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					                            Weekly Market Overview for the week ending August 10, 2012


              ECONOMY                           Assured Guaranty Corp. stated in court         (continued) wholesale prices, dropped 2.9%
                                                papers this past week that Stockton,           from the year-ago month, accelerating from
The Conference Board’s Employment                                                              a 2.1% contraction seen in June.
                                                California is not eligible for bankruptcy
Trends Index increased 0.4% to 108.1 from                                                      Economists surveyed by Reuters had
                                                protection and its case should be dismissed
the prior month after falling 0.7% in June.                                                    expected the CPI to rise 1.7%, and PPI to
                                                because the city failed to negotiate in good
The measure was up 5.9% from July 2011.                                                        drop 2.5%.
                                                faith with creditors and has not proved that
               MARKETS                          it is insolvent.
                                                                                               The Bank of France predicted a 0.1%
The Dow Jones Industrial Average                            REAL ESTATE                        contraction in gross domestic product
increased 0.85% for the week to close at                                                       (GDP) for the third quarter of this year.
                                                Lehman Brothers Holdings filed documents
13,207. The Nasdaq Composite increased
                                                for an Initial Public Offering of Archstone    China’s factory production increased 9.2%
1.78% from the previous week.
                                                Inc., a large owner of apartment               in July from a year earlier, according to a
International equity markets measured in
                                                communities in the U.S. The value of the       report by the National Bureau of Statistics.
U.S. dollars by the Dow Jones Wilshire
                                                company is estimated at $17-$19 billion,       Results were below all 32 analyst forecasts
Global Indexes increased 2.2%.
                                                according to the Wall Street Journal dated     in a Bloomberg News survey.
Interest rates, as measured by the Barclays     August 11, 2012.
                                                                                                        CORPORATE NEWS
Capital Aggregate Index, closed the week at
                                                           COMMODITIES
1.82% versus the previous week’s close of                                                      J.C. Penney reported a loss of $0.37 per
1.81%.                                          The International Energy Agency lowered        share versus a profit of $0.19 a year ago.
                                                its 2013 forecast for oil demand by 800,000    Same store sales growth was –22% during
Commodity prices, as measured by the            barrels per day due to weaker than expected    the period.
Commodity Research Bureau (CRB) Index,          economic growth.
increased 0.4%.                                                                                Magna International reported earnings per
                                                      ALTERNATIVE ASSETS                       share of $1.48 versus $1.15 a year ago.
The euro/U.S. dollar exchange rate closed                                                      During the period, sales growth in North
the week at $1.2290, a decline of 0.8%          Manchester United completed an Initial
                                                                                               America and Europe was +28% and -7%,
versus the previous week.                       Public Offering (IPO) for 10% of the
                                                                                               respectively.
                                                company that raised $234 million. The IPO
                CREDIT                          was priced at the low end of the range.        Delphi Automotive reported an 11%
For the week ending August 10, investors                                                       increase in earnings per share to $1.01.
                                                          INTERNATIONAL
had a net-short position in the futures                                                        Revenue declined 5% during the period.
contract for the 10-year Treasury note. Net-    The Bank of Portugal said on Monday that
                                                                                               ThyssenKrupp reported quarterly profit of
long positions were maintained in the           cumulative borrowing from the European
                                                                                               €87 million versus €270 million for the
futures contract for both the 2-year            Central Bank (ECB) at the end of last
                                                                                               same period a year ago. Sales and new
Treasury note and 30-year Treasury bond.        month stood at 56.8 billion euros ($70.22
                                                                                               orders declined by 7% and 21%,
                                                billion). An all-time record of 60.5 billion
Dollar-denominated bond sales reached at                                                       respectively, during the period.
                                                euros was set in June.
least $37.3 billion this past week. Corporate
                                                                                               Hewlett Packard announced an $8 billion
bond issuance in the United States reached      German factory orders dropped 1.7% from
                                                                                               write down in the value of its services
the highest level since March. Issuance in      May, when they rose 0.7%, according to the
                                                                                               division which is primarily comprised of
the U.S. was five times greater than global     Economy Ministry in Berlin. Economists
                                                                                               EDS, a company acquired in 2008 for $14
issuance.                                       forecast a 0.8% decline, according to the
                                                median of 35 estimates in a Bloomberg          billion.
Auction results were poor for the sale of       News survey. From a year earlier, orders       The China Iron and Steel Association
$24 billion in 10-year Treasury notes.          fell 7.8% when adjusted for work days.         reported that China’s steel industry
Demand was the lowest since August 2009.
                                                                                               experienced a 96% decline in profits during
                                                China's consumer price index rose 1.8% in
Standard & Poor’s (S&P) cut the credit                                                         the first half of 2012 versus the same period
                                                July from the year-ago period, a slower rate
rating for Best Buy Company to junk status                                                     a year ago.
                                                than the 2.2% increase seen in June,
in response to an informal buyout offer         supporting hopes that Beijing has enough       Carlyle Group reported a loss of $57
from the company’s founder.           The       room to loosen its monetary policies           million in economic net income primarily
company’s credit rating was cut from BBB-       further. Data released by the National         due to a decline in the value of its
to BB+ and remains on negative watch by         Bureau of Statistics Thursday also showed      investments.
S&P.                                            the producer price index, a measure of

                                                              Page 1 of 3
                                                    Weekly Market Overview for the week ending August 10, 2012


DOMESTIC EQUITIES          LEVEL       WEEK         MTD              QTD              YTD              INTERNATIONAL EQUITIES             LEVEL       WEEK      MTD                QTD             YTD

DJIA                      13,207.95    0.85%        1.53%           4.49%            8.11%             MSCI EAFE                         1474.23      1.82%     2.48%             6.84%           4.37%

S&P 500                   1,405.87     1.07%        1.92%           5.31%           11.79%             MSCI (EM)                          979.25      2.78%     2.81%             6.77%           6.86%

NASDAQ                    3,020.86     1.78%        2.77%           4.44%           15.96%             MXLA (Latin America)              3696.14      2.22%     3.64%             7.47%           2.61%

Russell 1000               773.66      1.17%        1.99%           5.19%           11.58%             Nikkei 225 (Japan)                8891.44      3.93%     2.26%             1.06%           5.16%

Russell 1000 Gwth          653.23      0.87%        1.69%           4.56%           12.46%             Hang Seng Index (Hong Kong)       20136.12     2.39%     1.71%             6.01%           9.23%

Russell 1000 Value         693.00      1.46%        2.28%           5.83%           10.69%             Shanghai SE Comp Index (China)    2168.81      1.69%     3.10%            -4.07%          -1.39%
                                                                                                       S&P/TSX Composite Index
S&P MidCap                 961.96      1.83%        2.28%           5.00%            9.42%             (Canada)                          11890.89     1.96%     1.94%             3.98%          -0.54%

Russell 2000               801.55      1.66%        1.86%           3.40%            8.18%             DJ Euro Stoxx 50 (Europe)         2423.22      2.13%     4.19%            10.81%           4.60%

Russell 3000               826.66      1.20%        1.97%           5.06%           11.32%             FTSE 100 Index (UK)               5847.11      1.03%     3.76%             6.05%           4.93%

DJ Wilshire 5000          14,508.90    1.21%        1.98%           5.11%           11.44%             DAX Index (Germany)               6944.56      1.15%     2.54%            10.88%          17.74%
Source: Bloomberg                               Reflect price change, not total return.                Source: Bloomberg                                          Reflect price change, not total return.



S&P 500 SECTORS            LEVEL       WEEK         MTD              QTD              YTD              COMMODITIES & CURRENCIES           LEVEL       WEEK      MTD                QTD             YTD

Energy                     542.10      2.34%        3.51%           7.72%            4.09%             CRB Index                          301.81      0.37%     0.77%            12.63%          -1.14%

Materials                  227.54      2.83%        3.44%           2.06%            7.48%             Trade Weighted Dollar              74.40       -0.30%    -0.30%           -0.20%           1.27%

Industrials                318.25      1.32%        2.28%           2.64%            8.87%             WTI Cushing Crude Oil              92.87       1.61%     5.46%            17.02%          -6.03%

Cons Discretionary         352.93      0.74%        2.41%           2.06%           14.37%             Natural Gas US Natl Avg             3.17       -2.32%    -2.29%           11.92%          -28.45%

Cons Staples               367.71     -0.44%       -0.16%           2.45%            9.59%             Gasoline 87 Conventional           296.64      0.73%     6.24%            20.53%           9.51%

Health Care                447.92      0.50%        0.69%           1.63%           11.45%             Gold                              1620.20      1.04%     0.37%             3.04%           3.61%

Financials                 200.96      0.59%        1.79%           1.82%           14.68%             Silver                            28.1225      1.16%     0.49%             4.50%           1.00%

Info Technology            481.92      2.10%        3.33%           4.31%           17.56%             LME 3 Mo Copper                     7490       0.60%     -0.93%            2.46%          -1.45%

Tele Services              154.88      0.61%       -0.21%           5.26%           19.30%             Cocoa                               2458       1.95%     2.93%            16.94%          14.43%

Utilities                190.28       -0.86%       -1.16%           1.32%            3.99%             Sugar                              20.74       -5.73%    -8.39%            5.01%          -10.99%
Source: Standardandpoors.com                         Reflect price change, not total return.           Source: Bloomberg                                         Reflect price change, not total return.

                                      CURRENT     PREV MO         PREV QTR          1 YEAR                                                                     US Govt
FIXED INCOME                           YIELDS       END             END              AGO               YIELD CURVE                      MUNI AA+ GO   TREAS    AGENCY            A CORP        BBB CORP

US Aggregate Index                     1.84%       1.72%            1.98%           2.25%              1 Month                              -         0.09%       -                  -               -
US MBS Index                           2.20%       2.07%            2.44%           2.73%              3 Month                            0.26%       0.10%    0.13%             0.38%            0.92%
US Municipal Bond Index                2.30%       2.22%            2.45%           3.09%              6 Month                            0.27%       0.13%     0.15%            0.44%            1.01%
US Corporate Index                     3.01%       2.92%            3.27%           3.39%              1 Year                             0.29%       0.17%     0.19%            0.56%            1.22%

US Corporate High Yield Index          6.76%       6.89%            7.35%           8.56%              2 Year                             0.43%       0.26%     0.32%            0.81%            1.59%
Global Index (Ex-US)                   1.58%       1.59%            1.72%           2.38%              3 Year                             0.60%       0.37%     0.42%            1.06%            1.95%
Source: Barclay Cap.                                                                                   5 Year                             1.02%       0.71%     0.75%            1.72%            2.62%
                                                  1 MONTH         3 MONTHS          1 YEAR
KEY RATE                               YIELD        AGO              AGO             AGO               7 Year                             1.49%       1.11%     1.38%            2.35%            3.17%

LIBOR (Overnight)                      0.15%        0.17%           0.15%            0.14%             10 Year                            2.22%       1.66%     1.95%            2.98%            3.74%

LIBOR (3 Mo)                           0.43%        0.46%           0.47%            0.29%             30 Year                            4.07%       2.75%     3.26%            4.10%            4.63%
Source: Bloomberg                                       Reflect price change, not total return.        Source: Bloomberg                                              Reflect price change, not total return.

                                                                                                  Page 2 of 3
                                               Weekly Market Overview for the week ending August 10, 2012



CHART OF THE WEEK                                                                                                                      ECONOMIC CALENDAR
Treasuries are paying a positive yield after accounting for inflation for the first time                                               The following economic data is
in more than 14 months as investors demand higher rates amid signs the U.S. job                                                        scheduled to be reported during the
                                                                                                                                       week of August 13, 2012:
market is improving.
                                                                                                                                       ►    Monday - No economic data
                                                                                                                                            scheduled for release
                                                                                                                                       ►    Tuesday - July Producer Price
                                                                                                                                            Index, July Retail Sales, June
                                                                                                                                            Business Inventories
                                                                                                                                       ►    Wednesday - July Consumer
                                                                                                                                            Price Index, July Industrial
                                                                                                                                            Production, July Capacity
                                                                                                                                            Utilization
                                                                                                                                       ►    Thursday –July Housing
                                                                                                                                            Starts, August Philadelphia
                                                                                                                                            Survey
                                                                                                                                       ►    Friday - August Michigan
                                                                                                                                            Sentiment Index, July Leading
                                                                                                                                            Economic Indicators
Source: Bloomberg

  Dennis A. Johnson, CFA®                                                                      Questions or Comments
  Chief Investment Officer, Comerica Asset Management                                         California             Bob Griffin                       (415) 477-3234
  Group           255 E. Brown Street, Birmingham, MI 48009                                   Florida                Deborah Koplik, CFA®              (239) 732-3265
  Phone:          248-594-4138                                                                Michigan               Doug Bajor, CFA®                  (313) 222-9637
  Contributors:          Joseph Francisco Erik Clapsaddle, CFP®                               Texas                  Steve Schenosky, CFA®             (713) 507-4916

                         Alexis Wheeler          Todd J. Artwell

                                                                        Comerica Asset Management Group
                                                                               Comerica Securities, Inc.
This publication from Comerica Wealth Management is designed to keep you informed regarding issues that pertain to conversations with clients and prospects. The information
herein is believed to be reliable but Comerica Wealth Management and Institutional Service Group does not warrant its completeness or accuracy. Opinions and disclosures are
subject to change without notice. Past performance is not indicative of future results. The material is not intended as an offer or solicitation for the purchase or sale of any
financial instrument. The investments and strategies discussed herein may not be suitable for all clients. Please contact your local Portfolio Manager or Financial Consultant for
further clarification of specific questions. The material is not intended to provide and should not be relied on for accounting, legal or tax advice, or investment recommendations.
Clients should consult their tax or legal advisors about the issues discussed herein.

Comerica’s Wealth Management team consists of various divisions and affiliates of Comerica Bank and also subsidiaries of Comerica Bank including World Asset Management,
Inc.; Wilson, Kemp & Associates, Inc.; Comerica Insurance Services, Inc. and its affiliated insurance agencies; and Comerica Securities, Inc. Comerica Bank is an Equal
Opportunity Lender. Securities products and services are offered through Comerica Securities, Inc., which is a broker/dealer, federally Registered Investment Advisor and
member FINRA/SIPC. Insurance products are offered through subsidiaries of Comerica Bank, and its affiliated insurance agencies. If you would prefer not to receive these
emails in the future, please reply to the sender with UNSUBSCRIBE in the subject line.

                                        Dennis Johnson CFA®, Chief Investment Officer, Comerica Asset Management Group
                                                255 E. Brown Street, Birmingham, MI 48009 Phone: 248-594-4138



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