Waseda Financial Investment Team

28th November 2011

Market Recap (Week of 24th Nov)

Europe uncertainty

Germany auction raised less than 2/3 (3.6bn/6bn) Italy 3 year bond >8% !! 6 mths bond at 6.5% vs 3.35% (Oct), bi

d to cover 1.47 from 1.57CDS protection rose to new highs (US and Europe banks)

UniCredit rose 43bp to 622bpSpread over German bonds

>60bps for Finland and Netherland, 155bps France, 480 Italy, 945 Portugal

2554 GreeceEurope recession? New orders decrease 6.4%Germany PMI 47.9 vs 49.1

Market Recap (Week of 24th Nov)

Asia

China PMI slow to 48 from 51 Japan CPI -0.1% (+0.2% sept)S&P getting close to downgrade Japan's bond rating

Company

Samsung in talks with google to launch TV (surf web)

Ren ren (-7%) with downgrade due to worries on lack of differentiation among Chinese social network sites (down 74% from IPO price)

AT&T and T-mobile deal failed

Commodities

Metals down

Palm oil orders cancelled on China

Oil price rose on Iran boycott fears but fell on growth fears

Currency

Yen weakened to 77.72

Euro retreat