This document provides a weekly market commentary and overview of recent events from Trans-National Research (TNR). It includes the following: 1) A summary of TNR's scheduled events and trips in various regions including Venezuela, Colombia, Ecuador, Africa, Italy, France, Brussels, and Iran. 2) A commentary on recent economic and political developments in Nigeria, Brazil, Malaysia, and other countries. 3) A summary of notable fund flows into various exchange-traded funds (ETFs) and TNR's outlook on markets in the coming weeks.

1. TNR/FB -
Weekly
December 21
2015
This publication is a general market commentary and does not constitute a research report. Any reference to a research report or a
recommendation is not intended to represent the entire report and is not itself a research report or recommendation. The information
included is from public sources that are believed to be reliable and correct, including FactSet/Bloomberg sourced data. The
commentary is for informational purposes only and may be based wholly or partly on market chatter, industry, gossip, or innuendo; it
does not contain investment advice and should not be relied upon as such. Charts, graphs or formulas published have limitations and
are not projections to determine future profitability of any security transaction. This information is subject to change at any time. All
investments have risks and there is no guarantee against loss. For Institutional Use Only – Not For Public Distribution.
Global Market
Research
Steve Cossettini, CFA – Strategist
Desk - +1 201 760 0080

2. Trans-National Research Radar
Scheduled TNR Events/Trips:
Venezuela, Colombia and Ecuador - Jan
Zambia, South Africa, Nigeria, Ghana,
Cote D’Ivore – Feb
Italy, France & Brussels – 1H2016
Iran – 1H2016
Recent TNR Pieces:
Argentina: Better Times Ahead
China: Back From The Edge – For Now
Brazil: Conf Call Summary
Turkey: Elections Bring New Uncertainty
China: Managing The Storm
Greece: Worse Before Better, But Most
Likely A Way Out
Venezuela: A Prisoner’s Dilemma
Russia: In The Hands Of The Policymakers
Recent TNR Events:
Dec: Venezuela Conf Call
Dec: S.E. Asia Trip
Dec: Argentina Luncheon
Nov: LatAm Trip
Nov: Eastern Europe Trip
For information regarding a seat at future
events or the main points raised during past,
contact equity-desk +1 201 760 0080
EMEA
NIGERIA – Fiscal Policy Gamble to Undermine Stability
Buhari is slated to provide details of his proposed budget for 2016 to the senate tomorrow. This will come on the heels
of hints last week that Nigeria’s public spending will be set on an aggressive new track with the goal of igniting
investment and improving the growth outlook. Notwithstanding a more realistic $38/barrel oil price assumption (vs.
2015’s $53), the proposed 2016 spending fest is set to come in at Naira6tn ($30bn), an increase of Naira1tn above the
2015 budget, with the bulk of that increase earmarked for infrastructure projects. The projected deficit is seen remaining
at (an excessive) Naira2.2tn (2.2% of GDP). The key question to examine closely is how the government proposes to
finance this new level of spending and the extent of borrowing that will be required. Buhari seems far too confident that
an increased focus on tax compliance, increase in value added tax (Nigeria has one of the lowest in the world), improved
efficiency in the operation of revenue collection agencies, will bridge most of the gap. Local TNR advisors suggest
more insurance policies/fiscal buffers will be needed and for that they will be looking to see if the government will
finally have the courage to abandon the exorbitantly expensive and inefficient policy of national fuel subsidies. There
are strong hints these would be removed, however this has been tried by a number of administrations multiple times in
the past, only to be reversed following massive social protests. With international oil prices so low and the subsidy
element relatively minimal, now—if ever—is the time to move. Secondly, keep an eye on what the government
proposes to do with the “amnesty budget” (generous budget allocations to Niger Delta rebels to, in essence, “buy the
peace.”) Again, hints were dropped by new ministers that this controversial spending line item would be slashed by
2/3… symbolically important if Buhari indeed comes through on it, though not without risks if not offset by other
spending to quell unrest in the oil producing Delta region. Lastly, the degree to which the government will have to rely
on debt issuance, both domestic and external, will be watched closely. Attracting domestic financing will be difficult
with a Naira largely seen as overvalued (200 vs 265 per USD for the official and parallel markets respectively). Hence
the talk of raising Eurobonds in 1H16 and signals that the government will try to leverage its relatively better debt
metrics (12% debt/GDP, compared to 57% for Angola and 48% for RSA), but that credit profile may be eroding more
rapidly than Buhari anticipates.
TNR is planning to visit Nigeria (Lagos and Abuja) early next year as part of a broader Research Briefing Program
through West Africa (week of February 8)—if interested, please contact us for agenda details and visa requirements
ASAP.

3. LATAM
BRAZIL - Barbosa Replaces Levy at Finance
Following Friday’s end of day decision to replace Finance Minister Joaquim Levy with former Planning Minister Nelson Barbosa, it will be interesting
to see how the market reacts as it digests this personnel change over the course of this week. In our view, although Joaquim Levy initially provided the
Rousseff administration a honeymoon period, that period had ended as it became increasingly clear that the political and economic crisis was
negatively impacting the finance ministry’s ability to deliver a sufficiently deep fiscal adjustment to arrest the deterioration in debt dynamics and avoid
a loss of investment grade ratings. We blame the political crisis for the inability to approve crucial fiscal measures, not Levy or the program itself. As
such, we no longer saw his position as crucial to the adjustment process as was the case earlier this year and are less concerned about his being
replaced.
More importantly, we do not think that appointing Barbosa represents a reversal of the "fiscal adjustment" course as some early commentators have
suggested. Barbosa was an important part of Dilma 2.0's inaugural economic team and was applauded by the market when the decision to place him at
Planning and Levy at Finance was initially announced, suggesting that Barbosa still fits the bill of bringing more credibility to the economic cabinet
than that enjoyed under Dilma 1.0. While Barbosa is considered slightly less orthodox, and certainly less apolitical, than Levy, he still has more
credibility than other potential candidates given his decision to resign from the Dilma 1.0 administration given his objections to the fiscal policy
direction at that time. He may not be Levy, but he certainly is no Mantega.
In addition, following the line of the thought that neither Levy nor the adjustment plan was the problem, but rather the political crisis that was
preventing the congress from focusing on the adjustment process was to blame for the ongoing fiscal deterioration, we could see the potential for some
positive momentum to result from this cabinet change. Many expect Barbosa to champion changes to the infrastructure program/concessions
framework that he had been working on at the planning ministry and that could be the source of some more positive growth momentum in the coming
years, along with prioritizing a compromise fiscal package that has better chances for approval. In addition, Barbosa’s replacement at the planning
minister, Valdir Simoes, is also considered a highly competent and very technical appointment, supporting our view that this “reformed” economic
cabinet should continue to press ahead with the necessary adjustments.
The other key thing to watch in Brazil this week will be the release of the central banks 4Q15 inflation report. Given a higher than expected IPCA-15
print for December, and full year 2015 inflation likely to clock in closer to 11%, the inflation report will be important for gauging any increases in the
2016 forecast that could heighten the probability of a rate hike cycle in the coming months.

4. ASIA
MALAYSIA - TNR returned from its trip to Malaysia two weeks ago relatively negative on account of uncertainty regarding the country's fiscal
(revenue) challenges, political risk and a large household debt to GDP, that is likely to prevent Bank Negara Malaysia from measures that would
support growth.
Politics remains the big story in Kuala Lumpur. Despite the accusations of egregious corruption against PM Najib, he is not going anywhere. Speakers
in Malaysia were even surer of this fact than various advisers we had spoken to previously. In short he continues to control the extensive patronage
network and, subsequently, the vast majority of UMNO members. Having said that, he is unlikely to return as PM during next election. He must call
elections by mid 2018, but can do so earlier. He is likely to do so in late 2017 to catch the already-fractured opposition off-guard.
We received mixed reviews regarding whether the PM's embattled position will tie his hands from tightening the fiscal belt if required. While he was
able to pass the budget in October, the budget was was uncontroversial. Increasing the GST rate and removing electricity subsidies are more politically
sensitive and for which it may prove harder to rally support.
The fiscal picture remains something of a worry, especially as oil revenue as a proportion of revenue continues to drop. At the same time, the country
should be commended for implementing GST last April. The revenue diversification is a godsend considering the drop in oil. Notwithstanding the
drop in revenues, the fiscal stance remains accommodating - with recent announcements of tax relief for the poor and payout of annual bonuses to all
civil servants.
Growth is expected to moderate from around 5% in 2015 to ~4.4% in 2016 due to lower external and domestic demand. BNM will likely have little
room to a support growth due to worryingly high levels of household debt (around 88%). While some suggest that metric is on a downward trajectory
we expect it to increase as the effects of the intro of GST wear off and as such may continue pushing higher.
Governor Zeti is likely stepping down from BNM where she has been governor since 2000. She wanted to stay on, a request that has apparently been
rejected likely due to fuss (albeit late) that she has made over 1MDB. We expect some volatility in the rupiah to accompany this transition with market
participants concerned that her successor may be compromised (by relations to Najib) or, more importantly, that he/she might reinstate capital controls
in face of greater volatility.
Considering the dynamics facing BNM, the fiscal side is likely to experience greater pressure to support growth thus putting the balanced budget by
2020 in jeopardy. While BNM and the MOF agree that there are measures the government can take- like increasing GST rates or electricity tariffs-- it
is unclear whether Najib has the clout or political will to do so.

5. * Fragile-5 [change in assets = (shares out * NAV) end date – (shares out * NAV) start date]. Extreme AUM chg may reflect issue of new shares. Source: Freimark Equity Desk/FactSet/Bloomberg
Notable Flows:
 For the most part, the 1st
FOMC rate-hike in 9yrs attracted fund inflows for the week ending Dec.18
 All members of the fragile-5 saw inflows as PMs positioned “ahead” of the Fed event, which likely fuelled the recalibration back into the fragile names
 Brazil (EWZ) remains in the investor headlights as a new MoF, Nelson Barbosa, replaces Levy. Look to play Brazil late February (not sooner), a high-beta play on
commodities, which ties into our strategy outlined on pg.6
 Commodities and bond ETFs bore the brunt of the outflows; look for this phenomenon to change late Jan, early Feb of 2016 in the commodity space
 For the week ahead, look for risk assets to be in-play during the remaining eight trading days of the 2015 year, but, this will be driven by technical factors, our
stance alters early 2016 as we tilt towards defensive names right out of the 2016 investment gate (Gold preferred over Stocks)
FB’s Weekly ETF Watch List:
.
SYMBOL NAME FUND FLOWS AUM % CHG 5-DAY % CHG MTD % CHG TotRet YTD 5-DAY ADV 30-DAY ADV 5-DAY VOL 1-YR VOL 1-YR BETA SP500
SPY SP500 4,711,425,442 2.74 -0.92 -4.15 -0.66 194,855,184 125,565,192 1.66 0.97 1.00
EFA EAFE 1,159,080,000 2.01 0.31 -3.79 -2.47 37,891,924 25,016,832 1.43 1.04 0.91
IWM Russell 2000 864,253,000 3.31 -0.38 -6.40 -5.84 48,339,808 32,682,678 1.57 1.02 0.94
EZU EMU 630,827,000 4.62 0.37 -4.24 -1.95 9,003,555 7,355,655 1.41 1.24 0.96
EEM Emerg Mkt 443,088,000 2.12 3.49 -3.94 -16.28 91,221,016 66,587,380 1.92 1.31 1.06
GLD Gold 282,266,200 1.29 -1.04 0.12 -10.16 7,664,589 5,827,638 1.46 0.89 -0.03
EWW Mexico 92,745,000 7.99 4.11 -4.26 -13.00 3,551,535 2,680,260 2.13 1.23 0.91
FXI China Large H 78,016,500 1.46 4.76 -3.40 -12.63 34,107,184 24,707,156 1.89 1.84 1.16
ACWI World 73,676,000 1.23 0.25 -3.81 -3.91 4,259,532 3,133,056 1.51 0.97 0.97
EWG Germany 65,337,000 1.12 1.20 -4.26 -3.16 7,384,421 5,961,422 1.49 1.29 0.96
EWT Taiwan 65,028,000 2.35 2.96 -2.37 -12.57 9,168,037 8,138,368 1.60 1.31 0.93
EZA * South Africa 33,672,000 13.06 11.56 -10.88 -25.97 848,032 739,437 4.95 1.93 1.24
EPI * India 31,640,420 2.01 5.02 -2.07 -10.93 6,226,932 4,296,533 1.59 1.60 1.04
EWY South Korea 26,939,500 0.85 2.90 -3.28 -7.60 3,905,503 3,099,981 2.00 1.19 0.80
EPP Pacific ex Japan 25,908,000 1.37 1.66 -2.26 -11.68 649,696 484,631 1.69 1.26 0.90
EWZ * Brazil 24,768,000 1.31 -5.56 -5.77 -40.89 18,532,728 19,429,016 2.33 2.18 1.26
GREK Greece 15,837,500 6.52 2.84 -4.36 -37.84 503,688 558,707 2.11 3.71 1.65
TUR * Turkey 15,300,000 5.12 6.07 -3.73 -30.49 377,240 289,561 2.93 2.04 1.08
USO Oil 12,903,150 0.43 -3.70 -17.56 -47.64 37,177,604 32,093,804 2.21 2.63 0.87
EPOL Poland 11,589,500 7.89 5.69 -2.10 -23.76 314,755 259,258 1.75 1.48 0.80
EIDO * Indonesia 11,465,000 4.62 4.76 -0.93 -25.30 779,153 640,714 2.92 1.87 1.30
EPHE Philippines 10,251,500 4.31 2.29 -3.19 -12.44 287,535 248,982 2.12 1.28 0.90
EWC Canada 9,768,000 0.56 0.28 -7.05 -24.48 3,338,301 2,211,464 1.77 1.17 0.90
THD Thailand 7,551,500 3.58 0.54 -7.65 -22.05 193,874 167,565 1.86 1.35 0.95
EWA Australia 5,144,000 0.40 2.43 -2.93 -14.39 4,328,041 2,540,024 2.04 1.49 0.99
GXG Colombia 2,248,400 4.14 4.42 -4.97 -44.95 108,859 160,380 2.62 1.82 0.93
EWM Malaysia 1,169,550 0.58 1.88 -3.11 -22.82 2,147,949 1,606,029 1.73 1.47 0.94
AFK Africa 277,440 0.46 0.57 -4.87 -31.46 61,464 46,410 1.50 1.17 0.68
EEML EM LatAm 33,000 0.44 -0.62 -4.29 -30.62 9,487 3,240 2.59 1.59 0.82
ARGT Argentina -24,500 -0.11 0.31 -7.04 -6.40 32,422 31,827 2.16 1.57 0.97
GULF Middle East -101,220 -0.44 -1.81 -4.47 -19.61 6,947 7,025 1.40 1.12 0.66
EGPT Egypt -310,808 -1.13 -0.21 4.42 -36.36 12,957 7,030 2.64 1.78 0.57
EWS Singapore -439,000 -0.08 0.29 -1.14 -19.44 1,909,883 1,418,367 1.10 1.05 0.69
PICK Metals Mining x Gold -1,001,000 -1.57 -0.61 -10.43 -43.53 165,202 201,411 1.57 1.88 1.20
EPU Peru -3,224,000 -2.97 -2.70 -6.36 -36.29 134,725 127,804 1.15 1.23 0.77
ASHR China-A -5,027,180 -1.48 -18.08 -20.38 -0.29 1,912,894 1,659,672 9.38 3.53 1.18
FM Frontier 100 -5,510,000 -1.16 -0.84 -1.82 -17.82 357,941 341,047 0.97 0.99 0.54
EIS Israel -6,862,000 -6.19 -1.03 -2.65 6.48 38,216 96,444 0.89 0.99 0.59
EWH Hong Kong -8,494,500 -0.34 1.74 -1.19 -2.09 4,461,362 3,215,351 1.02 1.33 0.78
EWP Spain -9,132,000 -0.66 -0.24 -3.84 -14.09 1,619,383 1,343,970 1.36 1.41 0.95
RSX Russia -32,306,550 -1.88 0.54 -9.95 2.73 12,355,825 12,027,657 2.06 2.61 1.32
DBA Agriculture -33,006,460 -4.28 -0.44 -0.54 -18.04 997,005 502,457 0.69 0.74 0.15
EWI Italy -33,855,000 -3.00 -0.15 -4.73 2.58 2,767,754 2,346,623 1.39 1.52 1.09
DBC Commodities -78,918,720 -3.72 -1.92 -6.48 -28.08 4,146,998 2,670,288 0.56 1.10 0.43
LQD Invest Grade Bonds -122,378,000 -0.51 -0.63 -1.24 -1.13 4,274,996 3,341,452 0.33 0.38 -0.06
HYG High Yield Bonds -179,016,000 -1.24 0.01 -4.24 -6.75 33,430,206 16,339,479 1.32 0.42 0.28
EWJ Japan -290,232,000 -1.44 0.71 -2.30 8.15 47,733,488 32,807,708 1.55 1.12 0.93

6. "A well adjusted individual is one that makes the same mistake twice without getting nervous", -Alexander Hamilton
 With highly indebted shale and other energy companies making up 14% of the U.S. junk bond market (as per JPM indices) it is no wonder the JNK ETF is
highly correlated to the price fortunes of WTI (the figure jumps to 25% if you include material/commodity industries with energy)
 We’re approaching our “buy” trigger for broad commodity names that exhibit manageable debt levels (for not all will survive)
 Our base case strategy rationale;
o The Dec.16 FMOC liftoff likely top-ticked U.S. dollar on our belief the Fed will hike no more than once in 2016 (priced-in….)
o Signs of further stress in the junk bond market will trigger M&A activity (i.e. oil, iron-ore industries) setting a natural floor in commodity supply
o CEOs/CFOs will take the podium in February to announce their Q4 results, which will be combined with pre-announced capex cuts. These cuts are
now based on reality. Previously, capex cuts counted on hope of a rebound in prices. The CEO psyche has since changed to survival
o Management will scramble to form alliances ahead of quarterly earnings releases they know will be dire, a la Merrill’s John Thain in 2008. And if you
think I’m overreacting, the JNK price is coincidentally (and somewhat symbolically) right back to the Lehman bankruptcy levels
o Commodity hedges in late ‘14, early ’15, are rolling off. The commodity forward curve will not induce hedging and many firms will be floating in the
breeze, unable to effectively hedge their businesses. Financing lines will tighten
 The recent Dow Chem & Du Pont planned merger is an example of the efficiency moves required to provide a floor in prices (for it will not come from demand)
 If the chart deteriorates further, that’s an opportunistic sign; it implies we’re nearing a bottom (commodity specific crisis)
 Yes, blood will be on the streets, but its required to thin out the number of market players
 Don’t fear such an event, because this is the moment investors should be “strategically” accumulating positions
 High yield bond funds were in the spotlight recently and likely to stay in the news. JNK and HYG experienced sizeable outflows as the Third Avenue bond
fund headline hit the tape. Lucidus and Stone Lion, two other high-yield bond funds, are also frozen in the redemption deer lights. Opportunistic times are
approaching, formulate desired commodity oriented equity list. Be ready by Feb-2016 - fail to plan is a plan to fail
Chart On The Mind:
The chart most on our minds this week involves Junk Bond correlation to Oil Source: Freimark Equity Desk/FactSet/Bloomberg

7. This Week’s Style Focus: Asia Pac x JP:
 A theme highlighted in our weekly quant research is the deteriorating 1-mth global earnings revision ratio - (ERR)
 A weak earnings backdrop suggests investors position in earnings stable assets and avoid cyclicality, which has been our theme since Nov.9
 We’re seeing a breakdown in ERR in all major regions analyzed (World, U.S., Asia Pac x JP, Eurozone, LatAm)
 Growth and momentum were favored over deep-value during the week ending Dec.18 in the Asia Pac x JP region
 Beta worked best in Australia, India, Indonesia, Philippines and Taiwan while being statistically insignificant elsewhere in the region
 The week that brought the first Fed hike in 9yrs was a tale of two stories, the initial reaction was positive for risk assets, but, the continued global rout
in commodities created a stir at the backend of the week as concerns continue to mount of a credit event in the industry
 However, commodities are largely an input cost and could provide the future tailwind for global growth, therefore, such an event will trigger
opportunistic times (as per page.6)
 We favor high-beta plays to end the year (eight more trading days until 2016), but, will rotate into defensive names early January, favoring deep-value
long/short plays over growth
Upcoming fret events:
1. JNK correlation to oil = credit event in energy in H1-2016
2. Global Earnings Revision breakdown
3. Ukraine/Russia debt, gas supply issues and geopolitical woes
4. Low oil prices and Venezuela = LatAm contagion and/or geopolitical risk threat?
 Universe: Asia Pac x JP (5000+
Companies).
 Long/Short factor portfolios are a
compilation of the top and bottom 20%.
 Information Co-Efficient is over the
entire market: we rank the stocks by
each factor and rank their next 5 day
total return prior to calculating the IC.
The higher the IC, the stronger the
signal.
*Contact equity-desk for Friday’s full 14-page quant weekly
Source: Freimark Equity Desk
-30
-20
-10
0
10
20
30
-5
-3
-1
1
3
5
%
Weekly Factor Performance
Long/Short Factor Returns AsiaPac x JP (% LHS) Information Co-Efficient (RHS)

8. Top Themes:
1. Remain in cash as of Nov.9 research – (Global ERR meltdown)
2. Looking to accumulate Emerging Mkt exposure in FEB (incl F/X, base case; 2016 Fed will be more dovish than market expectations with one hike max in ‘16, market & sell-side expect ~4)
3. Exploring the initiation of long-term strategic positions in select energy and mining names (broadly; XME, EEM, XOP) (high conviction Feb-Apr.2016 period) as per 2015-Dec.14 & 21
research reports; – this is a shift from our 2015 theme to “tactically trade, but don’t strategically own commodities”
4. Strong correlation between JNK & WTI (Dec.21.2015 research) implies an oil industry credit event is brewing, the longer oil trades sub $40 implies Q1-2016 credit event (oil hedges at
higher levels also rolling off) corporate yields rise, energy/metal/mining industries consolidate, CFOs issue profit warnings (…and M&A) and our bottom in select commodities (driven
solely by supply) is in – we expect to be aggressively & strategically long commodities within the –Feb/April.2016 timeframe
5. Nov.9.2015 (as per research note), closed ALL Sept.21 initiated positions; EWZ, RSX, HEDJ, DXJ, EIDO, TUR, EWY, EWP, FXI, EWW, EPI, locking in 7.75% profit
6. Strategically long Vietnam when the RMB is above 6.80 (ETF: VNM), looking for foreign ownership levels in certain industries to continue to rise, institutions may front-run expectations
of MSCI EM future inclusion in 2016
7. Long-term constructive on India (post Dec.2015 Fed hike), energy/commodity prices enhance the prospects for deeper reform, land & tax (GST) are key areas we’d like to see more progress
8. Our projected flattening yield curve = headwind for U.S. and European financials in H1 (as per point.2 forecast) – reassess in Q2
9. India military themes and energy/nuclear reform; as PM Modi looks to “build” rather than “import” defense equipment
10. Constructive on European military themes - post Paris Nov.13.2015 attacks, i.e. BAE Systems
11. Oil; looking for EM “political will” signals, nations taking advantage of low oil to implement subsidy reform, so far; Indonesia + India = YES
12. Turkey, closed Sept.21 initiated position on Nov.9 2015, revisit Q1.2016, same for Brazil and Russian trade positions
13. Strategically long Mexico (energy reform); Mexican consumer stocks, granted, Mexico is one of the most expensive global equity markets, but relative to LatAm, is plugged into the global
value chain (diversified economy), thanks to their 80% export to U.S. market. Cheaper electricity & relative cheap wages (versus China) to encourage long-term factory growth
14. Indonesia infrastructure plays, post FOMC Dec.2015 hike, (SMGR-JKT), will Jokowi utilize savings from the welcome cutting of fuel subsidies back in late 2014, Jokowi boosted the
budget for infrastructure by 53% in 2015, biggest YoY increase in Indonesia's history – look to accumulate EIDO Feb/April.2016
15. Maintain our 2015 initiated Argentinean financials positions as a play leading into the 2015 election. Require FDI to develop the world’s 2nd biggest gas & 4th largest oil shale reserves and
also fill the F/X reserve hole
16. Although I can find better risk/reward plays – pts 1,2,3 & 4 = strategic reasons to own gold (GLD) in a 2016 portfolio(Usd strength to abate in ‘16, Fed to be more dovish than expectations)
*Trade history available on request
**Portfolio daily returns reflect our themes (ETFs) ----
***Benchmark MSCI All Country World Index (ACWI) ----
Source: Freimark Equity Desk, Chart Updated Quarter End

9. Commodities Summary
Energy
1W %
Chg
1M %
Chg
3M %
Chg
YTD %
Chg
12M %
Chg
Crude Oil (NYM $/bbl) ­2.50 ­14.77 ­22.27 ­34.80 ­35.82
Crude Oil (Brent ICE Near Term
$/bbl)
­2.77 ­16.45 ­22.31 ­35.67 ­38.54
Natural Gas (NYM $/mmbtu) ­11.21 ­24.71 ­32.17 ­38.84 ­51.48
Metals
NY Gold (NYM $/ozt) ­0.99 ­0.24 ­6.32 ­9.94 ­10.76
London Silver (Fixing $/ozt) ­0.72 ­2.47 ­9.44 ­13.46 ­14.05
Copper (LME Cash $/t) ­0.36 ­0.41 ­13.21 ­26.88 ­26.78
Platinum (NYM $/ozt) 2.03 1.55 ­12.59 ­28.81 ­28.08
Palladium (NYM $/ozt) 2.64 4.97 ­8.53 ­30.07 ­29.52
Agricultural
Corn (Cen Ill $/bu) ­0.33 2.20 2.75 ­2.17 ­5.90
Index Summary
Total Return
Major Indices 1W % Chg 1M % Chg 3M % Chg YTD % Chg 12M % Chg
S&P 500 ­0.31 ­3.57 2.98 ­0.58 ­0.64
SSE Composite Index 6.05 2.07 17.58 12.61 19.13
Japan Nikkei 225 ­1.27 ­3.37 5.79 10.57 12.25
Germany DAX (TR) 2.59 ­3.21 6.98 8.19 8.12
France CAC 40 1.66 ­5.65 2.35 11.48 12.11
Brazil Bovespa Index ­2.99 ­7.43 ­7.10 ­12.19 ­9.46
FTSE 100 1.69 ­3.42 ­0.17 ­4.35 ­2.85
FTSE Italia All­Share 1.18 ­3.17 ­0.02 17.36 17.31
Russia MICEX ­0.07 ­5.04 0.49 23.10 16.37
Canada S&P/TSX Composite 1.86 ­2.48 ­3.79 ­8.38 ­6.44
India S&P BSE SENSEX 1.90 0.14 ­2.49 ­5.89 ­4.59
Rates Summary
Exchange Rates 1W % Chg 1M % Chg 3M % Chg YTD % Chg 12M % Chg
EUR/USD ­1.387 1.855 ­4.680 ­10.380 ­11.686
USD/CNY 0.406 1.513 1.842 4.473 4.266
USD/JPY 0.4 ­1.7 1.3 1.4 2.2
USD/BRL 0.438 3.104 ­0.144 46.588 46.555
GBP/USD ­2.120 ­2.091 ­4.486 ­4.493 ­4.761
Interest Rates 1W Chg (bp) 1M Chg (bp) 3M Chg (bp) YTD Chg (bp) 12M Chg (bp)
US 10­year Bond 9 ­6 8 4 0
Euro 10­year Bond 1 4 ­12 1 ­7
Japan 10­year Bond ­4 ­3 ­6 ­6 ­8
China 10­year Bond ­5 ­23 ­40 ­70 ­82
UK 10­year Bond 2 ­9 11 8 ­4
Region Economic Summary
Real GDP CPI Unemployment Rate Current Account Govt Debt
% vs year ago % vs year ago Percent % of GDP % of GDP
Brazil ­4.5 10.5 7.5 ­3.3 60.9
China 6.9 1.3 4.1 2.3 ­
European Union 1.9 0.1 9.2 ­ 85.4
France 1.2 0.0 10.2 ­0.8 96.8
Germany 1.7 0.3 4.5 9.0 71.3
India 7.4 5.1 4.9 ­1.2 46.2
Italy 0.8 0.1 11.5 2.2 135.4
Japan 1.7 0.3 3.1 3.6 212.2
United Kingdom 2.3 0.1 5.2 ­3.6 87.4
United States 2.2 0.4 5.0 ­2.7 104.4
G20 Overview
Report as of 21-Dec-2015
© FactSet Research Systems Inc.