Trade with Greece
26
In the energy commodities’ sector, returns for the
next 12-months are estimated at 3.2% for oil and
-6.6% for natural gas. In metals, copper prices
are expected to increase by 11.6%, while alumini-
um is expected to gain 6.3% and nickel 4.7%. Gold
and silver are expected to gain 3.9% and lose 1.0%
respectively. Double digit gains are also expected
for maize (+13.3%) and soybeans (+10.8%).
In the foreign exchange market, it is estimated
that the dollar will remain weak, falling to 1.45
against the euro in the next 6-12 months.
The main assumption for 2011 is that the debt cri-
sis will be contained. However, financial weak-
ness and extreme spreads are expected to per-
sist in the cases of Greece, Ireland and Portugal.
There is high possibility of debt restructuring in all
three countries.
CREDIT SUISSE
Stock markets worldwide are expected to register
gains of 13%. Valuations are reasonable, and
sustained economic recovery may lead to levels
above those dictated by corporate profitability
growth. Emerging markets and markets that are
