Today’s broad market trading has been neutral with markets consolidating yesterday’s moves in normal backing and filling. Stock markets in North America which had gained to start the week have slipped back a bit, while USD has clawed back some of its losses and gold has stabilized. A very small trim to European GDP forecasts may be used as an excuse for the correction but more likely, traders have backed away from rallying European indices too far just in case the EU doesn’t cut interest rates on Thursday as many have been hoping. There has been significant action in currency markets today. GBP has been a top performer today, rallying on the back of better than expected Service PMI data for the UK that confirmed yesterday’s strong Construction PMI. AUD has been climbing even though the RBA complained about the Dollar in today’s statement with traders focusing more on the central bank’s decision to stay in the relatively hawkish neutral camp and maintain current interest rates. NZD gained in sympathy as today’s decision echoed last month’s more hawkish RBNZ stance on rates. CAD, on the other hand, has underperformed, correcting yesterday’s rally. In addition to the ECB meeting there are a number of other potential developments that could still move the markets and create opportunities for trading this week including European service PMI numbers Wednesday, Twitter’s trading debut on Thursday and US and Canadian employment reports on Friday. Corporate News Twitter raised its IPO price to $23-$25 from $17-$20. Press reports suggest that the deal may be oversubscribed and that the price could be raised further yet. EnCana announced a major restructuring today. The natural gas producer plans to refocus its capital on five oil and liquids rich areas in North America. It intends to sell or spin off the rest of its properties, cut its staff by 20%, close its Texas office and slash its dividend to $0.07 from $0.20. TransCanada $0.63 vs street $0.59 Economic News Significant economic announcements released yesterday afternoon and overnight include: Service PMI reports include: China HSBC 52.6 vs previous 52.4 India 47.1 vs previous 44.6 Australia 47.9 vs previous 47.1 Singapore electronics 51.0 vs street 50.9 Singapore PMI 51.2 vs street 51.0 UK 62.5 vs previous 60.3 Brazil 52.1 vs previous 50.7 Other reports include: Australia interest rate decision 2.50% no change as expected Spain unemployment 87K vs street 82K and previous 25K Economic reports due later today include: 10:00 am EDT US ISM non-manufacturing PMI street 54.0

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