Strategy And Economics
UK
3 UK Strategy A Semblance of Normality
Graham Secker, Charlotte Swing
6 UK Economics
BoE Not Anticipating Tightening
Monetary Policy Soon
Melanie Baker
Global
8 Europe Strategy
Making Utilities Our Largest Overweight
Teun Draaisma
12 US Credit Strategy Technicals Are Fundamental
Rizwan Hussain, Gregory Peters, adam Richmond
14 US Economics Credit Losses,
Deleveraging and Risks to the Outlook
Richard Berner Betsy Graseck, Viswanath Tirupattur

18 US Economics Bear Market in Treasuries
Begins, but Watch for Deflation Risks
Richard Berner, David Greenlaw
20 Commentary Hedge Funds in the Crosshairs
Byron R. Wien
Industry & Company Analysis
22 Banks Earnings Upgrade Cycle Likely to
Continue for Wholesale
Huw van Steenis
26 Initiation Leisure & Hotels
Online Gambling: All the Aces
Vaughan Lewis, Jamie Rollo, Alex Davie, Aubrey Borius

(continued…)
28 Metal & Mining Copper Shares Pricing in
$2.50-2.70/lb: Move to UW
Ephrem Ravi, A. Gabriel, M. Almerud, C. Riek
30 Utilities Upgrading Sector to In-Line – Top Picks
RWE, SSE and IPR
Emmanuel Turpin, Bobby Chada, Antonella Bianchessi
34 􀃈DSG International Risk/Reward More Balanced
– Downgrade to Equal-weight
Geoff Ruddell, F. Bjelland, C. Muir Sands, R. Karkar
36 Lloyds Banking Group Reassessing the
Investment Case Post 1Q09; Remain UW
Steven Hayne, Michael Helsby
38 Premier Foods Back to (Food) Business; OW
Erik Sjogren, Michael Steib, Mark Christensen
40 Rentokil Initial Beginning to Deliver, Much More
to Come – Stay OW
David Hancock, Jessica Flounders
42 Travis Perkins Balance Sheet Resolved; Still
More Upside to Shares
Jessica Flounders, David Hancock

Portfolio and Valuations
44 UK Economic Forecasts
45 Indices, Sector and Stock Performance
47 Diary of Key Upcoming Events
50 Company and Directors Share Buybacks
58 UK Stock Coverage List