This document appears to be a financial report containing market data and commentary from January 10, 2019. It includes statistics on stock market indexes and bond yields from various countries. There is also discussion of economic indicators, comments from central bank leaders, corporate news, and commodity price movements. The report contains mainly numbers and brief commentary without complete sentences.

1. 11 January
2018

3. PAGE 2
•
10 18.86
2.7421% 10
10.2 0.255%
•
2.90%
2.33%
70.23 486.92
• 1.18%
0.74% 0.42%
2.14%
Bloomberg 2019/1/10
0.97
0.97
0.55
0.14
1.38
1.39
1.42
1.36
1.15
1.55
2.26
1.32
4.61
1.74
1.21
-0.98
-0.67
-0.38
-0.18
0.26
0.36
0.42
0.74
1.03
1.03
1.18
1.25
2.14
2.33
2.90
-
-
% %

4. PAGE 3
•
Powell
S&P 500 5
6.08% NASDAQ
8.08%
•
600 4.48%
•
2019
225 0.74%
•
2.87% H 5.68%
• 13 6.03%
2.10%
Bloomberg 2019/1/10
-4.98
3.28
2.99
0.76
9.18
-1.91
2.92
2.82
1.81
0.51
13.10
3.73
1.88
0.64
1.18
-1.56
0.74
1.67
2.10
2.40
2.45
2.87
4.48
4.85
5.06
5.11
5.17
5.17
5.19
5.58
5.68
6.08
Nikkei 225
SENSEX
BOVESPA
600
DAX
MSCI
RTS
MSCI
MSCI
MSCI
MSCI
H
500
% %

5. PAGE 4
•
(OPEC)
• 1 4
168 ( )
Bloomberg EIA 2019/1/10
-2.02
-0.33
3.39
-2.19
-3.97
-8.80
-2.61
-4.43
4.17
-1.68
2.85
3.12
-0.92
-0.66
-0.59
0.00
1.42
2.85
3.38
3.45
3.45
4.11
10.24
11.68
LME
LME
LME
LME
CRB
% %

6. PAGE 5
• 1 9 62
6 8
24 13
1
• 72 14
17 16 15
24
Bank of America Merrill Lynch EPFR 2019/1/10

8. PAGE 7
• Powell
Clarida
Powell
12
FOMC
• 12
31.2 18.4
11 17.6 ( 1)
3.9%
62.9% 63.1%
3.2%
• PMI (ISM) 12
(PMI) 57.6
58.5 ( 2)
• Trump
Bloomberg 2019/1/10
( 1)
( 2) ISM (PMI)

9. PAGE 8
•
3%( 1)
7% ( 2)
• GE GE( )
Apollo
Global Management GE
400
• Ford Volkswagen
Ford
Ford
Volkswagen
• PG&E PG&E(
) PG&E
S&P Moody’s
PG&E
Bloomberg 2019/1/10
2019
( 2)
( 1)

10. PAGE 9
• 12
(TLTRO)
• 1/15
May
May
B
• 11
1% 0.1% 10
+0.2% 11 1.9%
0.3%
• 12
(PMI) 51.0 11 52.3
PMI 11 52.4 52.0
Bloomberg 2019/1/10

11. PAGE 10
•
•
(MLF) 1/15 1/25 0.5
2019 MLF
8,000
• Bolsonaro
Onyx Lorenzoni 2
3%
Bloomberg 2019/1/10
( 1)
( 2)

13. PAGE 12
Bloomberg 2019/1/10

14. PAGE 13
Bloomberg ICE * ICE
10
(%) (bp)
0
50
100
150
200
250
300
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 148.0 (1/10) 5 : 125.6
2.0
2.5
3.0
3.5
4.0
4.5
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 4.20 (1/10)
(%) (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
: 6.03 (1/10)
200
250
300
350
400
450
500
2013 2014 2015 2016 2017 2018 2019
: 328.29 (1/10) 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
: 7.14 (1/10)
0
100
200
300
400
500
600
700
800
900
1,000
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 486.9 (1/10) 5 : 453.9
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
: 7.23 (1/10)
0
100
200
300
400
500
600
700
800
900
1,000
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 445.0 (1/10) 5 : 438.1
(%) (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
: 5.24 (1/10)
0
200
400
600
800
1,000
1,200
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 503.0 (1/10) 5 : 366.3
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
: 8.57 (1/10)
0
100
200
300
400
500
600
700
800
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 596.2 (1/10) 5 : 506.5

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
: 6.64 (1/10)
0
100
200
300
400
500
600
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 387.83 (1/10) 5 : 339.7
2.0
3.0
4.0
5.0
6.0
7.0
8.0
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 6.18 (1/10)
0
100
200
300
400
500
600
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 352.09 (1/10) 5 : 332.3

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
: 8.15 (1/10)
0
100
200
300
400
500
600
700
800
900
1,000
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 549.0 (1/10) 5 : 571.5
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
: 5.48 (1/10)
0
50
100
150
200
250
300
350
400
450
500
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 286.88 (1/10) 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
: 14.1 (1/10) 5 : 16.6
8
10
12
14
16
18
20
22
2008 2010 2012 2014 2016 2018
: 15.3 (1/10) 5 : 17.5
6
8
10
12
14
16
18
2008 2010 2012 2014 2016 2018
: 12.7 (1/10) 5 : 15.4
10
12
14
16
18
20
22
24
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 14.6 (1/10) 5 : 17.5

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
: 11.2 (1/10) 5 : 12.3
0
5
10
15
20
25
30
35
2008 2010 2012 2014 2016 2018
: 9.6 (1/10) 5 : 12.6
5
7
9
11
13
15
17
19
21
23
25
2008 2010 2012 2014 2016 2018
: 20.9 (1/10) 5 : 18.2
5
7
9
11
13
15
17
19
21
2008 2010 2012 2014 2016 2018
: 11.6 (1/10) 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
: 19.50 (1/10) 5 : 14.93
0
50
100
150
200
250
300
2008 2010 2012 2014 2016 2018
: 56.6 (1/10) 5 : 65.2
50
60
70
80
90
100
110
120
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 63.3 (1/10) 5 : 71.7
200
250
300
350
400
450
500
550
600
650
2013 2014 2015 2016 2017 2018 2019
: 401.5 (1/10) 5 : 365.2

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

23. PAGE 22
TR108008
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