EFTA Document EFTA01447924

In YTD terms, of the main indices we track the FTSE-MIB (+14.5%) and the IBEX (+12.8%) have been the star performers. Spanish, Portuguese and Italian bonds have not been far behind. Interestingly commodities make up quite a few of the other top ten places (with the CRB index, Gold, Silver and Oil returning between 7-11%), but also 2 of the worst 3 with wheat and Copper both down more than 6%. Also negative was Chinese equities (-1.5%) after disappointing growth in HI which may explain some p