2 INTERNATIONAL MARKETS The main stock ended on positive territory amid increasing signs that there is an early agreement among lawmakers in the U.S. to avoid the so-called "tax gap", adding to that the confidence index for the Eurozone improved by November the first time in a year. This boost appetite for risky assets during the day. UNITED STATES STOCK INDEX 28/11/2012 Ch% UNITED STATES Dow Jones 12985, ,82 0,28% S&P , ,1 0,44% NASDAQ 2991, ,027 0,68% U.S. stocks rose, sending the Standard & Poor s 500 Index higher for a second day, amid investor optimism that lawmakers will reach a resolution in federal budget negotiations. U.S. stocks have been whipsawed amid lawmakers comments on whether an agreement can be reached to avert more than $600 billion in spending cuts and tax increases scheduled to begin on Jan. 1. The S&P 500 rose yesterday after comments by Boehner and President Barack Obama fueled optimism a deal would be made before the end of the year. The benchmark gauge of U.S. stocks has declined 0.9 percent since the president won re-election on Nov. 6. Obama reached out to chief executives and middle-income taxpayers yesterday, imploring them to press Congress to avoid the fiscal cliff as he said he wants to get a deal done before Christmas. Treasury Secretary Timothy F. Geithner arrived at the Capitol today to face demands from Republican leaders to spell out spending cuts. He began his round of meetings with each of the top four leaders in Congress in Reid s office. Gross domestic product grew at a 2.7 percent annual rate, up from a 2 percent prior estimate, revised figures from the Commerce Department showed today in Washington. The median forecast of 82 economists surveyed by Bloomberg called for a 2.8 percent gain. Fewer Americans filed first-time claims for unemployment insurance payments last week as the labor market disruptions wrought by superstorm Sandy ebbed. DOW JONES S&P NASDAQ
3 EUROPE STOCK INDEX 28/11/2012 Ch% EUROPE STOXX , ,69 1,37% FTSE , ,3 1,15% DAX 7343, ,96 0,78% European stocks rallied to their highest in 17 months as optimism grew that U.S. President Barack Obama will reach an agreement with Congress on a new budget. Obama said after European (SXXP) markets closed yesterday that the two political parties can agree on a framework for a budget deal to prevent $607 billion of automatic tax increases and spending cuts from coming into effect in January. A European Commission report showed that economic confidence in the euro area climbed in November from a three- year low. The index of executive and consumer sentiment in the region increased to 85.7 from a revised 84.3 in October. Economists had forecast the gauge would be unchanged from an initial reading of Another release showed German unemployment rose less this month than economists had predicted. The number of people without jobs increased 5,000 to 2.94 million, the Federal Labor Agency said. Economists had forecast joblessness would climb by 16,000, according to the average estimate in a Bloomberg survey. Italy Yields on 10-year Italian bonds fell during the day. The sale was conducted of 2,980 million euros, just below the maximum target of 3,000 million euros, with a yield of 4.45%, about 50 basis points less than in an operation in late October to a low of two years at an auction. Spain The Organization for Economic Cooperation and Development said that the prospects for a quick economic recovery in Spain remains remote and make decisive political left that the crisis is over for good. He reiterated that the government must have a deficit target for 2012 of 6.3% of GDP, except that economic growth will be much lower than expected. DAX FTSE STOXX
4 ASIA STOCK INDEX 28/11/2012 Ch% ASIA NIKKEY 9308, ,88 0,99% TOPIX 771,39 779,44 1,04% HANG SENG 21708, ,89 0,99% Asian stocks rose as U.S. lawmakers said they re optimistic for an agreement to avoid automatic spending cuts and tax increases and as the leader of Japan s opposition party called for unlimited monetary policy easing. Honda Motor Co., a carmaker that gets 44 percent of its sales in North America, gained 2 percent in Tokyo. Sky Network Television Ltd., New Zealand s largest pay-tv operator, jumped the most in more than a year in Wellington after announcing a special dividend. Starpharma Holdings Ltd. (SPL) tumbled 29 percent in Sydney after the biotechnology company said it won t file an application for a new drug in the U.S. after a disappointing clinical trial. China Chinese stocks declined for a fourth day, dragging valuations on the benchmark index to their lowest level on record, as brokerages tumbled amid speculation they may cut trading fees. Japan Japan stocks rose, with the Nikkei 225 (NKY) Stock Average rebounding from yesterday s loss, after Goldman Sachs Group Inc. said shares will benefit from policy changes if the opposition wins next month s election. Moreover, the director of the Bank of Japan, Sayuri Shirai, warned that there are risks to the economic outlook imminent country that could keep price growth below the central bank's projections. These pronouncements revived market expectations regarding possible relief in its monetary policy. He further argued that the risks have not increased beyond what the Bank of Japan predicted in its twice-yearly outlook released last month. TOPIX NIKKEI HANG SENG
5 MERCADO LATINOAMÉRICANO STOCK INDEX 28/11/2012 Ch% LATIN AMERICA BOVESPA 56539, ,53 2,32% IPSA 4112, ,55 0,60% IGBVL 20073, ,03 0,36% Major Latin American markets closed in positive territory after rising more optimism given by the president's comments in the House of Representatives, John Boehner and President Barack Obama, who said that to reach agreement to avoid a crisis fiscal world's largest economy. IGBVL IPSA BOVESPA LOCAL MARKET Stock Market Índice Bursátil 11/28/ /29/2012 Var% COLOMBIA IGBC % COLCAP % COL % The IGBC index ended the day with valuations of (0.67%) with a value of (14,129.59) units, meanwhile the COLCAP index showed a recovery of (0.48%) in ( ) units. IGBC COLCAP COL
6 Rendimiento Market Closure FIXED INCOME United States Treasuries Y Y Y Y 02Y M Plazo (Años) Tasas Vto 11/29/2012 7/5/ /1/2012 USGG6M Index USGG2YR Index USGG5YR Index USGG7YR Index USGG10YR Index USGG30YR Index /29/2012 7/5/ /1/2012 The 10-year Treasuries limited their losses after the pronouncements of Republican House Speaker John Boehner, who said that no substantive progress in talks MPs to avoid the so-called "tax gap". Which, boost demand for safe haven assets. Colombia Fixed income MEC SEN Millones TES TASA FIJA Apertura Mínimo Máximo Cierre Volumen Apertura. Minimo Maximo Cierre. Volumen. CUPON 6 04/17/ , ,000 CUPON 10 1/4 11/14/ , ,000 CUPON 9 1/4 05/14/ , ,000 CUPON 13 1/2 09/12/ , ,000 CUPON 8 10/28/ , ,000 CUPON 7 1/4 06/15/ , ,451,000 CUPON 11 1/4 10/24/ , ,000 CUPON 11 07/24/ ,000 CUPON 10 07/24/ , ,000 CUPON 7 1/2 08/26/ , ,000 MEC SEN Millones de Unidades TES UVR Apertura Maximo Minimo Cierre Volumen Apertura. Maximo. Minimo. Cierre. Volumen. CUPON 5 1/4 03/20/ CUPON 7 02/25/ CUPON 4 1/4 05/17/ #N/A N/A CUPON 4 3/4 02/23/ In SEN the most traded securities during the day were the TES fixed rate notes due June 2016 and May 2014 which amounts traded were $ 1.45 billion and $ million pesos respectively. In MECthe most traded securities were TES due July 2024 which amount traded was $ 313,000 million pesos.
7 4/1/2012 8/14/ /27/2014 5/10/2016 9/22/2017 2/4/2019 6/18/ /31/2021 3/15/2023 7/27/2024 Rendimiento Rendimiento Market Closure Deuda Publica Interna Jul 20 Oct 18 Oct 15 Jun 16 May 14 Jul 22 Jul 24 Ago Mar 13 Feb 15 UVR May 17 Feb Abr Plazos (Años) 11/29/ /22/ /1/2012 Plazo 11/29/ /22/ /1/2012 The curve TES fixed rate swelled during the day, with yields on securities maturing in June 2016 that showed the largest decreases 14.1pb falling. The TES maturing in July 2024 had an opening in 5981% 5995% maximum, a minimum of 5965% and 5975% closure. 6 Globales 4 Feb 27 2 May 24 Sep 37 Ene 41 0 Mar 19 Jul Ene Dic 14-4 Ene 13 Tasas duración 11/29/ /22/ /1/2012 COLOM /15/2013 Govt COLOM /22/2014 Govt COLOM /27/2017 Govt COLOM /18/2019 Govt COLOM /12/2021 Govt COLOM /21/2024 Govt COLOM /15/2027 Govt COLOM /18/2037 Govt COLOM /18/2041 Govt Plazo (Años) 11/29/ /22/ /1/2012
8 CURRENCIES Currencies 28/11/2012 Ch% EUROPE EUR 1,2953 1,2975 0,17% GBP 1,6014 1,6039 0,16% CHF 0,9292 0,9279-0,14% TRY 1,7919 1,786-0,33% LATIN AMERICA COP 1823, ,1-0,45% BRL 2,0935 2,0987 0,25% MXN 12, ,9428-0,23% CLP ,15-0,38% ASIA JPY 82,08 82,09 0,01% CNY 6,224 6,2235-0,01% is between (U.S. $ ) and (U.S. $ ). Dollar The dollar ended the day with variations (-0.45%) in ($ ), having registered an opening ($ ), maximum ($ ) and a minimum of ($ 1.815), the Colombian peso ends with a trend revaluation. For next day is expected greenback is between ($ 1,810) and ($ 1,820). Euro The euro has valuations of (0.17%) to (U.S. $ ) amid speculation that U.S. lawmakers reach agreement to avoid the so-called "tax gap". For next day is expected that the common currency COMMODITIES Commodity 11/28/ /29/2012 Var% Crudo WTI (Futuro) % Crudo BRENT (Futuro) % Gas (Futuro) % Oro % Cobre % The Brent crude showed increases due to optimism that U.S. lawmakers reached agreement on fiscal policy and to the supply concerns amid growing tensions in the Middle East. Also, gold increased in line with the actions and other raw materials, due to renewed optimism for risky assets amid U.S. government approach to prevent a fiscal cliff.
9 Global Disclaimer This document is informative. Acciones & Valores is not responsible for the interpretation of such information. But it does not cover all aspects that an investor may consider necessary or desirable to analyze their decision to participate in the transaction here mentioned, because it is presented in abbreviated form. Therefore, it is necessary for investors who intend to participate in transactions, and for purposes of having full and absolute accuracy, consult all the documents provided by the promotion. Similarly, investors they should, on their own legal and financial analysis for purposes of taking any investment decision. Values and numbers entered here are obtained from market sources believed to be reliable such as Bloomberg, Reuters and the Issuers. The scores made in the report should not be considered investment advice nor as substitutes for the grades given by certified credit agencies such as Moody's or Standard & Poor's. These ratings are only quantitative, not qualitative factors include and depend on the financial information available on the market in time to be prepared. The opinions, estimates and projections in this report reflect the current judgment of the author to the report date, and clarifies that the content of the information contained herein may be subject to change without notice. The remuneration of the authors is not associated with the results of the report or the recommendations made. The presentation and any preliminary paper on the products mentioned here do not constitute a public offer binding, therefore, both presentation and any other document may be supplemented or corrected Acciones & Valores S.A. Héctor Wilson Tovar García Análisis Macroeconómico Head of Research (0571) (1300) Roberto Carlos Paniagua Análisis MILA Junior Analyst Ana Milena Franco Análisis Renta Fija Fixed Income Analyst (0571) (1833) Kelly Mateus Análisis MILA Junior Analyst Cristian Camilo Lancheros Análisis Mercados Internacionales International Markets Analyst (0571) (1306) Alejandro Alayón Análisis MILA Junior Analyst Jorge Eduardo Bello Análisis Renta Variable Equity Analyst Rocio Alayón Análisis MILA Junior Analyst
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