesionaria Mexiquense), Superintendencia de Servicios Públicos Domiciliarios (SSPD) - EMCALI, Telefónica CTC Chile, Teléfonos de México, XM S.A. ESP. In the next three months, BBVA Research and/or any of its affiliates expects to receive or intends to seek compensation for investment banking services from the company/ies discussed in this report. BBVA, S.A. acts as a market maker/specialist in: Alfa, America Movil, Corporación Geo, GF BBVA Bancomer, Sare, Telmex. Furthermore, BBVA Research or any of its affiliates has entered into liquidity agency agreements with the following company/ies, which is/are the subject of analysis of this report: América Móvil, Banco Atlántico, Banco de la Pequeña y Mediana Empresa, Banco Pastor, Banco Popular Español, Banco Zaragozano, Bilbao Bizcaya Kutxa, Caixa Catalunya, Caixa Galicia, Caja Madrid, DIA, Endesa, Gas Natural, Iberdrola, QQQ, Renfe, Repsol-YPF, S.A., Sol Melia Finance Ltd, SPY, Telefónica, Telmex, Terra. "BBVA Research is subject to the BBVA Group Code of Conduct for Security Market Operations which, among other regulations, includes rules to prevent and avoid conflicts of interests with the ratings given, including information barriers. The BBVA Group Code of Conduct for Security Market Operations is available for reference at the following web site: / Corporate Governance". RATINGS SYSTEM Technical Analysis There are three time periods: Short term (ST).- Ratings are given for a time horizon of up to one month; Mid term (MT).- Ratings are given for a time horizon ranging between one and twelve months; Long term (LT).- Ratings are given for a time horizon of more than one year. There are five recommendations: Bullish.- Prices of the corresponding assets expected to rise in the relevant timeframe; Lateral/Bullish (Lat/Bul).- Prices expected to fluctuate between two share price bands with upside potential within the relevant term; Lateral.- Prices expected to fluctuate between two share price bands within the relevant timeframe; Lateral/Bearish (Lat/Bea.).- Prices expected to fluctuate between two share price bands with downside within the relevant timeframe; Bearish.- Prices of the corresponding assets expected to drop within the relevant timeframe. The strategies put forward also quantify the extent of the expected moves.

5 Fibonacci Retracements Madrid, 24 March 2009 Research DISCLAIMER This document and the information, opinions, estimates and recommendations expressed herein, have been prepared by BBVA Research, S.A. (hereinafter called "BBVA Research") to provide its customers with general information regarding the date of issue of the report and are subject to changes without prior notice. BBVA Research is not liable for giving notice of such changes or for updating the contents hereof. This document and its contents do not constitute an offer, invitation or solicitation to purchase or subscribe to any securities or other instruments, or to undertake or divest investments. Neither shall this document nor its contents form the basis of any contract, commitment or decision of any kind. Investors who have access to this document should be aware that the securities, instruments or investments to which it refers may not be appropriate for them due to their specific investment goals, financial positions or risk profiles, as these have not been taken into account to prepare this report. Therefore, investors should make their own investment decisions considering the said circumstances and obtaining such specialized advice as may be necessary. The contents of this document is based upon information available to the public that has been obtained from sources considered to be reliable. However, such information has not been independently verified by BBVA Research and therefore no warranty, either express or implicit, is given regarding its accuracy, integrity or correctness. BBVA Research accepts no liability of any type for any direct or indirect losses arising from the use of the document or its contents. Investors should note that the past performance of securities or instruments or the historical results of investments do not guarantee future performance. The market prices of securities or instruments or the results of investments could fluctuate against the interests of investors. Investors should be aware that they could even face a loss of their investment. Transactions in futures, options and securities or high-yield securities can involve high risks and are not appropriate for every investor. Indeed, in the case of some investments, the potential losses may exceed the amount of initial investment and, in such circumstances, investors may be required to pay more money to support those losses. Thus, before undertaking any transaction with these instruments, investors should be aware of their operation, as well as the rights, liabilities and risks implied by the same and the underlying stocks. Investors should also be aware that secondary markets for the said instruments may be limited or even not exist. BBVA Research or any of its affiliates, as well as their respective executives and employees, may have a position in any of the securities or instruments referred to, directly or indirectly, in this document, or in any other related thereto; they may trade for their own account or for third-party account in those securities, provide consulting or other services to the issuer of the aforementioned securities or instruments or to companies related thereto or to their shareholders, executives or employees, or may have interests or perform transactions in those securities or instruments or related investments before or after the publication of this report, to the extent permitted by the applicable law. BBVA Research or any of its affiliates salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to its clients that reflect opinions that are contrary to the opinions expressed herein. Furthermore, BBVA Research or any of its affiliates' proprietary trading and investing businesses may make investment decisions that are inconsistent with the recommendations expressed herein. No part of this document may be (i) copied, photocopied or duplicated by any other form or means (ii) redistributed or (iii) quoted, without the prior written consent of BBVA Research. No part of this report may be copied, conveyed, distributed or furnished to any person or entity in any country (or persons or entities in the same) in which its distribution is prohibited by law. Failure to comply with these restrictions may breach the laws of the relevant jurisdiction. This document is provided in the United Kingdom solely to those persons to whom it may be addressed according to the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 and it is not to be directly or indirectly delivered to or distributed among any other type of persons or entities. In particular, this document is only aimed at and can be delivered to the following persons or entities (i) those outside the United Kingdom (ii) those with expertise regarding investments as mentioned under Section 19(5) of Order 2001, (iii) high net worth entities and any other person or entity under Section 49(1) of Order 2001 to whom the contents hereof can be legally revealed. The remuneration system concerning the analyst/s author/s of this report is based on multiple criteria, including the revenues obtained by BBVA Research and, indirectly, the results of BBVA Group in the fiscal year, which, in turn, include the results generated by the investment banking business; nevertheless, they do not receive any remuneration based on revenues from any specific transaction in investment banking. BBVA Research and the rest of entities in the BBVA Group which are not members of the New York Stock Exchange or the National Association of Securities Dealers, Inc., are not subject to the rules of disclosure affecting such members.

Equity: Ibex35 and DJ Eurostoxx 50

Equity: Ibex35 and DJ Eurostoxx 50 Equity: Ibex35 and DJ Eurostoxx 50 The Fibonacci Retracement levels for both Ibex35 and DJ Eurostoxx50 members were calculated from the last long term waves (most of them since lows of 2001-2003 to highs

More information

EuropeanSectorpicks. Media Vivendi Long Utilities RWE Long

EuropeanSectorpicks. Media Vivendi Long Utilities RWE Long EQUITY EUROPE TechnicalAnalysis EuropeanSectorpicks Madrid, 20 March 2009 PPPWEEKLYDDD Technical Analysis Victoria Torras Team Leader victoria.torras@grupobbva.com 34 91 537 61 49 Samuel García Samuel.garcía@grupobbva.com

More information

DJ Stoxx 600 Sectors: Sector Outlook and Stocks

DJ Stoxx 600 Sectors: Sector Outlook and Stocks 05/Sep/08 Sectorplays Stockplays DJ Stoxx 600 Sectors: Sector Outlook and Stocks NOTE: This is a relative value report. Long: it shows the stocks or sectors that are expected to outperform the sector or

More information

DJ Stoxx 600 Sectors: Sector Outlook and Stocks

DJ Stoxx 600 Sectors: Sector Outlook and Stocks Technical Analysis Weekly European Relative Focus Sectorplays 0.5 Healthcare Telecom Short Basic Resources Short Stockplays 8 E.On Telecom Telefónica Pers.&Household Philips Iberdrola Renov Insurance Aegon

More information

DJ Stoxx 600 Sectors: Sector Outlook and Stocks

DJ Stoxx 600 Sectors: Sector Outlook and Stocks Technical Analysis Weekly European Relative Focus 20/11/2008 Sectorplays 0.5 Healthcare Telecom Food & Beverages Long Long Long Insurance Short Banks Short Basic Resources Autos Short Short Stockplays

More information

DJ Stoxx 600 Sectors: Sector Outlook and Stocks

DJ Stoxx 600 Sectors: Sector Outlook and Stocks Technical Analysis Weekly European Relative Focus 06/02/2009 Sectorplays 0.5 Utilities Oil&Gas Industrial Food & Beverages Short Autos Short Financial Services Short Stockplays 9 Industrial Abengoa Oil&Gas

More information

DJ Stoxx 600 Sectors: Sector Outlook and Stocks

DJ Stoxx 600 Sectors: Sector Outlook and Stocks Sectorplays Stockplays DJ Stoxx 600 Sectors: Sector Outlook and Stocks NOTE: This is a relative value report. Long: it shows the stocks or sectors that are expected to outperform the sector or DJ Stoxx600,

More information

Date: 19 October Effective Date: 24 January Replaces: Circular 24/09

Date: 19 October Effective Date: 24 January Replaces: Circular 24/09 Number: Contract Group: C-DF-05/2011 Financial Derivatives Circular Subject Summary Date: 19 October 2010 Effective Date: 24 January 2011 Replaces: Circular 24/09 Use of filters by Members and treatment

More information

DJ Stoxx 600 Sectors: Sector Outlook and Stocks

DJ Stoxx 600 Sectors: Sector Outlook and Stocks 14/Mar/2008 Sectorpicks Stockpicks DJ Stoxx 600 Sectors: Sector Outlook and Stocks NOTE: This is a relative value report. Long: it shows the stocks or sectors that are expected to outperform the sector

More information

DJ Stoxx 600 Sectors: Sector Outlook and Stocks

DJ Stoxx 600 Sectors: Sector Outlook and Stocks Sectorpicks Stockpicks DJ Stoxx 600 Sectors: Sector Outlook and Stocks BBVA Research S.A. is a legal person incorporated under Spanish law and is not a member of the New York Exchange or the NASD. The

More information

Working Paper. WP No 583 February, 2005 EUROSTOXX 50: SHAREHOLDER VALUE CREATION IN EUROPE. Pablo Fernández* Alvaro Villanueva**

Working Paper. WP No 583 February, 2005 EUROSTOXX 50: SHAREHOLDER VALUE CREATION IN EUROPE. Pablo Fernández* Alvaro Villanueva** Working Paper WP No 583 February, 2005 EUROSTOXX 50: 1997-2004. SHAREHOLDER VALUE CREATION IN EUROPE Pablo Fernández* Alvaro Villanueva** * Professor of Financial Management, PricewaterhouseCoopers Chair

More information

Working Paper. WP No 547 March, 2004 SHAREHOLDER VALUE CREATION IN EUROPE. EUROSTOXX 50: Pablo Fernández * Alvaro Villanueva **

Working Paper. WP No 547 March, 2004 SHAREHOLDER VALUE CREATION IN EUROPE. EUROSTOXX 50: Pablo Fernández * Alvaro Villanueva ** CIIF Working Paper WP No 547 March, 2004 SHAREHOLDER VALUE CREATION IN EUROPE. EUROSTOXX 50: 1997-2003 Pablo Fernández * Alvaro Villanueva ** * Professor of Financial Management, PricewaterhouseCoopers

More information

Euro Stoxx 50:

Euro Stoxx 50: DOCUMENTO DE TRABAJO DT-06-12 Euro Stoxx 50: 1997-2005 Shareholder value creation in Europe PABLO FERNÁNDEZ, JOSÉ MARÍA CARABIAS, JULIO AZNAREZ Y ÓSCAR E. CARBONELL Euro Stoxx 50: 1997-2005 Shareholder

More information

FINAL TERMS. The issue of the Warrants has been authorized by resolutions of the Issuer dated 22/05/2012.

FINAL TERMS. The issue of the Warrants has been authorized by resolutions of the Issuer dated 22/05/2012. FINAL TERMS 22/05/2012 DEXIA BANK Limited liability Company of unlimited duration incorporated under Belgian law Issue of EUR 100,000,000 VLT Warrant 20 Y Series VLT 20Y 12-06/2 under the EUR 100,000,000

More information

FINAL TERMS. The issue of the Warrants has been authorized by resolutions of the Issuer dated November 4, 2009.

FINAL TERMS. The issue of the Warrants has been authorized by resolutions of the Issuer dated November 4, 2009. FINAL TERMS November 4, 2009 DEXIA BANK Limited liability Company of unlimited duration incorporated under Belgian law Issue of EUR 100,000,000 Series 09-12/1 under the EUR 1,000,000,000 Very Long Term

More information

FINAL TERMS. The issue of the Warrants has been authorized by resolutions of the Issuer dated.21/3/2011.

FINAL TERMS. The issue of the Warrants has been authorized by resolutions of the Issuer dated.21/3/2011. FINAL TERMS 21/3/2011 DEXIA BANK Limited liability Company of unlimited duration incorporated under Belgian law Issue of EUR 100,000,000 VLT Warrant 20 Y Series VLT11-04/2 under the EUR 100,000,000 Very

More information

FINAL TERMS. The issue of the Warrants has been authorized by resolutions of the Issuer dated 20/10/2011.

FINAL TERMS. The issue of the Warrants has been authorized by resolutions of the Issuer dated 20/10/2011. FINAL TERMS 20/10/2011 DEXIA BANK Limited liability Company of unlimited duration incorporated under Belgian law Issue of EUR 100,000,000 VLT Warrant 20 Y Series VLT11-11/2 under the EUR 100,000,000 Very

More information

OFI Rs Euro Equity. Mutual fund shares of eurozone countries MANAGEMENT DIRECTION. Half-yearly report 30 June 2017

OFI Rs Euro Equity. Mutual fund shares of eurozone countries MANAGEMENT DIRECTION. Half-yearly report 30 June 2017 OFI Rs Euro Equity Mutual fund shares of eurozone countries MANAGEMENT DIRECTION The Fund is eligible for the SSP. Management objective The objective of the Fund is to achieve, in the long term, outperformance

More information

Internet Press Releases: Informative or Manipulative?

Internet Press Releases: Informative or Manipulative? Internet Press Releases: Informative or Manipulative? Encarna Guillamon-Saorin Francisco Martinez-Lopez Inma Rodriguez-Ardura II Workshop on Internet Studies Universitat Oberta de Catalunya 10 th January2011

More information

Annual Report on Remuneration of Directors of Listed Companies

Annual Report on Remuneration of Directors of Listed Companies Annual Report on Remuneration of Directors of Listed Companies 2013 Annual Report on Remuneration of Directors of Listed Companies 2013 Comisión Nacional del Mercado de Valores Edison, 4 28006 Madrid

More information

OFI Euro Actions ISR. Mutual fund Shares of Eurozone countries MANAGEMENT DIRECTION. Half-yearly report 30 June 2016

OFI Euro Actions ISR. Mutual fund Shares of Eurozone countries MANAGEMENT DIRECTION. Half-yearly report 30 June 2016 OFI Euro Actions ISR Mutual fund Shares of Eurozone countries Half-yearly report MANAGEMENT DIRECTION Management objective The objective of the Fund is to achieve, in the long term, outperformance in relation

More information

Contract Group: Financial Derivatives. Date: 28 December Effective Date: 3 January Liquidity Provider Program for IBEX 35 Options.

Contract Group: Financial Derivatives. Date: 28 December Effective Date: 3 January Liquidity Provider Program for IBEX 35 Options. Number: I-EX-DF-09/2018 Instruction Contract Group: Financial Derivatives Date: 28 December 2017 Effective Date: 3 January 2018 Replaces: I-EX DF-06/2016 Subject Liquidity Provider Program for IBEX 35

More information

Spain s main listed companies notch up record revenues abroad

Spain s main listed companies notch up record revenues abroad ARI 46/2018 10 April 2018 Spain s main listed companies notch up record revenues abroad William Chislett Associate Analyst, Elcano Royal Institute @WilliamChislet3 Theme The companies that comprise the

More information

Annual Report on the Remuneration of Directors of Listed Companies

Annual Report on the Remuneration of Directors of Listed Companies Annual Report on the Remuneration of Directors of Listed Companies 2015 Annual Report on the Remuneration of Directors of Listed Companies 2015 Comisión Nacional del Mercado de Valores Edison, 4 28006

More information

JPMorgan Intrepid European Fund Schedule of Portfolio Investments as of July 31, 2016 (Unaudited)

JPMorgan Intrepid European Fund Schedule of Portfolio Investments as of July 31, 2016 (Unaudited) Schedule of Portfolio Investments as of July 31, 2016 (Unaudited) THE UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS LIST ( the List ) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR

More information

Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 ( Act ), 1 and Rule

Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 ( Act ), 1 and Rule This document is scheduled to be published in the Federal Register on 12/26/2012 and available online at http://federalregister.gov/a/2012-31021, and on FDsys.gov 8011-01p SECURITIES AND EXCHANGE COMMISSION

More information

U.S. Recession Risk Monitor

U.S. Recession Risk Monitor U.S. Recession Risk Monitor U.S. Recession Risk Monitor Fourth Quarter 18 Highlights The probability of an economic recession within the next 12 months remains low Alternative models show increasing likelihood

More information

EURO STOXX 50 Corporate Bond Index. April, 2018

EURO STOXX 50 Corporate Bond Index. April, 2018 EURO STOXX 50 Corporate Bond Index April, 2018 1 1. EURO STOXX 50 - ICONIC BLUE-CHIP EUROZONE EQUITY INDEX 2 EURO STOXX 50 is Europe s leading equity index EURO STOXX 50» Launched 1998» 50 blue-chip companies

More information

EURO STOXX 50 Multi-Asset Index Family. January, 2017

EURO STOXX 50 Multi-Asset Index Family. January, 2017 50 Multi-Asset Index Family January, 2017 1 1. 50 - ICONIC BLUE-CHIP EUROZONE EQUITY INDEX 2 50 is Europe s leading equity index 50» Launched 1998» 50 blue-chip companies from 12 Eurozone countries» Representative

More information

Codification Tables PREDEFINED VALUES

Codification Tables PREDEFINED VALUES Codification Tables PREDEFINED VALUES MEFF S/MART v9.10 16 March 2010 The information contained in this document is subject to modification without notice. Unless otherwise indicated, the companies, names

More information

Final Terms. Dated 29 January UNICREDIT BANCA MOBILIARE S.p.A. (the "Issuer")

Final Terms. Dated 29 January UNICREDIT BANCA MOBILIARE S.p.A. (the Issuer) Final Terms Dated 29 January 2007 UNICREDIT BANCA MOBILIARE S.p.A. (the "Issuer") Issue of Up to Euro 50,000,000 Delta Select Fund Certificates under its Euro 8,000,000,000 Warrant and Certificate Programme

More information

Economic Watch. Low pass-through to inflation. But not low enough to get inflation below 3% if CLP goes up over USD575 in the short term.

Economic Watch. Low pass-through to inflation. But not low enough to get inflation below 3% if CLP goes up over USD575 in the short term. Chile Santiago de Chile, February 26, 2014 Economic Analysis Chile Unit Jorge Selaive Chief Economist jselaive@bbva.com Hermann González Principal Economist hermannesteban.gonzalez@bbva.com Low pass-through

More information

Codification Tables PREDEFINED VALUES

Codification Tables PREDEFINED VALUES Codification Tables PREDEFINED VALUES 2 October 2017 The information contained in this document is subject to modification without notice. Unless otherwise indicated, the companies, names and data used

More information

Weekly Stock Market Report for Telecom Italia Retail Shareholders

Weekly Stock Market Report for Telecom Italia Retail Shareholders Weekly Stock Market Report for Telecom Italia Retail Shareholders September 8 th September 5 th, 204 Weekly Performance Summary of Major Worldwide Market Stock Exchanges Point as of Performance ( %)* Last

More information

JPMorgan Funds statistics report: International Equity Income Fund

JPMorgan Funds statistics report: International Equity Income Fund NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan Funds statistics report: International Equity Income Fund Must be preceded or accompanied by a prospectus. jpmorganfunds.com Table of contents

More information

Flash Economics. The winner takes all. 26 January

Flash Economics. The winner takes all.  26 January The winner takes all 26 January 2018-85 In a situation where there are increasing economies of scale or high fixed costs, the biggest companies have lower prices than the others and ultimately win the

More information

Codification Tables PREDEFINED VALUES

Codification Tables PREDEFINED VALUES Codification Tables PREDEFINED VALUES MEFF S/MART v9.30 14 December 2011 The information contained in this document is subject to modification without notice. Unless otherwise indicated, the companies,

More information

2018 SEMI-ANNUAL REPORT (UNAUDITED)

2018 SEMI-ANNUAL REPORT (UNAUDITED) FEBRUARY 28, 2018 2018 SEMI-ANNUAL REPORT (UNAUDITED) ishares Trust ishares Adaptive Currency Hedged MSCI Eurozone ETF DEZU Cboe BZX ishares Currency Hedged MSCI Eurozone ETF HEZU NYSE Arca ishares Currency

More information

Codification Tables PREDEFINED VALUES

Codification Tables PREDEFINED VALUES Codification Tables PREDEFINED VALUES 29 December 2017 The information contained in this document is subject to modification without notice. Unless otherwise indicated, the companies, names and data used

More information

AMUNDI ETF NASDAQ-100 UCITS ETF

AMUNDI ETF NASDAQ-100 UCITS ETF AMUNDI ETF NASDAQ-100 UCITS ETF Semi-Annual report December 2015 AMUNDI S ASSET MANAGEMENT UCITS Fund manager : AMUNDI ASSET MANAGEMENT Delegated fund accountant : CACEIS FUND ADMINISTRATION FRANCE Custodian

More information

Weekly Stock Market Report for Telecom Italia Retail Shareholders

Weekly Stock Market Report for Telecom Italia Retail Shareholders Weekly Stock Market Report for Telecom Italia Retail Shareholders January 20 th, 204 January 24 th, 204 Telecom Italia and the Italian Stock Exchange Cl. Price Daily average volume Market** from Low High

More information

U.S. Recession Risk Monitor

U.S. Recession Risk Monitor U.S. Recession Risk Monitor U.S. Recession Risk Monitor December 18 Highlights The probability of a recession is increasing Correction in financial markets as participants adjust monetary policy and growth

More information

CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON PAGE

CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON PAGE !" # UBS Investment Research Spain and Portugal Strategy Chart 1: Debt in Spain by group (% of GDP) and government cost of debt Global Equity Research Spain Investment Services Equity Strategy 450% Household

More information

ABN AMRO Bank N.V. The Royal Bank of Scotland N.V.

ABN AMRO Bank N.V. The Royal Bank of Scotland N.V. On 6 February 2010 ABN AMRO Bank N.V. (registered with the Dutch Chamber of Commerce under number 33002587) changed its name to The Royal Bank of Scotland N.V. and on 1 April 2010 ABN AMRO Holding N.V.

More information

IBERIA. Monday Galp Energia s 3Q14 Trading Statement. Best & Worse Performers -1 Week (%) Inditex

IBERIA. Monday Galp Energia s 3Q14 Trading Statement. Best & Worse Performers -1 Week (%) Inditex EQUITY RESEARCH IBERIA October 10 2014 Top Story Nothing to register WEEKLY Out This Week Price Target / Recommendation Changes EDP, EDP Renováveis, REN, Iberdrola, Galp Energia, BPI, Semapa, Altri, Portucel

More information

JPMorgan International Equity Income Fund Schedule of Portfolio Investments as of January 31, 2018 (Unaudited)

JPMorgan International Equity Income Fund Schedule of Portfolio Investments as of January 31, 2018 (Unaudited) Schedule of Portfolio Investments as of January 31, 2018 (Unaudited) THE UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS LIST ( the List ) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED

More information

PEERS & MARKETS September, Market. Date Close price 1W % chg YtD % chg. Milano - FTSE Mib. 25-Sep (0.6) 33.8.

PEERS & MARKETS September, Market. Date Close price 1W % chg YtD % chg. Milano - FTSE Mib. 25-Sep (0.6) 33.8. PEERS & MARKETS Market Date Close price 1W % chg YtD % chg Milano - FTSE Mib 25-Sep-15 15.00 (0.6) 33.8 Paris - CAC 40 25-Sep-15 81.18 (3.5) 7.9 Frankfurt - DAX 25-Sep-15 183.10 (4.7) 4.3 Helsinki - HEX

More information

VERRAZZANO SICAV. Verrazzano Advantage European. Verrazzano European Long-Short

VERRAZZANO SICAV. Verrazzano Advantage European. Verrazzano European Long-Short Société d'investissement à Capital Variable Luxembourg RCS: B 181 637 Semi-Annual Report for the period from October 30, 2013 (date of incorporation) to June 30, 2014 Verrazzano Advantage European Verrazzano

More information

Economic Watch. Educational attainment in the OECD, Global

Economic Watch. Educational attainment in the OECD, Global Global Educational attainment in the OECD, 19-2010 1 This Economic Watch analyses a new data set on educational attainment levels in 21 OECD countries from 19 to 2010 Using detailed information from national

More information

Weekly Stock Market Report for Telecom Italia Retail Shareholders

Weekly Stock Market Report for Telecom Italia Retail Shareholders Weekly Stock Market Report for Telecom Italia Retail Shareholders August th August 4 th, 204 Weekly Performance of Major Worldwide Market Stock Exchanges 2.7% 2.4% 2.% 2.% 2.%.8%.7%.6%.5%.3%.3% 0.5% -0.7%

More information

PEERS & MARKETS Market Date Close price 1W % chg YtD % chg July 21 25, 2014

PEERS & MARKETS Market Date Close price 1W % chg YtD % chg July 21 25, 2014 PEERS & MARKETS Market Date Close price 1W % chg YtD % chg Milano - FTSE Mib 25-Jul-14 11,62 1,0 (7,6) Helsinki - HEX 25-Jul-14 27,09 (3,6) (22,3) Seul - KOSPI 25-Jul-14 63.000 0,3 (2,6) Frankfurt - DAX

More information

JPMorgan International Value Fund Schedule of Portfolio Investments as of January 31, 2018 (Unaudited)

JPMorgan International Value Fund Schedule of Portfolio Investments as of January 31, 2018 (Unaudited) Schedule of Portfolio Investments as of January 31, 2018 (Unaudited) THE UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS LIST ( the List ) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED

More information

Weekly Market Insight

Weekly Market Insight Economics http://research.cibcwm.com/res/eco/ecoresearch.html Weekly Market Insight January 29, 206 Economic Update By Benjamin Tal The recent improvement in the price of oil is on shaky ground, given

More information

AMUNDI ETF MSCI EM ASIA UCITS ETF

AMUNDI ETF MSCI EM ASIA UCITS ETF AMUNDI ETF MSCI EM ASIA UCITS ETF Semi-Annual report September 2015 AMUNDI S UCITS Fund manager : AMUNDI Delegated fund accountant : CACEIS FUND ADMINISTRATION FRANCE Custodian : CACEIS BANK FRANCE Auditors

More information

First Trust Dynamic Europe Equity Income Fund (FDEU) Portfolio of Investments March 31, 2018 (Unaudited)

First Trust Dynamic Europe Equity Income Fund (FDEU) Portfolio of Investments March 31, 2018 (Unaudited) Portfolio of Investments Shares Description Value COMMON STOCKS (a) 122.7% Aerospace & Defense 2.3% 887,774 BAE Systems PLC (b).......... $ 7,263,494 Air Freight & Logistics 3.1% 201,130 bpost S.A. (b).....

More information

AMUNDI ETF MSCI CHINA UCITS ETF

AMUNDI ETF MSCI CHINA UCITS ETF AMUNDI ETF MSCI CHINA UCITS ETF Semi-Annual report June 2017 AMUNDI S ASSET MANAGEMENT UCITS Fund manager : AMUNDI ASSET MANAGEMENT Delegated fund accountant : CACEIS FUND ADMINISTRATION FRANCE Custodian

More information

Flash Economics. How should retail banks manage risk? The only reasonable solution is to apply sufficient risk premia (interest rate margins) on loans

Flash Economics. How should retail banks manage risk? The only reasonable solution is to apply sufficient risk premia (interest rate margins) on loans 19 September 1-9 How should retail banks manage risk? The only reasonable solution is to apply sufficient risk premia (interest rate margins) on loans The latest stress tests carried out by the ECB on

More information

IBERIA. Price Target / Recommendation Changes BPI, Portucel. Best & Worse Performers -1 Week (%) 5.1 NOS Altri. 1.

IBERIA. Price Target / Recommendation Changes BPI, Portucel. Best & Worse Performers -1 Week (%) 5.1 NOS Altri. 1. EQUITY RESEARCH IBERIA October 3 2014 Top Story Nothing to register WEEKLY Out This Week Price Target / Recommendation Changes BPI, Portucel Week Ahead Nothing to register Portfolios This week, Mib Aggressive

More information

Shares Description Value

Shares Description Value Portfolio of Investments Shares Description Value COMMON STOCKS (a) - 120.5% Aerospace & Defense - 2.2% 887,774 BAE Systems PLC... $ 7,146,476 Air Freight & Logistics - 3.7% 476,332 CTT-Correios de Portugal

More information

JPMorgan International Value Fund Schedule of Portfolio Investments as of July 31, 2016 (Unaudited)

JPMorgan International Value Fund Schedule of Portfolio Investments as of July 31, 2016 (Unaudited) Schedule of Portfolio Investments as of July 31, 2016 (Unaudited) THE UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS LIST ( the List ) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR

More information

SMI Weekly Options. Introduction on Monday, 26 September 2016

SMI Weekly Options. Introduction on Monday, 26 September 2016 SMI Weekly Options Introduction on Monday, 26 September 2016 Benefits of trading SMI Weekly Options Gain exposure to Swiss Market Index (SMI ) Hedge your Gamma exposure The SMI provides the opportunity

More information

U.S. Recession Risk Monitor

U.S. Recession Risk Monitor U.S. Recession Risk Monitor U.S. Recession Risk Monitor January 19 BBVA Research - U.S. Recession Risk Monitor January 19 / 2 Highlights The probability of a recession steadies after sharp rise at the

More information

AMUNDI ETF MSCI WORLD FINANCIALS UCITS ETF

AMUNDI ETF MSCI WORLD FINANCIALS UCITS ETF AMUNDI ETF MSCI WORLD FINANCIALS Semi-Annual report June 2017 AMUNDI S ASSET MANAGEMENT UCITS Fund manager : AMUNDI ASSET MANAGEMENT Delegated fund accountant : CACEIS FUND ADMINISTRATION FRANCE Custodian

More information

Palladium Fund Alpha Generating Strategy

Palladium Fund Alpha Generating Strategy s Palladium Fund Alpha Generating Strategy April 2005 Marcel Dupuis Société Générale and Lyxor AM Equity Derivatives & Structured Products +331 42 13 53 53 Disclaimer This document does not constitute

More information

Statement of Investments March 31, 2017 (Unaudited)

Statement of Investments March 31, 2017 (Unaudited) Statement of Investments Templeton NVIT International Value Fund Common Stocks 97.4% BRAZIL 0.3% Aerospace & Defense 0.3% Embraer SA, ADR 31,860 $ 703,469 CANADA 2.1% Metals & Mining 0.9% Silver Wheaton

More information

An integrated risk-budgeting approach for multi-strategy equity portfolios Received (in revised form): 29th January 2014

An integrated risk-budgeting approach for multi-strategy equity portfolios Received (in revised form): 29th January 2014 Original Article An integrated risk-budgeting approach for multi-strategy equity portfolios Received (in revised form): 29th January 2014 Raul Leote de Carvalho is head of Quantitative Research and Investment

More information

ASG Managed Futures Strategy Fund Investments as of May 31, 2018 (Unaudited)

ASG Managed Futures Strategy Fund Investments as of May 31, 2018 (Unaudited) Investments as of May 31, 2018 (Unaudited) Principal Amount Security Description Interest Rate Maturity Market ($) % of Fund Certificates of Deposit 26,500,000 Banco Del Estado de Chile (NY) 2.260 7/19/2018

More information

AMUNDI ETF MSCI INDIA UCITS ETF

AMUNDI ETF MSCI INDIA UCITS ETF AMUNDI ETF MSCI INDIA UCITS ETF Semi-Annual report June 2016 AMUNDI S ASSET MANAGEMENT UCITS Fund manager : AMUNDI ASSET MANAGEMENT Delegated fund accountant : CACEIS FUND ADMINISTRATION FRANCE Custodian

More information

ASG Managed Futures Strategy Fund Investments as of June 30, 2017 (Unaudited)

ASG Managed Futures Strategy Fund Investments as of June 30, 2017 (Unaudited) Investments as of June 30, 2017 (Unaudited) Principal Amount Security Description Interest Rate Maturity Date Market Value ($) % of Fund Certificates of Deposit 130,000,000 Banco Del Estado de Chile 1.556

More information

AMUNDI ETF FTSE EPRA EUROPE REAL ESTATE UCITS ETF

AMUNDI ETF FTSE EPRA EUROPE REAL ESTATE UCITS ETF AMUNDI ETF FTSE EPRA EUROPE REAL ESTATE UCITS ETF Semi-Annual report June 2017 AMUNDI S ASSET MANAGEMENT UCITS Fund manager : AMUNDI ASSET MANAGEMENT Delegated fund accountant : CACEIS FUND ADMINISTRATION

More information

3,951 EBITDA 1,174 1,153 1,260 1,284 1,332 Outst shares (mn) 57 EBIT Free float (%)

3,951 EBITDA 1,174 1,153 1,260 1,284 1,332 Outst shares (mn) 57 EBIT Free float (%) European Equity Research ACCIONA Facing a Good 2017E Spain Electricity November 7, 2016 (07:15 CET) BUY CURRENT PRICE: 69.01 TARGET PRICE: 82.40 ANA released 9M16 results on Nov 4 and we have adjusted

More information

2018 SEMI-ANNUAL REPORT (UNAUDITED)

2018 SEMI-ANNUAL REPORT (UNAUDITED) FEBRUARY 28, 2018 2018 SEMI-ANNUAL REPORT (UNAUDITED), Inc. MSCI Eurozone EZU Cboe BZX MSCI Germany EWG NYSE Arca MSCI Italy EWI NYSE Arca MSCI Spain EWP NYSE Arca MSCI Switzerland EWL NYSE Arca Table

More information

The Eurostoxx Capital Protected Note 4 CAPITAL PROTECTED OCTOBER 2013 STRUCTURED INVESTMENTS

The Eurostoxx Capital Protected Note 4 CAPITAL PROTECTED OCTOBER 2013 STRUCTURED INVESTMENTS CAPITAL PROTECTED OCTOBER 2013 The Eurostoxx Capital Protected Note 4 STRUCTURED INVESTMENTS Merrion Solutions is a division of Merrion Stockbrokers Limited. Merrion Stockbrokers Limited is regulated by

More information

Himalaya Certificate on European Basket

Himalaya Certificate on European Basket bcdcfk^k`f^imolar`qpiqa _o^kap`ebkhbpqo^ppbvmi`ejummow of`e HQNRUUMMNMMM qbojpebbq]bcdcmk`e tttkbcdcmk`lj fkaf`^qfsbqbojpebbq `^mfq^imolqb`qflktfqe`lrmlk `^mfq^imolqb`qflkmolar`qp Himalaya Certificate

More information

Invesco V.I. International Growth Fund Quarterly Schedule of Portfolio Holdings September 30, 2018

Invesco V.I. International Growth Fund Quarterly Schedule of Portfolio Holdings September 30, 2018 Quarterly Schedule of Portfolio Holdings September 30, 2018 invesco.com/us VIIGR-QTR-1 11/18 Invesco Advisers, Inc. Schedule of Investments September 30, 2018 (Unaudited) Shares Value Common Stocks & Other

More information

Enel details synergies with Endesa potential upside to estimates

Enel details synergies with Endesa potential upside to estimates December 12, 2007 COMMENT Enel SpA (ENEI.MI) 8.35 Enel details synergies with Endesa potential upside to estimates News Enel held a presentation in London today (December 12) detailing the synergies they

More information

JPMorgan International Research Enhanced Equity Fund Schedule of Portfolio Investments as of January 31, 2018 (Unaudited)

JPMorgan International Research Enhanced Equity Fund Schedule of Portfolio Investments as of January 31, 2018 (Unaudited) Schedule of Portfolio Investments as of January 31, 2018 (Unaudited) THE UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS LIST ( the List ) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED

More information

EQUITIES MODEL PORTFOLIO Jan/13

EQUITIES MODEL PORTFOLIO Jan/13 STRATEGY EQUITIES 15 October 2013 Reality check MODEL PORTFOLIO September, in terms of equities, was quite strong, the major markets went up between 3% and 8%, but the UK market (+0.8%) and almost all

More information

Weekly Market Insight

Weekly Market Insight Economics http://research.cibcwm.com/res/eco/ecoresearch.html Weekly Market Insight November 27, 2015 Economic Update By Benjamin Tal The Fed will have to be creative in its language on December 16th.

More information

AMUNDI ETF LEVERAGED MSCI USA DAILY UCITS ETF

AMUNDI ETF LEVERAGED MSCI USA DAILY UCITS ETF AMUNDI ETF LEVERAGED MSCI USA Semi-Annual report December 2015 AMUNDI S ASSET MANAGEMENT UCITS Fund manager : AMUNDI ASSET MANAGEMENT Delegated fund accountant : CACEIS FUND ADMINISTRATION FRANCE Custodian

More information

John Hancock Tax-Advantaged Global Shareholder Yield Fund

John Hancock Tax-Advantaged Global Shareholder Yield Fund P14Q1 John Hancock Tax-Advantaged Global Shareholder Yield Fund Quarterly portfolio holdings 1/31/18 Fund s investments As of 1-31-18 (unaudited) Common stocks 98.4% $97,391,274 (Cost $93,405,346) Australia

More information

S-Network International Sector Dividend Dogs Index

S-Network International Sector Dividend Dogs Index S-Network International Sector Dividend Dogs Index Q4 2017 2015 S-Network Global Indexes, 267 Fifth Avenue, New York, NY 10016. Index Rationale Well-Qualified Universe of Index Candidates Captures Stocks

More information

LA FRANÇAISE TRESORERIE Mutual Fund

LA FRANÇAISE TRESORERIE Mutual Fund LA FRANÇAISE TRESORERIE Mutual Fund Management Company: La Française Asset Management 128, boulevard Raspail 75006 Paris Statutory Auditor's report on the breakdown of assets as at 30 March 2017 Deloitte

More information

Annual Report on the Remuneration of Directors of Listed Companies

Annual Report on the Remuneration of Directors of Listed Companies Annual Report on the Remuneration of Directors of Listed Companies 2016 Annual Report on the Remuneration of Directors of Listed Companies 2016 Comisión Nacional del Mercado de Valores Edison, 4 28006

More information

JPMorgan Funds statistics report: International Research Enhanced Equity Fund

JPMorgan Funds statistics report: International Research Enhanced Equity Fund NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan s statistics report: International Research Enhanced Equity Offered on a limited basis A Shares jpmorganfunds.com Table of contents PERFORMANCE

More information

New Dimension for Offshore Investment

New Dimension for Offshore Investment New Dimension for Offshore Investment 1 September 2015 Dr. Kongkiat Opaswongkarn Chief Executive Officer Asia Plus Group Holdings PCL Why Invest Globally? PROS Diversification Products (Equities / Fixed

More information

Bank capital, dividends and management compensation

Bank capital, dividends and management compensation Bank capital, dividends and management compensation Hyun Song Shin* Bank for International Settlements 2017 Biennial IADI Research Conference Basel, 1 June 2017 * The views expressed here are mine, not

More information

AMUNDI ETF MSCI WORLD ENERGY UCITS ETF

AMUNDI ETF MSCI WORLD ENERGY UCITS ETF AMUNDI ETF MSCI WORLD ENERGY Semi-Annual report June 2017 AMUNDI S ASSET MANAGEMENT UCITS Fund manager : AMUNDI ASSET MANAGEMENT Delegated fund accountant : CACEIS FUND ADMINISTRATION FRANCE Custodian

More information

EURO STOXX 50 adjustment expected in September 2013

EURO STOXX 50 adjustment expected in September 2013 Index Research EURO STOXX 50 adjustment expected in September 2013 Deutsche Post will soon have a Euro STOXX 50 address With regard to the upcoming annual EURO STOXX 50 index adjustment in September 2013,

More information

China Recovery pace is moderating in Q2

China Recovery pace is moderating in Q2 Dec- Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-1 17 May 21 ECONOMIC ACTIVITY PULSE China Recovery pace is moderating in Q2 Jinyue Dong Le Xia Gonzalo de Cadenas Economic activity indicators

More information

Schedule of Investments January 31, 2018 (Unaudited)

Schedule of Investments January 31, 2018 (Unaudited) Schedule of Investments January 31, 2018 (Unaudited) Common Stocks & Other Equity Interests 93.91% Australia 4.61% Amcor Ltd. 16,884,969 $ 198,102,020 Brambles Ltd. 19,676,804 156,793,852 CSL Ltd. 662,727

More information

QUARTERLY NEWSLETTER FOR OUR INVESTORS

QUARTERLY NEWSLETTER FOR OUR INVESTORS QUARTERLY NEWSLETTER FOR OUR INVESTORS Second Quarter 2017 Bestinver Madrid Dear investor, I would like to start this letter by thanking you, on behalf of the whole team, for your trust in BESTINVER.

More information

Equity derivatives: Introduction of physically settled single stock futures

Equity derivatives: Introduction of physically settled single stock futures Equity derivatives: Introduction of physically settled single stock futures Summary The Management Board of Deutschland took the following decisions with effect from 8 April 2019: Introduction of 44 physically

More information

Invesco International Core Equity Fund Quarterly Schedule of Portfolio Holdings July 31, 2018

Invesco International Core Equity Fund Quarterly Schedule of Portfolio Holdings July 31, 2018 Quarterly Schedule of Portfolio Holdings July 31, 2018 invesco.com/us I-ICE-QTR-1 09/18 Invesco Advisers, Inc. Schedule of Investments July 31, 2018 (Unaudited) Common Stocks & Other Equity Interests 99.52%

More information

Multiple Goals and Ownership Structure

Multiple Goals and Ownership Structure Frankfurt, November 18, 2006 Multiple Goals and Ownership Structure Effects on the Performance of Spanish Savings Banks Miguel García-Cestona Universitat Autònoma de Barcelona Jordi Surroca Universidad

More information

RAYMOND JAMES RAYMOND JAMES. -Technical Chart Book -

RAYMOND JAMES RAYMOND JAMES. -Technical Chart Book - Technical Strategy Team - Technical Chart Book RAYMOND JAMES -Technical Chart Book - Providing Investors with timely data and technical observations on a broad spectrum of asset classes. Portfolio & Technical

More information

CHART BOOK: FULL. 3 September 2018

CHART BOOK: FULL. 3 September 2018 CHART BOOK: FULL CONTENTS SA Inflation SA Interest Rates Global Interest Rates Debt Equity Geographic Equities Relative Equities Macroeconomics SA Macroeconomics Global Macroeconomics SA Property Rand

More information

John Hancock Global Shareholder Yield Fund

John Hancock Global Shareholder Yield Fund 320Q1 John Hancock Global Shareholder Yield Fund Quarterly portfolio holdings 6/30/18 Fund s investments As of 6-30-18 (unaudited) Common stocks 97.1% $2,196,353,246 (Cost $1,945,774,111) Australia 2.6%

More information

NOTE ON COMPANY VALUATION BY DISCOUNTED CASH FLOWS (DCF) The Discounted Cash Flow (DCF) method. Discount rates and cost of capital

NOTE ON COMPANY VALUATION BY DISCOUNTED CASH FLOWS (DCF) The Discounted Cash Flow (DCF) method. Discount rates and cost of capital Professor Nuno Fernandes prepared this technical note as a basis for class discussion. NOTE ON COMPANY VALUATION BY DISCOUNTED CASH FLOWS (DCF) IMD650 29.05.2012 The value of a firm depends not only on

More information

Independent expert report in relation to the plan for the merger by absorption of Telefónica Móviles, S.A. by Telefónica, S.A.

Independent expert report in relation to the plan for the merger by absorption of Telefónica Móviles, S.A. by Telefónica, S.A. Free translation of a report originally issued in Spanish In the event of discrepancy, the Spanish Language version prevails Independent expert report in relation to the plan for the merger by absorption

More information