1. Waseda Financial Investment Team 28th November 2011

2. Market Recap (Week of 24th Nov)  Europe uncertainty Germany auction raised less than 2/3 (3.6bn/6bn) Italy 3 year bond >8% !! 6 mths bond at 6.5% vs 3.35% (Oct), bid to cover 1.47 from 1.57 CDS protection rose to new highs (US and Europe banks)  UniCredit rose 43bp to 622bp Spread over German bonds  >60bps for Finland and Netherland, 155bps France, 480 Italy, 945 Portugal  2554 Greece Europe recession? New orders decrease 6.4% Germany PMI 47.9 vs 49.1

3. Market Recap (Week of 24th Nov)  Asia China PMI slow to 48 from 51 Japan CPI -0.1% (+0.2% sept) S&P getting close to downgrade Japan's bond rating

4. Company  Samsung in talks with google to launch TV (surf web)  Ren ren (-7%) with downgrade due to worries on lack of differentiation among Chinese social network sites (down 74% from IPO price)  AT&T and T-mobile deal failed

5. Commodities  Metals down  Palm oil orders cancelled on China  Oil price rose on Iran boycott fears but fell on growth fears

6. Currency  Yen weakened to 77.72  Euro retreat