This document is a collection of market data and news from November 14, 2019. It includes: - Percentage changes in major stock market indices from the previous day. The S&P 500 increased 0.37%. - Commodity price changes, including a 1.22% increase in oil prices. - Economic indicators such as a 0.3% forecasted increase in US GDP. - Comments on political news stories around US-China trade negotiations and impeachment inquiries. - Upcoming economic data and event risk expectations through November 21st. - Charts showing historical trends in interest rates, credit spreads, and other indicators.

1. 15 November
2019

3. PAGE 2
•
10
2016
1.8186%
10 -0.351%
•
0.18% 0.23%
468.3
•
0.04%
11.33%
0.1% 0.12%
1.49%
13.18%
Bloomberg 2019/11/14
-0.38
0.50
0.54
0.73
-0.14
1.26
0.56
-0.07
0.21
0.06
1.14
-0.90
0.27
-0.24
0.62
-1.49
-0.23
-0.18
-0.10
-0.04
0.07
0.10
0.12
0.12
0.13
0.13
0.28
0.32
0.71
0.75
-
-
% %

4. PAGE 3
• S&P 500
S&P
500 0.37%
2.73%
•
600
0.53%
•
225
0.81%
300
2.15%
•
0.58%
Bloomberg 2019/11/14
-1.72
-0.77
8.77
7.43
2.44
2.77
2.16
-1.20
3.47
5.42
5.56
6.16
3.78
3.94
4.40
0.12
-4.93
-4.65
-3.37
-3.29
-2.92
-2.86
-2.76
-2.15
-1.35
-0.90
-0.82
-0.81
-0.53
-0.40
0.37
0.58
MSCI
H
RTS
MSCI
MSCI
MSCI
BOVESPA
300
SENSEX
DAX
Nikkei 225
600
MSCI
S&P 500
BAML
% %

5. PAGE 4
•
OPEC
• 11 8
220 ( ) 150
Bloomberg EIA 2019/11/14
-8.46
1.22
-0.99
-0.10
-2.53
-0.64
5.93
2.91
3.29
4.94
-5.53
-1.46
-6.48
-3.97
-3.58
-2.71
-2.11
-0.93
-0.66
-0.49
-0.12
-0.02
0.13
0.20
LME
LME
LME
LME
CRB
% %

6. PAGE 5
• 97 4
15 4
33
• 42
39 7
13
Bank of America Merrill Lynch EPFR 2019/11/13
Weekly FICC flows as % AUM

8. PAGE 7
•
Trump
• (Jerome
Powell)



( 2)
• (Trump)
(Bill Taylor) Trump
(Gordon
Sondland) Trump
Bloomberg 2019/11/14
( 1) S&P 500
( 2)

9. PAGE 8
•
( 1)
•
Targa Resources Murphy Oil
4
• 8
(Bloomberg) 8
S&P 500
Walmart Nvidia
Cisco
• 10
2.3%
CPI 1.8%( 2)
CPI
(PCE) 9
PCE 1.7% 2%
Bloomberg 2019/11/14
( 1)
( 2)

10. PAGE 9
• GDP 0.3%
GDP 0.1%( 1)
0.1%
Moody’s
• Farage
Johnson
10 30% 20%
•
4 ( 2)
21
•
9 2.9%
0.9%
Bloomberg 2019/11/14
( 2) -
( 1) GDP( )

11. PAGE 10
• 10
4.7%
5.2% 7.2%( 1)
• 10
6,613 2017 12
• 10 CPI
4.62%( 2) 4%
Moody’s
• 1%
13.25% 0.25% 7.5%
Bloomberg 2019/11/14
( 1)
( 2) CPI

13. PAGE 12
Bloomberg 2019/11/14
/ /
11/15 CPI( ) 0.70% 0.70%
11/15 ( ) 0.20% -0.30%
11/15 ( ) -0.40% -0.40%
11/15 ( ) -- -6.60%
11/18 ( ) 2.50% 3.00%
11/18 NAHB 71 71
11/19 1315k 1256k
11/20 CPI( ) 3.90% 4.10%
11/20 MBA -- 9.60%
11/20 CPI( ) -- 1.90%
11/20 ( ) -- 0.00%
11/20 PPI( ) -- -0.10%
11/20 ¥358.6b -¥123.0b
11/21 5.49m 5.38m
11/21 SARB 6.50% 6.50%
11/21 7 5.00% 5.00%
11/21 ( ) -- -37.40%

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
: 2.91 (11/14)
0
50
100
150
200
250
300
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 106.0 (11/14) 5 : 127.7
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
: 5.10 (11/14)
200
250
300
350
400
450
500
550
600
2013 2014 2015 2016 2017 2018 2019
: 333.17 (11/14) 5 : 357.6

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
: 6.17 (11/14)
0
200
400
600
800
1,000
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 468.3 (11/14) 5 : 461.4
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
: 5.74 (11/14)
0
200
400
600
800
1,000
2011 2012 2013 2014 2015 2016 2017 2018 2019
: 382.0 (11/14) 5 : 440.5

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
: 3.83 (11/14)
0
200
400
600
800
1,000
1,200
2010 2011 2012 2013 2014 2015 2016 2017 2018
: 374.0 (11/14) 5 : 377.5
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
2010 2011 2012 2013 2014 2015 2016 2017 2018
: 7.29 (11/14)
0
100
200
300
400
500
600
700
800
2010 2011 2012 2013 2014 2015 2016 2017 2018
: 552.4 (11/14) 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
2010 2011 2012 2013 2014 2015 2016 2017 2018
: 5.18 (11/14)
0
100
200
300
400
500
600
2010 2011 2012 2013 2014 2015 2016 2017 2018
: 324.56 (11/14) 5 : 348.6
2.0
3.0
4.0
5.0
6.0
7.0
8.0
2010 2011 2012 2013 2014 2015 2016 2017 2018
: 5.09 (11/14)
0
100
200
300
400
500
600
2010 2011 2012 2013 2014 2015 2016 2017 2018
: 333.32 (11/14) 5 : 337.8

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
: 8.19 (11/14)
0
200
400
600
800
1,000
2010 2011 2012 2013 2014 2015 2016 2017 2018
: 643.0 (11/14) 5 : 565.6
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
2010 2011 2012 2013 2014 2015 2016 2017 2018
: 4.42 (11/14)
0
100
200
300
400
500
2010 2011 2012 2013 2014 2015 2016 2017 2018
: 264.54 (11/14) 5 : 257.5

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
: 16.8 (11/14) 5 : 16.2
8
10
12
14
16
18
20
2007 2009 2011 2013 2015 2017
: 18.0 (11/14) 5 : 17.1
6
8
10
12
14
16
18
2007 2009 2011 2013 2015 2017
: 15.0 (11/14) 5 : 14.9
10
12
14
16
18
20
22
24
2011 2012 2013 2014 2015 2016 2017 2018
: 17.4 (11/14) 5 : 17.1

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
: 12.7 (11/14) 5 : 12.1
0
5
10
15
20
25
30
35
2008 2010 2012 2014 2016 2018
: 12.0 (11/14) 5 : 12.7
5
10
15
20
25
2007 2009 2011 2013 2015 2017
: 20.3 (11/14) 5 : 18.3
5
7
9
11
13
15
17
2008 2010 2012 2014 2016 2018
: 11.9 (11/14) 5 : 12.2

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
: 13.05 (11/14) 5 : 15.18
0
50
100
150
200
250
300
2007 2009 2011 2013 2015 2017
: 64.2 (11/14) 5 : 65.7
50
60
70
80
90
100
110
120
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
: 60.0 (11/14) 5 : 67.6
200
250
300
350
400
450
500
550
600
650
2012
: 335.0 (11/14) 5 : 367.9

22. PAGE 21
-5%
0%
5%
10%
15%
20%
25%
30%
35%
'14/11/14 '15/11/14 '16/11/14 '17/11/14 '18/11/14 '19/11/14
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
'14/11/14 '15/11/14 '16/11/14 '17/11/14 '18/11/14 '19/11/14
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
'14/11/14 '15/11/14 '16/11/14 '17/11/14 '18/11/14 '19/11/14
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
'14/11/14 '15/11/14 '16/11/14 '17/11/14 '18/11/14 '19/11/14
5 1
35.7% 0.6%
29.0% 0.1%
5 1
26.8% -0.2%
31.2% 0.1%
5 1
31.2% 0.2%
30.1% 0.1%
5 1
23.1% -0.1%
26.2% 0.1%
Bloomberg
* 50% +50%
5 ( ) 5 ( )
* 5 ( ) 5 ( )

23. PAGE 22
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