1. Market Update Waseda Financial Investment Team 13 th June 2012

3. Global China's cut interest rates and lower RRR ECB rate unchanged at 1% New capital rules for financials No signs of stimulus from FED Spain's bank bailout  100bn Euro Cyprus ask for help Italy??  Over 2trn debt + guarantor of 22% of Spain's bailout fund  10years 4 mths high (6.13%)

4. Spain's 10 yr gov bond Ireland- 94% of bank capital Portugal- 175% Spain 27%

5. Data Weak US economic data-  jobless claims 383k v 370k Eurozone  inflation fell (2.4% )  PMI all time low @ 46 India's GDP 5.3% Unemployment- France 9.6%, Greece 21.9%, Irish 14.8% China  trade surplus improved  Sales to Europe increase  PMI falls (50.4 vs 53.3) UK PMI (53.3 vs 52.4)  Employment increase