***As the month end...........>

GLOBAL MARKET/OPINION: ***As the month end approaches, there is a lot of talk of

a significant rebalance by balanced fund/pension funds. 

- To give some perspective for Europe, the eurostoxx index has provided a 4.1%

total return so far this month and the Bloomberg-Barclays aggregate bond index

has lost 0.26%. Looking at monthly swings between bonds and equities over the

past ten years, this would be in the 81st percentile that favours buying bonds.

- In the US, the situation is stretched further with the S&P has provided 7.95%

positive total return and the Bloomberg-Barclays aggregate bond index is down

0.95%. Looking at monthly swings between bonds and equities over the past ten

years, this would be in the 97th percentile that favours buying bonds.