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Comerica Financial Update

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					                      Weekly Market Overview for the week ending September 7, 2012


              ECONOMY                                                                                    INTERNATIONAL
The Institute for Supply Management           Michigan Governor Rick Snyder declared          China’s Purchasing Manager Index was
Services Index increased to 53.7 in August    the City of Allen Park to be in a state of      49.2 in August versus 50.1 in July. This
from a reading of 52.6 in July. Economists    financial emergency. In 2009, the city          was the lowest reading since November
had forecast a reading of 52.5.               issued $31 million of general obligation        2011.
                                              bonds for a failed film studio project.
The U.S. economy produced 96,000 new                                                          Switzerland’s economy contracted 0.1%
jobs in September, according to a report      The yield on the Spanish 10-year                during the second quarter versus the first
from the Federal Reserve. The                 government bond fell below 6% for the first     quarter. The consensus forecast called for a
unemployment rate declined to 8.1%.           time since May 25, 2012. Spanish bonds          0.2% increase.
                                              have benefited from the European Central
Worker productivity increased 2.2% in the
                                              Bank’s bond-buying plan.                        Brazil’s President, Rousseff, implemented
second quarter after declining 0.5% in the
                                                                                              an economic policy that will lower
first quarter, according to a report by the               REAL ESTATE
                                                                                              industrial electricity rates by as much as
U.S. Labor Department.
                                              S&P announced the implementation of a           28%, while residential consumers would
The Institute for Supply Management           new methodology that will be used to rate       see rates fall on average by 16.2%.
Manufacturing Index declined to 47.2 in       commercial mortgage-backed bonds. The
August. A reading below 50 suggests           commercial mortgage-backed bond market          The Organization for Economic
economic activity is contracting.             is estimated to have a market value of $600     Cooperation and Development (OECD)
                                              billion. The new rating methodology is          lowered its forecast for 2012 economic
              MARKETS                         projected to impact the current credit rating   growth in the United Kingdom from 0.5%
The Dow Jones Industrial Average              for more than $100 billion of commercial        to a contraction of 0.7%.
increased 1.7% for the week to close at       mortgage-backed bonds.
                                                                                              Industrial production in Germany increased
13,306. The Nasdaq Composite increased        Schlitterbahn Waterparks announced plans        1.3% in July, higher than the consensus
2.3% from the previous week. International    to build a new $70 million waterpark            forecast that called for zero growth.
equity markets measured in U.S. dollars by
                                              located in Corpus Christi, Texas.
the Dow Jones Wilshire Global Indexes                                                                  CORPORATE NEWS
increased 2.7%.                                          COMMODITIES
                                                                                              Intel lowered its revenue forecast for the
Interest rates, as measured by the Barclays   The International Sugar Organization            third quarter by $1 billion. The company
Capital Aggregate Index, closed the week at   forecast that global sugar inventory will       cited weak PC demand and global
1.80% versus the previous week’s close of     exceed five million tons for the second         macroeconomic issues for revising its
1.74%.                                        consecutive year. Sugar prices declined to a
                                                                                              revenue forecast.
                                              three month low on the news.
Commodity prices, as measured by the                                                          Dollar General reported operating earnings
Commodity Research Bureau (CRB) Index,              ALTERNATIVE ASSETS
                                                                                              per share of $0.69 versus $0.52 a year ego.
increased 0.7%.
                                              Quirky Inc., a start up technology company,     Same-store sales growth was 5.1%.
The Euro/U.S. dollar exchange rate closed     raised $68 million from several venture
                                              capital firms including Kleiner Perkins and     FedEx pre-announced disappointing
the week at $1.2816, an increase of 1.9%
versus the previous week.                     Andreessen Horowitz. The transaction            earnings per share for the first fiscal quarter
                                              values the company at $150 million.             ending August 31, 2012. Management
                CREDIT                                                                        predicts earnings will be in the range of
                                              The Chicago Board Options Exchange              $1.37-$1.43 versus its previous forecast of
Futures traders raised buy positions on 2-    announced plans with CME Group to
year, 5-year, and 10-year Treasury Notes                                                      $1.45-$1.60 per share. The company
                                              launch a London based platform next year        reported earnings per share of $1.46 during
betting that prices will rise.                that will facilitate 24-hour trading in the
                                                                                              the same period a year ago.
The sales of corporate bonds increased by     Volatility Index also known as the VIX.
over six times the previous week as there     Japan Airlines completed the second largest
was $35.7 billion issued. Issuance was led    Initial Public Offering (IPO) this year after
by WellPoint as they sold $3.5 billion and    Facebook, by raising $8.4 billion. 75% of
Nuveen Investments, rated eight levels        the offering was purchased by local
below investment grade by both Moody’s        investors and 25% by international
and S&P, issued $1.15 billion.                investors.

                                                            Page 1 of 3
                                                  Weekly Market Overview for the week ending September 7, 2012

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

DJIA                       13,306.64      1.65%        1.65%             5.27%               8.91%          MSCI EAFE                             1514       2.82%     2.82%               9.72%            7.18%

S&P 500                     1,437.92      2.23%        2.23%             7.71%               14.34%         MSCI (EM)                            968.82      2.27%     2.27%               5.63%            5.72%

NASDAQ                      3,136.42      2.26%        2.26%             8.44%               20.39%         MXLA (Latin America)                 3633.35     2.62%     2.62%               5.64%            0.86%

Russell 1000                    793.33    2.36%        2.36%             7.87%               14.42%         Nikkei 225 (Japan)                   8871.65     0.36%     0.36%               0.83%            4.92%

Russell 1000 Gwth               671.14    1.97%        1.97%             7.42%               15.54%         Hang Seng Index (Hong Kong)         19802.16     1.64%     1.64%               4.25%            7.42%

Russell 1000 Value              709.27    2.74%        2.74%             8.31%               13.29%         Shanghai SE Comp Index (China)       2127.76     3.92%     3.92%              -5.89%            -3.26%

S&P MidCap                  1,004.60      3.40%        3.40%             9.66%               14.27%         S&P/TSX Composite Index (Canada)    12268.01     2.67%     2.67%               7.28%            2.62%

Russell 2000                    842.27    3.72%        3.72%             8.66%               13.68%         DJ Euro Stoxx 50 (Europe)            2538.6      4.01%     4.01%              16.09%            9.59%

Russell 3000                    849.24    2.46%        2.46%             7.93%               14.36%         FTSE 100 Index (UK)                  5794.8      1.46%     1.46%               5.10%            3.99%

DJ Wilshire 5000           14,898.12      2.44%        2.44%             7.93%               14.43%         DAX Index (Germany)                  7214.5      3.50%     3.50%              15.19%           22.31%
Source: Bloomberg                                  Reflect price change, not total return.                  Source: Bloomberg                                                Reflect price change, not total return.

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

Energy                          547.66    2.65%        2.64%             8.82%               5.16%          CRB Index                            311.67      0.67%     0.67%              16.31%            2.09%

Materials                       232.81    3.52%        3.52%             4.43%               9.97%          Trade Weighted Dollar                 73.58      -0.39%    -0.39%             -1.31%            0.14%

Industrials                     320.39    1.87%        1.87%             3.33%               9.60%          WTI Cushing Crude Oil                 96.42      -0.05%    -0.05%             21.50%            -2.44%

Cons Discretionary              369.17    2.80%        2.80%             6.75%               19.63%         Natural Gas US Natl Avg               3.06       4.71%     4.71%               8.22%           -30.82%

Cons Staples                    368.06    0.58%        0.58%             2.55%               9.69%          Gasoline 87 Conventional             337.96      8.04%     8.04%              37.32%           24.76%

Health Care                     456.68    1.89%        1.89%             3.61%               13.63%         Gold                                 1735.65     2.58%     2.58%              10.38%           11.00%

Financials                      210.72    3.60%        3.60%             6.76%               20.25%         Silver                               33.6825     6.15%     6.15%              25.16%           20.97%

Info Technology                 499.16    2.12%        2.12%             8.04%               21.77%         LME 3 Mo Copper                       7970       4.66%     4.66%               9.03%            4.87%

Tele Services                   153.86    1.69%        1.69%             4.57%               18.52%         Cocoa                                 2676       2.53%     2.53%              27.31%           24.58%

Utilities                    184.47       0.65%        0.65%             -1.77%              0.81%          Sugar                                 19.38      -2.02%    -2.02%             -1.87%           -16.82%
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                        1.82%        1.74%             1.98%               2.34%          1 Month                                 -        0.09%       -                    -                -
US MBS Index                              2.24%        2.15%             2.44%               2.92%          3 Month                              0.25%       0.10%    0.14%               0.34%             0.87%
US Municipal Bond Index                   2.27%        2.25%             2.45%               3.02%          6 Month                              0.26%       0.13%     0.15%              0.40%             0.96%
US Corporate Index                        2.96%        2.89%             3.27%               3.61%          1 Year                               0.27%       0.16%     0.17%              0.54%             1.14%

US Corporate High Yield Index             6.61%        6.74%             7.35%               8.56%          2 Year                               0.47%       0.25%     0.32%              0.77%             1.50%
Global Index (Ex-US)                      1.56%        1.57%             1.72%               2.02%          3 Year                               0.61%       0.33%     0.37%              1.02%             1.84%
Source: Barclay Cap.                                                                                        5 Year                               1.00%       0.64%     0.57%              1.65%             2.51%
                                                     1 MONTH          3 MONTHS               1 YEAR
KEY RATE                                  YIELD        AGO               AGO                   AGO          7 Year                               1.52%       1.09%     1.32%              2.31%             3.12%

LIBOR (Overnight)                         0.15%        0.15%             0.16%               0.14%          10 Year                              2.20%       1.67%     1.89%              2.99%             3.70%

LIBOR (3 Mo)                              0.40%        0.44%             0.47%               0.34%          30 Year                              4.09%       2.83%     3.24%              4.21%             4.67%
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 September 7, 2012



CHART OF THE WEEK                                                                                                                      ECONOMIC CALENDAR

The European Central Bank President, Mario Draghi, may have decided to sterilize planned                                               The following economic data is
purchases of government bonds maturing in three years or less after his organization surpassed the                                     scheduled to be reported during the
                                                                                                                                       week of September 10, 2012:
Federal Reserve and the Bank of Japan in pumping money into the financial system.
                                                                                                                                       ►    Monday - July Consumer Credit

                                                                                                                                       ►    Tuesday - July International
                                                                                                                                            Trade

                                                                                                                                       ►    Wednesday - August Import
                                                                                                                                            Prices, July Wholesale
                                                                                                                                            Inventories

                                                                                                                                       ►    Thursday - August Producer Price
                                                                                                                                            Index

                                                                                                                                       ►    Friday - August Consumer Price
                                                                                                                                            Index, August Retail Sales,
                                                                                                                                            August Industrial Production,
                                                                                                                                            August Capacity Utilization,
                                                                                                                                            September Michigan Sentiment,
                                                                                                                                            July Business Inventories




Source: Bloomberg

  Dennis A. Johnson, CFA®                                                                      Questions or Comments
  Chief Investment Officer, Comerica Asset Management Group
                                                                                              California             Bob Griffin                       (415) 477-3234
  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®

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



                                                                                   Page 3 of 3

				
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