ACCORD CAPITAL EQUITIES CORPORATION

GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
Additional Notes to DAILY, for TD October 7, 2010_Thursday

US, EUROPEAN MARKETS

INVESTORS were largely undecided on whether to push equities higher or pull it lower following a report showing private payrolls
may have dropped by 39k in September. The has heightened concerns over a weak jobs market tempering an already slow pace
of growth as well as highlighting the weakness in the real economy. US GDP grew at a 1.7% annualized pace in the second
quarter. Two equally important employment data are due out today (initial jobless claims) and Friday (employment situation.)

Funds sought safer-havens, rushing to US Treasuries sending yields on both 5-yr and 10-yr T-Notes lower. The Japanese yen
strengthened to a 15-yr high versus the dollar riding on anticipations the Federal Reserve will buy more bonds to bolster recovery.
Two days ago, the Bank of Japan itself, cut rates, and pledged a $60B asset purchase program to help boost the domestic
economy. European markets were in the green for much the same reason.

Earlier, the International Monetary Fund had pointed to high unemployment, public debt and a fragile banking systems as posing
the risks to global prosperity.

Through much of the morning's session, prices fluctuated within a narrow band, alternately rising above and falling below the
previous day's close. Twice, the measure was stopped at the 10,970 mark (+25 points) while early losses have been kept at a
minimal -4 points. Critical levels intraday appears at the 10,945 and 10,960 lines. Half-an-hour before noontime, however, stocks
have managed to sustain a rise.

HERE AT HOME:

A bevy of good news may lead investors to ignore the Dow should it end in the red in Wednesday's session. Past noontime New
York, it has already erased all gains for the day.

First, the Bangko Sentral ng Pilipinas Monetary Board meets today to decide on policy rates which currently stands at 4.0% - 6.0%
overnight lending and borrowing, respectively. The Board is seen to leave rates untouched.

Second, an SWS Survey showing 70% of respondents giving the new administration a passing mark in its first 100 days lends
further stability and strengthens the political capital of the President as he pushes through the actualization of his campaign
agenda. This is a welcome development in the face of a series of “controversies” that has hit the regime early on its tenure, most
notably the hostage incident at the Quirino Grandstand, the most recent jueteng expose by retired Bishop Cruz of Pangasinan and
the Reproductive Health Bill.

Third, the IMF's recent upgrade of its GDP forecast to 7%, more than the ASEAN-5's projected 6.6% pace, lends proof to the
bullishness in both the macro-economy expressed by government and observers alike, AND, more importantly, the unimpeded
rise in equity values with the Main Index setting and resetting all-time highs over short periods.

Fourth, the reported rise in bank loans in August to the fastest pace in over a year should translate to increased economic activity
moving forward. Individuals generally borrow to finance their purchases, which will eventually show in a pick up in demand.
Anticpations of this induced companies to borrow to finance expansion to meet the anticpated surge in demand.

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THE VIEWS EXPRESSED IN THIS REPORT ARE NOT NECESSARILY OPINIONS OF ACCORD CAPITAL EQUITIES CORPORATION ON THE CREDIT-WORTHINESS OR
INVESTMENT PROFILE OF THE COMPANY OR THE INDUSTRIES MENTIONED.
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