Good morning.

First of all, happy birthday to our new member Inês, she’s finally here with us. Congratulations Pedro for your
summer internship, it was great to hear those good news.
So, did you know that in a recent questionnaire 51% of people said that stormy weather affects cloud
computing?
In Spanish, the word “esposas” means both wives and handcuffs. Maybe there’s a logic behind it.

Moving on to the news, of course the major central banks meetings guided the markets. Last week ended with
a bipolar reaction on the ECB decision. In a first moment, when the return of the bazooka was announced on
Thursday, the Euro weakened against the dollar, but after the press conference when Mr. Mario Draghi
pointed that no further rate cuts will happen, the Euro rebounded and ended up 2% for the day. But yesterday
with the FOMC meeting and following the dovish comments from Miss Janet Yallen, the euro strengthened
even further and went up around 1% yesterday. The EUR/USD is now set at around 1.12. So, as you all might
know, the Fed officials lowered the outlook for Interest Rate Increases in 2016, buoyed by soft global
economic growth and financial-markets volatility. According to the projection of 17 officials this would mean
two interest-rate increases in 2016, compared with four projected hikes when officials last met in December
and the markets are uncertain about when the next rate hike will happen. Maybe in June… For now, the Fed is
keeping its benchmark lending rate steady between 0.25% and 0.50% (For you to have a graphical view).

Shares of Valeant Pharmaceuticals tumbled more than 51% on Tuesday after the company cut its 2016
revenue forecast by about 12% and said a delay in filing its annual report could pose a debt default risk. One of
its big investors, Bill Ackman has lost about $1B with this huge decline in the stock’s value but he said he is still
confident in Valeant and he plans to be more proactive in his dealings with it.

London Stock Exchange Group and Deutsche Boerse agreed to merge, creating Europe's biggest securities-
markets operator worth more than $30 billion. Of the merged entity, 45.6% will be owned by LSE shareholders
and the rest by Deutsche Boerse shareholders.

Donald Trump lost in Ohio to the state’s governor John Kasich, while Marco Rubio suspended his presidential
campaign. Clinton had a great night in another big Tuesday, leaving Bernie Sanders well behind on many
states.

In Brazil, Lula da Silva is now like the Brazil prime-minister, so he accepted to be the chief of staff of Dilma
Rousseff. He once said “If a poor man is busted stealing, he goes to jail. If a rich man is caught, he becomes
minister”. Now it all makes sense. The real is down 5% for the week, against the USD and the Ibovespa is down
4.5% since the beginning of the week. Actually it has recovered 1% yesterday because a congressional
committee could be tasked with issuing an impeachment order and that revived a political change in the
country.
Crude oil (following the dovish comments by the fed officials and the report on US oil inventories figuring a
less than expected increase in US stockpiles) and also the oil producers will meet in Doha on April 17 to discuss
output freeze plans.
PSI-20 went up more than 2% yesterday, led by Pharol (up 19%), following rumours that it would be in talks to
sell its stake in the Brazilian company Oi and By CTT (up 5.6%) and BPI (up almost 4% after growing
expectations that the Spanish Caixabank will buy the Isabel dos Santos participation in the Portuguese bank).