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DAILY REPORT 17/06/14 Eurozone economic news • European stock markets trades slightly higher before the opening on Wall Street.

The main European stock indexes operate Tuesday's session higher, presenting a small rebound after falling on Friday and the first round of this week. The English FTSE 100 has a negative change of 0.10%, giving 8 units before the opening on Wall Street. In Germany the DAX operates slightly higher (0.03%), seeking to recover lost ground and get on the road to the 10,000 points. The French CAC 40 led the upward movement, appreciating 0.16% (on average) after half-time operations on the European continent. UK inflation The National Bureau of Statistics reported that inflation in May was 1.5%, lower than expected by economists. Analysts had expected the consumer price index reflects an increase of 1.7% in May after rising 1.8% in April (year to year). The monthly outlook was also less than expected because the Bureau of Statistics reported that inflation was -0.1% vs. 0.2% expected. The food prices led to inflation in the UK fell to its lowest level since October 2009, well below the Bank of England's target is 2%.

Tomorrow: • The Bank of England will release the minutes from its last meeting.

Economic News Asia • Asia closed mixed territory to start again. The major Asian stock indexes ended the session mixed territory Tuesday, boosted by geopolitical tensions in Ukraine, Iran and the decision of the U.S. Supreme Court against Argentine bonds. The Japanese Nikkei 225 has appreciated 0.29%, gaining 42 units throughout the day. In China, the Hang Seng Index fell 0.42%, losing just under 100 points in the second round of the week while the Shanghai Composite gave up 0.92% after reaching its highest level in two months during the Monday evening. The Australian S & P / ASX 200 fell 11 points or 0.22% after meeting the minutes of the Reserve Bank. Japan Japanese stocks rebounded after falling to its lowest level in two weeks during Monday's session. Investors received a good face the decision of government economic reform strategies where Prime Minister Abe arise to find the growth expected by analysts. The feeling against the Japanese actions improved again after the government finally began to show acts of the promises made to carry out economic reform. Australia The Australia index closed at its lowest level since April 16 on a day that was marked by low volatility after meeting the minutes of the last meeting of the Reserve Bank country. The central bank continues to set the interest rates remain at low levels and growth warned Australia for the next periods. The Australian dollar weakened against its U.S. counterpart 0.5%, falling to its lowest level in the last week. Tomorrow: • In Japan they will present the minutes of the last meeting of the bank of japon. • In Australia they know the Conference Board Leading index april.

Economic and corporate news United States • Inflation rose less than expected in May. During Monday's session in the U.S. market major stock indexes closed slightly higher on a day that was marked by the comings and goings of the actions that failed to find an accurate address. The Dow Jones Industrial has appreciated 0.03% winning 5 units along the journey. The S & P 500 had a positive change of 0.08%, closing on 1937 points, 13 points from its highest level in history. Technological Nasdaq indices led the upward movement with a percentage change of 0.24% or 10.45 units during the first session of the week. Inflation The consumer price index rose 0.4% (month) in May, said this morning the U.S. Office of Employment and Statistics. Economists expected a 0.2% increase in the monthly inflation figure, which shows that during the second month of the current quarter, the index had increased above the expected and track over April. This is the highest inflation in the last 6 months in the United States. AT&T (T: NYSE) The telecommunications company will be the exclusive provider for a new cell phone that will be developed by, as stated by the Dow Jones. The company founded by Jeff Bezos has not yet conducted any announcement regarding a new mobile device, but is expected to do so for a media event scheduled for tomorrow. The action of Amazon fell about 20% of its value after reaching $ 400 in early 2014. Tomorrow: • During the morning hours will be announced oil inventories, distillate, gasoline and crude for the week ended June 13. • At 2pm ET Federal Reserve will announce the interest rate for the next period, the step in the purchase of assets and Janet Yellen finally give you a half hour press conference after issuing a statement to the media.




Felipe Jaramillo Revéiz

Portfolio Manager

Carlos Ávila Peña

Money Manager

Mauricio Jaramillo Revéiz

Money Manager

Juan Pablo Hernández

Risk Manager

Juan Laverde

Financial Analyst

Carlos Albán Correa

Financial Analyst

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