- The article notes that insurers may start to offer variable annuities that offer less-generous benefits and potentially cost more.
- The shift comes as declining markets make it more difficult for insurance companies to meet the investment guarantees frequently built into variable annuities.
- Also, the cost of hedging strategies for these products has risen due to the current volatility in markets.

Americas Macro sector headlines

• Today 07:27am
  (CL) Chile's Cochilco: Maintains 2009 copper forecast at $1.60/LB, Expects 2010 copper price to average $1.50/LB- 2009 output seen at 5.47M tons vs 5.57M tons prior forecast - 2010 output seen at more...
  
• Today 07:06am
  Bernstein Analyst Brad Hintz: Does not expect IPO market to reach bottom until 2010- Expects credit markets to begin recovery in H2 of 2009
  
• FDO Today 07:00am
  Family Dollar Stores Inc Reports Q1 $0.42 v $0.40e, R $1.68B v $1.75Be, SSS +2.1% y/y- Guides Q2 $0.48-0.52 v $0.47e, SSS +3% to 5% - Guides FY09 EPS $1.63-1.81 v $1.69e, SSS +2% to 4%
  
• Today 07:00am
  (US) MBA Mortgage Applications: -8.2% V 0.0% prior- Rifi -12.3% at 5904.5
  
• Today 06:47am
  * TED SPREAD OPENS AT 126 BPS V 129 BPS PRIOR; LIBOR-OIS SPREAD AT 121 BPS V 123 BPS PRIOR