Market Gazer Hong Kong - Japan - Germany - UK - North America

market review : Global Looking at the 4Q, revenues are seen to grow
higher but would be rather flat to Q4 2009.
GE shares tumbled 5.01% at $16.30 after the
Hang Seng Index ended the week at 23,757.63
release.
or fell 94.54 points (-0.4%), but throughout
the week the index still gained 3.55%.
BASF SE saw a jump in sales in
Shanghai Stock Exchange Composite Index
2010 following a decline in
continued to climb to finish at 2,971.16 or up
Chinese demand in summer.
3.18%. Nikkei 225 Average also fell 83.26
Profit is seen to climb to €1
points at 9,500.25. In Europe, DAX index
billion from a year earlier.
gained 0.57% to finish at 6,492.30 while FTSE
100 shed 0.42% to end at 5,703.37 as the
HSBC Holdings Plc. dropped its bid on
decline of Old Mutual Plc dragged UK
Nedbank Group Ltd. which was initially valued
benchmark index down along with
at $7.3 billion. While no reasons have been
commodities shares. In addition, worse-than-
expected US consumer confidence data also given by HSBC, it was likely that the bank
opted to preserve the capital to meet the new
weighed on the investors’ mood on Friday.
regulatory requirements coming from the
Basel III. Standard Chartered was rumored to
In the U.S. the Dow Jones Industrial fell 31.79
be a potential bidder to Nedbank now that
points at 11,062.78, as banking shares led to
HSBC has abandoned its bid, especially after
the losses. Upcoming earnings from Goldman
Sachs, Citigroup, and Bank of America kept the bank planned to raise $5.2 billion in rights
offering last week. This speculation was
the market on guard over possibility of lower-
immediately dismissed by CEO Peter Sands,
than-expected results. Nasdaq Composite
saying that the capital raised is not a war
however, soared as the index ended up 1.37%
chest for acquisitions.
at 2,468.77 after Google’s impressive 3Q
results, sending the shares above $600 per
Texas Instruments Inc.
share. Apple’s gains past $314 also lend some
expanded its production
boost on Nasdaq. Meanwhile, S&P 500 index
in China as the chipmaker bought a plant in
ended up 0.2% at 1,176.19.
Chengdu in a bid to increase market share.
Shares of TI advanced 41 cents to end at
Ben Bernanke’s statement that high
$28.72.
unemployment and low inflation would
remain next year and thus putting a case for
further action on monetary policy has created Bayer AG will announce its earnings on
October 28th at 05:30 GMT, and the company
another wave of speculation that the Fed is
is expected to book strong results with its
ready to act on its next meeting early
November. Materials unit seen to compensate the
weakness in the Healthcare division.
Comments on Xarelto is also going to be a
General Electric reported that its
3Q profit totaled to $0.29c point of interest for the market.
following a fall of $0.18c booked
GlaxoSmithKline Plc is seen to record a
last year. Consensus was at
$0.27. Revenue for 3Q amounted to $35.9 revenue of £6.80 billion in 3Q with pre-tax
profit of £1.94 billion. EPS is seen at 26.80
billion, 5 percent lower than a year ago.
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15 October 2010 Page 1
 Market Gazer Hong Kong - Japan - Germany - UK - North America

pence. Withdrawal of Avandia is expected to
have dented the gross margin in 3Q. Investors
will be interested in experimental products
development.
Barclays climbed 1.8% to
£285.00 despite a news
from Reuters that the bank
is working on raising its
capital requirement through the use of bonds.
Deutsche Boerse: has been raised from HOLD
to ADD at Commerzbank, sending the shares
to climb 2.1% to €50.56.
Rolls-Royce: Upgraded from
NEUTRAL to CONVICTION BUY at
Goldman; earlier was downgraded
from HOLD to SELL at Societe
Generale.
Google: Wedbush put the internet search
giant at NEUTRAL, up from UNDERPERFORM.
Starbucks: Assigned at BUY by UBS with price
target raised from $29.00 to $31.00.
Coca-Cola: Seen
heading towards $65,
estimates raised on
the back of better demand from emerging
markets and the U.S. Rated at BUY.
Disclaimer: This report is provided for information purposes
only. It is not an offer to sell or to buy any securities. This
report has been prepared based on sources believed to be
reliable, but there is no assurance or guarantee regarding its
completeness & and accuracy. The author accepts no
responsibility or liability arising from any use of the report.

Allianz SE: Started at BUY at ING Group.

Microsoft: Barclays Plc.

maintained the
company at EQUAL
WEIGHT, but reduced
the price target to
$28.00 from $30.00 on the back of falling PC
sales. Credit Suisse cut the estimates
however, from $40.00 to $36.00 but held the
rating at OUTPERFORM.

JP Morgan Chase: Kept at OVERWEIGHT at

Barclays with price target set at $60.00 and
2010 EPS revised up to $3.90 from $3.85, and
held 2011 estimates at $4.95. Meanwhile,
Goldman Sachs put JPM at BUY and setting
the target at $51.00.

eBay: Credit Suisse maintained the rating at

OUTPERFORM, with price taget at $32.00.

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15 October 2010 Page 2