1、Zurich, 18 August 2010 Global Research Important disclosures are found in the Disclosure appendixThe recommendations outlined in this research report arebased on the outcome of the Investment Committee meetingof 10 August 2010. The next edition of the Research Weekly will be published onWednesday, 2
2、5 August 2010. Near-term catalysts fading away as Q2 earnings reporting season has ended The Q2 2010 earnings reporting season has just ended with a fairly positive outcome. In the US, 75% of the S CAN neutral; Eurozone, UK, JPN, CH underperform Equities Neutral Emerging markets outperform; USA, Eur
3、ope, UK, JPN, AUS, CAN, CH neutral Commodities Neutral Industrial metals, Agriculture outperform; WTI oil neutral; Energy, Precious metals, Gold underperform Real Estate Neutral USA, CH outperform; Europe, UK, Asia neutral; JPN underperform Fixed income portfolio performance Curr. Benchmark Index We
4、ekly Total Return YTD Total Return Average YTM Average YTM of Govt. BenchmarkDuration Asset Swap SpreadClassic portfolio CHF CLASSIC Rec. 0.11% 5.97% 1.00% 0.23% 1.71 59.72CHF LSI 1-4 YEAR 0.22% 1.95% 0.91% - 2.32 37.70EUR CLASSIC Rec. 0.26% 4.94% 2.31% 0.96% 3.22 78.18EUR LEIE 1-4 YEAR 0.28% 3.22%
5、1.98% - 2.42 72.00USD CLASSIC Rec. 0.22% 7.25% 1.78% 0.22% 2.55 89.30USD LEID 1-4 YEAR 0.13% 3.41% 1.76% - 2.36 91.50GBP CLASSIC Rec. 0.49% 5.47% 2.34% 1.29% 3.32 64.82GBP LEIS 1-4 YEAR 0.37% 4.01% 2.01% - 2.19 90.00TOTAL CLASSIC Rec. 0.27% 5.91% 2.50% 0.68% 2.70 91.20“Trading corner“ portfolio USD
6、Satellite 0.78% 6.82% 4.54% - 4.41 211.49EUR Satellite 0.15% 3.41% 4.03% - 6.05 161.27CHF Satellite 0.43% 1.49% 3.29% - 3.88 213.60Equity markets (16 months) Snapshot Price1MTD YTD Support Resistance Technical Outlook S please contact your relationship manager. The Focus List is a selection of our f
7、avorite stocks within our coverage which have a BUY recommendation. The selection was made to reflect the sector and regional preferences. Updates are provided via our Research Monthly and Research Weekly publications as well as in our Equity Research reports. Additionally, we publish our adds and d
8、rops in our Research Equity Daily. The changes are highlighted in bold. For further information, including disclosures with respect to any other issuers, please refer to the Credit Suisse Global Research Disclosure site at: http:/www.credit- Please note that trading facilities in certain securities
9、may be limited. Zurich, 18 August 2010 Research Weekly 9Moving averages are popular and versatile for identifying price trends. They smooth out fluctuations in market prices, thereby making it easier to determine underlying trends. Their other function is to signal significant changes in direction a
10、s early as possible. Generally, if the market were in an uptrend or downtrend, a longer time period would be used. If it is consolidating, the shorter time frame will catch the minor moves more easily. Moving averages are lagging indicators and give signals after the price trend has already turned.
11、Momentum indicators lead the price trend. They give signals before the price trend turns. Once momentum provides a signal, it has to be confirmed by a moving-average crossover. For a short introduction to technical analysis, we refer readers to “TECHNICAL ANALYSIS EXPLAINED” at: http:/www.credit- Pl
12、ease note that due to local regulatory requirements access to these weblinks may be restricted for clients in certain countries. Weights One full position corresponds to 20% of our Research Weekly portfolio, one half position is thus 10%. Remaining cash positions of the Research Weekly portfolio wil
13、l be invested in money market. Key to technical charts used in this report 2002 2003 2004 2005-3000-2000-1000010002000300075080085090095010001050110011501200Medium-termmomentum11-weekmoving average40-weekmoving averageLong-termmomentumJul Aug Sep Oct Nov-300-200-1000100200300106010701080109011001110
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