HSBC drink from & Burkhardt

At the US property market further no change of trend is in view. With the paragraph of existing houses in July we count with the today's publication on a decrease in the comparison to the previous month on 5,70 million units (ann.). The weak demand for real estates might come also in on Thursday the lining up OFHEO Hauspreisindex to the expression. For 2. Quarter 2007 we expect a decrease around 0,25% gg. Vq. The German enterprises should have been only conditionally affected by recent unrest at the financial markets in their evaluation of the current state of business. Their business expectations however might have easily clouded in view of the present uncertainties. Thus we count for ifo the business climate index waiting tomorrow for the publication in August on a decrease of 106,4 to 104,9 points. Altogether the index thereby remains however still in this country on solid level and points on a continuously good condition. From it the job market should profit in the coming months.