This document contains market data and statistics from March 5, 2020 including: - Global stock market indexes were mostly down for the day with some declining over 1% while others rose slightly. - Bond yields continued to fall with some dropping over 10 basis points. Commodity prices also declined across the board. - Economic data showed increases in unemployment claims and declines in manufacturing and services PMIs, indicating a weakening economy. - Most analysts lowered their forecasts for global growth in 2020 due to the impact of the coronavirus outbreak.

1. 6 March
2020

3. PAGE 2
•
10
0.9120%
10
-0.686%
•
0.24%
494
0.41% 563.9
• 1.05%
0.57%
0.70%
0.63%
(GBI-
EM GD) 1% 10%
Bloomberg 2020/3/5
-2.03
0.21
-0.68
-1.00
-1.00
1.38
0.85
-2.23
1.92
1.99
2.45
1.98
0.62
2.93
3.33
4.60
-0.91
-0.00
0.11
0.24
0.41
0.56
0.57
0.63
0.70
0.90
0.92
1.03
1.05
1.61
1.61
2.14
-
-
ESG ( )
% %

4. PAGE 3
•
• Biden
S&P 500 1.52%
•
600 2.23% 225
2.82%
•
300 2.98%
•
0.91%
Bloomberg 2020/3/5
-15.17
-11.38
-6.49
-8.54
-14.01
-10.12
-16.05
-11.89
-8.34
-4.60
-1.00
2.23
-9.32
-1.36
-0.51
9.88
-4.50
-3.42
-3.21
-2.82
-2.70
-2.23
-2.16
-0.73
0.71
0.84
0.91
1.27
1.52
1.85
1.97
2.98
RTS
DAX
SENSEX
Nikkei 225
MSCI
600
MSCI
BOVESPA
MSCI
MSCI
BAML
H
S&P 500
MSCI
300
% %

5. PAGE 4
• OPEC
150
Fed
• 3 4
78.4 ( )
300
Bloomberg 2020/3/5
-9.57
-9.56
-7.70
-4.23
-9.13
-0.84
-6.16
1.93
7.47
0.17
-2.05
0.26
-4.20
-2.53
-1.98
-0.46
-0.05
1.03
1.20
1.21
1.67
1.78
4.16
4.73
CRB
LME
LME
LME
LME
% %

6. PAGE 5
• 233 62
40 10
53
• 126
38 75
48
Bank of America Merrill Lynch EPFR 2020/3/5
Weekly FICC flows as % AUM

8. PAGE 7
2
( 1)
( 2) ISM PMI
• 2 3 FOMC
2
1%~1.25%( 1)
2011
CME
FedWatch FED 3 2
94% FED
3
•
83
Washington Florida
California
197 12
• ISM 2
(PMI) 57.3
2014 2 PMI
50.1( 2)
PMI
Bloomberg 2020/3/5

9. PAGE 8
( 1)
( 2) ADP
Bloomberg 2020/3/5
•
0.24%
•
Charter Communications Science Applications
4
•
Super Tuesday Joe Biden
North Carolina Texas 10
Biden
Sanders
• ADP
2
18.3 ( 2)

10. PAGE 9
• Leyen
2019 GDP
Lagarde
4000
• 2
1.2%( 1) 1 1.4%
10
• 2
38.4( 2) 5
4
7
Bloomberg 2020/3/5
( 1) CPI
( 2)

11. PAGE 10
PMI
( 1) PMI
( 2) Markit PMI
Bloomberg 2020/3/5
• PMI 2
(PMI) 40.3( 1)
PMI 26.5
50
• 2 Markit PMI
54.5 1 8 55.3(
2)
PMI 57.5 7 PMI
57.6 8
• GDP 2019 4
GDP 1.7% 1.2%
1.6%
2019 GDP
1.1% 2018 3
•
1 2.5% 9

13. PAGE 12
Bloomberg 2020/3/5
/ /
3/9 1 ( ) -4.4% -6.8%
3/9 4 GDP ( ) -6.5% -6.3%
3/10 2 NFIB 102.5 104.3
3/10 4 GDP ( ) 0.9% 0.9%
3/10 2 CPI( ) 5.1% 5.4%
3/10 2 PPI( ) -0.3% 0.1%
3/10-3/15 2 ( ) 1,727.2b 5,070.0b
3/10 2 ( ) - -35.6%
3/10 1 ( ) - -1.2%
3/11 2 CPI( ) 2.2% 2.5%
3/12 2 PPI( ) 1.8% 2.1%
3/12 ECB 0.00% 0.00%
3/12 1 ( ) 0.6% -0.3%
3/12 2 CPI( ) 6.81% 7.59%
3/12-3/15 2 ( ) - -1.7%
3/13 3 96.4 101.01
3/13 1 ( ) 0.2% 0.2%

14. PAGE 13
Bloomberg ICE * ICE
(%) (bp)
(%) (bp)*
/ / 本益比 風險
2.0
2.5
3.0
3.5
4.0
4.5
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 2.26 (3/5)
0
50
100
150
200
250
300
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 128.0 (3/5) 5 : 126.0
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 2020
: 4.83 (3/5)
200
250
300
350
400
450
500
550
600
2013 2014 2015 2016 2017 2018 2019 2020
: 396.09 (3/5) 5 : 352.3

15. PAGE 14
Bloomberg
(%) (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
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 6.30 (3/5)
0
200
400
600
800
1,000
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 563.9 (3/5) 5 : 457.9
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 2020
: 5.91 (3/5)
0
200
400
600
800
1,000
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 494.0 (3/5) 5 : 433.7

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 2020
: 3.92 (3/5)
0
200
400
600
800
1,000
1,200
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 428.0 (3/5) 5 : 375.1
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 2020
: 6.89 (3/5)
0
100
200
300
400
500
600
700
800
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 602.4 (3/5) 5 : 515.8

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 2020
: 4.77 (3/5)
0
100
200
300
400
500
600
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 369.28 (3/5) 5 : 345.7
2.0
3.0
4.0
5.0
6.0
7.0
8.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 4.51 (3/5)
0
100
200
300
400
500
600
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 363.38 (3/5) 5 : 335.5

18. PAGE 17
Bloomberg J.P. Morgan (JACI)
(%) (bp)
(%) (bp)
/ / 本益比 風險
2.0
4.0
6.0
8.0
10.0
12.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 8.27 (3/5)
0
200
400
600
800
1,000
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 741.0 (3/5) 5 : 555.6
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 2020
: 3.83 (3/5)
0
100
200
300
400
500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 294.55 (3/5) 5 : 257.1

19. PAGE 18
Bloomberg 12
MSCI 500
600 225
/ / 本益比 風險
8
10
12
14
16
18
20
2008 2010 2012 2014 2016 2018 2020
: 16.1 (3/5) 5 : 16.2
8
10
12
14
16
18
20
2008 2010 2012 2014 2016 2018 2020
: 17.4 (3/5) 5 : 17.2
6
8
10
12
14
16
18
2008 2010 2012 2014 2016 2018 2020
: 13.7 (3/5) 5 : 14.9
10
12
14
16
18
20
22
24
2012 2013 2014 2015 2016 2017 2018 2019 2020
: 17.7 (3/5) 5 : 17.0

20. PAGE 19
Bloomberg 12
MSCI 300
SENSEX BOVESPA
/ / 本益比 風險
4
6
8
10
12
14
16
2008 2010 2012 2014 2016 2018 2020
: 12.7 (3/5) 5 : 12.1
0
5
10
15
20
25
30
35
2008 2010 2012 2014 2016 2018 2020
: 12.5 (3/5) 5 : 12.7
5
10
15
20
25
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 20.1 (3/5) 5 : 18.5
5
7
9
11
13
15
17
2008 2010 2012 2014 2016 2018 2020
: 12.4 (3/5) 5 : 12.4

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 2020
: 39.62 (3/5) 5 : 15.17
0
50
100
150
200
250
300
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 97.0 (3/5) 5 : 64.7
50
60
70
80
90
100
110
120
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 58.0 (3/5) 5 : 66.5
200
250
300
350
400
450
500
550
600
650
2012 2013 2014 2015 2016 2017 2018 2019 2020
: 407.5 (3/5) 5 : 365.0

22. PAGE 21
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
'15/3/5 '16/3/5 '17/3/5 '18/3/5 '19/3/5 '20/3/5
-5%
0%
5%
10%
15%
20%
25%
30%
35%
'15/3/5 '16/3/5 '17/3/5 '18/3/5 '19/3/5 '20/3/5
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
'15/3/5 '16/3/5 '17/3/5 '18/3/5 '19/3/5 '20/3/5
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
'15/3/5 '16/3/5 '17/3/5 '18/3/5 '19/3/5 '20/3/5
5 1
33.4% 0.9%
28.7% 0.1%
5 1
31.3% 0.4%
30.9% 0.1%
5 1
32.4% 0.7%
29.8% 0.1%
5 1
30.9% 1.4%
26.0% 0.1%
Bloomberg
* 50% +50%
5 ( ) 5 ( )
* 5 ( ) 5 ( )

23. PAGE 22
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