This document appears to be a financial report containing stock market index performance data, economic indicators, and bond yield information. It provides the closing values and returns for various indexes such as the S&P 500, Nikkei 225, and FTSE 100 on a particular date. It also includes data on commodities prices, inflation rates, manufacturing PMIs, GDP figures and other economic metrics. Bond yields and spreads are presented for different regions and asset classes.

1. 4 January
2018

3. PAGE 2
•
10 2.6%
2.5535%
•
0.67% 0.43%
10.26 557.15
• 0.50%
0.35% 0.34%
1.10%
Bloomberg 2019/1/3
-1.29
0.80
0.90
0.04
1.42
0.82
1.41
-1.22
1.59
1.16
-2.41
2.34
1.22
2.85
0.96
-0.46
-0.08
0.16
0.27
0.34
0.35
0.40
0.43
0.45
0.50
0.67
0.97
0.98
1.08
1.10
-
-
% %

4. PAGE 3
•
S&P 500
1.64% NASDAQ 1.76%
600 1.32%
• 225 2018
0.31%
• 12
0.75%
• Bolsonaro
BOVESPA 7.14%
• 17 6.16%
2.42%
Bloomberg 2019/1/3
-8.31
-12.27
-9.62
-6.37
-2.01
-7.17
-9.90
-11.34
-6.62
-9.15
-5.46
-7.55
-0.02
-5.84
1.94
1.98
-1.87
-1.64
-1.56
-1.55
-0.82
-0.75
-0.47
-0.31
-0.29
0.34
1.28
1.32
2.42
2.86
7.14
7.62
MSCI
500
H
SENSEX
MSCI
Nikkei 225
MSCI
DAX
MSCI
600
RTS
BOVESPA
MSCI
% %

5. PAGE 4
• OPEC
(OPEC)12
OPEC 1
•
( )
2019
59.97
Bloomberg EIA 2019/1/3 2018/12/21
-7.90
-8.88
-11.41
-7.04
-6.51
-1.44
-3.33
-0.59
5.17
0.77
-11.07
-9.30
-4.65
-4.18
-1.71
-0.89
0.63
0.64
1.02
1.40
1.46
5.03
5.56
7.27
LME
LME
LME
CRB
LME
% %

6. PAGE 5
• 1 2 211
145 2
6 12
20
• 78 80
18 13 12
4
Bank of America Merrill Lynch EPFR 2019/1/3

8. PAGE 7
• Cook
iPhone
12 29
840 890
930 5% Cook
( )
( 1)
• 12
(PMI) 11 59.3
54.1( 2) 2016 11
57.5
• Trump
• Bristol-Myers Squibb
740 Celgene
Bloomberg 2019/1/3
( 1)
( 2) ISM (PMI)

9. PAGE 8
• 2018
12 1.85%
( 1)
• 2018 4
(YTW) 8%
( 2)
• Netflix Activision Blizzard
Netflix Netflix
Netflix
• Sears Sears
2018
ESL Sears
Sears
Bloomberg Bank of America Merrill Lynch 2019/1/3
( 2)
1.85%
0%
1%
2%
3%
4%
5%
6%
7%
8%
2015/12 2016/12 2017/12 2018/12
12
( 1)

10. PAGE 9
• 12 Markit
PMI 11 51.8 51.4( 1)
50 12
Markit PMI 11 51.8 51.5
33
•
Barclay May
May
May
• 12/30
2019
2019
GDP 2.04%
• 11
1.1%( 2) 11
10 2.4% 2.5%
1.62 1.63 44
Bloomberg 2019/1/3

11. PAGE 10
• 12
PMI PMI 50
49.4( 1) 34
PMI 0.4
53.8
• 2019
500 1000
•
(NIOC)
11 5
• Bolsonaro
Twitter 12 4
70
Bloomberg 2019/1/3
PMI 50
( 1) PMI
( 2)

13. PAGE 12
Bloomberg 2019/1/3

14. PAGE 13
Bloomberg ICE * ICE
10
(%) (bp)
0
50
100
150
200
250
300
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 157.0 (1/3) 5 : 125.5
2.0
2.5
3.0
3.5
4.0
4.5
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 4.12 (1/3)
(%) (bp)*
/ / 本益比 風險
5.0
5.2
5.4
5.6
5.8
6.0
6.2
6.4
6.6
2013 2014 2015 2016 2017 2018 2019
: 6.16 (1/3)
200
250
300
350
400
450
500
2013 2014 2015 2016 2017 2018 2019
: 360.45 (1/3) 5 : 319.9

15. PAGE 14
Bloomberg
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 7.67 (1/3)
0
100
200
300
400
500
600
700
800
900
1,000
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 557.2 (1/3) 5 : 453.5
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 7.94 (1/3)
0
100
200
300
400
500
600
700
800
900
1,000
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 537.0 (1/3) 5 : 437.8
(%) (bp)
(%) (bp)
/ / 本益比 風險

16. PAGE 15
Bloomberg J.P. Morgan -
(%) (bp)
(%) (bp)
/ / 本益比 風險
2.0
4.0
6.0
8.0
10.0
12.0
14.0
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 5.48 (1/3)
0
200
400
600
800
1,000
1,200
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 533.0 (1/3) 5 : 365.6
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 8.75 (1/3)
0
100
200
300
400
500
600
700
800
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 619.7 (1/3) 5 : 506.0

17. PAGE 16
Bloomberg J.P. Morgan (EMBIG) J.P. Morgan (CEMBI)
(%) (bp)
(%) (bp)
/ / 本益比 風險
2.0
3.0
4.0
5.0
6.0
7.0
8.0
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 6.80 (1/3)
0
100
200
300
400
500
600
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 422.62 (1/3) 5 : 339.4
2.0
3.0
4.0
5.0
6.0
7.0
8.0
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 6.27 (1/3)
0
100
200
300
400
500
600
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 381.16 (1/3) 5 : 332.2

18. PAGE 17
Bloomberg J.P. Morgan (JACI)
(%) (bp)
(%) (bp)
/ / 本益比 風險
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 8.53 (1/3)
0
100
200
300
400
500
600
700
800
900
1,000
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 604.0 (1/3) 5 : 571.7
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 5.53 (1/3)
0
50
100
150
200
250
300
350
400
450
500
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 297.10 (1/3) 5 : 255.5

19. PAGE 18
Bloomberg
MSCI 500
600 225
/ / 本益比 風險
8
10
12
14
16
18
20
2008 2010 2012 2014 2016 2018
: 13.3 (1/3) 5 : 16.6
8
10
12
14
16
18
20
22
2008 2010 2012 2014 2016 2018
: 14.2 (1/3) 5 : 17.5
6
8
10
12
14
16
18
2008 2010 2012 2014 2016 2018
: 12.0 (1/3) 5 : 15.4
10
12
14
16
18
20
22
24
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 14.4 (1/3) 5 : 17.6

20. PAGE 19
Bloomberg
MSCI 300
SENSEX BOVESPA
/ / 本益比 風險
4
6
8
10
12
14
16
18
2008 2010 2012 2014 2016 2018
: 10.5 (1/3) 5 : 12.3
0
5
10
15
20
25
30
35
2008 2010 2012 2014 2016 2018
: 9.2 (1/3) 5 : 12.6
5
7
9
11
13
15
17
19
21
23
25
2008 2010 2012 2014 2016 2018
: 20.5 (1/3) 5 : 18.1
5
7
9
11
13
15
17
19
21
2008 2010 2012 2014 2016 2018
: 11.1 (1/3) 5 : 12.7

21. PAGE 20
Bloomberg
VIX MOVE
CDX
/ / 本益比 風險
0
10
20
30
40
50
60
70
80
90
2008 2010 2012 2014 2016 2018
: 25.45 (1/3) 5 : 14.90
0
50
100
150
200
250
300
2008 2010 2012 2014 2016 2018
: 65.8 (1/3) 5 : 65.2
50
60
70
80
90
100
110
120
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 62.4 (1/3) 5 : 71.8
200
250
300
350
400
450
500
550
600
650
2013 2014 2015 2016 2017 2018 2019
: 465.3 (1/3) 5 : 364.8

22. PAGE 21
0%
5%
10%
15%
20%
25%
30%
35%
'14/1/3 '15/1/3 '16/1/3 '17/1/3 '18/1/3 '19/1/3
-5%
0%
5%
10%
15%
20%
25%
30%
'14/1/3 '15/1/3 '16/1/3 '17/1/3 '18/1/3 '19/1/3
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
'14/1/3 '15/1/3 '16/1/3 '17/1/3 '18/1/3 '19/1/3
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
'14/1/3 '15/1/3 '16/1/3 '17/1/3 '18/1/3 '19/1/3
2019/1/3
* 50% +50%
5 ( ) 5 ( )
* 5 ( ) 5 ( )

23. PAGE 22
TR108003
PineBridge Investments IP Holding Company Limited
•
•
•
( )
•
101 013
104 144 10 (02)2516-7883
407 386 12 8 (04)2217-8168
802 6 17 1(A5 ) (07)335-5898