On Tuesday, November 9, Sofix reached nearly one-year maximum value at 334.32 points, but after that retreated from that position to finish the week with a growth of 0.21 %. Little better presented BG 40, which rose by 0.60 %. BG TR30 remained almost unchanged, while BG REIT lost 0.22 % of its value. With the largest growth among companies in SOFIX were shares of Advance TerraFund with 3.16 % and M + C Hydraulic AD with 1.98 %. In America, Barack Obama was reelected for a second mandate, and the major indexes lost more than 2 percent for the week. In Europe - President of the European Central Bank Mario Draghi said that the eurozone debt crisis has begun to impact the economy of Germany and the published data revealed that in September industrial production in Germany fell by 1.8 % instead of expected 0.5 %. Logically, the German DAX plunged by 1.68 %. In Spain, the contraction of industrial production in September, reached 7 percent - a decline that is almost two times larger than expected.

European Commission lowered its forecast for eurozone growth in 2013 to 0.1 % from the initially estimated 1 % and the decrease of growth in Germany was up 0.8 % from the initial 1.7 %. Japan's economy shrank in the third quarter for the first time last year. GDP fell by 0.9 % in line with expectations, although the reduction of capital costs is much greater than anticipated. The decline in GDP during the quarter led to a decline on an annual basis by 3.5 %. In the first half of the year the Japanese economy had fared better than other G-7 because of the strong domestic consumption and the cost of recovery from the earthquake of March 2011. The main stock index NIKKEI lost 2.77 %. One positive news came from Asia - China's exports grew by 11.6 % YOY on the information by the customs authorities of the country. Expectations of economists polled by Bloomberg, were for an increase of 10 % after in September, it was reported an increase of 9.9 %.

Collective investment schemes managed by UBB Asset Management reported weekly increases ranging from 0.10 % to 0.35 % as on the leadership position returned UBB Premium Equity  which growth this year reached 2.91 %. Transactions concluded last week have intended to reach the set target weights for each of the positions in the portfolio....more »

Tihomir Nenov, risk manager