AGF Week in Review - For the week ending November 5_ 2010

					                                                         For the week ending November 5, 2010

From the desk of:
Martin Hubbes
Chief Investment Officer
AGF Investments Inc.


    Economic News
         Canadian employment edges lower
         Canadian Purchasing Managers’ Index descends in October
         QE2 sets sail
         U.S. private payrolls significantly higher than expected
         Eurozone retail sales unexpectedly decline
         Chinese PMI posts biggest gain in six months
         Australia and India raise interest rates


    Company News
         BCE posts strong results amidst new competition
         Suncor reports stellar Q3 results
         Canadian Natural Resources beats expectations
         Whole Foods doubles earnings, raises profit forecast
         Corning profit rises but misses expectations
         BBVA to buy stake in Garanti
         BNP reports solid earnings
         SocGen reports strong third-quarter earnings
         Lojas Americanas reports jump in third-quarter profit
         Wal-Mart may amend Massmart offer
         The week ahead


    Market Data
                                                                                   For the week ending November 5, 2010

    Economic News                                               an increase in business investment, while a weaker
                                                                U.S. dollar will support U.S. exports.
    Canadian employment edges lower                             Altogether, the Fed will print money to buy as much as
    Statistics Canada reported unemployment edged lower         US$900 billion in U.S. government bonds through
    in October to 7.9% from 8.0% last month.                    June, an amount roughly equal to the government's
                                                                total projected borrowing needs over that period. The
    The jobless rate has hovered around 8% for several          increased liquidity raises fears of inflation, which could
    months as most of Canada's job creation came in the         drive long-term interest rates higher, causing the Fed’s
    first few months of the year. During the first six months   program to backfire.
    of the year, an average of 51,000 jobs was created
    each month. Since then, the economy has only                The lone dissenter in the 10-1 vote of the Fed’s policy
    averaged 5,700.                                             committee was Thomas Hoenig, the president of the
                                                                Federal Reserve Bank of Kansas City, who described
    In October, 47,000 full-time jobs were created while        the move before the meeting as a “bargain with the
    44,000 part-time jobs were lost. The private sector         devil.” Fed officials are betting that inflation is being
    employed more workers while the public sector was           pushed forcefully in the other direction as a result of the
    little changed and self employment fell.                    excessive spare capacity that still exists in the
                                                                economy, which includes high unemployment, a weak
    Source: Statistics Canada                                   housing market and manufacturers operating with 28%
                                                                of their productive capacity going unused.
    Canadian Purchasing Managers’ Index descends
                                                                In a post-meeting statement, the Fed said it was acting
    in October
                                                                to "promote a stronger pace of economic recovery" and
    The Ivey Purchasing Managers’ Index fell to 56.7 in         to ensure that inflation, now running at around a 1%
    October, down sharply from a reading of 70.3 last           annual rate, moves toward the Fed's informal objective
    month. Analysts had been expecting the index to fall to     of 2%.
    69.7 in October.
                                                                U.S. trading partners, primarily in the developing world,
    The results have caused investors to speculate              openly worry about the Fed’s injection of liquidity as it
    whether the sluggish U.S. economy has begun to have         creates inflation in their own economies and increases
    a dampening effect on the Canadian economy.                 the risk of asset-price bubbles. Fed officials say that a
                                                                strong U.S. economy is in everyone’s interest.
    A reading above 50.0 indicates expansion while a
    reading below 50.0 suggests a contracting economy.          Source: Wall Street Journal

    Source: Bloomberg                                           U.S. private payrolls significantly higher than
    QE2 sets sail
                                                                Total payrolls climbed 151,000 in October, more than
    The highly anticipated QE2, or quantitative easing part     forecast and the first increase since May. Payrolls were
    II, was announced by the U.S. Federal Reserve Board         forecast to increase by 60,000, according to the
    (Fed) in an effort to boost “disappointingly slow”          median survey compiled by Bloomberg. The figure
    economic recovery. The Fed will buy US$600 billion of       follows a revised 41,000 drop in payrolls the prior
    U.S. government bonds over the next eight months in         month that was smaller than initially estimated.
    an effort to drive down interest rates and encourage
    borrowing and economic growth.                              Private payrolls, which exclude government agencies,
                                                                climbed 159,000 in October, the largest gain since
    The amount equates to US$75 billion of new                  April. Economists in a Bloomberg survey were
    purchases per month on top of the US$35 billion per         expecting a gain of 80,000.
    month that the Fed expects to spend to replace
    mortgage bonds in its portfolio that are maturing.          Manufacturing payrolls unexpectedly fell by 7,000 in
                                                                October while employment at service providers
    The U.S. dollar has fallen in anticipation of a flood of    increased 146,000, the first gain since May.
    new U.S. currency that will hit global financial markets.   Government payrolls decreased by 8,000, with state
    Other than cheap borrowing costs, higher stock prices       and local governments losing 7,000 jobs and the
    could encourage households to spend more and spur           federal government losing 1,000.

                                                                                  For the week ending November 5, 2010

    Average hourly earnings increased to US$22.73 from         creeping higher in the region. India’s growth has largely
    US$22.68 in September.                                     been a result of increasing wealth amongst its massive
                                                               Source: Bloomberg
    Eurozone retail sales unexpectedly decline
    Retail sales in the eurozone fell 0.2% in September as
                                                               Company News
    government budget cuts and slower economic growth
    weighed on companies’ hiring plans; economists were        BCE posts strong results amidst new
    expecting a 0.1% gain.                                     competition
                                                               BCE Inc. reported third-quarter earnings of $528 million
    Retail sales in Germany fell 2.3% in September from
                                                               or $0.70 per share, compared to $558 million or $0.72
    August levels, while French and Spanish sales fell
                                                               during the same period last year.
    0.4% and 0.6%, respectively.
                                                               BCE president and CEO George Cope commented that
    Households in Europe may pare back spending as
                                                               the company continues to face an “increasingly
    governments   try    to   reduce      spending      and
                                                               competitive communications marketplace.”
    unemployment rates remain at relatively high levels.
                                                               Bell’s wireline division, which includes TV, home phone
    Source: Bloomberg
                                                               and internet customers, reported a 0.9% decline in
                                                               operating revenues. However, the company generated
    Chinese PMI posts biggest gain in six months               a 31% increase in post-paid subscriber additions,
    Chinese manufacturing reported its largest monthly         which is an area they were struggling with a few years
    gain in six months suggesting the economy can              ago. These are the more “lucrative” customers, most
    support a higher yuan and higher interest rates.           often smart phone users who use the high margin
                                                               monthly data plans.
    The logistics federation reported the purchasing
    managers’ index (PMI) rose to 54.7 in October, up from     Source: Bloomberg
    53.8 during the previous month suggesting strong
    growth despite the government’s efforts to temper          Suncor reports stellar Q3 results
                                                               Suncor Energy reported one of its best quarterly results
                                                               ever as strong oilsands production and higher oil prices
    October’s results marked the third consecutive monthly
                                                               boosted earnings for the energy giant. CEO Rick
    increase. In addition, the input price indicator also
                                                               George commented that it was “one of our strongest
    jumped in October indicating price inflation could be
                                                               quarters” and the company will generate $800 million in
                                                               savings from the Petro-Canada merger, more than
                                                               double what was expected.
    Source: Bloomberg
                                                               The company posted earnings of $1.02 billion
    Australia and India raise interest rates                   compared to $929 million during the same period last
    The Reserve Bank of Australia (RBA) unexpectedly           year. More than $490 million of gains were realized on
    raised interest rates to 4.75% on concerns stronger        the sale of non-core assets as the company continues
    growth will stoke inflation.                               to focus on its core assets.

    Central Bank governor Glenn Stevens commented that         Excluding Suncor’s share from its Syncrude joint
    the economy has only “relatively modest amounts of         venture, the company’s oilsands output rose to
    spare capacity” and the Bank is remaining vigilant         306,600 barrels per day, up from 305,300 barrels last
    towards the risk of “inflation rising again over the       year.
    medium term.” This was the first increase in six months
    for the RBA. Australia avoided the recession during the    Source: Bloomberg
    financial crisis and continues to strengthen as resource
    companies continue to add jobs.                            Canadian Natural Resources beats expectations
                                                               Canadian Natural Resources reported earnings of
    The Reserve Bank of India also raised rates by 0.25%
    to 6.25% citing inflation concerns, which have been

                                                                                    For the week ending November 5, 2010

    $580 million, or $0.53 per share, for its third quarter,    from US$679 million in the same quarter a year earlier.
    down from $658 million, or $0.61 per share, during the
    same period last year.                                      As a result of ample supplies, the company said it
                                                                expects a more pronounced drop than usual in LCD
    The company is getting ready for its second phase in        glass prices in the current quarter. The company
    the Horizon mine in northern Alberta and a new steam-       warned in September that LCD volume would fall 5% in
    driven oilsands project at Kirby. Canadian Natural          the third quarter from an unusually high plateau in the
    Resources reported output from its Horizon project          second quarter. Volume actually fell 8% as Asian flat-
    averaged more than 83,000 barrels per day (bpd) in          panel producers moderated production in order to
    the quarter, a 25% increase from the same period last       prevent a build up of inventory.
    year, but still remains below capacity as they continue
    to increase efficiencies at the mine. Future expansion      Chief Executive Wendell Weeks said that "while our
    plans, which could increase production to as much as        LCD glass business adjusted with the supply chain
    250,000 bpd, will be made next year as the company          correction that occurred in the third quarter, global retail
    remains      cautious    of    another    hyper-inflation   demand for LCD products continued to show year-
    environment that prevailed there before the recession.      over-year growth in all markets other than televisions in
                                                                the U.S."
    Canadian Natural Resources expects 2010 production
    of 1,242 – 1,250 million cubic feet per day of natural      Source: Associated Press
    gas and 423,000 – 430,000 barrels per day of crude oil
    and Natural Gas Liquids.                                    BBVA to buy stake in Garanti
    Source: Reuters                                             Spain’s second-largest bank Banco Bilbao Vizcaya
                                                                Argentaria said it would pay US$5.8 billion to purchase
                                                                a 24.9% stake in Turkish lender Turkiye Garanti
    Whole Foods doubles earnings, raises profit
                                                                Bankasi. BBVA is buying 6.3% from Dogus Holding for
    forecast                                                    US$2.06 billion and 18.6% from General Electric for
    Whole Foods Market Inc., the largest U.S. natural-          US$3.78 billion.
    goods grocer, reported fiscal fourth-quarter earnings
    that exceeded analysts’ expectations. The company           BBVA said it plans to pay for the deal with a rights
    also raised its profit forecast.                            offering. The bank said that its core capital ratio may
                                                                rise to 8.8% from 8.2% in September following the
    Net income for the quarter ending September 26              completion of the deal and the rights issue.
    increased to US$57.5 million or US$0.33 per share.
    This compared to net income of US$28.7 million, or          The purchase gives BBVA access to the fast-growing
    US$0.20 per share, in the same period a year earlier.       Turkish economy, which expanded 10.3% in the
                                                                second quarter from year-ago levels. BBVA has been
    The company boosted its fiscal 2011 profit forecast to      trying to reduce its exposure to Spain, where it
    as much as US$1.71 per share compared to a previous         generates over half of its profit.
    high of US$1.64. Sales rose 15% to US$2.1 billion from
    US$1.8 billion.                                             Source: Bloomberg

    Source: Bloomberg                                           BNP reports solid earnings
                                                                BNP Paribas reported profits for the third quarter of
    Corning profit rises but misses expectations                €1.9 billion, which was up 46% from the same period
    Corning Inc., the world’s largest maker of LCD glass,       one year ago. Revenues were up 1.8% on a year-over-
    reported third-quarter profits jumped 22% but missed        year basis driven by growth in Retail Banking and
    analysts’ expectations. Sales of glass for flat-panel       Investment Solutions.
    televisions were lower due to weaker retail demand in
    the U.S. for LCD TVs.                                       Management said that the integration of Fortis is
                                                                progressing ahead of its targets. During the first nine
    The company’s net income rose to US$785 million, or         months of the year, the company recorded €292 million
    US$0.50 per share, in the third quarter, an increase        in synergies, in addition to the €120 million recorded in
    from US$643 million, or US$0.41 per share, a year           2009. The company said that it has realized another
    earlier. Revenue increased 8% to US$1.6 billion from        €200 million in synergies that will be booked in the
    US$1.48 billion. Revenue in Corning’s display               coming quarters.
    technologies segment dropped 5% to US$643 million

                                                                                   For the week ending November 5, 2010

    The bank reported that its core tier one ratio was 9.0%     Statistics in Rio de Janeiro.
    at the end of the quarter, up from 8.0% at the end of
    2009. Using BNP’s guidance and assuming a 33%               Source: Bloomberg
    dividend payout ratio the bank’s core tier one will be
    approx. 8.9% at the end of 2012.                            Wal-Mart may amend Massmart offer
    Source: Bloomberg                                           Retailing giant Wal-Mart said that it may amend its non-
                                                                binding offer for South African-based Massmart to be a
                                                                “partial offer” for a controlling stake in the company.
    SocGen reports strong third-quarter earnings
                                                                Wal-Mart bid US$4.7 billion for the company on
    SocGen reported that third-quarter earnings doubled         September 27.
    from last year and increased more than six fold for the
    first nine months of 2010 as compared to 2009. Group        A union that represents 70% of workers at Massmart
    net income for the first nine months was €3.0 billion;      has opposed the transaction saying that it is concerned
    early in the summer the company said that full-year         that goods Wal-Mart imports to sell in South Africa will
    profits would be €3.0 billion.                              destroy jobs in the country’s manufacturing sector.

    The company said in its release that its earnings           Wal-Mart has said that it honours pre-existing union
    prospects, supported by optimized management of             agreements and that discussing the union’s demands
    capital between businesses coupled with the Group’s         before a deal is completed would be premature.
    financial strength, will enable the bank to finance its
    growth organically and ensure it has enough capital to      Source: Bloomberg
    comply with the new Basel III requirements.

    Provisions for doubtful loans declined to €918 million, a
    39% reduction from year-ago levels; analysts were
    estimating €1.06 billion.

    The company expects a core tier one of 7.5% at end of
    2012 and 8.5% by the end of 2013 and these levels will
    be achieved while maintaining a 35% dividend payout

    Source: Bloomberg

    Lojas Americanas reports jump in third-quarter
    Lojas Americanas SA, Brazil’s largest discount retailer,
    reported its third-quarter profit jumped almost six fold
    as it opened stores to benefit from the strength of the
    Brazilian economy.

    Net income increased to 45.1 million reais (US$26.9
    million) from 7.9 million reais a year earlier. Net sales
    increased 16% to 1.2 billion reais in the third quarter,
    while consolidated sales that include its subsidiaries
    rose 13% to 2.26 billion reais. The company opened 35
    stores this year and plans to open another 35 by year
    end. The company plans to open as many as 400
    stories in Brazil through 2013.

    The Brazilian economy is forecast to grow at a 7.6%
    rate this year, according to a central bank survey
    published November 1. The economy rose 10.4% in
    August from a year earlier, after climbing 11.1% in July,
    according to the Brazilian Institute of Geography and

                                                                                     For the week ending November 5, 2010

    The week ahead
           Canadian economic releases – Housing starts (Oct.), trade balance (Sep.), new house price index (Sep.)

           U.S. economic releases – Trade balance (Sep.), Michigan consumer sentiment (Nov.)

    The commentaries and other information contained herein are provided as a general source of information based
    on information publicly available as of November 5 , 2010 and should not be considered as a forecast, research,
    personal investment advice, recommendation or an offer or solicitation to buy, sell or hold any securities or other
    financial instruments. Every effort has been made to ensure the accuracy of the commentaries and other
    information at the time of publication. However, market conditions may change. In addition, the accuracy and
    completeness of the commentaries and other information contained herein cannot be guaranteed. The manager
    and its affiliates may from time to time invest in hold or sell securities or other financial instruments relating to
    companies or other entities referred to herein. Reliance on the commentaries and other information herein is at
    the sole discretion of the reader. The manager accepts no responsibility for individual investment decisions
    arising from or in any way based on the reader’s reliance on the commentaries and other information contained
    herein. Past performance may not be indicative of future results.

                                                                                                  For the week ending November 5, 2010

    Market Data
                                                           Return (% )            Annualized Return (% )
    CANADIAN EQUITY INDEXES ($CDN)               Close   Week      YTD     1 YR     3YR      5 YR       10 YR     52 wk high 52 wk low
    S&P/TSX Composite PR Index                  12,925    2.0      10.0    15.6     -3.3      3.9          2.9      13,001    10,990
    S&P/TSX Composite TR Index                  34,908    2.0      12.5    18.8     -0.3      6.8          5.2      34,908    29,361
               Energy TR                         3,614    4.0       5.5    11.5     -1.3      3.2          n/a        n/a         n/a
               Materials TR                      4,268    2.7      27.9    31.8      8.2     20.8          n/a       4,268     3,045
               Industrials TR                    1,470   -1.1      12.6    22.3      1.2      7.1          n/a       1,509     1,217
               Consumer Disc. TR                 1,306    0.6      21.5    29.6     -5.1      2.4          n/a       1,306     1,015
               Consumer Staples TR               1,882   -1.9       7.7    15.3      0.1      1.0          n/a       1,920     1,575
               Health Care TR                      567   -3.3      47.2    54.8      9.1      0.5          n/a         589       364
               Financials TR                     2,283    1.9       9.4    14.8     -1.0      5.1          n/a       2,299     1,993
               Information Technology TR           222   -2.7    -15.5     -3.5    -18.4      0.7          n/a         286       189
               Telecom Services TR               1,214   -1.6      20.1    27.6     -2.7      7.4          n/a       1,294       936
               Utilities TR                      2,876    1.5      13.9    28.7      2.0      6.4          n/a       2,879     2,286
    S&P/TSX 60 TR Index                          1,615    1.7       9.1    14.7     -1.0      6.8          n/a       1,615     1,387
    MSCI Canadian Small Cap PR Index               360    3.5      26.4    35.4      0.2      7.4          8.9          n/a       n/a

                                                           Return (% )            Annualized Return (% )
    WORLD EQUITY INDEXES ($CDN)                  Close   Week      YTD     1 YR      3YR     5 YR       10 YR     52 wk high 52 wk low
    CAC 40 PR Index                              3,917    1.5      -7.5    -6.1     -10.5    -2.7          -4.2      4,088     3,288
    DAX 30 PR Index                              6,754    1.6       5.4     9.6      -3.5     6.3           0.1      6,775     5,411
    DJIA PR Index                               11,444    1.1       3.9     7.5      -3.3    -1.7          -3.6     11,452     9,614
    DJIA TR Index                               20,574    1.2       6.2    10.4      -0.4     0.9          -1.3     20,574    17,264
    FTSE 100 PR Index                            5,875    2.9       3.1     5.3      -8.8    -3.3          -3.9      5,899     4,790
    FTSE 100 TR Index                            3,827    3.0       6.3     9.0      -5.1     0.4          -0.6       n/a         n/a
    FTSE/Xinhua A200                             9,416    2.5      -5.7    -4.1     -10.0    30.0           n/a     10,032     6,687
    Hang Seng PR Index                          24,877    5.8       7.7     8.8      -2.7     7.5           0.5     24,989    18,972
    Hang Seng TR Index                          51,931    5.8      10.8    12.2       0.5     n/a           n/a         n/a       n/a
    MSCI EAFE TR Index                           5,253    1.7       3.4     4.9      -5.1     0.8          -0.6         n/a       n/a
    MSCI Emerging Markets TR                     2,067    2.7      13.5    19.6       1.3    11.7         10.3          n/a       n/a
    MSCI Europe TR Index                         6,589    1.5       2.4     3.2      -5.9     1.5          -0.2         n/a       n/a
    MSCI Far East Free (ex-Japan) TR               957    3.4      14.8    21.3       0.8    11.2           7.7         n/a       n/a
    MSCI World TR Index                          4,225    1.7       5.2     8.0      -3.4     0.1          -2.0         n/a       n/a
    MSCI World AC TR Index                         539    1.8       6.2     9.5      -2.8     1.2          -1.4         n/a       n/a
    NASDAQ Composite PR                          2,579    1.1       7.6    15.1      -0.4     0.0          -6.9      2,582     2,061
    Nikkei 225 PR                                9,626    1.7      -1.8     3.6      -3.8    -3.5          -5.6     11,408     8,796
    Russell 2000 TR                              3,283    2.9      12.6    20.6       1.4     0.2           0.8         n/a       n/a
    Russell 2000 Growth TR                       2,736    2.6      13.6    21.5       1.1     0.9          -3.0         n/a       n/a
    Russell 2000 Value TR                        5,333    3.3      11.5    19.6       1.6    -0.7           4.1         n/a       n/a
    S&P 500 PR Index                             1,226    1.8       4.1     8.0      -4.4    -3.3          -5.6      1,227     1,011
    S&P 500 TR Index                             1,591    2.0       6.8    10.6      -2.2    -1.0           n/a         n/a       n/a
    Shanghai Comp PR                             3,129    3.5      -7.3    -4.4     -12.7    23.8           2.5      3,361     2,320
    Intrest Rates                                           Current         Next Meeting
    Bank of Canada Overnight Lending Rate                   1.00%            07/12/2010
    Bank of England Repo Rate                               0.50%            09/12/2010
    European Central Bank Min bid rate at refi tender       1.00%            02/12/2010
    Federal Funds Target Rate                               0.25%            14/12/2010

     Source: Bloomberg

                                                                                                For the week ending November 5, 2010

                                                     Total Ret (% )                 Historical Prices
    Commodities ($US)                   Close       Week         YTD      1 YR      3YR          5 YR     10 YR   52 wk high 52 wk low
    Copper                                 394         5.7       18.5       295      329           193       84        397       272
    Corn                                   588         1.0       41.8       377      375           196      213        596       325
    Crude Oil                               87         6.7        9.4        80       94            61       33         87        64
    Gold                                1,394          2.5       27.0    1,090       807           457      265     1,399      1,045
    Natural Gas                           3.94        -2.5      -29.3      4.78     8.00        11.42      4.93       6.11      3.21
    Nickel                             24,395          6.4       32.1   17,701    31,280      11,675      7,510    27,400     15,841
    Platinum                            1,769          3.7       20.9    1,356     1,460           932      600     1,798      1,342
    Soybeans                            1,274          3.9       22.5       967    1,006           581      473     1,279        900
    Silver                              26.74          8.1       58.3    17.41     14.71          7.56     4.74     26.99      14.64
    Wheat                                  729         1.6       34.6       512      785           311      264        841       426
    Zinc                                2,505          4.3       -1.2    2,196     2,733        1,561     1,084     2,662      1,596

                                     CPN          MATURITY          Current             Current
    Bond Yields                       Coupon     Maturity Date       Price               Yield
    Canada       2 Year Treasuries      1.500    01/12/2012         100.06               1.47
                10 Year Treasuries      3.500    01/06/2020         105.41               2.85
                30 Year Treasuries      5.000    01/06/2037         126.09               3.49
    ECB          2 Year Treasuries      0.750    14/09/2012          99.70               0.91
                10 Year Treasuries      2.250    04/09/2020          98.56               2.42
                30 Year Treasuries      3.250    04/07/2042         106.91               2.91
    Japan        2 Year Treasuries      0.100    15/11/2012          99.93               0.13
                10 Year Treasuries      1.000    20/09/2020         100.67               0.93
                30 Year Treasuries      2.000    20/09/2040         100.19               1.99
    US           2 Year Treasuries      0.375    31/10/2012         100.02               0.37
                10 Year Treasuries      2.625    15/08/2020         100.80               2.53
                30 Year Treasuries      3.875    15/08/2040          95.81               4.12

                                                     Total Ret (% )                 Historical Prices
    Currencies                         Close        Week         YTD      1 YR      3YR          5 YR     10 YR   52 wk high 52 wk low
    CAD / EURO                           0.71         1.25       7.43      0.63     0.74          0.72     0.75       0.80      0.62
    CAD / USD                            1.00         1.91       5.24      0.94     1.07          0.84     0.65       1.01      0.92
    CAD / UK POUND                       0.62         0.98       5.03      0.57     0.52          0.48     0.45       0.67      0.56
    USD / AUSTRALIAN $                   0.98        -3.19 -11.61          1.10     1.09          1.36     1.90       1.24      0.98
    USD / BRAZIL REAL                    1.68        -1.13      -3.70      1.72     1.75          2.21     1.94       1.92      1.64
    USD / EURO                           0.71        -0.60       2.38      0.67     0.69          0.85     1.15       0.84      0.66
    USD / MEXICAN PESO                 12.20         -1.15      -6.86    13.28     10.73        10.75      9.65     13.44      12.13
    USD / UK POUND                       0.62        -0.88      -0.06      0.60     0.48          0.57     0.69       0.70      0.59
    USD / YEN                          81.26          1.07 -12.65        90.71    114.55      118.34     107.07     94.99      80.22

     Source: Bloomberg


Shared By: