• The outbreak of swine flu continues to spread and has taken its first death toll in the US. No death toll reported outside North America.
    • The situation has been relatively stable over the past 24 hours and WHO has not scaled up its rhetoric.
    • Market fears are easing. The focus is turning toward the recent positive flow of forward looking macro data in the US.
    • Unless we get a significant change in the situation, the market impact will continue to fade in the coming days.