Jun 23 Jun 24 Jun 25 Jun 26 Jun 27 Wkly Chg

PSI 20 7 021,63 6 916,58 6 982,74 6 969,17 6 853,92 -3,45%

STOXX 50 3 282,58 3 284,81 3 252,31 3 233,19 3 227,85 -2,26%
FTSE 100 6 800,56 6 787,07 6 733,62 6 735,12 6 757,77 -0,99%
DAX 9 920,92 9 938,08 9 867,75 9 804,90 9 815,17 -1,72%
CAC 40 4 515,57 4 518,34 4 460,60 4 439,63 4 436,99 -2,30%
NIKKEI 225 15 369,28 15 376,24 15 266,61 15 308,49 15 095,00 -1,66%
HANG SENG 22 804,81 22 880,64 22 866,70 23 197,83 23 221,52 0,12%
Jun 23 Jun 24 Jun 25 Jun 26 Jun 27 Wkly Chg
EUR/USD 1,360 1,361 1,363 1,361 1,365 0,37%
EUR/CHF 1,217 1,216 1,217 1,216 1,216 -0,12%
EUR/GBP 0,799 0,801 0,803 0,800 0,801 0,19%
EUR/JPY 138,560 138,680 138,760 138,360 138,450 -0,28%
EUR/YUAN 8,458 8,478 8,496 8,472 8,487 0,27%
AUD/JPY 95,990 95,440 95,750 95,610 95,640 -0,18%
Jun 23 Jun 24 Jun 25 Jun 26 Jun 27
Euribor 1M 0,105% 0,104% 0,103% 0,103% 0,101%
Euribor 3M 0,211% 0,211% 0,208% 0,209% 0,207%
Euribor 6M 0,307% 0,306% 0,306% 0,305% 0,303%
Euribor 12M 0,489% 0,489% 0,487% 0,488% 0,488%
Eonia 0,031% 0,036% 0,043% 0,036%
Jun 23 Jun 24 Jun 25 Jun 26 Jun 27
Portugal 6M 0,280% 0,280% 0,280% 0,283% 0,286%
Portugal 5Y 2,286% 2,272% 2,250% 2,251% 2,294%
Portugal 10Y 3,514% 3,460% 3,460% 3,494% 3,584%
Spain 10Y 2,687% 2,648% 2,636% 2,634% 2,636%
France 10Y 1,671% 1,665% 1,600% 1,577% 1,600%
Italy 10Y 2,790% 2,759% 2,734% 2,720% 2,716%
Germany 10Y 1,325% 1,321% 1,266% 1,242% 1,263%
UK 10Y 2,742% 2,737% 2,652% 2,637% 2,644%
REFERENCE RATES
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I NDEXES PERFORMANCE

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MARKET RESEARCH
June 23
th
June 27
th



CURRENCI ES







BOND YI ELDS
Losses on stocks dragged PSI-20 down
This week PSI-20 was quite volatile ending in red
territory. Hot this week was the resign of Ricardo
Salgado, BESs CEO, making the shares dropped to
October 2013 levels due to this instability surrounding
the management team of the Bank. Moreover, BCP
announced a greater capital hike than was expected,
which was well accepted by the market. Additionally,
the Government will no longer have any stake in CTT.
On the economic front, between January and May, the
tax revenues rose by 3.4% over the same period last
year, reaching 14,624 million, 477 million more than
in 2013. Finally, regarding the business confidence,
Portugal release better-than-expected data, according
to the INE.

European Markets finished slightly up
This week was not particular good to European
stocks. Motivating the losses was the drop in France's
CAC index, with traders citing fears that violence in
Iraq will escalate further as a cue for investors to cash
in on last month's equity rally. The scenario would be
aggravated with the drop in the German business
confidence to the lowest level this year, and the faster
than expected rise in the German CPI. Despite the bad
news, Germany is still due to outperform its euro-
zone peers on the back of its domestic economy: the
core economies of Europe are registering growth at
its highest level since before the recession. Finally,
Mota-Engil Africa is going to be listed in the LSE in July
16, with a price ranging between 11.5 and 14.50.

Japan's unemployment fell to 17-year low
Asian stocks ended the week falling, with the regional
benchmark index paring its seventh straight weekly
gain, as a Federal Reserve official said the U.S. may
raise interest rates by March. Asian currencies also
advanced as economic data from China to South
Korea sparked optimism regional growth is picking up.
Japan's seasonally adjusted jobless rate edged down to
3.5% in May, from 3.6% in the previous three months.
It is the lowest level since December of 1997.
Moreover, the nationwide annual inflation rate
accelerated to 3.7% in May from 3.4% in April, as the
effects of a sales tax increase continues to push
consumer prices up. Singapore's May manufacturing
output contracted at its worst annual pace in 11
months, underscoring recent weakness in exports that
pointed to feeble external demand.


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SPOTLI GHT


Portugal Business Confidence (MoM)





























Jun 23 Jun 24 Jun 25 Jun 26 Jun 27 Wkly Chg
S&P 500 1 884,66 1 867,72 1 959,53 1 957,22 1 960,96 -0,10%
DJIA 16 937,26 16 818,13 16 867,51 16 846,13 16 851,84 -0,56%
NQ 100 3 805,31 3 799,53 3 827,33 3 826,91 3 844,44 1,10%
S&P Lac 40 3 828,43 3 814,87 3 805,36 3 806,58 3 801,05 -0,69%
Jun 23 Jun 24 Jun 25 Jun 26 Jun 27 Wkly Chg
USD/JPY 101,880 101,920 101,820 101,650 101,420 -0,65%
USD/YUAN 6,226 6,231 6,234 6,224 6,218 -0,12%
AUD/USD 0,942 0,936 0,940 0,941 0,942 0,35%
GBP/USD 1,702 1,698 1,698 1,702 1,704 0,13%
USD/CHF 0,895 0,894 0,893 0,894 0,891 -0,47%
USD/CAD 1,073 1,074 1,072 1,069 1,066 -0,88%
-2,69%
-1,32%
-1,02%
-2,54% Corn 2,12% Sugar
0,26%
0,66%
1,44%
Crude Oil WTI
Natural Gas
Crude Oil Brent Copper
Silver
Gold
Jun 23 Jun 24 Jun 25 Jun 26 Jun 27
US 3M 0,010% 0,030% 0,028% 0,030% 0,028%
US 1Y 0,084% 0,084% 0,104% 0,099% 0,104%
US 10 Y 2,626% 2,577% 2,561% 2,532% 2,536%
US 30 Y 3,453% 3,397% 3,383% 3,357% 3,368%
Beatriz Fougo
US TREASURY YI ELDS
US home sales shot up
Over the preceding week S&P slid -0.10%. Having said
that, existing and New-home sales soared in May,
climbing to their strongest pace since fall as more
homes on the market helped draw buyers. Also,
industry data published on Tuesday indicated that U.S.
consumer confidence improved more than expected in
June to hit the highest level since January 2008,
underlining optimism over the U.S. economic outlook.
Besides, the U.S. economy contracted at a much
steeper pace than previously estimated in the first
quarter. While Wednesdays official data signaled
dampening optimism over the strength of the
economy, as U.S. durable goods orders alone with
core orders fell unexpectedly in May. Finally, US initial
jobless claims fell 0.6% to 312,000 for the week ending
June 21, according to a Labor Department report.

Mexican unemployment rate rose
Mexico's unemployment rate unexpectedly increased
in May, according to figures from statistical office
INEGI. Also, production in Mexico has been unable to
recover from its 2013 contraction and could
experience further setbacks as a result of the return of
AI. On the other hand, domestic issues saw
production in Argentina fall 4%, YOY, in Q1 2014.
Lastly, Brazil's main consumer confidence indicator
increased in June, ending two-consecutive months of
drops, as certain signs of inflation slowdown, despite
country's tepid economic activity.

Natural gas extended losses
Oil futures ended the week lower as disappointing
U.S. spending data sparked concerns over the outlook
for demand from the world's top consumer of oil.
Investors also continued to unwind positions that had
priced in the possibility of major supply disruptions
stemming from the bloody Iraqi insurgency. Besides,
natural gas futures decreased after official data
revealed U.S. inventories rose more than markets
were expecting. On the metals front, gold futures cap
a fourth straight weekly gain, as investors bet that the
Fed will keep interest rates at record-low levels for a
considerable time, while silver and copper future also
end the week higher. In what concerns softs, corn
futures fell from the previous week, amid ongoing
optimism over the health of the U.S. corn crop.

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COMMODI TI ES

Page 2/2

SPOTLI GHT

CURRENCI ES


I NDEXES PERFORMANCE
U.S. Home Sales (MoM)
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Pratik Ashok Ana Reis Joo Fernandes
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-1.0%
-0.5%
0.0%
0.5%
1.0%