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					                          Weekly Market Overview for the week ending September 21, 2012


              ECONOMY                                      REAL ESTATE                        The Bank of Japan announced an increase
Household debt declined to 113.2% of after      Real Estate Private Equity Group, the real    in its asset purchase program to $1 trillion.
-tax income, according to a report from the     estate arm of John Paulson, acquired 530      In addition, the central bank stated that it
Federal Reserve.                                acres of development real estate in Lake      will continue the asset purchase program
                                                Las Vegas for $17 million in cash.            through the end of 2013.
Single family housing starts increased 5.5%
in August from July, according to a report                 COMMODITIES                                 CORPORATE NEWS
by the U.S. Commerce Department.                Unica, the Brazilian Sugar Industry           MasterCard lowered the low end of its
              MARKETS                           Association, lowered its industry             earnings guidance due to the impact of
                                                production forecast by 2% due to the          global economic conditions on consumer
The Dow Jones Industrial Average declined                                                     spending.
0.1% for the week to close at 13,579. The       impact of weather conditions.
Nasdaq Composite declined 0.1% from the         Data from the European Union shows that       Jefferies Group reported operating earnings
previous week. International equity markets     the supply of pigs in the euro zone           per share of $0.24 versus $0.31 a year ago.
measured in U.S. dollars by the Dow Jones       continues to decline due to high and rising   Results were below the consensus forecast
Wilshire Global Indexes declined 0.8%.          feed costs.                                   of $0.28 per share.

Interest rates, as measured by the Barclays     Russia’s economic development minister        Oracle reported quarterly earnings per share
Capital Aggregate Index, closed the week at     publicly stated that the country could        of $0.41 versus $0.36 a year ago. Revenue
1.72% versus the previous week’s close of       impose a ban on wheat exports if domestic     declined 2% during the period.
1.78%.                                          prices for the crop continue to rise.         Daimler AG warned that its Mercedes Benz
Commodity prices, as measured by the                  ALTERNATIVE ASSETS                      unit will miss its 2012 profit target. The
Commodity Research Bureau (CRB) Index,                                                        company cited competition in China and
                                                Anschutz Entertainment Group (AEG),           weak demand in Europe as the reasons for
declined 0.4%.                                  which owns the Staples Center in Los          the profit shortfall versus target.
The Euro/U.S. dollar exchange rate closed       Angeles and other entertainment assets
the week at $1.298, a decline of 1.3%           around the world, has been put on the         Exxon agreed to acquire acreage in the
versus the previous week.                       market for sale.                              Bakken Shale from Denbury Resources for
                                                                                              $1.6 billion.
                CREDIT                          Privately-held Restoration Hardware filed
                                                plans with the Securities and Exchange        Norfolk Southern stated third quarter
The U.S. Treasury sold $13 billion worth of                                                   earnings will be $1.25 per share versus the
10-year Treasury Inflation Protected            Commission for an Initial Public Offering.
                                                The transaction is projected to raise $150    consensus forecast of $1.63. Results are
Securities (TIPS) at a record low yield of                                                    below expectations due to weak volume
negative 0.75%. Demand was at the lowest        million.
                                                                                              growth.
level in more than three years.                 China Investment Corporation, China’s
                                                sovereign wealth fund, stated that it will    Fedex provided a cautious outlook for
According to the Bond Buyer, the city of                                                      revenue growth due to weak global trade
Atwater, California may be the next city to     make co-investments with its private equity
                                                partners. This approach will allow the fund   and specifically lower exports from China.
file for Chapter 9 bankruptcy as it considers
whether it will declare a fiscal emergency      to be a more direct and active investor in    General Mills reported earnings per share
in the upcoming months. On September            portfolio companies instead of being a        of $0.82 versus $0.61 a year ago. Revenue
20, California state Controller John Chiang     Limited Partner (LP) in a private equity      increased 5.3% during the period.
warned of more California municipal             fund.
                                                                                              Yahoo received approximately $4.3 billion
bankruptcies.                                             INTERNATIONAL                       from the sale of half its 40% interest in
The yield on the Greek 10-year bond has         The South African Reserve Bank left its       Alibaba Group Holdings. Alibaba has the
dropped below 20% for the first time since      repurchase rate unchanged at 5%.              right to purchase Yahoo’s remaining
March 29, 2012. It had reached almost                                                         interest in the company.
                                                The Euro Zone Purchasing Manager Index
29% toward the end of May.                      (PMI) declined to 45.9 in September from      Manchester United reported a larger than
Corporate debt issuance decreased 11% this      46.3 in August, according to a report by      expected loss for its most recent fiscal
past week.                                      research firm Markit.                         quarter. The company also provided a
                                                                                              revenue forecast for the current fiscal year
Based on the B of A Merrill Lynch               Argentina’s economy declined 0.8% in the      that was below the consensus forecast. The
Corporate/High Yield Master index,              second quarter from the first quarter,        company recently completed an Initial
corporate bond yields have declined to a        according to a report by the national         Public Offering (IPO).
record low of 3.738%.                           statistics agency.

                                                             Page 1 of 3
                                                   Weekly Market Overview for the week ending September 21, 2012

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

DJIA                       13,579.47      -0.10%       3.73%           7.43%          11.15%            MSCI EAFE                           1556.06   -0.88%    5.67%          12.77%          10.16%

S&P 500                     1,460.15      -0.38%       3.81%           9.37%          16.11%            MSCI (EM)                           1006.6    -0.74%    6.26%           9.75%           9.84%

NASDAQ                      3,179.96      -0.13%       3.68%           9.94%          22.06%            MXLA (Latin America)                3744.18   -1.63%    5.75%           8.86%           3.94%

Russell 1000                    804.71    -0.53%       3.82%           9.42%          16.06%            Nikkei 225 (Japan)                   9110     -0.54%    3.06%           3.54%           7.74%

Russell 1000 Gwth               680.97    -0.07%       3.46%           9.00%          17.23%            Hang Seng Index (Hong Kong)        20734.94   0.51%     6.43%           9.16%          12.48%

Russell 1000 Value              719.22    -0.98%       4.18%           9.83%          14.88%            Shanghai SE Comp Index (China)      2026.69   -4.57%    -1.02%         -10.36%         -7.85%

S&P MidCap                  1,006.04      -2.03%       3.55%           9.81%          14.43%            S&P/TSX Composite Index (Canada)    12383.6   -0.93%    3.63%           8.29%           3.58%

Russell 2000                    855.51    -1.06%       5.35%          10.37%          15.47%            DJ Euro Stoxx 50 (Europe)           2577.08   -0.67%    5.59%          17.85%          11.25%

Russell 3000                    861.51    -0.57%       3.94%           9.49%          16.02%            FTSE 100 Index (UK)                 5852.62   -1.06%    2.47%           6.15%           5.03%

DJ Wilshire 5000           15,113.27      -0.58%       3.92%          9.49%            16.08%           DAX Index (Germany)                 7451.62   0.53%     6.90%           18.97%         26.33%
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                          559.57    -1.81%       4.88%          11.19%          7.44%             CRB Index                           308.98    -3.72%    -0.20%         15.30%           1.21%

Materials                       237.44    -1.71%       5.58%           6.50%          12.15%            Trade Weighted Dollar                71.78    -1.41%    -2.82%          -3.71%         -2.30%

Industrials                     322.97    -1.24%       2.69%           4.16%          10.48%            WTI Cushing Crude Oil                92.61    -6.45%    -4.00%         16.70%          -6.29%

Cons Discretionary              376.26    -0.06%       4.77%           8.81%          21.93%            Natural Gas US Natl Avg              2.95     -3.33%    0.72%           4.10%          -33.45%

Cons Staples                    372.13    1.21%        1.70%           3.68%          10.91%            Gasoline 87 Conventional            324.25    -0.71%    3.66%          31.74%          19.70%

Health Care                     466.47    1.83%        4.07%           5.83%          16.07%            Gold                                1773.10   0.15%     4.79%          12.76%          13.39%

Financials                      213.49    -2.42%       4.96%           8.17%          21.83%            Silver                               34.53    -0.38%    8.82%          28.30%          24.01%

Info Technology                 506.47    -0.13%       3.62%           9.62%          23.55%            LME 3 Mo Copper                     8281.5    -1.18%    8.75%          13.29%           8.97%

Tele Services                   158.85    2.40%        4.99%           7.96%          22.36%            Cocoa                                2521     -4.58%    -3.41%         19.93%          17.36%

Utilities                    183.18       -0.38%      -0.05%          -2.46%          0.11%             Sugar                                20.07    -3.37%    1.47%           1.62%          -13.86%
Source: Standardandpoors.com                           Reflect price change, not total return.          Source: Bloomberg                                        Reflect price change, not total return.
                                         CURRENT PREV MO           PREV QTR          1 YEAR                                                MUNI AA+            US Govt
FIXED INCOME                              YIELDS   END               END               AGO              YIELD CURVE                          GO       TREAS    AGENCY          A CORP        BBB CORP

US Aggregate Index                        1.73%        1.74%           1.98%          2.26%             1 Month                                -      0.04%        -               -               -

US MBS Index                              1.98%        2.15%           2.44%          2.74%             3 Month                             0.25%     0.10%    0.14%            0.29%           0.75%

US Municipal Bond Index                   2.26%        2.25%           2.45%          2.99%             6 Month                             0.26%     0.14%     0.16%           0.34%           0.84%

US Corporate Index                        2.87%        2.89%           3.27%          3.63%             1 Year                              0.31%     0.17%     0.15%           0.47%           1.04%

US Corporate High Yield Index             6.24%        6.74%           7.35%          8.65%             2 Year                              0.44%     0.26%     0.33%           0.71%           1.40%

Global Index (Ex-US)                      1.56%        1.57%           1.72%          2.00%             3 Year                              0.61%     0.35%     0.38%           0.96%           1.74%
Source: Barclay Cap.                                                                                    5 Year                              1.04%     0.67%     0.85%           1.61%           2.44%
                                                    1 MONTH        3 MONTHS          1 YEAR
KEY RATE                                  YIELD       AGO             AGO              AGO              7 Year                              1.54%     1.13%     1.32%           2.29%           3.05%

LIBOR (Overnight)                         0.15%        0.15%           0.17%          0.15%             10 Year                             2.31%     1.75%     1.92%           3.00%           3.67%

LIBOR (3 Mo)                              0.37%        0.42%           0.46%          0.36%             30 Year                             4.10%     2.94%     3.29%           4.25%           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 21, 2012



CHART OF THE WEEK                                                                                                                                        ECONOMIC CALENDAR
Increased confidence among homebuilders is months away from translating into faster job                                                                  The following economic data is
growth for residential construction, according to Neil Dutta, head of U.S. economics at                                                                  scheduled to be reported during
Renaissance Macro Research, LLC.                                                                                                                         the week of September 24,
                                                                                                                                                         2012:
                                                                                                                                                         ►     Monday - No economic data
                                                                                                                                                               scheduled for release
                                                                                                                                                         ►     Tuesday - September
                                                                                                                                                               Consumer Confidence
                                                                                                                                                         ►     Wednesday - August New
                                                                                                                                                               Home Sales
                                                                                                                                                         ►     Thursday - August Durable
                                                                                                                                                               Goods, Q2 GDP
                                                                                                                                                         ►     Friday - August Personal
                                                                                                                                                               Income, August Consumption,
                                                                                                                                                               September Chicago PMI,
                                                                                                                                                               September Michigan
                                                                                                                                                               Sentiment
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 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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