Barclays GDP

BARCAP_RESEARCH_TAG_FONDMI2NBUR7SWED

Please see analyst certification(s) and important disclosures starting on page 6.

Global Economics Daily II 14 July 2010

Edited by: Dean Maki +1 212 526 1731 Nicholas Tenev +1 212 526 5452

We have revised our Q2 US GDP forecast down to 3.0%

Rebound in core US retail sales, but softer Q2

US import prices drop 1.3% in June

The next 24 hours: Today: FOMC minutes; Tomorrow: Empire State mfg, US PPI, US industrial production, Philadelphia Fed mfg, ECB monthly bulletin

Recent data and events We have revised our Q2 US GDP forecast down to 3.0%

Incorporating today’s weaker-than-expected news on business inventories and retail sales, we have cut our Q2 GDP forecast to 3.0%, below our previous tracking estimate of 3.5% and our official 4.5% forecast; the trade report earlier in the week had lowered our tracking estimate to 3.5%. Business inventories rose 0.1% in May, below our (0.3%) and the consensus (0.2%) forecast, and this suggests that inventory accumulation is unlikely to make as big a positive contribution to Q2 GDP as we previously projected. Meanwhile, as discussed below, although core retail sales rose 0.2% in June, downward revisions to April and May point to private consumption growth of about 2.5% in Q2 as a whole, compared to our previous forecast of 3.5%. Finally, May’s trade data suggest the trade deficit widened further in Q2, implying more of a drag on GDP growth than we had previously expected. Elsewhere, we expect government spending and business investment to contribute positively to Q2 GDP growth, with particular strength in equipment and software spending. We have not revised our GDP forecast for future quarters; while recent data have been softer than expected, we do not see this as the beginning of a persistent slowdown in growth. In our view, the underlying trend in business investment and consumer spending remains solid, and we expect this to show through over the next several months.

Dean Maki

Rebound in core US retail sales, but softer Q2

Retail sales declined 0.5% in June, below our and the consensus forecast (both -0.3%). However, this was dragged lower by sharp declines in autos, gasoline and building materials. Core retail sales (which exclude these three components and feed into our GDP tracking estimate) rose 0.2%, above our 0.1% forecast. That said, this upside surprise was tempered by downward revisions to May and April, the former to -0.2% from 0.1% and the latter to -0.4% from -0.2%. This is likely to translate into small downward revisions to personal consumption growth and thus leave Q2 consumption growth tracking close to 2.5%.

Among non-core items in June, gasoline fell 2.0%, autos 2.3% and building materials 1.0%. Within the core, gains in electronics (1.3%), clothing (0.6%) and health care

Core retail sales continue to grow

-15

-10

-5

0

5

10

07 07 08 08 09 09 10

Retail sales

Core retail sales

y/y % chg

Source: Census Bureau, Haver Analytics


Barclays Capital 2

(0.5%) offset declines in furniture (-1.1%) and food (-0.5%). All in all, although retail sales have disappointed in Q2 as a whole, the rebound in core retail sales in June is an encouraging sign for prospects for Q3, during which consumer spending should continue to be supported by solid wage and employment growth.

Peter Newland

US import prices drop 1.3% in June

Import prices fell 1.3% in June after a revised 0.5% decrease in May, a steeper drop than we (-0.2%) or the consensus (-0.4%) had expected. While much of the decline was due to a 4.4% decline in petroleum prices, nonpetroleum import prices declined 0.5%, much softer than the 0.1% increase we had forecast. Import prices declined in all major categories, with foods and beverages dropping 1.7%, capital goods slipping 0.3%, industrial supples ex-petroleum falling 1.3%, autos and parts edging 0.2% lower, and consumer goods import prices decreasing 0.4%.

It is possible that the June drop in nonpetroleum import prices is reflecting the effects of the increase in the value of the dollar over the past few months. While import prices were quite soft in May and June, it is worth noting

that this comes on the heels of several quarters of rapid import price inflation. Today's report brings the y/y headline rate down to 4.5% from 8.7%, and the y/y ex-petroleum rate to 3.1% from 3.7% – both still near the upper end of the range over the past decade.

Nicholas Tenev

The next 24 hours European data/events: Tomorrow: ECB monthly bulletin

The ECB monthly bulletin will be published at 4:00am/08:00 GMT tomorrow.

US data/events: Today: FOMC minutes; Tomorrow: Empire State mfg, PPI, industrial production, Philadelphia Fed mfg

FOMC minutes (2:00pm/18:00 GMT today): We look for the June FOMC minutes to show greater concern about the state of the economic recovery, as reflected in the cautious tone of the statement regarding softness in the housing sector and less supportive financial market conditions. We expect them to reflect the view that inflation will remain subdued for some time due to stable longer-term inflation expectations and substantial resource slack. They may also provide context regarding the degree to which Committee members see declines in energy and commodity prices as pushing trend inflation lower. We expect the minutes to remain largely silent on the early testing of the Term Deposit Facility, as the Fed continues to state that the auctions are a "matter of prudent planning and have no implications for the near-term conduct of monetary policy." We would not be surprised to see some discussion of potential policy alternatives should the economic outlook worsen, though we would view any such discussion as part of normal contingency planning, rather than signaling an expectation that these measures would actually be used. Finally, the minutes should also provide updated FOMC forecasts; we expect the FOMC to modestly lower its growth forecasts for 2010.

Empire State mfg index (8:30am/12:30 GMT tomorrow): We and the consensus expect the Empire State manufacturing index to slip to 18.0 in July from 19.57 in June, consistent with continuing strong growth in the New York-area manufacturing sector. The new orders and delivery time indices, both forward-looking indicators, improved in June.

After a sharp cyclical rebound, import prices are easing

Import prices

-25

-20-15

-10-5

0

510

1520

25

00 02 04 06 08 10

Total

Nonpetroleum

% y/y

Source: BLS, Haver Analytics


Barclays Capital 3

However, national manufacturing growth seems to be moving sideways, so we look for the Empire index to follow suit in July.

PPI (8:30am/12:30 GMT tomorrow): We expect a 0.1% decline in the PPI in June and a 0.1% increase in the core PPI, in line with consensus forecasts. Within non-core components, declines in gasoline will likely push the headline index lower, although a rebound in food prices (following a decline in May) is likely to provide a partial offset. Within the core, there have been fairly broad-based price gains in recent months. We expect this trend to continue in June, although there may be some negative payback in the tobacco component, following a strong gain in May.

Industrial production (9:15am/13:15 GMT tomorrow): We expect a 0.2% decline in industrial production in June (cf. consensus: -0.2%). Recent data suggest that the recovery in the manufacturing sector lost some momentum at the end of Q2. For example, in June, the production component of the ISM fell to 61.4 from 66.6 and manufacturing hours worked declined. As a result, we expect manufacturing output to fall 0.3%. However, this would still be consistent with robust growth in Q2 as a whole. The annual revision to industrial production data, published since the May release, left Q1 growth lower than initially reported but that in Q4 higher, although the broad picture remains the same.

Philadelphia Fed mfg index (10:00am/14:00 GMT tomorrow): After dropping 13.4 points to 8.0 in June, we expect the Philadelphia Fed manufacturing index to increase to 12.0 in July (cf. cosnensus: 10.0). The forward-looking new orders index actually improved in June, signaling a likely acceleration in demand. Furthermore, the June decline in the national ISM index was much milder than that in the Philadelphia index.

Barclays Capital economics teams


Barclays Capital 4

Calendar Wednesday 14 July Period Prev 2 Prev 1 Latest Forecast Consensus

- Thailand: Interest rate announcement, % - 1.25 1.25 1.25 1.50 1.50 A- France: Bank holiday

18:00 US: Minutes of June FOMC meeting released0:00 Singapore: Advance GDP estimate, % y/y Q2 0.9 3.5 13.1 14.5 19.3 A6:00 Finland: HICP, % m/m (y/y) Jun 0.6 (1.5) 0.3 (1.6) -0.2 (1.4) 0.3 (1.3) 0.2 (1.3) A8:00 Austria: HICP, % y/y Jun 1.0 (1.8) 0.2 (1.8) -0.1 (1.7) 0.4 (2.3) 0.0 (1.8) A

8:00 Italy: Final CPI, % m/m (y/y) Jun 0.0 (1.6) 0.0 (1.4) 0.0 (1.3) P 0.0 (1.3) 0.0 (1.3) A8:00 Italy: Final HICP, % m/m (y/y) Jun 0.9 (1.6) 0.1 (1.6) 0.0 (1.4) P 0.0 (1.4) 0.1 (1.5) A

8:30 UK: Claimant count, change k Jun -32.7 32.0 -30.9 -26.0 -20.8 A8:30 UK: ILO unemployment rate, % May 8.0 8.0 7.9 7.8 7.8 A8:30 UK: Average weekly earnings, % 3m y/y May 2.5 4.3 4.1 R 3.1 2.7 A8:30 UK: Core average weekly earnings, % 3m y/y May 1.7 2.0 1.9 1.9 1.8 A9:00 E16: HICP, % m/m (y/y) Jun 0.5 (1.5) 0.1 (1.6) (1.4) "flash" 0.0 (1.4) 0.0 (1.4) A

9:00 E16: HICP ex tobacco, index (2005 = 100) Jun 109.09 109.58 109.71 109.68 R 109.70 A

9:00 E16: 'Eurostat' core (HICP x fd, alc, tob, ene), % m/m (y/y) Jun 0.8 (1.0) 0.3 (0.8) 0.1 (0.8) 0.0 (0.9) 0.0 (0.9) A9:00 E16: 'ECB' core (HICP x unproc.fd, ene), % m/m (y/y) Jun 0.7 (0.9) 0.2 (0.7) 0.1 (0.8) 0.0 (0.8) 0.1 (0.9) A

9:00 E16: Industrial production, % m/m (y/y wda) May 0.8 (4.1) 1.5 (7.8) 0.9 R 1.4 (9.3) 0.9 (9.4) A12:30 US: Retail sales, % m/m Jun 2.1 0.3 R -1.1 R -0.3 -0.5 A

12:30 US: Retail sales ex autos, % m/m Jun 1.2 0.3 R -1.2 R 0.0 -0.1 A

12:30 US: Core retail sales, % m/m Jun 0.6 -0.4 R -0.2 R 0.1 0.2 A12:30 US: Import prices, % m/m (y/y) Jun 0.4 (11.2) 1.1 (11.2) -0.5 (8.7) R -0.2 (5.5) -1.3 (4.5) A

12:30 US: Nonpetroleum import prices, % m/m (y/y) Jun -0.1 (2.8) 0.5 (3.5) 0.5 (3.7) -0.1 (3.1) -0.5 (3.1) A

14:00 US: Business inventories, % m/m May 0.6 0.7 0.4 0.3 0.1 A19:00 Argentina: CPI, % m/m Jun 1.1 0.8 0.7 -0.2 0.709:00 Germany: 5y OBL Auction 74.0 €5bn

09:00 Italy: 5y, 13y and 30y BTP Auctions €7bn

09:30 Portugal: 2y & 9y PGB taps €1bn09:30 UK: 2046 Gilt Auction £2.25bn17:00 US: 30y Note Auction $13bn

Thursday 15 July Period Prev 2 Prev 1 Latest Forecast Consensus

8:00 E16: ECB monthly bulletin published Jul12:30 US: Fed Governor Duke (FOMC voter) gives opening remarks at an Atlanta Fed hearing on the Home Mortgage Disclosure Act14:00 US: Senate Banking Committee holds confirmation hearing for nominations of Yellen, Raskin, and Diamond to the Fed Board of Governors16:00 Turkey: Interest rate announcement, % Jul 7.0 7.0 7.0 7.0 -

22:00 Chile: Interest rate announcement, % Jul 0.5 0.5 1.0 1.5 1.5

23:15 US: Richmond Fed President Lacker (FOMC non-voter) speaks on the economic outlook to business leaders- Peru: GDP, % y/y May 5.9 8.8 9.3 8.8 9.4- Greece: Unemployment rate, % Apr 11.3 12.1 11.6 - 11.9

1:00 Australia: Inflation expectations, % y/y Jul 4.1 3.6 3.4 - -2:00 China: Real GDP, % y/y Q2 9.1 10.7 11.9 10.4 10.42:00 China: CPI, % y/y Jun 2.4 2.8 3.1 3.4 3.32:00 China: PPI, % y/y Jun 5.9 6.8 7.1 6.8 6.82:00 China: Industrial production, % y/y Jun 18.1 17.8 16.5 14.5 15.52:00 China: YTD, FAI, % y/y Jun 26.4 26.1 25.9 25.1 25.32:00 China: Retail sales, % y/y Jun 18 18.5 18.7 18.9 18.8

6:00 E16: New car registrations, % y/y (nsa) Jun 10.8 -7.4 -9.3 - -

8:30 UK: BoE housing equity withdrawal, £ bn Q1 -6.1 -5.1 -4.0 - -

12:30 US: Initial jobless claims, thous (4wma) 10-Jul 459 (463) 475 (467) 454 (466) 435 (456) 445 (458)

12:30 US: Empire State manufacturing index Jul 31.86 19.11 19.57 18.0 18.00

12:30 US: Producer price index, % m/m (y/y) Jun 0.7 (6.0) -0.1 (5.5) -0.3 (5.3) -0.1 (3.1) -0.1 (3.1)12:30 US: Core producer price index, % m/m (y/y) Jun 0.1 (0.9) 0.2 (1.0) 0.2 (1.3) 0.1 (1.1) 0.1 (1.1)

13:15 US: Industrial production, % m/m Jun 0.3 0.6 1.3 -0.2 -0.113:15 US: Capacity utilization, % Jun 72.7 73.1 74.1 74.0 74.1

14:00 US: Philadelphia Fed manufacturing index Jul 20.2 21.4 8.0 12.0 10.015:30 Israel: CPI, % y/y Jun 3.2 3.0 3.0 2.6 2.4

08:30 Spain: 15y SPGB tap €2.5bn

09:00 France: BTAN taps €8.5bn09:30 UK: 2022 UK Linker Auction £1.1bn

10:00 France: Linker taps €1.5bn

Sources: Reuters, Market News, Bloomberg, Barclays Capital


Global Economics Research Global

Piero Ghezzi Head of Economic and Emerging Markets Research +44 (0)20 3134 2190 [email protected]

Nick Verdi International Economist +44 (0)20 7773 2173 [email protected]

The Americas

Dean Maki Head of US Economics Research +1 212 526 1731 [email protected]

Michael Gavin Head of Emerging Markets Strategy +1 646 412 5915 [email protected]

Guillermo Mondino Head of Latin American Research +1 212 412 7961 [email protected]

Marcelo Salomon Chief Brazil Economist +55 (0)11 5509 3295 [email protected]

Theresa Chen US Economist +1 212 526 7195 [email protected]

Michael Gapen US Economist +1 212 526 8536 [email protected]

Alejandro Grisanti Senior Economist – Ecuador, Peru, Venezuela, Central America and the Caribbean +1 212 412 5982 [email protected]

Peter Newland US Economist +1 212 526 3153 [email protected]

Nicholas Tenev US Economist +1 212 526 5452 [email protected]

Sebastian Vargas Economist – Argentina +54 (0)11 4850 1230 [email protected]

Jimena Zuniga Economist – Chile, Colombia, Mexico +1 212 412 5361 [email protected]

Europe

Julian Callow Chief European Economist +44 (0)20 7773 1369 [email protected]

Matthew Vogel Head of Emerging EMEA Research +44 (0)20 7773 2833 [email protected]

Varun Bhabha UK Economist +44 (0)20 313 42155 [email protected]

Laurence Boone Chief French Economist +33 1 44 58 3236 [email protected]

Leef H Dierks German Economist +49 69 7161 1781 [email protected]

Fabio Fois European Economist +44 (0) 20 3134 1136 [email protected]

Jeff Gable Head of ABSA Capital Research +27 11 895 5368 [email protected]

Simon Hayes Chief UK Economist +44 (0)20 7773 4637 [email protected]

Christian Keller Chief Economist – Emerging Europe +44 (0)20 7773 2031 [email protected]

Kerri Maddock European Economist +44 (0)20 313 42300 [email protected]

Alia Moubayed Senior Economist – Middle East & North Africa +44 (0)20 313 41120 [email protected]

Thorsten Polleit Chief German Economist +49 69 7161 1757 [email protected]

Asia

Peter Redward Head of Emerging Asia Research +65 6308 3528 [email protected]

Wensheng Peng Head of China Research +852 2903 2651 [email protected]

Kyohei Morita Chief Japan Economist +81 3 4530 1688 [email protected]

Rahul Bajoria Regional Economist – India, Malaysia, Thailand +65 6308 2153 [email protected]

James Barber Japan Research +81 3 4530 1542 [email protected]

Jian Chang Regional Economist – China, Hong Kong +852 2903 2654 [email protected]

David Forrester FX Strategy – Australia, New Zealand +65 6308 3406 [email protected]

Wai Ho Leong Senior Regional Economist – Korea, Malaysia, Singapore, Taiwan +65 6308 3292 [email protected]

Yuichiro Nagai Japan Economist +81 3 4530 1064 [email protected]

Prakriti Sofat Regional Economist – Indonesia, Philippines, Vietnam +65 6308 3201 [email protected]


Barclays Capital 6

Analyst Certification: The persons named as the authors of this report hereby certify that: (i) all of the views expressed in the research report accurately reflect the personal views of the authors about the subject securities and issuers; and (ii) no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in the research report. Important disclosures: For current important disclosures regarding companies that are the subject of this research report, please send a written request to: Barclays Capital Research Compliance, 745 Seventh Avenue, 17th Floor, New York, NY 10019 or refer to https://ecommerce.barcap.com/research/cgi-bin/all/disclosuresSearch.pl or call 212-526-1072. Barclays Capital does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that Barclays Capital may have a conflict of interest that could affect the objectivity of this report. Any reference to Barclays Capital includes its affiliates. Barclays Capital and/or an affiliate thereof (the "firm") regularly trades, generally deals as principal and generally provides liquidity (as market maker or otherwise) in the debt securities that are the subject of this research report (and related derivatives thereof). The firm's proprietary trading accounts may have either a long and / or short position in such securities and / or derivative instruments, which may pose a conflict with the interests of investing customers. Where permitted and subject to appropriate information barrier restrictions, the firm's fixed income research analysts regularly interact with its trading desk personnel to determine current prices of fixed income securities. The firm's fixed income research analyst(s) receive compensation based on various factors including, but not limited to, the quality of their work, the overall performance of the firm (including the profitability of the investment banking department), the profitability and revenues of the Fixed Income Division and the outstanding principal amount and trading value of, the profitability of, and the potential interest of the firms investing clients in research with respect to, the asset class covered by the analyst. To the extent that any historical pricing information was obtained from Barclays Capital trading desks, the firm makes no representation that it is accurate or complete. All levels, prices and spreads are historical and do not represent current market levels, prices or spreads, some or all of which may have changed since the publication of this document. Barclays Capital produces a variety of research products including, but not limited to, fundamental analysis, equity-linked analysis, quantitative analysis, and trade ideas. Recommendations contained in one type of research product may differ from recommendations contained in other types of research products, whether as a result of differing time horizons, methodologies, or otherwise.

US-FT

This publication has been prepared by Barclays Capital, the investment banking division of Barclays Bank PLC, and/or one or more of its affiliates as provided below. This publication is provided to you for information purposes only. Prices shown in this publication are indicative and Barclays Capital is not offering to buy or sell or soliciting offers to buy or sell any financial instrument. Other than disclosures relating to Barclays Capital, the information contained in this publication has been obtained from sources that Barclays Capital believes to be reliable, but Barclays Capital does not represent or warrant that it is accurate or complete. The views in this publication are those of Barclays Capital and are subject to change, and Barclays Capital has no obligation to update its opinions or the information in this publication. The analyst recommendations in this report reflect solely and exclusively those of the author(s), and such opinions were prepared independently of any other interests, including those of Barclays Capital and/or its affiliates. Neither Barclays Capital, nor any affiliate, nor any of their respective officers, directors, partners, or employees accepts any liability whatsoever for any direct or consequential loss arising from any use of this publication or its contents. The securities discussed in this publication may not be suitable for all investors. Barclays Capital recommends that investors independently evaluate each issuer, security or instrument discussed in this publication and consult any independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information in this publication is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results. This communication is being made available in the UK and Europe to persons who are investment professionals as that term is defined in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion Order) 2005. It is directed at, and therefore should only be relied upon by, persons who have professional experience in matters relating to investments. The investments to which it relates are available only to such persons and will be entered into only with such persons. Barclays Capital is authorized and regulated by the Financial Services Authority ('FSA') and member of the London Stock Exchange. Barclays Capital Inc., US registered broker/dealer and member of FINRA (www.finra.org), is distributing this material in the United States and, in connection therewith accepts responsibility for its contents. Any U.S. person wishing to effect a transaction in any security discussed herein should do so only by contacting a representative of Barclays Capital Inc. in the U.S. at 745 Seventh Avenue, New York, New York 10019. This material is distributed in Canada by Barclays Capital Canada Inc., a registered investment dealer and member of IIROC (www.iiroc.ca). Subject to the conditions of this publication as set out above, Absa Capital, the Investment Banking Division of Absa Bank Limited, an authorised financial services provider (Registration No.: 1986/004794/06), is distributing this material in South Africa. Absa Bank Limited is regulated by the South African Reserve Bank. This publication is not, nor is it intended to be, advice as defined and/or contemplated in the (South African) Financial Advisory and Intermediary Services Act, 37 of 2002, or any other financial, investment, trading, tax, legal, accounting, retirement, actuarial or other professional advice or service whatsoever. Any South African person or entity wishing to effect a transaction in any security discussed herein should do so only by contacting a representative of Absa Capital in South Africa, 15 Alice Lane, Sandton, Johannesburg, Gauteng 2196. Absa Capital is an affiliate of Barclays Capital. Non-U.S. persons should contact and execute transactions through a Barclays Bank PLC branch or affiliate in their home jurisdiction unless local regulations permit otherwise. In Japan, foreign exchange research reports are prepared and distributed by Barclays Bank PLC Tokyo Branch. Other research reports are distributed to institutional investors in Japan by Barclays Capital Japan Limited. Barclays Capital Japan Limited is a joint-stock company incorporated in Japan with registered office of 6-10-1 Roppongi, Minato-ku, Tokyo 106-6131, Japan. It is a subsidiary of Barclays Bank PLC and a registered financial instruments firm regulated by the Financial Services Agency of Japan. Registered Number: Kanto Zaimukyokucho (kinsho) No. 143. Barclays Bank PLC Frankfurt Branch is distributing this material in Germany under the supervision of Bundesanstalt fuer Finanzdienstleistungsaufsicht (BaFin). This material is distributed in Malaysia by Barclays Capital Markets Malaysia Sdn Bhd. Barclays Bank PLC in the Dubai International Financial Centre (Registered No. 0060) is regulated by the Dubai Financial Services Authority. Barclays Bank PLC-DIFC Branch, may only undertake the financial services activities that fall within the scope of its existing DFSA licence. Barclays Bank PLC in the UAE is regulated by the Central Bank of the UAE and is licensed to conduct business activities as a branch of a commercial bank incorporated outside the UAE in Dubai (Licence No.: 13/1844/2008, Registered Office: Building No. 6, Burj Dubai Business Hub, Sheikh Zayed Road, Dubai City) and Abu Dhabi (Licence No.: 13/952/2008, Registered Office: Al Jazira Towers, Hamdan Street, PO Box 2734, Abu Dhabi). Barclays Bank PLC in the Qatar Financial Centre (Registered No. 00018) is authorised by the Qatar Financial Centre Regulatory Authority. Barclays Bank PLC-QFC Branch may only undertake the regulated activities that fall within the scope of its existing QFCRA licence. Principal place of business in Qatar: Qatar Financial Centre, Office 1002, 10th Floor, QFC Tower, Diplomatic Area, West Bay, PO Box 15891, Doha, Qatar. This information has been distributed by Barclays Bank PLC. Related financial products or services are only available to Professional Clients as defined by the DFSA, and Business Customers as defined by the QFCRA. IRS Circular 230 Prepared Materials Disclaimer: Barclays Capital and its affiliates do not provide tax advice and nothing contained herein should be construed to be tax advice. Please be advised that any discussion of U.S. tax matters contained herein (including any attachments) (i) is not intended or written to be used, and cannot be used, by you for the purpose of avoiding U.S. tax-related penalties; and (ii) was written to support the promotion or marketing of the transactions or other matters addressed herein. Accordingly, you should seek advice based on your particular circumstances from an independent tax advisor. © Copyright Barclays Bank PLC (2010). All rights reserved. No part of this publication may be reproduced in any manner without the prior written permission of Barclays Capital or any of its affiliates. Barclays Bank PLC is registered in England No. 1026167. Registered office 1 Churchill Place, London, E14 5HP. Additional information regarding this publication will be furnished upon request.T

Documents

Barclays GDP