Most stock markets were able to replicate positive performance of the previous year during the 1st quarter 2013.

In geographic terms, U.S. stock indices and Asian markets showed the most gains. In Europe, performance was subdued due to slow economic growth and the crisis in Cypress. The stock indices of Spain, Italy, and also Austria's ATX all experienced price declines. Swiss stock indices, however, posted double-digit gains. During Q1,emerging market stocks lagged far behind those of developed nations.

With the exception of the commodity sector, all economic sectors were in positive territory. The health sector posted the best performance, followed by non-cyclical and cyclical consumer stocks. IT, energy and utility sectors underperformed.

Interest & currencies
The U.S. dollar is expected at 1.30 EUR.
Interest rate cuts anticipated for Europa but not for the U.S.
Euro yields climb to 1.62%.

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This document is for informational purposes only and represents a marketing communication under the Securities Supervision Act 2007. As such, it is not subject to the regulations governing the distribution of financial analyses. The information contained herein is based on the knowledge and market perception of the persons entrusted with the creation of this communication at the time of print. Although the sources for this communication are believed to be accurate, we do not assume liability for the completeness, accuracy and timeliness of the information contained herein. The analyses and conclusions are general in nature and do not take into account the needs of individual investors with regards to earnings potential, tax consequences or their tolerance for risk. Past performance is not a reliable indicator of future developments of an investment. This document does not constitute and offer for sale, purchase or subscription of a security or an invitation to make such an offer.