Investing in advisors
The Investment Advisory Department. Leumi
Global Markets
Foreign Securities
Weekly Review – June 20, 2010
__________________________________________________________________
Major Points
Global Bonds
U.S.A.
• A moderate fall in yields attributed to the disappointing housing starts and number of initial
jobless claims as well as the low inflation rate
• The consensus among economists is that the Fed will not be changing the interest rate at its
forthcoming meeting this Wednesday
Euro Zone
• Yields rise across the German curve given the lower level of anxiety as to the debt crisis in
several Euro Zone countries
• The EU assures a comprehensive and transparent inspection as it comes close to publishing the
local banks' "stress tests".
Currencies
• The dollar erodes: the Dollar Index reflects an average weekly 2.1% depreciation of the dollar
Fed Contracts
• Erosion continues in the underlying yields of Fed contracts
Commodities
• On the back of the persistent weakness in the dollar, the CRB Index climbs a weekly 2.7% in
dollar terms.
Equities
U.S.A.
• A second week of price gains
• The higher price of oil favorably impacts the infrastructure sector
The Capital Market Research Department
Translated by: the Products Marketing Department
Weekly Review
1
Europe
• The Dow Stoxx 600 rises for a fourth consecutive week
• The EU leaders' agreement to publish stress tests results boosts banking shares
Asia-Pacific
• The Asia Pacific MSCI records the best performance since December
• Taiwan Semiconductor's outlook supports the semiconductors sector
Written by:
• Raphael Evron – Chief Strategist, Currencies and Commodities
• Eyal Kaufman – Foreign securities' analyst - equities
• Itamar Dar – Foreign securities' analyst - bonds
Einat Skornik
Capital Markets Research Department
This document has been prepared reliant solely on information freely available to the public. Apart from
instances indicated otherwise, the data has been taken from Bloomberg, Magama, Graphit and other
systems. No examination has been made to verify the information used as the basis for this document. This
document should not be regarded as a recommendation or as a substitute to the independent opinion of the
reader or as a proposal or invitation to receive offers, or consultation – whether in general or considering
the data and the special needs of each reader – for purchasing and/or executing investments and/or orders or
transactions whatsoever. The information may contain errors and may be subject to market and other
changes. Furthermore, there may be significant deviations between the assessments expressed here and
actual results. The bank does not undertake to inform readers in any manner whatsoever of the
aforementioned changes, either in advance or post facto. The bank and/or its subsidiaries and/or its
affiliated companies and/or holders of controlling interest and/or minority shareholders, whoever they may
be, may from time to time have an interest in the information presented below, including in the financial
assets presented therein. This document should not be used for any purpose, such as its distribution to a
third-party, without the writer's prior consent. This publication should not be considered a substitute for the
aforementioned investment advice which should be given according to each client's specific needs. The
furnishing of information and the providing of investment advice shall be given solely in accordance with
the directives appearing in bulletin 175/05.
The Capital Market Research Department Tel: 03-5147397 [email protected]
The Capital Market Research Department
Translated by: the Products Marketing Department
Weekly Review
2
Macro-Economic Developments
U.S.A.
Import Prices Index (May)
-0.6%
New York Manufacturing Index (June) 19.57 points
Net Acquisitions of US Government
$83 bn
bonds by Foreigners (April)
Producers Prices Index (May)
-0.3%
Housing Starts (May)
593,000,
annualized
Building Permits (May)
574,000,
annualized
Industrial production (May)
1.2%
Capacity Utilization (May)
74.7%
CPI (May)
-0.2%
The annualized change in the index is +8.6%
An eleventh consecutive month of rise in the index
Compared to forecasts of: $70 billion
The annualized change in the index is +5.3%
A 10% contraction versus April
A 5.9% contraction versus April
Compared to forecasts of 0.9%
Reaching the highest level since October 2008
A +0.1% change in the core index, an annualized
change of +2%
Leading Indicators Index (May)
0.4%
In line with expectations
Philadelphia Business Index (June)
8 points
Fell to its lowest level since August 2009
This week the following data will be published: Existing and New Home Sales as well as Durable
Product Orders in May, the University of Michigan's Consumer Confidence Index in June (final data )
and the Fed's Interest Rate Decision. Private Consumption and the Change in First Quarter GDP
Growth (final data).
Europe
Euro Zone –Industrial Production (April)
Euro Zone – ZEW Consumer Sentiment
(June)
Euro Zone – CPI (May)
Britain – CPI (April)
Britain – Retail Sales (May)
Britain – Jobless Rate (April)
0.8%
18.8 points
0.1%
0.2%
0.6%
The annualized change in the index is: 9.5%
Considerably lower than expectations of a 39
reading
The annualized change in the index is: 1.6%
The annualized change in the index is: 3.4%
The annualized change in the index is: 2.2%
7.9%
Remained practically unchanged during the last 3
months
This week the following data will be published: In the Euro Zone – Consumer Confidence Index,
Purchasing Managers Indexes for the Services and Manufacturing Sectors in June and Industrial
Orders in April. In Britain – Change in Home Prices as per Rightmove.
Asia Pacific
Japan – Industrial Production (April)
1.3%, final
The annualized change in the index is: 25.9%
Japan – Interest Rate Decision
0.1%
No change
Japan – Tertiary Industrial Index
2.1%
Compared to -3.0% in the previous month
(April)
India – Wholesale Prices Index (May)
10.1%
Exceeded expectations of 9.6%
This week the following data will be published: In Australia – the Leading Indicators Index in April
and the Change in First Quarter 2010 GDP. In Japan – Industrial Activity Index and Retail Trade in
May as well as the June CPI.
The Capital Market Research Department
Translated by: the Products Marketing Department
Weekly Review
3
Global Government Bonds
US
This week yields across the curve fell moderately. The disappointment from Housing Starts and
Building Permits and additional growth in the number of Initial Jobless Claims accompanied by low
inflation resulted in the contraction in yields, despite the price gains in key equity indexes. Summing up
the week the yield of 2-year bonds to redemption fell 2 b.p. to 0.71%. The yield of 10 year bonds to
redemption shed 1 b.p. to 3.22%.
The macro data released in recent months were mostly a favorable surprise to economists and investors.
However, last week the trend reversed. A predominant share of the data released was disappointing supporting
a trend of decline in yields. For example, the number of initial jobless claims last month totaled 472,000 versus
expectations of only 450,000. Housing starts in May fell 10% in May, the sharpest monthly contraction since
March 2009 and the Philadelphia Business Index in June plummeted to a reading of 8. To this one should also
add the absence of signs of inflation pressures in the form of the -0.2% contraction in the May CPI, the steepest
decline recorded since December 2008.
This economic reality confirms the assumption that the Fed will continue to keep a low interest rate level over
time. Economists are of the same opinion that the Fed will keep a nil interest rate also after its next meeting
this Wednesday and most also believe that Fed officials will continue to stick to their commitment "to keep a
low interest rate over an extended period of time". Hence, it was no surprise that also this week, yields
contracted across the curve. The fact that this was only moderate is attributed to the fact that yields were low
from the start and to the weekly price gains in leading equity indexes in the US, attributed to concerns
dissipating regarding the debt crisis' consequences in Euro Zone countries.
In our opinion, the present yield level across the curve is low and does not incorporate considerable capital
gains potential. After neutralizing inflation expectations incorporated in the capital market, the forecasted real
yield for the investor is close to zero. This level is mainly the consequence of investors' fears that recent
developments in Europe will result in the global economy falling into a repeated recession and that US
economic recovery will find it difficult to continue without the support of the public sector. According to this
concept after the effects of the various relief programs, the US economy is expected to falter and to grow at a
slow pace.
Given the uncertainty in markets, we recommend that investors with a conservative outlook remain at the very
short end of the curve in order not to experience capital losses should our assessment of an upward correction in
short range yields materialize. The rise in yields will be supported by the ongoing improvement in macro data
and the large scale issuances. Next week, the US Treasury is expected to issue 3 series of bonds totaling $108
bn for: 2, 5 and 7 years. While this is $5 billion lower than the series of issuances of these same bonds last
month, the scale of issuance continues to be large. In our opinion, the forecasted rise in yields will be partially
offset by the absence of inflation pressures and the Fed's policy of keeping a low interest rate.
Inflation expectations incorporated in CPI-linked bonds (TIPS) are 0.69% for short term ranges (0.58% last
week) and 2.02% for long term issues (1.99% last week). Also after the rise in inflation expectations last week
we prefer index linked bonds over unlinked ones. Concerning corporate bonds, we continue to prefer bonds of
a short-medium duration. The risk premium of investment grade corporate bonds over government bonds
contracted during the week by 5 b.p. to 208 b.p., reflecting an average yield to redemption of 4.53%.
The Capital Market Research Department
Translated by: the Products Marketing Department
Weekly Review
4
US Government Bonds
ECB bonds
Change in base
Change in base
Yield
points
Yield
points
Years
A
A
A
A week
Current week
month Weekly Monthly Current
month Weekly Monthly
to
ago
ago
ago
ago
maturity
0.71% 0.73% 0.76%
-1.6
-5.4
0.58% 0.46% 0.51%
11.7
6.9
2
2.01% 2.03% 2.02%
-1.7
-1.0
1.60% 1.46% 1.52%
14.4
8.1
5
3.22% 3.23% 3.24%
-1.5
-1.8
2.73% 2.57% 2.67%
16.3
6.3
10
The Capital Market Research Department
Translated by: the Products Marketing Department
Weekly Review
5
The Euro Zone
A week of rising yields across the German government yield curve. The lower level of anxiety
regarding Europe's debt crisis, the Spanish government's successful bond issuance and the price gains
in key equity indexes on the continent supported the weekly trading trend. The German Government's
two year bonds added 12 b.p. to their yield to 0.58%. The 10-year bond yield rose 16 base points to
2.73%.
Last week the level of investors' anxiety and fears fell as to the consequences of the Euro Zone countries' debt
crisis. At the same time investors' level of confidence in the ability of at least some peripheral countries in
the Euro Zone to repay their debt increased. For example, the Spanish government enjoyed relative success in
its issuance of bonds totaling $3.5 bn last week. Contributing to the calming down of markets was also the
EU's announcement that it plans to soon publish the "stress results" it is conducting at European financial
institutions. This move is being backed by leaders of Germany and France that assure full transparency in
publishing the results and the inspection of each financial institution on its own right. As a result leading
equity indexes on the continent recorded price gains, yields across the German government curve rose and the
weekly risk premium of Italian and Spanish 10 year bonds fell compared to the German bond to a level of 124
and 186, respectively.
Also after the relatively steep rise in yields last week, we believe that conservative investors interested in the
bonds of Euro Zone governments with small deficits particularly Germany, should shorten durations as far as
possible given that the level of yields across the curve remains low. In our opinion, at this very low level of
yields, the T-Bills alternative is preferable over an investment in the German government's short term bonds.
In contrast, in terms of the Euro Zone's peripheral countries' bonds, one should not negate the possibility of
Greece reaching a state of insolvency. While the relief plan succeeded in creating a certain degree of calm in
the near term range, in the longer term investors in the Greek government's bonds may be compelled to
participate in Greece's effort to minimize their deficit via a debt settlement or shaving of the debt. Hence,
risk-averse investors would be wise to distance themselves from the bonds of PIGS countries, expected to
suffer from a great deal of volatility also in future.
Britain
A week of rise in yields across the curve. The yield of two year bonds rose 6 b.p. to 0.88%.
year bond yield climbed 8 base points to 3.54%.
The 10-
The rise in yields was supported by encouraging macro data released in the form of stronger than expected
growth in retail sales, growth in the number of loans for home purchases and a lower than forecasted budget
deficit recorded in May attributed to growth in tax collections. Yields rose together with the price gains
recorded in the local stock exchange.
The Capital Market Research Department
Translated by: the Products Marketing Department
Weekly Review
6
Corporate Bond Yields (Denominated in Dollars and Euros) – Division according to credit
rating
Yield to Redemption – General Corporate Bonds
Years
to
maturity
US USD
AAA
A
BBB
B
Euro
EUR
AAA
A
BBB
2
0.71%
1.65%
1.92%
2.63%
5.96%
0.58%
1.65%
2.25%
2.54%
5
2.01%
3.11%
3.49%
4.12%
7.91%
1.60%
2.71%
3.23%
3.64%
10
3.22%
4.44%
4.99%
5.45%
9.62%
2.73%
3.60%
4.32%
4.85%
The Yield Gap with Government Bonds in Base Points
Years
to
maturity
US USD
AAA
A
BBB
B
Euro
EUR
AAA
A
BBB
2
0.71%
94
121
192
525
0.58%
107
167
196
5
2.01%
110
148
211
590
1.60%
111
163
204
10
3.22%
122
177
223
640
2.73%
87
159
212
The Capital Market Research Department
Translated by: the Products Marketing Department
Weekly Review
7
Currencies, Interest Rates and Commodities
Currencies
The Dollar Index (DXY) ended the trading week contracting to an 85.699 level (87.507 last week), which
reflects the US dollar depreciating a weekly 2.1% against the currencies' basket during the surveyed period
(Euro, Yen, Pound Sterling, Canadian Dollar, Swedish Krona and the Swiss Franc). Since the beginning of
the year the dollar strengthened 9.1% against the currencies' basket. The following currencies were
conspicuous in global forex trading during the week: the Swiss franc and the Australian dollar which
appreciated 3.7% and 2.6% versus the US dollar.
The following events were in the background of trading last week:
1. China announces a change in its exchange rate policy. China's Central Bank announced yesterday that
given the further improvement in the performance of its economy and the stability enjoyed in China, the
Bank will further flex its Yuan exchange rate policy. Analysts view the Bank's announcement as
preparation towards the G20 meeting scheduled in Canada in several days time, where more pressure will
be placed on the Chinese Authorities to revalue the Yuan. Moreover, the announcement is also a vote of
confidence in the global economy which is expected to support global financial markets in the near term.
2. The Euro continues to recover. Strong demand for the Spanish government's bonds and the agreement to
publish the results of the European banking system's stress tests in the near future, curbed investors
concerns regarding the debt crisis' aggravation. Given the moderated concerns, the euro continued to
recover and summing up the week the currency strengthened 2.2% versus the US dollar to a closing level
of $1.2385/euro. Nevertheless, apparently the euro's recent appreciation is a technical correction to the
euro's trend of weakness that began already in the summer of 2008 when the level was $1.60/euro.
3. Erosion continues in the underlying yields of Fed contracts. October 2010 contracts incorporated an
interest rate level of 0.25% (0.25% last week) at the close of weekly trading. The longer dated contracts
underlying yields point to erosion continuing and expectations that the Fed will raise the interest rate for
the first time only in the second quarter of 2011 (similar to last week's expectations).
4. Commodity currencies strengthen. The ongoing gains in raw material prices also this week benefited
commodity currencies, particularly the Australian dollar which strongly appreciated against the US dollar.
The following is our 7 day forecast for trading ranges: $/Euro 1.2150-1.2680 (Spot: $1.2385 initial
resistance: $1.2450, initial support: $1.2200), JPY/$ 88.00 – 93.00 (Spot: JPY 90.67 initial resistance:
JPY 92.50, initial support: JPY 90.00), $/GBP 1.4600 – 1.5000 (Spot: $1.4826 initial resistance:
$1.4880, initial support: $1.4680).
We believe that in 2010, the dollar's appreciation will likely continue to be supported by the following
factors: the underrated value of the dollar compared to its purchasing power currently estimated at
10% vs the euro, the dollar being a currency haven in times of uncertainty and forecasts of preferential
macro data.
The Capital Market Research Department
Translated by: the Products Marketing Department
Weekly Review
8
Foreign Currency: Performance since the
beginning of the year
Foreign Currency: Performance last week
Note: Apart from the U.S. dollar, which is the last known representative rate, the aforementioned foreignexchange rates were determined based on the closing prices in New York.
In line with the trading trend in global markets, the shekel appreciated a weekly 0.9% against the US dollar.
Since the beginning of the year the shekel's depreciation versus the dollar sums up to 1.0%. Trading in
options now incorporate a spot rate of NIS/USD 3.8200 relative to the dollar's last representative rate of
NIS/USD 3.8140.
The Capital Market Research Department
Translated by: the Products Marketing Department
Weekly Review
9
Fed Contracts
Fed contracts (contracts on the monetary interest in the US) for October 2010 now incorporate a yield of
0.25% (0.25% last week). The future six-month dollar LIBOR interest rate for October 2010 is 1.30%
(1.31% last week) and the future interest rate specified in euros for the same period is 1.44% (1.43% last
week). The spot dollar LIBOR six month interest rate closed at 0.75063% (0.74613% last week).
Commodities
The CRB Commodities' Index that weighs the prices of 19 different raw substances (energy, precious
metals, industrial metals and agricultural goods) rose a weekly 2.7% in dollar terms. Since the beginning of
the year, the Commodities' Index eroded an average 7.2%, in dollar terms.
The following are the changes in selected components of the index during the surveyed period:
Crude oil: Contract prices for delivery in August 2010 rose a weekly 3.9% to $78.30 per barrel.
Copper: Contract prices for delivery in September 2010 eroded 0.8% closing trading at $2.90 per pound.
Silver contract prices for delivery in September 2010 soared 5.2% to $19.2 per ounce. Gold contract prices
for delivery in August 2010 rose 2.3% to $1,258.3 per ounce.
In the medium and long term commodity prices will be impacted by the real economy's situation worldwide
and also by their usual adverse correlation with the US dollar. An exception to this premise is gold, which in
addition to its adverse correlation with the dollar, demand for gold is partially attributed to investors seeking
haven as the level of uncertainty accelerates and/or inflation expectations intensify.
The Capital Market Research Department
Translated by: the Products Marketing Department
Weekly Review
10
Equities in global markets
USA – a second week of price gains
Last week marked the "bulls" second consecutive week of success over the "bears". Among the encouraging
macro data found by investors was the Empire Manufacturing Index attesting to ongoing improvement in the
New York Manufacturing Sector. Investors preferred to ignore the unfavorable macro data, such as housing
starts and building permits. At the beginning of the month the S&P 500 Index's P/E was 15.2, the lowest
level reached in the last 12 months so that the feeling is that the equity market's low pricing does not reflect
the economic recovery which has driven the positive movement. Summing up the week, the S&P500 Index
added 2.4% to its value, the Dow Jones Index added 2.3% and the Nasdaq Index recorded impressive
performance adding 2.9% to its value.
Notable shares and sectors in the US
All sectors rose for a second consecutive week, with the infrastructure sector leading the trend adding 3.9% to
its value. The sector's performance is most probably a consequence of the steep climb in the price of oil to
$77 per barrel, the highest level reached since the beginning of May. Other sectors recording impressive
performance were technology (+3.45) and the industrial sector (+3.2%).
On Tuesday, Taiwan
Semiconductors (+3.6%) the leading global outsourcing company in the manufacture of semiconductors
advised that semiconductor sales will display 30% growth in 2010 and an average 7% between the years 2011
and 2016. Taiwan Semiconductors whose clients include Texas Instruments (+4%) and Qualcomm (+0.9%)
represent a leading indicator for the industry so that one can assume that its forecasts are based on data
revealing its customers' demand. Also Intel (+3.7%), Teradyne (+12%) and Micro Technology (+12%) added
value following the forecast. Caterpillar's share (+9.3%) was conspicuous for the better in the industrial
sector when it advised that for the first time in the last two years, sales of bulldozers, diggers and large trucks
grew in the first quarter of 2010. Construction companies did not participate in the party this week, suffering
from negative sentiment subsequent to the disappointing housing starts and building permits data. Toll
Brothers (-4.7%), the largest building company specializing in relatively upscale homes, advised that the
amount of advanced payments deposited in the last three weeks is 20% lower than during the same period last
year, attributed to the oil leaks in the Gulf of Mexico and the crisis in Europe. Shares of its peer companies
KB Home (-5.2%) and D.R. Horton (-4.5%) also recorded price declines.
Europe – investors focus on the positive
Last week the Dow Stoxx 600 Index rose for a fourth consecutive week when it added 2.4% to its value.
Price gains were recorded in all West European markets despite the not too very encouraging news from
Britain and Greece. On Monday, the Moody's Credit Rating Agency lowered Greece's credit rating to a
"junk" Ba1 rating due to the risks involved in implementing the European relief plan. According to the credit
rating agency, the plan cancels all threats of insolvency in the near term, albeit the risks involved in executing
the plan are great. In Britain the Organization of Budget Responsibility (OBR) established by the new
government cut its growth forecast for the economy to: 2.6% in 2011 versus the previous administration's
growth forecast of 3.25%. The FTSE Index added 1.7% to its value and the CAC and DAX indexes recorded
positive performance of 3.7% and 2.8%, respectively. Impressive performance was registered in the PIGS
countries. The Spanish IBEX Index led the price gains, when it added 4.3% to its value. The Greek ASE
Index added 4% and the Portugal PSI20 and the Irish ISEQ Indexes added 3.7% and 2.3% to their value,
respectively.
The Capital Market Research Department
Translated by: the Products Marketing Department
Weekly Review
11
All sectors followed by us recorded price gains during the week. The trend was led by the banking sector
adding 6% to its value, subsequent to the EU leaders' agreement to publish the banks' stress tests results in an
effort to calm down investors' concerns regarding the financial system's stamina. The shares of RBS and
Societe General were notable adding 10.9% and 13.4% to their value, respectively. Other prominent shares
during the week were BSkyB (+19%), Nokia (-8.6%) and BP (-8.8%). British Sky Broadcasting this week
rejected the communications tycoon Rupert Murdoch's bid to acquire shares not yet in his possession in
exchange for GBP 7 per share. The company advised that it will support a bid for GBP 8 per share. Nokia,
the leading telephone manufacturer in the world, cut back its sales and profit forecasts, among others due to
the competition with Apple (+8.1%). BP, the energy company continued its adverse trend for a 9th
consecutive week attributed to the oil leak in the Gulf of Mexico. The company advised that it will be
cancelling s dividend payouts for the first three quarters of 2010. Furthermore, it established a compensation
fund for victims of the tragedy to a total of $20 billion, following the US Administration's pressure on the
company.
Asia Pacific – the Asia Pacific MSCI Index records the best performance since December
Summing up the week the Asia Pacific MSCI Index added 3.3% to its value, which was the best performance
recorded since the beginning of December. Leading the gains was Nikkei adding 3% to its value despite the
change in Prime Ministers in Japan. Recently the elected Prime Minister cautioned that the state may be
facing a debt crisis similar to the one in Greece, should it not deal with the swelling national debt. However,
this week Japan's Central Bank advised that it will lend JPY 3 trillion ($33 bn) to banks and financial
institutions, via a new 4 year plan intended to strengthen economic recovery in the country. Among the
shares that were conspicuous for the better were Nintendo (+15.9%), who launched a palm size video player
that displays 3D pictures and Nissan's share (+6.2%) that added to its value following Goldman Sachs' Buy
recommendation. In Korea and Taiwan, indexes rose 2.2% and 2.7%, respectively attributed to the optimistic
forecasts for the semiconductor industry. The shares of Taiwan Semiconductors and Samsung added +3.3%
and 3.1% respectively. In addition, the equity indexes tracking Chinese companies climbed this week. The
Xinhua and the Hang Seng added 2% to their value. This was further to last week's optimism following
evidence of economic growth continuing in China. In Hong Kong trading, Li & Fung's share (+7%) was
conspicuous for the better, one of Wal-Mart's biggest suppliers, following expectations of economic and
consumer recovery in the US.
Going forward
Last week, positive data such as capacity utilization and the Empire Manufacturing Index and unfavorable
data such as housing starts and building permits were released in the US. This week investors once again
proved that the degree of their succumbing to economic data being published from time to time is also
determined by investors' sentiment. It is reasonable to assume that were the data released two weeks ago,
when concerns of the European debts crisis was high, more attention would have been given to the negative
data. Another example of the connection between succumbing to data and investors' sentiment is the Chinese
equity market. Since the beginning of the year the sentiment towards the Chinese market was negative
despite data attesting to healthy growth in the economy. During the last two weeks, sentiment towards the
Chinese market reversed and it is reasonable to assume that it will continue to improve following the
government's announcement of flexing the Yuan's pegging to the dollar. We believe that economic data and
corporate data should be analyzed in separate from the sentiment prevailing in the market on one day or
another. In our view a correct and consistent analysis will reveal opportunities that may be reflected in assets
prices in future.
We continue to estimate that negating another stage in the global economic recession,
The Capital Market Research Department
Translated by: the Products Marketing Department
Weekly Review
12
equity prices are relatively low, when considering the global economic situation, particularly in the US.
Nevertheless, volatility in equity markets will continue so long as budget and structural problems faced by
European countries are not solved. For the time being, we do not expect substantial improvement in this
region so that in the near term volatility in equity markets is expected to continue.
We continue to
recommend risk prone investors to continue to seek investments at opportunity prices, albeit for those fearing
capital losses in the near term investors would be wise to distance themselves from this arena at this time.
The Capital Market Research Department
Translated by: the Products Marketing Department
Weekly Review
13
The Capital Market Research Department
Translated by: the Products Marketing Department
Weekly Review
14