Weekly Markets
Perspectives
For important disclosures, refer to the Disclosure Section, located at the end of this report.
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Risk assets rebounded last week. Global stocks
markets had their best weekly gains in many
months, reflecting increased optimism after
president Obama expressed confidence on a fiscal
cliff agreement with Congress. However, the road
to a fiscal compromise is still expected to be
bumpy.
The Euro-zone stock markets had to face two
negative events: the downgrade of France and
further delay in the release of the loans to Greece.
Moody’s has downgraded France from Aaa to Aa1
(outlook remains Negative) due to a sustained loss
of competitiveness and the uncertain fiscal outlook.
The market reaction has been fairly modest.
The Eurogroup was unable to reach a consensus
last Tuesday on Greece. A new meeting will be held
today to decide in which conditions will be released
the next bailout tranche to Greece.
Weekly SummaryPortugal passed the sixth review of its
programme. The Troika said that downside risks
to growth were significant. Given this economic
backdrop, will Portugal be able to meet its fiscal
targets of 5% of GDP this year and 4.5% of GDP in
2013?
The EU Summit on a spending plan for the years
2014-2020 showed strong differences in opinion
and no agreement.
In China, the November HSBC “flash”
manufacturing PMI rose to a 13-month high. In
Europe, the November “flash” PMIs for France,
Germany and the euro area seem to point to a
Euro-zone contraction in Q4.
The Japanese election is scheduled for December
16th. The pronouncements of the LDP leader are
influencing the market as they are seen as the
policies of the future prime minister of Japan.
Portugal passes sixth review of its programme• The statement by the European Commission,
ECB, and IMF on the sixth review mission to
Portugal was published last week;
• Portugal has passed the 6th quarterly review of
its rescue programme. The country will receive
the next €2.5bn tranche of its loan. With this,
Portugal will have received 87% of its €78bn
rescue loan;
• The programme is considered to be broadly on
track;
• According to the statement, external and fiscal
adjustment continue to advance, and structural
reforms are proceeding;
• Rising unemployment weighs on households’
incomes, while the recession in the euro area is
beginning to bear on exports dynamics;
• The statement mentions that downside risks to
growth are significant. Real GDP in 2013 is
expected to decline by 1%, but should gradually
return to positive quarterly growth rates during
the year. Is this projection too optimistic?
• A expenditure review in underway by the
Portuguese government. Results will be discussed
during the seventh review (February 2013).
Source: IMF; Bank of Portugal
Current Account Balance 2011 2012F 2013F
IMF (WEO October 2012) -6.4% -2.9% -1.7%
EU/IMF Financial Assistance Programme 2011-2014 -9.0% -6.7% -4.1%
Unemployment Rate 2011 2012F 2013F
IMF (WEO October 2012) 12.7% 15.5% 16.0%
EU/IMF Financial Assistance Programme 2011-2014 12.1% 13.4% 13.3%
Government Budget Deficit Target 2011 2012F 2013F
6th Review Mission 5.0% 4.5%
EU/IMF Financial Assistance Programme 2011-2014 5.9% 4.5% 3.0%
Source: Bank of Portugal, IMF
-1.7
-4.5
-8
-6
-4
-2
0
2
4
6
2000 2002 2004 2006 2008 2010 2012
BoP Monthly Economic Indicators
Activity Coincident
Indicator - Monthly
Private Consumption
Coincident Indicator -
Monthly
IFO rebounds in November
Source: Ifo Institute; Eurostat
BoP and INE releases monthly
economic indicators • The overall German business climate indicator
rose from 100 in October to 101.4 in
November;
• The rise was unexpected. However, the index
remains at its second lowest level since
February 2010;
• It is probably too soon to conclude that
Germany is going through a renewed upturn,
which would be positive for the peripheral
economy.
93.2
0.9%
-11%
-7%
-3%
1%
5%
75
85
95
105
115
1999 2001 2003 2005 2007 2009 2011 2013
Ifo Business Climate Indicator and German GDP
Ifo Business Expectations (Adv. 3 mths, LHS) German GDP (% y/y, RHS)
Source: Bank of Portugal
• In October 2012, the monthly coincident
indicators for the y/y evolution of economic
activity and private consumption, calculated by
the Bank of Portugal, increased compared to the
previous month (see chart);
• However, the economic climate indicator,
released by INE (the statistical office of Portugal)
fell in September and October, interrupting the
previous tenuous ascending path.
-0.10%
45.8
-3.0%
-2.5%
-2.0%
-1.5%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
35
40
45
50
55
60
65
2005 2007 2009 2011 2013
Composite PMI and Euro-zone GDP
Composite PMI (LHS) Euro-zone GDP (q/q, RHS)
2.2%
1.4%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
Jan-10 Jun-10 Nov-10 Apr-11 Sep-11 Feb-12 Jul-12 Dec-12
10-Yr Government Bond Yield
Germany
France
Moody’s downgrades France
Source: Bloomberg
• Moody’s put France on negative outlook in
February and S&P downgraded it in January.
France is now rated Aa1 by Moody’s. However
bond yields remain very low (see chart);
• The downgrade can cut the lending capacity of
the EFSF and ESM;
• It can also strain the relationship between
Germany and France;
• Will France be pushed towards more austerity
measures to reduce its budget deficit to 3% of
GDP next year?
Euro-zone recession keeps going…• The Euro-zone “flash” composite PMI index
increased slightly in November from 45.7 to 45.8
(see chart);
• The pick-up in the composite index reflects an
increase in the manufacturing index offsetting a
fall in the service index. The service index fell to a
40-month low, pointing to the negative effects of
the austerity and to a weakening labour market;
• The German composite index increased from 47.7
to 47.9, while the French index rose from 43.5 to
44.6;
Source: Markit and Eurostat
11% 11%10%
18%
9%11%
18%
10%
22%
12%13% 12%
9%
12%
16%
11%
21%
0%
5%
10%
15%
20%
25%
And
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ia
Ara
gon
Ast
uria
s
Bale
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cana
rias
Can
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ia
Cast
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La M
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a
Cast
illa
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on
Cata
luna
Extr
emad
ura
Gal
icia
La R
oja
Mad
rid
Mur
cia
Nav
arra
Pais
Vas
co
Val
enci
a
Regional Government Debt(% of region's GDP)
Spanish Banks NPLs at 10.71%
Source: Bank of Spain Source: Bank of Spain
• NPLs increased by €3.45bn to €182bn in
September (+2% m/m), reflecting a weak
economy, the Real Estate sector adjustment and
high unemployment levels;
• Private deposits fell 7.3% y/y (+1.4% m/m);
• Loans to the private resident sector decreased
4.9% y/y. Total loans declined 2.2% y/y;
• Sovereign debt holdings increased 46% y/y and
5% m/m (to 6.9% of total assets). ECB funding
stood at €378bn at the end of September.
• Artur Mas called the election after Madrid
refused more fiscal autonomy for Catalonia;
• Catalan people are increasingly in favour of
independence;
• Catalonia is the most indebted of the regions (see
chart);
• The economic fundamentals remain weak in
Spain. The country is still expected to request
support from the euro area. Pressure on Spain is
likely to mount in 2013 in light of its gross bond
issuance (€90bn).
Catalonia went to the polls
50
55
60
65
70
75
80
85
2007 2008 2009 2010 2011 2012
U. of Michigan Consumer Confidence82.7
410
320
340
360
380
400
420
440
460
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Initial Jobless Claims (000s)
41
4.79
3.0
3.5
4.0
4.5
5.0
5.5
0
10
20
30
40
50
2007 2008 2009 2010 2011 2012
NAHB Index vs. US Existing Home Sales
NAHB Index (LHS) Existing Home Sales (mn annualized, RHS)
US: NAHB Housing Market Index is now at its highest level
since May 2006 – Housing continues to strengthen
Source: National Association of Home Builders;
National Association of Realtors
• Housing data released last week (housing starts,
building permits, existing home sales and NAHB
housing market index) continues to suggest a
recovery in the US housing market;
• November consumer sentiment was revised
down in the final estimate. The decline was likely
explained by weakness in the stock market in
recent weeks;
• Initial jobless claims dropped 41,000 to 410,000
during the week ending November 17th. The US
Department of Labor disclosed that the elevated
claims readings from the past two weeks were
distorted by Hurricane Sandy;
• The flash estimate of the US Markit
manufacturing PMI in November rose to a five-
month high 52.4 from 51.3 in October.
Source: US Department of LaborSource: U. of Michigan Research Center
-4%
-2%
0%
2%
4%
6%
8%
2000 2002 2004 2006 2008 2010 2012
Cyprus Real GDP growth (y/y)
-2.2%-2.7%
Cyprus close to EU/IMF bailout
Source: Bloomberg
• The rescue could amount to around €17bn
(c.100% of Cyprus’s GDP), of which €10bn will be
to refinance banks;
• Banks’ exposure to Greece (160% of GDP) led to
massive losses, forcing Cyprus to ask Russia for a
€2.5bn loan late last year;
• Cyprus requested a bailout in June and has been
in negotiations with the Troika since November
9th;
• The European Commission sees the country’s
deficit at 5.7% of GDP next year and the debt
ratio reaching 96.7%.
Source: Bloomberg
• The November HSBC flash manufacturing PMI
rose to a 13-month high of 50.4 (49.5 in
October), moving above the 50 threshold for
the first time since October 2011 (see chart);
• The output index reached a 13-month high.
New export orders rose above 50 for the first
time since April 2012;
• The positive signs seen in the September and
October activity data seem to have been
sustained into November.
China: PMI supports steady
recovery
Japan: Will the upcoming elections change the
macroeconomic outcome ?
Source: Central Intelligence Agency; Bloomberg
0%
2%
4%
6%
8%
10%
140%
150%
160%
170%
180%
190%
200%
210%
2003 2004 2005 2006 2007 2008 2009 2010 2011
Japan: Government Debt vs.
Government Budget
Government Debt as % of GDP (LHS)
Government Budget Deficit as % of GDP (RHS)
• Since the lower house dissolution, the leader of
the LDP (the largest opposition party) has spoken
about reform the BOJ monetary policy;
• The LDP will probably win a majority or near-
majority in the lower house. Nevertheless, the
LDP will need a coalition partner in order to pass
legislation through the upper house;
• There´s little clarity on fiscal policy because the
LDP is split. There’s a group calling for more
spending (higher public investment) and a group
concerned about fiscal deficit and government
debt. However, an expansionary budget is likely in
the near term;
• Increased pressure on the BOJ to buy JGBs;
• The LDP’s economic policies intends to end yen
appreciation and “the creation of a framework for
stronger collaboration between the government
and BoJ and the implementation of bold
monetary easing, including revisions to the BoJ
Law”;
• The new administration in Japan will probably
be aggressive on monetary policy, pushing for a
higher inflation target and for bond buying by
BOJ;
• LDP’s “Revitalization Plan for Japan’s Economy”
includes measures in the tax system and in the
energy sector (e.g. overcome electricity-supply
constraints).
• Sonae Indústria (SONI PL) fell 5.4%, the most in the
PSI20. The company reported 3rd quarter 2012 results on
November 16th. Although Sonae Indústria is now more
efficient after the restructuring done over last years, its
strong exposure to macro uncertainty in Europe and high
financial leverage remain significant concerns for
investors;
• Jerónimo Martins (JMT PL) rose 6.6% to €14.5. The
company’s Chairman said that Jerónimo Martins wants
to have about 30 to 40 stores in Colombia next year.
More details could be announced at its upcoming
Investor’s Day in Lisbon on December 11st;
• Galp (GALP PL)´s CEO stated that he expects exports to
reach €4.2bn in FY12. With potencial upside to resources
estimates from both Mozambique and Brazil, Galp could
deliver one of the best production and earnings growth
rates in the European oil and gas sector. The stock was up
5.5% last week;
• Banco Espirito Santo (BES PL) rose 3.7% over the week.
The bank announced a R$ 100mn capital increase for its
Brazilian unit (80% BES and 20% Bradesco).
PSI20 weekly review
Source: Bloomberg
Q3 2012 Mota-Engil Results: Net profit increase 11% y/y to
€7mn• Mota-Engil (EGL PL) reported Q3 2012 results. Revenues reached €675mn, up 16% y/y and 5% above
consensus, reflecting the good performance of the international unit (more than compensating the
weakness of the domestic unit);
• Q3 2012 EBITDA rose 9% y/y to €83mn, a 3% beat vs. consensus. EBIT stood at €53mn, up 6% y/y. Net
profit was €7mn, which compares to €11mn from consensus. Higher minorities reflect the strong
performance of the Angolan unit. Net debt deceased 1% q/q;
• The order book fell 6% q/q;
• The re-negotiation of the Portuguese shadow tolls’ remuneration (that are currently paid by availability)
is ongoing;
• The company continues to diversify its revenue sources;
• Regarding the privatization of the Portuguese Airport Operator (ANA), Mota-Engil’s stake in the
consortium should be small.
Source: Company data
€ thousand Q3 2011 Q2 2012 Q3 2012 Change % Q/Q Change % Y/Y
Turnover 582,121 530,637 675,009 27% 16%
EBITDA 75,606 72,417 82,693 14% 9%
EBIT 50,457 48,103 53,336 11% 6%
Net Income 16,207 20,564 23,220 13% 43%
Non Controlling Interests 9,945 6,766 16,257
Net profit to the Group 6,262 13,798 6,963 -50% 11%
1.703
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12
Gamesa Share price (€)
12.46
10
15
20
25
30
35
40
45
50
Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12
Hewlett Packard share price ($)
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12
Nokia share price (€)
€2.754
• Hewlett-Packard (HPQ US) fell 3.0% over the week. The
company reported Q4 FY12 of $1.16, ahead of consensus
of $1.14. However, the company’s outlook for next
quarter was disappointing, although it maintained its
FY13 outlook. Sentiment and expectations around the
stock continue to be remarkably depressed. Hewlett-
Packard accused Autonomy, the software company it
bought last year, of several falsehoods that contributed
to a $8.8bn writedown;
• Nokia (NOK1V FH) surged 30.5%. The company disclosed
that it received reports that its Lumia 920 model had
sold out in Germany. Nokia still has a long way to go to
reach sustainable profitability. Nevertheless, investor
sentiment on Nokia shares and on the new Windows 8
Nokia Lumia 920/820 phones were overly negative;
• Gamesa (GAM SM) rose 9.9% to €1.703. Gamesa India
announced that it will develop 47.6MW wind farm in
Maharashtra. The company presented last October its
2012-15 business plan. Gamesa targets a €100mn fixed
cost reduction and will implement several restructuring
moves.
Last week’s market highlights
Source: Company data
What we are watching this week:• Euro-zone finance ministers and Troika
representatives will attempt to reach an
agreement on Greece matters today.
Will a deal be announced on a reshuffle
of the Greek bailout programme? Will
some debt relief be offered to Greece?
The discussion will start at 11:30 GMT;
• On Wednesday, the ECB will release its
data on monetary developments in the
Euro-zone for October;
• There will be various inflation figures
for November later in the week
(Germany, Spain, Italy, Euro-zone);
• In the US, the durable goods report for
October will be disclosed Tuesday;
• The Conference Board measure of
consumer confidence (Tuesday) and the
October personal and spending report
(Friday) should also be watched closely;
• Q3 2012 real GDP data for Switzerland
and Sweden are due Thursday.
CALENDAR - Event Date Hour (GMT) Survey Prior
BOJ Minutes of Oct 30 monetary policy meeting 26-Nov 23:50 n.a. n.a.
Japan BOJ Governor Shirakawa speech 26-Nov n.a. n.a. n.a.
Euro-Zone Finance Ministers meet on Greek Debt 26-Nov 11:30 n.a. n.a.
GfK Consumer Confidence Survey ,Germany 26-Nov 12:00 6.2 6.3
FED Chairman Bernanke gives brief opening remarks at College Fed 27-Nov 13:30 n.a. n.a.Hungary monetary policy decision 27-Nov n.a. n.a. n.a.Portugal to hold final vote on 2013 Budget 27-Nov n.a. n.a. n.a.
Q3 Real GDP details (y/y), UK 27-Nov 09:30 0.0% 0.0%
OECD November Economic Outlook, Euro-Zone 27-Nov 10:00 n.a. n.a.
Durable Goods Orders, US 27-Nov 13:30 -0.8% 9.9%
Richmond Fed Manufact. Index ,US 27-Nov 15:00 n.a. -7
Conf. Board Consumer Confidence, US (Nov) 27-Nov 15:00 73.0 72.2
Euro-Zone M3 s.a. (y/y) ,Euro-Zone 28-Nov 09:00 2.8% 2.7%
New Home Sales, US 28-Nov 15:00 388K 389K
Federal Reserve Beige Book, US 28-Nov 19:00 n.a. n.a.
Brazil Copom monetary policy decision 28-Nov n.a. 7.25% 7.25%
Unemployment Change (000's), Germany 29-Nov 08:55 16K 20K
Unemployment Rate, Germany 29-Nov 08:55 6.9% 6.9%
Business Climate Indicator, Euro-Zone 29-Nov 10:00 -1.60 -1.62
Euro-Zone Economic Confidence, Euro-Zone 29-Nov 10:00 84.5 84.5
Q3 Real GDP (revision) QoQ (Annualized), US 29-Nov 13:30 2.8% 2.0%
Initial Jobless Claims, US 29-Nov 13:30 390K 410K
Continuing Claims, US 29-Nov 13:30 3321K 3337K
Consumer Spending (y/y), France 30-Nov 07:45 -0.5% -0.3%
Consumer Confidence, Portugal 30-Nov 10:00 n.a. -55.3
Economic Climate Indicator, Portugal 30-Nov 10:00 n.a. -4.6
Euro-Zone Unemployment Rate 30-Nov 10:00 11.7% 11.6%
Euro-Zone CPI Estimate (y/y) 30-Nov 10:00 2.4% 2.5%
Japan nationwide CPI (Oct) 30-Nov n.a. n.a. n.a.
Industrial Production (m/m), Portugal 30-Nov 11:00 n.a. -12.0%
Japan industrial production (prelim. Oct) 30-Nov n.a. n.a. n.a.
Retail Sales (m/m), Portugal 30-Nov 11:00 n.a. -4.1%
GDP (IBGE) y/y ,Brazil 30-Nov 11:00 1.9% 0.5%
Gross Domestic Product y/y, Canada 30-Nov 13:30 1.2% 1.2%
Personal Income, US (Oct) 30-Nov 13:30 0.2% 0.4%
Personal Spending, US (Oct) 30-Nov 13:30 0.1% 0.8%
Chicago Purchasing Manager, US 30-Nov 14:45 51.0 49.9
China manufacturing PMI (Nov) 1-Dec n.a. n.a. 50.2
Korea trade balance (Nov) 1-Dec n.a. n.a. n.a.
2.0%
1.3%
0.9%1.0%
0.8%
0.6%
-0.2%
0.1% 0.1%
0.4%
Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12
Brazil Real GDP (q/q)
0
20
40
60
80
100
120
2002 2004 2006 2008 2010 2012
US Conf. Board Consumer Confidence
Next Week Preview: Economics • The Conference Board Consumer Confidence for
November is due Tuesday (November 27th). The
fall in gasoline prices, the recent pick-up in job
growth and the recovery in the housing market
should continue to support consumer sentiment.
However, the fall in equity prices at the beginning
of the month and fiscal cliff uncertainty could
have a negative effect;
• The latest orders data from public homebuilders
suggest that US housing market continues to
recover. October’s new home sales will be
released Wednesday (November 28th).
Nonetheless, Hurricane Sandy could have had
some impact;
• Brazil Q3 2012 Real GDP will be released Friday.
Real GDP growth is expected to have accelerated.
If confirmed, the central bank will probably stop
cutting rates. Interest rates have been cut by
525bp since mid-2011. Both monetary and fiscal
policies seems to be expansionary, at the
moment. Source: Bloomberg
The Eurogroup meets again
today• The Eurogroup and the IMF were not able to
find an agreement to finish the Greek
programme review and proceed to the payment
of the next financing tranche;
• Official lenders are reported to be considering a
debt buyback program, a cut on interest rates
charged on Greek loans (or even allow for a
grace period), and to lengthen maturities;
• According to press reports, the Eurogroup is
working on ways to bring down the debt to GDP
ratio more aggressively;
• However, European member states still oppose
outright haircuts on Greek loans;
• An agreement at today’s meeting would allow
the payment of the Q3 2012 (€31.3bn), the Q4
2012 (€5bn) and probably also the Q1 2012
(€8.3bn) financing tranches, totaling €44bn.
• Soares da Costa (SCOAE PL) will report its Q3
2012 results on November 29th (before market
open). A poor performance is expected for the
domestic market. However, investor should focus
on the performance of the Angolan and US units;
• Banif (BNF PL) will disclose Q3 2012 earnings on
November 30th. B/S deleverage, assets disposals
and restructuring costs should penalize the bank’s
results. The Bank recapitalization plan should
remain the investors’ main focus;
• Teixeira Duarte (TDSA PL) is expected to
announce Q3 2012 results on November 30th. A
weak performance in the domestic unit should
reflect the depressed market environment.
International markets (particularly Brazil) should
continue growing. Retail and the Hotels unit
should show positive signs.
Portugal: This week’s results
Next Week Preview: Eurogroup meeting and Portugal earnings season
0
1
2
3
4
5
6
7
8
00 01 02 03 04 05 06 07 08 09 10 11 12
Banco Popular Share Price (€)
0.55
70
80
90
100
110
120
130
140
70
80
90
100
110
120
130
Jan-12 Apr-12 Jul-12 Oct-12
Glencore and Xstrata share prices
Glencore
Xstrata
Dec. 31, 2011 = 100
Charts we are watching (I)• Glencore (GLEN LN)’s takeover of Xstrata (XTA LN)
got the go-ahead from both sets of shareholders last
Tuesday. This deal was only possible after Glencore
proposed a revised offer of 3.05 new shares for
every Xstrata share, up from 2.8. Moreover, Europe’s
antitrust regulator announced more modest than
expected conditions to clear the deal. Glencore must
now secure a final approval from China and South
African authorities. The Glencore Xstrata seems to
be an attractive story from an EPS momentum
(commodity mix, self-help) and growth point of view.
• Banco Popular (POP SM)’s EGM recently approved a
€2.5bn rights issue to meet capital needs from Oliver
Wyman’s stress test. The rights will trade until
November 28th, and the new shares will start trading
on December 6th. Once completed, the bank is
expected to have confortable capital ratios. The
stock is down c.70% YTD. Given the weak domestic
economy backdrop, will its business model allow the
bank to achieve higher ROEs in the mid-term?
Source: Bloomberg
Source: Bloomberg
JPY/USD (JPY per 1 USD) (RHS)
76
77
78
79
80
81
82
83
84
680
720
760
800
840
880
Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12
Topix vs. JPY/USD exchange rate
Topix Stock Market Index
(LHS)
JPY/USD (JPY per 1 USD)
(RHS)
80
90
100
110
120
130
Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12
ZON and Sonaecom Share Prices
ZON
Sonaecom
Dec. 31, 2011 = 100
Charts we are watching (II)• Zon (ZON PL) and Sonaecom (SNC PL) rose 5.3% and
4.3%, respectively over the last week. Both stocks
outperformed the Portuguese Stock Market Index
PSI20. ANACOM, the Portuguese telecom regulator,
announced that it intends to release the regulation on
fibre until the end of the year. Investors seem to remain
focused on a possible M&A deal between the two
companies and the meaningful impact that it should
bring to both. Zon and Sonaecom seem to have a strong
fit. A deal would allow significant cost synergies and
create a strong integrated player to compete with
Portugal Telecom.
• The Topix stock market index showed again strong gains
on a weaker yen and easing expectations. Japanese
stocks were supported by the LDP election manifesto
(released on November 21st), that included significant
monetary easing, a 2% inflation target, and more than
3% nominal GDP growth. At the monetary policy
meeting on November 20th, the BOJ Policy Board voted
unanimously to maintain the current policy rate and to
keep the size of the Asset Purchase Programme.
Source: Bloomberg
Source: Bloomberg
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This research report is based on information obtained from sources which we believe to be credible and reliable, but is
not guaranteed as to accuracy or completeness. All the information contained herein is based upon information
available to the public.
The recipient of this report must make its own independent assessment and decisions regarding any securities or
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This report is not, and should not be construed as an offer or a solicitation to buy or sell any securities or related
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depending on their specific investment objectives and financial position.
The material in this research report is general information intended for recipients who understand the risks associated
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for the recipient.
Investors should seek financial advice regarding the appropriateness of investing in any securities or investment
strategies discussed or recommended in this research report and should understand that the statements regarding
future prospects may not be realized. Investors may receive back less than initially invested. Past performance is not a
guarantee for future performance.
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this research report.
Recommendations and opinions expressed are our current opinions as of the date referred on this research report.
Current recommendations or opinions are subject to change as they depend on the evolution of the company or may
become outdated as a consequence of changes in the environment.
Fincor - Sociedade Corretora, S.A. provides services of reception, execution, and transmission of orders.
Fincor – Sociedade Corretora, S.A.
Rua Castilho, 44 4º Andar
1250-071 Lisboa
Portugal
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