GCC Daily Market Update - 29 June

Transcription

1. DAILY MARKET UPDATE June 29 , 2016 GLOBAL MARKETS MARKET COMMENTARY Change Performance Value (%) MTD (%) YTD (%) Closing Level Indices Global S&P 500 Dow Jones Ind. Average Nasdaq FTSE 100 DAX 30 CAC 40 BIST 100 Nikkei Hang Seng Shanghai Composite BSE Sensex GCC QE Index Saudi Arabia (TASI) UAE (ADX) UAE (DFM) Kuwait (KSE) Oman (MSM) Bahrain (BAX) S&P GCC Dow Jones Islamic Commodity Brent (USD/bbl) WTI (USD/bbl) Natural Gas (USD/mmBTU) Gold Spot (USD/t oz.) Copper (USD/lb) 2,036.1 17,409.7 4,290.5 6,140.4 9,447.3 4,088.9 76,929.3 15,323.1 20,172.5 2,912.6 26,524.6 35.6 269.5 89.4 158.2 178.6 104.1 1,768.1 13.9 (54.8) 16.9 121.6 1.8 1.6 2.1 2.6 1.9 2.6 2.4 0.1 (0.3) 0.6 0.5 (2.9) (2.1) (5.2) (1.5) (7.9) (9.3) (1.1) (11.1) (3.1) (0.1) (0.5) (0.4) (0.1) (6.6) (1.6) (12.1) (11.8) 7.3 (19.5) (7.9) (17.7) 1.6 9,867.9 6,480.3 4,407.2 3,283.9 5,375.2 5,761.3 1,114.1 1,441.3 2,756.9 51.2 15.5 (27.1) (1.8) 9.1 (2.5) 1.4 (24.6) 47.1 0.5 0.2 (0.6) (0.1) 0.2 (0.0) 0.1 (1.7) 1.7 3.5 0.5 3.7 (0.9) (0.5) (0.9) 0.2 1.5 (3.3) (5.4) (6.2) 2.3 4.2 (4.3) 6.6 (8.4) (0.1) (1.3) 48.6 47.9 2.9 1,315.3 217.1 1.4 1.5 0.2 (7.2) 4.9 3.0 3.3 7.4 (0.5) 2.3 (1.8) (1.9) 25.3 8.5 3.2 31.0 30.1 22.6 24.3 1.3 Source: Bloomberg Global Global markets rebounded on Tuesday. Asian markets bounced back from early losses as leaders signaled they were ready to step in with support policies. Japanese PM Shinzo Abe instructed officials to take steps to reassure markets, while South Korea's government unveiled a USD 17bn stimulus package. Hong Kong’s benchmark was however a laggard as companies with exposure to Europe continued to plunge. US and European indices closed sharply in green as investors sought cheap assets after a twoday equities rout. The broad based Stoxx 600 closed 2.6% higher supported by a 2.5% gain in Bank stocks. US indices rebounded led by gains in Energy, Financials and Technology sectors. Energy stocks got a boost from a 3.3% gains in WTI oil prices. Higher revised US GDP data for Q1-16, improvement in house prices and increase in US consumer confidence also raised the optimism. GCC GCC indices closed on a mixed note on Tuesday. Dubai’s index closed 0.1% lower on concerns that weakness in the GBP and EUR could affect Dubai's Real Estate and Tourism sectors. Volumes remained thin with activity focused on small stocks. Abu Dhabi’s index also closed in red led by a 1.5% fall in Aldar Properties and a 1.3% pull-back by First Gulf Bank. Saudi Arabia’s benchmark eked marginal gains supported by second- or third-tier stocks favored by local retail investors. Qatar QE index outperformed its gulf peers closing 0.5% in green supported by gains in global oil market. Foreign institutions turned net buyers in the market with buying activity was concentrated in Realty and Banking counters. In terms of volumes Banking, Industrials and Real estate stocks together constituted about 73% of the total traded, with significant activity witnessed in Ezdan, Mazaya Qatar, QNB, Qatar Islamic Bank, Commercial Bank & Dlala. Out of 44 stocks listed, 42 exchanged hands, of which 23 gained, 15 declined and 4 remained unchanged. QATAR MARKET OVERVIEW P/E (x) P/B (x) Qatar All share 13.1 1.5 4.1 35.2 10,400 DSM 20 13.6 1.5 4.1 27.8 9,900 Saudi Arabia (TASI) 15.0 1.5 3.8 1,126.4 9,400 UAE (ADX) 11.7 1.5 5.5 23.7 8,900 UAE (DFM) 11.0 1.2 4.3 66.9 Kuwait (KSE) 18.3 1.0 4.4 38.7 8,400 3/Apr Oman (MSM) 11.0 1.3 4.5 5.5 Source: Bloomberg Bahrain (BAX) 9.3 0.4 4.9 1.0 1D Change Performance Value (%) YTD (%) YoY (%) Vol. P/E (‘000) TTM QE Sector Indices Banks & Financial Services Consumer Goods & Services Industrials Insurance Real Estate Telecoms Transportation GCC Fundamentals Dividend Value Traded Yield (%) (USD mn) Source: Bloomberg Qatar Trading Activity Top Gainers Zad Holding Co Al Ahli Bank Dlala Holding Ezdan Holding Group Al Khaleej Takaful Top Losers Mannai Corporation Qatar General Ins & Re Qatar & Oman Invest. Barwa Real Estate Co Medicare Group Close Price 89.4 40.7 24.1 18.0 24.2 5.9 1.1 0.6 0.3 0.3 7.1 2.8 2.6 1.5 1.3 5.4 (7.2) 30.4 13.4 (20.7) (10.6) (7.1) (11.6) 0.4 (43.4) 88.0 49.0 10.6 32.7 92.0 (1.6) (0.8) (0.1) (0.2) (0.5) (1.8) (1.5) (1.3) (0.6) (0.5) (7.7) 5.5 (13.6) (18.4) (22.9) (21.6) (3.8) (34.2) (37.0) (50.5) Source: Bloomberg; Note: Prices are in local currency. 0.0 0.2 629.2 236.1 0.1 12.2 12.1 NA 27.3 20.5 3.6 8.1 0.2 4.8 4.2 25.3 67.0 27.9 13.5 17.8 Qatar DSM Index 10,900 15.0 9,867.9 10.0 5.0 0.0 17/Apr 1/May 15/May Index Volume (mn) 29/May 12/Jun 26/Jun Index Value Closing Level 2,663.1 6,341.7 3,023.3 4,012.4 2,493.8 1,102.4 2,460.9 1D Change (%) 0.7 0.1 (0.1) (0.2) 1.0 0.3 0.3 Buy (%) 29.1 30.6 59.7 9.8 30.5 40.3 Sell (%) 32.3 32.0 64.3 8.7 27.0 35.7 Source: Qatar Exchange Qatar Trading Summary Qatari Individuals Qatari Institutions Qatari – Total Foreign Individuals Foreign Institutions Foreign – Total Source: Qatar Stock Exchange, Bloomberg 1
2. DAILY MARKET UPDATE June 29 , 2016 Deposits with banks abroad jumped 9.3% MoM to USD 141.2bn in May-16, while investments in foreign securities dropped 3.4% to USD 373.1bn. (Source: Arabian Business) GLOBAL NEWS  US economy grew at an annualized rate of 1.1% YoY in Q1-16. Core personal consumption expenditures rose 2% QoQ in Q1-16. US Personal Consumption Expenditure Prices index rose 0.2% QoQ in the Q1-16. The ICE US Dollar Index declined by 0.56% to 96 in Q1-16. (Source: Economic Calendar)    Arabian Business)  US consumer confidence index rose to 98 in June-16 from 92.4 in May16. The present situation index increased to 118.3 in June-16 from 113.2 in May-16, while the expectations index rose to 84.5 in June-16, compared to 78.5 in May-16. (Source: Wall Street Journal) Germany's import prices fell 5.5% YoY in May-16, slower than the 6.6% decline in April-16. The decline was largely driven by a 26.5% slump in energy prices. On a monthly basis, the import prices rose by 0.9% in May-16. Export prices dipped 1.6% YoY and 0.2% MoM in May-16. Italy's consumer confidence fell to 110.2 in June-16 from 112.5 in May16, whereas the manufacturing confidence rose to 102.8 from 102.1. The index measuring confidence in construction climbed to 124.6 in June-16 from 120.4 in May-16. (Source: London South East)  Japan retail sales were roughly unchanged at JPY 11.54bn in May-16. On a yearly basis, retail sales slid 1.9% after easing 0.9% in the previous month. Sales from large retailers tumbled an annual 2.2%. (Source: RTT)   New home sales in Australia decreased for the second consecutive month in May-16. Total home sales dropped 4.4% sequentially in May16, slower than the 4.7% decline in April-16. (Source: RTT) Turkey's foreign reserves grew by 2% to USD 96.5bn in May-16 over April-16. The gold reserves fell by 8.9% to USD 18.1bn. The reserve position with IMF came in at USD 158mn in May-16 and Special Drawing Rights (SDRs) totaled USD 1.35bn. (Source: RTT News) GCC NEWS  Private wealth in the Middle East and Africa region is set to reach USD 11.8tn by 2020, and the UAE, Saudi Arabia, and Kuwait's contribution will account for 22.7% of that total, according to Boston Consulting Group. (Source: Arabian Business)  UAE's economy is forecasted to grow by 3% in 2016 and 3.1% in 2017, according to the International Institute of Finance (IIF), as it predicts inflation to slow down to 1.7% in 2016 from 4% in 2015, while the current account balance to drop below 1% of GDP. (Source: Khaleej Times)  Dubai World Trade Centre events contributed AED 12bn in 2015 in retained value towards Dubai’s economy, according to the latest Economic Impact Assessment report by DWTC. The contribution was equivalent to 3.1% of the emirate’s GDP. (Source: Zawya)   An additional 10,000 new hotel rooms are expected to open in Dubai this year, according to JLL's overview. 621 new rooms opened in the emirate during Q1-16 and expected 9,400 more to come by the end of 2016. (Source: Gulf Business)  The Saudi government has announced development projects worth SAR 5.1bn (USD 1.3bn) in the Madinah region including the setting up of new power plants as well as implementation of a sanitary drainage network. The government launched a number of projects focusing on the health, education, cultural and services sector. (Source: Trade Arabia) Net foreign assets at Saudi Arabia's central bank rose by USD 665mn in May-16 to SAR 2.15tn (USD 573bn), first MoM rise since January-15. Private wealth in Oman will rise from USD 0.3tn to USD 0.4tn by 2020, according to a report by the Boston Consulting Group. In the next five years, the growth of private wealth will be driven primarily by equities (5.8%), followed by cash and deposits (4.1%) and bonds (2.2%). (Source: Times Of Oman)  Fitch downgraded Bahrain's long-term foreign currency issuer default rating (IDR) to 'BB+' from 'BBB-' and long-term local currency IDR to 'BB+' from 'BBB'. The agency expects general government debt to rise to nearly 80% of GDP in 2016 from around 62% of GDP in 2015, well above the 'BBB' and 'BB' medians of around 40%. (Source: Arabian Business)  Bahrain-based Securities & Investment Company (SICO) has announced the names of the seed investors in the newly-launched fund. The four seed investors are Osool, BBK, Bahrain Mumtalakat Holding Company (Mumtalakat) and NBB. (Source: Arabian Business)  The activity in Kuwait’s residential market picked up in May-16 with sector sales growing 88% MoM to KWD 112.8mn (USD 373mn), according to National Bank of Kuwait (NBK). A total of 278 transactions were registered, up 49% YoY. (Source: Trade Arabia) QATAR NEWS  Ministry of Energy and Industry has announced that the 91-octane Premium gasoline will cost QAR 1.3 per liter and Super 95-octane gasoline will cost QAR 1.4 per liter in July-16. Diesel price will remain unchanged at QAR 1.4 per liter in July-16. (Source: Gulf Times)  Private wealth of Ultra high net worth (HNW) households in Qatar is projected to grow by 14.5% to reach USD 0.5tn by 2020, according to Boston Consulting Group. Private wealth held by the Upper HNW and the lower HNW segments is projected to grow at the rate of 3.6% and 5.3%, respectively over the next five years. (Source: Gulf Times)  The total value of trading in Qatar’s real estate sales contracts from 19th to 23rd June-16 rose to QAR 210.6mn, according to the Real Estate Registration Department. (Source: Gulf Times)  Qatar Petroleum will cede control of parts of the industrial city (control of 200 projects) of Mesaieed in 2017 to focus on its core business at a time of low oil prices and increased competition in energy markets, according to the CEO of Qatar Petroleum. (Source: Arabian Business)  Qatari Modern Maintenance Company (QMMC), a key provider of electro-mechanical contracting services to the construction and industrial sectors, has been certified with the ISO 9001:2015, ISO 14001:2015 and OHSAS 18001:2007 international standards by Bureau Veritas, a global leader in testing, inspection and certification of quality. (Source: Trade Arabia)  Doha hotel’s rooms yield plunged 19.3% YoY to USD 159 in the first five months of 2016. Average room rate fell 14.9% to USD 224 and occupancy declined 4% to 70% during the same period, according to Ernst and Young. (Source: Gulf Times)  Al Markab Real Estate WLL and Al Khayarin Group Trading & Contracting signed a contract agreement for construction, completion and maintenance of office building at Lusail for Techno-Q. (Source: The Investment Corporation of Dubai posted a 3.7% YoY drop in 2015 profit of AED 22.9bn (USD 6.24bn) in 2015 as compared to AED 23.79bn mainly due to fall in revenue from oil and gas products and services. Revenue from oil and gas products and services sank to AED 49.67bn in 2015, compared with AED 71.20bn in 2014. (Source: Arabian Business)  The Central Bank of Oman’s issued Government Treasury Bills, amounting to OMR 20mn, with an average discount rate and the average yield of 1.28352% and 1.30018%, respectively. The bill was held for a maturity period of 364 days from 29th June-16. (Source: Times Of Oman)  (Source: London South East)  Saudi Basic Industries Corp has agreed with Saudi Aramco to conduct a joint feasibility study on a proposed oil-to-chemicals project. (Source: Peninsula) 2
3. DAILY MARKET UPDATE June 29 , 2016 FX RATES Currencies Value Currencies Value EUR/USD 1.1095 USD/QAR 3.6414 102.7500 EUR/QAR 4.0401 USD/JPY GBP/USD 1.3374 JPY/QAR 0.0354 USD/CHF 0.9819 GBP/QAR 4.8700 USD/CAD 1.3025 CHF/QAR 3.7085 AUD/USD 0.7386 CAD/QAR 2.7957 NZD/USD 0.7047 AUD/QAR 2.6895 USD/INR 67.4525 INR/QAR 0.0540 USD/TRY 2.9045 TRY/QAR 1.2537 USD/ZAR 15.1792 ZAR/QAR 0.2399 USD/BRL 3.3032 BRL/QAR 1.1024 FX Commentary GBP and EUR rebounded against the greenback on Tuesday on back of profit booking following a strong two-day selloff sparked by Britain's vote to leave the European Union. Statements by European Central Bank President Mario Draghi that euro zone growth will be reduced by roughly 0.3% to 0.5% cumulatively over the next three years due to the Brexit vote had little impact on EUR. Safe havens CHF and JPY lost against the greenback on resumed risk appetite. The dollar index, which measures the greenback against a basket of six major currencies, was last down 0.3% at 96.220, after posting its strongest two-day gain since Sept 2008. Gains in oil prices benefitted commodity linked AUD. USD pared losses against the Turkish lira after a Turkish official told that two explosions hit Istanbul's main Ataturk airport. Source: Bloomberg INTERBANK OFFERING & US SWAP RATES Duration SOVEREIGN YIELD CURVES & CDS SPREAD Overnight 1 Week 0.40 0.43 0.46 0.63 1.20 (0.40) (0.37) (0.36) (0.28) (0.05) QAIBOR 1.02 1.16 1.39 1.56 1.89 SAIBOR NA NA 2.04 2.23 2.48 EIBOR 0.34 0.49 0.73 1.12 1.63 LIBOR EURIBOR 1 Month 3 Month 1 Year BMIBOR 0.43 0.65 0.93 1.30 1.80 KIBOR 0.75 NA 1.00 1.31 1.69 Qatar vs US Treasuries Yields 4.24% 5.0% 2.11% 2.38% 2.38% 0.90% 5 Yrs 1.16% 7 Yrs 1.43% 1.02% 2.26% 0.0% 0.51% 2 Yrs Qatar 10 Yrs US 30 Yrs Source: Bloomberg Source: Bloomberg US Swap Rates 5 Years CDS 4.0% US 22.1 3.3 Turkey 255.2 (17.8) UK 46.3 26.9 Brazil 334.4 (157.2) Germany 22.1 9.2 Egypt 476.4 (0.3) France 47.3 21.8 Abu Dhabi 95.8 11.5 165.5 68.3 Bahrain 380.8 19.7 2.0% 0.0% 2.14% 1.79% 2.46% 2.94% 0.90% 0.74% 1.15% 0.98% 2 Yrs 5 Yrs 7 Yrs Current 1.35% 10 Yrs Last Year 1.81% Italy Greece 30 Yrs Spreads 6M Change 5 Years CDS Spread 6M Change 1,042.0 (62.8) Dubai 184.2 (53.7) Russia 251.3 (57.0) Qatar 113.0 25.3 Japan 43.5 (6.3) Saudi Arabia 182.4 30.1 Source: Bloomberg Source: Bloomberg ECONOMIC CALENDAR Time Country Event Period Survey Prior 2:50 Japan Retail Trade YoY May (1.90%) (0.90%) 2:50 Japan Retail Sales MoM May 0.00% (0.10%) 9:00 United Kingdom Nationwide House PX MoM Jun 0.00% 0.20% 9:00 United Kingdom Nationwide House Px NSA YoY Jun 4.90% 4.70% 11:30 United Kingdom Mortgage Approvals May 65.3k 66.3k 12:00 Eurozone Consumer Confidence Jun F (7.3) (7.3) 14:00 United States MBA Mortgage Applications Jun-24th -- 2.90% 15:00 Germany CPI MoM Jun P 0.20% 0.30% 15:00 Germany CPI YoY Jun P 0.30% 0.10% 15:00 Germany CPI EU Harmonized MoM Jun P 0.10% 0.40% 15:00 Germany CPI EU Harmonized YoY Jun P 0.20% 0.00% 15:30 United States Personal Income May 0.30% 0.40% 15:30 United States Personal Spending 16:00 Russia CPI WoW 17:00 United States 2:50 2:50 May 0.40% 1.00% Jun-27th -- 0.10% Pending Home Sales MoM May (1.10%) 5.10% Japan Industrial Production MoM May P (0.20%) 0.50% Japan Industrial Production YoY May P 1.90% (3.30%) Source: Bloomberg 3
4. DAILY MARKET UPDATE June 29 , 2016 QSE MAIN FINANCIAL INDICATORS Company Ahli Bank Comm. Bank of Qatar Dlala Doha Bank Islamic Holding Al khalij Commercial Bank Rayan National Leasing First Bank (QFC) Qatar Islamic Bank Intl. Islamic Bank QNB Qatar Oman Banks & Financial Services Medicare Al Meera Cinema Qatar Fuel Qatar German Co. Med Salam International Widam Zad Holding Company Consumer Goods & Services Aamal Gulf International Industries Qatar Mannai Corp. Mesaieed Qatar Electricity & Water The Investors Ind. Manf. Co. National Cement Co. Industrials Al Kaleej Takaful Doha Insurance Qatar Insurance General Insurance Islamic Insurance Insurance Barwa Ezdan Holding Mazaya Qatar United Dev. Company Real Estate Ooredoo Vodafone Qatar Telecoms Gulf warehousing Co Nakilat Qatar Navigation Transportation Market Dividend Yield (%) 3.6 8.3 0.0 8.6 1.7 6.3 5.2 2.9 N/A (‫)غ‬ 4.5 6.5 2.1 5.6 3.7 5.4 4.3 4.6 5.1 0.0 9.0 4.4 4.8 5.1 7.4 2.8 5.1 5.6 3.8 3.7 2.7 7.1 3.9 4.5 4.2 5.0 2.7 2.7 6.9 3.0 6.7 2.8 2.0 7.9 4.0 3.4 N/A (‫)غ‬ 2.6 2.1 5.4 5.8 5.2 4.0 P/B Ratio (x) 1.7 0.8 2.5 1.0 2.5 1.0 2.3 0.9 N/A (‫)غ‬ 1.7 1.8 2.0 1.1 1.7 2.7 3.3 1.6 2.1 1.3 0.7 3.8 0.8 2.0 1.1 1.8 1.9 1.8 1.7 3.3 2.4 1.5 1.8 1.9 1.1 1.0 3.1 0.7 2.9 1.8 0.7 1.5 1.0 0.6 1.1 1.3 N/A (‫)غ‬ 1.7 2.5 1.6 0.8 1.2 1.6 P/E Ratio (x) 11.8 9.4 (M) (‫)س‬ 6.9 (H) (‫)م‬ 9.0 12.1 (M) (‫)س‬ N/A (‫)غ‬ 10.9 11.7 10.2 25.6 10.6 17.9 24.7 15.2 10.9 (M) (‫)س‬ 11.0 14.1 6.9 12.6 12.9 12.9 14.3 8.3 19.7 14.9 21.6 10.9 10.9 14.6 18.5 9.3 16.3 4.8 12.3 11.1 28.2 27.3 13.0 9.8 22.9 11.4 N/A (‫)غ‬ 14.9 17.6 12.8 9.1 11.4 12.8 EPS (QR) 3.4 3.9 (M) (‫)س‬ 5.1 0.5 1.8 2.8 (M) (‫)س‬ N/A (‫)غ‬ 8.7 5.3 13.6 0.4 5.9 5.2 8.4 2.1 13.8 (M) (‫)س‬ 1.0 4.3 12.1 6.4 1.0 2.8 6.9 10.8 0.9 13.7 2.1 3.9 7.8 3.1 1.3 2.2 4.4 10.3 4.7 5.2 1.2 0.7 1.0 1.9 0.9 7.8 N/A (‫)غ‬ 2.1 3.3 1.8 9.5 3.1 3.3 BV/Share (QR) 23.2 43.4 9.4 34.0 24.5 15.9 15.0 20.5 N/A (‫)غ‬ 54.2 34.1 70.9 10.0 36.1 34.4 62.4 20.4 71.0 8.8 15.0 15.9 106.6 40.7 12.0 20.6 51.7 50.5 10.8 62.4 18.8 29.2 46.3 23.4 21.5 21.0 23.4 70.7 20.0 32.8 44.7 11.6 12.8 29.8 17.2 69.5 N/A (‫)غ‬ 19.1 23.3 14.1 114.2 30.6 25.9 Stock Price (QR) 39.6 36.4 23.5 34.9 60.9 16.0 33.9 17.6 11.4 94.4 61.5 139.4 10.8 92.5 208.1 32.5 150.0 11.2 11.2 60.9 83.5 12.8 36.4 99.0 89.6 18.5 203.6 45.9 42.5 85.0 23.9 20.0 72.2 49.8 58.0 32.9 17.8 13.3 19.0 88.8 10.4 57.4 23.1 85.6 Company ‫االهلي‬ ‫التجاري‬ ‫داللة‬ ‫بنك الدوحة‬ ‫اإلسالمية القابضة‬ ‫الخليجي‬ ‫الريان‬ ‫االجارة‬ ‫ األو ل‬QFC ‫المصرف‬ ‫الدولي‬ ‫الوطني قطر بنك‬ ‫قطروعمان‬ ‫البنوك والخدمات المالية‬ ‫الرعاية‬ ‫الميرة‬ ‫السينما‬ ‫قطر للوقود‬ ‫الطبية‬ ‫السالم‬ ‫ودام‬ ‫زاد‬ ‫البضائع والخدمات االستهالكية‬ ‫أعمال‬ ‫الخليج الدولية‬ ‫صناعات قطر‬ ‫مجمع المناعي‬ ‫مسيعيد‬ ‫كهرباء وماء‬ ‫المستثمرين‬ ‫التحويلية‬ ‫االسمنت‬ ‫الصناعات‬ ‫الخليج‬ ‫الدوحة‬ ‫قطر‬ ‫العامة‬ ‫االسالمية‬ ‫التأمين‬ ‫بروة‬ ‫إزدان القابضة‬ ‫مزايا قطر‬ ‫المتحدة للتنمية‬ ‫العقارات‬ ‫كيوتل‬ ‫فودافون قطر‬ ‫االتصاالت‬ ‫مخازن‬ ‫ناقالت‬ ‫المالحة‬ ‫النقل‬ Source: Qatar Exchange; Note: The above mentioned indicators were calculated according to the latest reliable financial data. DISCLAIMER It is understood that any opinions expressed by Commercial Bank or its affiliates as to the commentary, market information, and future direction of prices of specific securities reflects the views of the individual analyst who issued them, and not necessarily represent the views of Commercial Bank or its affiliates in any way. In no event shall CBQ or its affiliates have any liability for any direct or indirect losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this materials or for any delays, inaccuracies, errors in, or omissions of the said information. 4