The document contains market data and commentary from May 21-22, 2020. Key points include: - Global stock indexes rose, with the S&P 500 up 3.37% and Germany's DAX up 7.05%. Bond yields were mixed, with the US 10-year yield falling to 0.67%. - IHS Markit's flash PMI readings for May signaled further contractions in global manufacturing and services activity due to the coronavirus pandemic, though most readings were slightly improved from April's lows. - Central banks around the world maintained accommodative monetary policies. The US Federal Reserve left interest rates unchanged near zero and signaled rates would stay there until the economy recovers.

1. 22 May
2020

3. PAGE 2
•
20 10
10
10 0.6720%
5000
10 -0.495%
•
2.31% 681
2.97% 737.3
•
4.2%
10%
3.93%
Bloomberg 2020/5/21
-0.75
0.78
1.37
1.61
1.12
2.91
1.18
1.92
0.97
3.69
2.93
2.97
4.81
4.15
6.00
7.68
-0.45
0.16
0.22
1.10
1.10
1.19
1.27
1.29
1.64
1.83
1.94
2.31
2.76
2.97
3.93
4.20
ESG ( )
-
-
% %

4. PAGE 3
•
S&P 500 3.37%
• 5,000
600 4.15%
DAX 7.05%
•
225 3.20%
•
300
0.29% RTS
9.37%
• 0.96%
Bloomberg 2020/5/21
0.97
2.78
2.13
2.45
4.91
7.00
6.59
5.89
7.75
7.17
4.92
5.13
7.96
4.21
14.73
19.18
-0.61
-0.29
0.96
1.68
2.09
2.11
3.20
3.23
3.37
3.65
4.15
5.08
7.05
8.56
8.65
9.37
SENSEX
300
BAML
H
MSCI
Nikkei 225
MSCI
S&P 500
MSCI
600
BOVESPA
DAX
MSCI
MSCI
RTS
% %

5. PAGE 4
•
2
• 5 20
498 ( )
215
Bloomberg 2020/5/21
0.51
2.42
2.75
8.91
3.79
-5.62
2.05
7.17
4.76
22.79
86.55
238.86
-0.24
-0.19
0.08
0.36
1.35
2.74
3.12
3.62
5.85
6.00
15.84
23.08
LME
LME
LME
LME
CRB
% %

6. PAGE 5
• 76 1
29 13
35
• 178
107 65
3
Bank of America Merrill Lynch EPFR 2020/5/20
Weekly FICC flows as % AUM

8. PAGE 7
( 1) S&P 500
( 2) Markit PMI
•
• Powell
Mnuchin
1 FED
2
3
FED
GDP 42.8% GDP 31.05%
• 5 IHS Markit PMI
39.8 PMI 4 26.7 36.9
PMI 36.4 2 ( 2)
50
4
Bloomberg 2020/5/21

9. PAGE 8
•
( 1)
•
280
Newell Brands
5 Park Hotels
Inspire Brands
• 95% S&P 500
6
Home Depot Expedia BestBuy L
Brands Nvidia
Walmart Target
• 5 16
244
3,860
Powell 5 6
20 25
( 1)
( 2) ( )
Bloomberg 2020/5/21

10. PAGE 9
Bloomberg 2020/5/21
( 2) GDP
•
5,000 (Recovery Fund)
5 27
• 5 IHS Markit
30.5( 1)
50 4 13.6 3
4
•
37.5 3 -0.003
2
Bailey
• GDP -0.9%( 2)
3.4% GDP
2015 GDP
GDP
0.7% 0.5%
( 1) Markit PMI

11. PAGE 10
( 1) LPR
( 2) ( )
Bloomberg 2020/5/21
• LPR 5 LPR(
) ( 1) 3.85%
4.65%
MLF( )
LPR
• 4
3.9%( 2)
1.5%
7.5% 1 4
10.3%
• 2
7 8.75% 8.25%
7 9
• 2 3.75%
4 275
7%

13. PAGE 12
Bloomberg 2020/5/22
/ /
5/25 5 IFO 77.5 74.3
5/25 5 - 83.8
5/26 5 86.0 86.9
5/26 6 GfK -19.5 -23.4
5/27 4 ( ) - -34.9%
5/28 1 GDP( ) -4.9% -4.8%
5/28 4 ( ) -17.5% -14.7%
5/28 5 - -18.8
5/28 7 0.50% 0.75%
5/29 5 74.3 73.7
5/29 4 -5.7% -2.0%
5/29 4 -12.6% -7.5%
5/29 5 CPI( ) - 0.9%
5/29 5 20.6 21.6
5/29 1 GDP( ) 0.8% 4.7%
5/31 5 PMI 51.0 50.8
5/31 5 PMI - 53.2

14. PAGE 13
Bloomberg ICE * ICE
(%) (bp)
(%) (bp)*
2.0
2.5
3.0
3.5
4.0
4.5
5.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 2.53 (5/21)
0
50
100
150
200
250
300
350
400
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 185.0 (5/21) 5 : 130.5
4.5
5.0
5.5
6.0
6.5
7.0
7.5
2013 2014 2015 2016 2017 2018 2019 2020
: 5.06 (5/21)
200
300
400
500
600
700
2013 2014 2015 2016 2017 2018 2019 2020
: 453.40 (5/21) 5 : 355.9
/ /

15. PAGE 14
Bloomberg
(%) (bp)
(%) (bp)
/ /
2.0
4.0
6.0
8.0
10.0
12.0
14.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 7.81 (5/21)
0
200
400
600
800
1,000
1,200
1,400
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 737.3 (5/21) 5 : 475.9
2.0
4.0
6.0
8.0
10.0
12.0
14.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 7.45 (5/21)
0
200
400
600
800
1,000
1,200
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 681.0 (5/21) 5 : 448.7

16. PAGE 15
Bloomberg J.P. Morgan -
(%) (bp)
(%) (bp)
/ /
2.0
4.0
6.0
8.0
10.0
12.0
14.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 6.90 (5/21)
0
200
400
600
800
1,000
1,200
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 640.0 (5/21) 5 : 389.8
2.0
4.0
6.0
8.0
10.0
12.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 8.57 (5/21)
0
200
400
600
800
1,000
1,200
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 805.2 (5/21) 5 : 530.4

17. PAGE 16
Bloomberg J.P. Morgan (EMBIG) J.P. Morgan (CEMBI)
(%) (bp)
(%) (bp)
/ /
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 6.02 (5/21)
0
100
200
300
400
500
600
700
800
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 525.06 (5/21) 5 : 356.4
2.0
3.0
4.0
5.0
6.0
7.0
8.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 5.56 (5/21)
0
100
200
300
400
500
600
700
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 498.28 (5/21) 5 : 344.2

18. PAGE 17
Bloomberg J.P. Morgan (JACI)
(%) (bp)
(%) (bp)
/ /
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 9.32 (5/21)
0
200
400
600
800
1,000
1,200
1,400
1,600
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 879.0 (5/21) 5 : 577.1
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
: 4.40 (5/21)
0
100
200
300
400
500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 385.92 (5/21) 5 : 263.3

19. PAGE 18
Bloomberg 12
MSCI 500
600 225
8
10
12
14
16
18
20
2008 2010 2012 2014 2016 2018 2020
: 19.2 (5/21) 5 : 15.9
8
10
12
14
16
18
20
22
2008 2010 2012 2014 2016 2018 2020
: 21.0 (5/21) 5 : 16.9
6
8
10
12
14
16
18
2008 2010 2012 2014 2016 2018 2020
: 16.8 (5/21) 5 : 14.5
10
12
14
16
18
20
22
24
2012 2013 2014 2015 2016 2017 2018 2019 2020
: 17.7 (5/21) 5 : 16.2
/ /

20. PAGE 19
Bloomberg 12
MSCI 300
SENSEX BOVESPA
/ /
4
6
8
10
12
14
16
2008 2010 2012 2014 2016 2018 2020
: 13.2 (5/21) 5 : 11.8
0
5
10
15
20
25
30
35
2008 2010 2012 2014 2016 2018 2020
: 11.7 (5/21) 5 : 12.2
5
7
9
11
13
15
17
19
21
23
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 16.2 (5/21) 5 : 17.2
5
10
15
20
25
2008 2010 2012 2014 2016 2018 2020
: 14.5 (5/21) 5 : 11.9

21. PAGE 20
Bloomberg
VIX MOVE
CDX
/ /
0
10
20
30
40
50
60
70
80
90
2008 2010 2012 2014 2016 2018 2020
: 29.53 (5/21) 5 : 16.54
0
50
100
150
200
250
300
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 55.6 (5/21) 5 : 64.7
50
60
70
80
90
100
110
120
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 54.1 (5/21) 5 : 65.6
200
300
400
500
600
700
800
900
1,000
2012 2013 2014 2015 2016 2017 2018 2019 2020
: 616.5 (5/21) 5 : 378.8

22. PAGE 21
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
'15/5/21 '16/5/21 '17/5/21 '18/5/21 '19/5/21 '20/5/21
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
'15/5/21 '16/5/21 '17/5/21 '18/5/21 '19/5/21 '20/5/21
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
'15/5/21 '16/5/21 '17/5/21 '18/5/21 '19/5/21 '20/5/21
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
'15/5/21 '16/5/21 '17/5/21 '18/5/21 '19/5/21 '20/5/21
5 1
28.2% 1.0%
28.6% 0.0%
5 1
19.0% 2.8%
30.9% 0.1%
5 1
23.6% 1.9%
29.7% 0.1%
5 1
18.8% 3.8%
25.9% 0.1%
Bloomberg
* 50% +50%
5 ( ) 5 ( )
* 5 ( ) 5 ( )

23. PAGE 22
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