Equity Indices

	Closing Price	Change			Closing Price	Change
		On Week	YTD			On Week	YTD
Dow Jones Industrial Average	18,110.14	0.89%	1.61%	FTSE 100	7,030.53	0.05%	7.07%
S&P 500	2,114.76	0.83%	2.71%	Nikkei 225	19,983.32	0.37%	14.51%
Nasdaq Comp	5,055.42	0.82%	6.74%	Hang Seng	28,442.75	2.13%	20.49%
DJ Euro Stoxx 50	3,715.42	-0.11%	18.08%	MSE Index	3,732.540	-0.50%	12.05%

Asian share markets faded from seven-year peaks while investors exited crowded positions in the U.S. dollar as the Federal Reserve wraps up a two-day policy meeting.  The broad retreat in the U.S. currency came as a string of soft data seemed to push back the day when the Fed might start lifting rates, and ignored a rise in Treasury yields.

Interest Rates

 Benchmark Bond Yields

	Current 2yr Yield	Yield Change		Current 10yr Yield	Yield Change			Present Interest Rate	Last Variance
		On Week	Since Dec 12		On Week	Since Dec 12
US	0.56	0.04	-0.11	2.01	0.10	-0.16	FED	0.00 to 0.25	-0.75  to -1.00	16-Nov-08
Euro	-0.26	0.01	-0.16	0.17	0.08	-0.37	ECB	0.05	-0.10	04-Sep-14
UK	0.52	0.03	0.07	1.71	0.11	-0.04	BOE	0.50	-0.50	05-Mar-09
Japan	0.00	0.00	0.02	0.31	0.00	-0.02	BOJ	0.00 to 0.10	-0.10	05-Oct-10
Australia	1.98	0.06	-0.21	2.61	0.15	-0.20	RBA	2.25	-0.25	03-Feb-15
Canada	0.68	0.03	-0.33	1.56	0.11	-0.23	BOC	0.75	-0.25	21-Jan-15
Malta	0.07	-0.01	-0.39	1.25	0.01	-0.64

China will reduce import tariffs on some consumer goods by the end of June to help boost domestic spending and support the slowing economy at a time when record numbers of cash-rich Chinese tourists are splurging overseas.  The State Council, China's Cabinet, said the decision was made in order to satisfy rising consumer demand but did not specify which consumer goods would benefit or how much tariffs would be reduced.  Consumers in China generally pay 20 percent more for luxury goods than their counterparts in Europe.

French consumer confidence rose for the third consecutive month in April to reach its highest in over five years, data showed on Tuesday, although nagging concerns about unemployment meant it was still below the long-term average.  The news came a day after unemployment figures showing the number out of work rose a further 15,400 to just over 3.5 million, making for a jobless rate rooted around 10 percent.

The Greek Prime Minister Alexis Tsipras said he was confident of an outline deal with international creditors within two weeks, after shaking up his negotiating team and sidelining his finance minister who has infuriated euro zone partners.  Tsipras threatened to call a referendum if lenders insist on demands deemed unacceptable by his leftist government, elected to scrap austerity.  But the head of euro zone finance ministers said Greece needed loans urgently and did not have time for such a vote, which would be a costly and destabilising distraction.

Forex

	Exchange Rate	Change
		On Week	YTD
EUR/USD	1.0980	2.30%	-9.24%
USD/JPY	118.8400	-0.69%	-0.78%
GBP/USD	1.5336	2.78%	-1.55%
EUR/GBP	0.7158	-0.42%	-7.82%
USD/CHF	0.9551	0.06%	-3.94%

The Sterling hit seven-week highs against the U.S. currency, recovering from data showing the UK economy grew slower than expected in the first quarter.  The slide in quarterly gross domestic product growth to 0.3 percent - half that of the last three months of last year and below forecasts of 0.5 percent - quelled expectations for a rise in British interest rates this year and knocked the pound.

HSBC Bank Malta p.l.c. has based this document on information obtained from sources it believes to be reliable but which it has not independently verified and is for your personal, non-commercial use only. The contents do not constitute a solicitation of the purchase or sale of any investment. Although HSBC makes every reasonable effort to do so, it makes no representations that the information presented is accurate, complete or timely. Expressions of opinion herein are subject to change without notice. Accordingly, HSBC shall not be liable for any decisions made or actions taken in reliance on such information. Past performance is not necessarily a guide to future performance and the value of investments may go down as well as up. Issued by HSBC Bank Malta p.l.c., which is regulated by the Malta Financial Services Authority.