REFERENCE RATES

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Financial Markets | fm@fepfinanceclub.org|www.facebook.com/FEPFinanceClub

I NDEXES PERFORMANCE

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FEP Finance Club; tradingeconomics.com
FEP Finance Club; Investing.com
FEP Finance Club; Banco de Portugal; BPI
FEP Finance Club; Investing.com
MARKET RESEARCH
Oct 20
th
Oct 24
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CURRENCI ES







BOND YI ELDS
PT stocks reached a historical minimum
This week PSI-20 ended losing although the Portuguese
Index recorded gains during this week. Hot this week
was the fall of PT shares which reached a historical
minimum, due to the prospect that the company will
recover little of the investment in Rio Forte. Moreover,
BCP, according to EFE agency, was one of eleven
European banks with higher risk of not overcoming the
stress test applied by ECB. Additionally, BPI reported, on
the third trimester, 17.3 millions of net profits. Finally,
yields of Portuguese government bonds felt in all
maturities due to ECBs program to buy covered
bonds. On the economic front, between January and
September, tax revenues rose by 7.9% over the
Government's expectations, reaching 2.3 million more
than the expectations, and Portuguese companies are
more confident about the future.

European Markets finished the week falling
European stocks recorded gains almost every day of the
week except in Friday when European indexes registered
a fall due to U.S. new-home sales data and a draft
communiqu showed 25 lenders are set to fail the
European Central Banks euro-area bank health check.
Moreover, ECB began buying covered bonds, the first
part of a private sector asset purchase program.
Additionally, Credit Suisse reported third-quarter net
profit above analyst forecasts as investment banking
revenue rose. Regarding economic data, Euro zone
businesses performed much better than forecasters
expected but there were worrying signs that the upturn
could be short-lived. However, Spains unemployment
rate fell to its lowest level since 2011 as the economy
added jobs for the second consecutive quarter.

Nikkei rises to 2-week high on weak yen
Japanese shares rose to a two-week high on Friday as the
weaker yen lifted exporters, while renewed fears about
the spread of the Ebola virus in the United States
bolstered Ebola-related stocks such as Fujifilm Holdings
Corp. The Nikkei share average ended 1.0 percent
higher to 15,291.64, the best closing level since Oct 10.
For the week, the index gained 5.2 percent. On the
other hand, Hang Seng Index only grew 1.21%. Tokyo-
listed shares in firms manufacturing Ebola-related
products jumped in response to news that a New York
City doctor who had worked with the humanitarian
organization Doctors Without Borders in Africa became
the first person to test positive for the virus in America's
largest city.

FEP Finance Club; Google Finance
SPOTLI GHT


Portugal Business Confidence (MoM)
Oct 20 Oct 21 Oct 22 Oct 23 Oct 24 Wkly Chg
PSI 20 5 037,45 5 169,34 5 185,50 5 212,55 5 172,46 2,50%
STOXX 50 2 927,30 2 991,46 3 008,53 3 044,30 3 030,37 2,30%
FTSE 100 6 267,07 6 372,33 6 399,73 6 419,15 6 388,73 1,24%
DAX 8 717,76 8 886,96 8 940,14 9 047,31 8 987,80 1,55%
CAC 40 3 991,24 4 081,24 4 105,09 4 157,68 4 119,27 2,13%
NIKKEI 225 15 111,23 14 804,28 15 195,77 15 138,96 15 291,64 5,22%
HANG SENG 23 053,95 23 088,58 23 403,97 23 333,18 23 302,20 1,21%
Oct 20 Oct 21 Oct 22 Oct 23 Oct 24 Wkly Chg
EUR/USD 1,2799 1,2715 1,2649 1,2647 1,2671 -0,72%
EUR/CHF 1,2064 1,2069 1,2067 1,2067 1,2062 -0,14%
EUR/GBP 0,7918 0,7892 0,7881 0,7889 0,7874 -0,71%
EUR/JPY 136,8900 136,0500 135,5300 136,9100 137,0400 0,47%
EUR/YUAN 7,8376 7,7832 7,7389 7,7390 7,7506 -0,83%
AUD/JPY 93,9400 93,9200 94,0500 94,8600 95,1300 1,80%
Oct 20 Oct 21 Oct 22 Oct 23 Oct 24
Euribor 1M 0,006% 0,008% 0,009% 0,011% 0,012%
Euribor 3M 0,084% 0,082% 0,084% 0,085% 0,085%
Euribor 6M 0,184% 0,186% 0,187% 0,188% 0,188%
Euribor 12M 0,337% 0,339% 0,341% 0,341% 0,341%
Eonia -0,003% 0,012% 0,017% 0,014%
Oct 20 Oct 21 Oct 22 Oct 23 Oct 24
Portugal 6M 0,193% 0,240% 0,230% 0,212% 0,181%
Portugal 5Y 2,128% 2,108% 1,975% 1,955% 1,888%
Portugal 10Y 3,494% 3,436% 3,360% 3,284% 3,260%
Spain 10Y 2,243% 2,221% 2,196% 2,193% 2,169%
France 10Y 1,308% 1,289% 1,283% 1,297% 1,296%
Italy 10Y 2,580% 2,521% 2,498% 2,509% 2,510%
Germany 10Y 0,854% 0,875% 0,868% 0,894% 0,888%
UK 10Y 2,158% 2,175% 2,203% 2,235% 0,230%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0

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Joo Fernandes

US TREASURY YI ELDS
US Indexs Best Week since last Year
S&Ps 500 Index closed to its best week since 2013!
Stocks rose as big companies like Microsoft and
Procter & Gamble reported high earnings. Equity
rallied 4.12%., the highest since January 2013. The
Dow Jones Industrial Average went up 127.51 points.
Health-care shares went up 1.4%, the highest gain
among the 10 main industries in the S&P 500. On the
other hand, Amazon shares dropped 8.3%, its lowest
since August 2013. Amazon is predicted to lose $40.5
million for the year, and if so it would be the
companys vastest loss in 12 years. Also, the Fed is
holding on to $4.48 trillion balance sheet and it will
put a ceiling on borrowing costs, helping the raise on
inflation closer to its goal. This will provide a stimulus
to the economy and it seems as if the US economy is
on an upwards movement. Finally, unemployment rate
has dropped to 5.9%, better than the predicted 6%-
6.8%.

Brazil Votes for a New Presidential Leader
As Brazil votes for a president, people are interested
in the future state of the economy. Their current
leader and candidate, Dilma Rousseff, blamed for
Brazils slow economy and rising inflation rates, stating
that she has and will continue to economically protect
the people. Brazils GDP dropped 0.6% in the second
quarter after declining 0.2% in the first three months,
extending the budget deficit and helping to worsen tax
income. Alecio Neves, Rousseffs opponent, proposes
growth to the economy, something he accuses
Rousseff to be incapable of. Only time will tell.

Energies had a downhill week
Oil futures were unstable this week closing on Friday
at 4 year lows. The market was turbulent, with news
on Thursday stating that Saudi Arabia trimmed output
in September to support the market reversing its
trend. By Friday investors had already dismissed them
based on contrary clarifications and Ebola concerns.
Natural Gas followed an erratic pattern with a
downward trend based on mild weather forecasts in
the U.S., curbing the demand for heating and air
conditioning. Gold recovered some ground on Friday
after soft U.S. home sales softened the dollar but still
felt the effects of a solid U.S. jobless claim on
Thursday. Corn remains on a downhill trend although
it has recovered some ground in the last few weeks
having traded at a 7-week high on Friday.
FEP Finance Club; tradingeconomics.com
COMMODI TI ES

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SPOTLI GHT

CURRENCI ES


I NDEXES PERFORMANCE
U.S. New Home Sales
FEP Finance Club; Investing.com
FEP Finance Club; Investing.com
Financial Markets | fm@fepfinanceclub.org |www.facebook.com/FEPFinanceClub
Jorge Rodrigues

FEP Finance Club; Investing.com
Ana Costa Kenique Ivery
Kenique

FEP Finance Club; Google Finance
Oct 20 Oct 21 Oct 22 Oct 23 Oct 24 Wkly Chg
S&P 500 1 904,01 1 941,28 1 927,11 1 950,82 1 964,58 4,12%
DJIA 16 399,67 16 614,81 16 461,32 16 677,90 16 805,41 2,59%
NQ 100 3 870,08 3 971,39 3 949,59 4 012,27 4 042,02 5,94%
S&P Lac 40 3 578,91 3 511,27 3 482,40 3 411,63 3 489,16 -4,51%
1,34%
1,13%
0,02%
0,54% Sugar -3,51% Natural Gas
-0,62%
-0,34%
-2,01%
Crude Oil Brent
Corn
Copper Crude Oil WTI
Silver
Gold
Oct 20 Oct 21 Oct 22 Oct 23 Oct 24
US 3M 0,025% 0,023% 0,020% 0,005% 0,010%
US 1Y 0,099% 0,099% 0,099% 0,099% 0,099%
US 10 Y 2,193% 2,227% 2,220% 2,277% 2,266%
US 30 Y 2,969% 3,000% 2,994% 3,049% 3,041%
Oct 20 Oct 21 Oct 22 Oct 23 Oct 24 Wkly Chg
USD/JPY 106,950 107,000 107,140 108,270 108,160 1,20%
USD/YUAN 6,1235 6,1210 6,1182 6,1195 6,1170 -0,11%
USD/AUD 1,1386 1,1392 1,1393 1,1414 1,1370 -0,59%
USD/GBP 0,6186 0,6207 0,6230 0,6238 0,6215 0,03%
USD/CHF 0,9425 0,9492 0,9539 0,9542 0,9520 0,59%
USD/CAD 1,1285 1,1221 1,1238 1,1229 1,1232 -0,41%
Siury Mercedes Pedro Rocha