Stocks mixed US markets European markets

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1 25 July, 2016 Stocks mixed While US stocks increased both on Friday and the week, the picture was mixed elsewhere US markets US stocks were higher on Friday and for the week. The Dow Jones industrials were up 0.3 percent and both the S&P and Nasdaq were 0.5 percent higher. The gain on the day lifted the S&P to a new record closing high, while the Nasdaq reached its best closing level of On the week, the Dow edged up 0.3 percent, the S&P added 0.6 percent and the Nasdaq gained 1.4 percent. The strength on the day came as traders reacted positively to some of the latest corporate results. Trading was relatively light with no major economic data releases. Advanced Micro Devices was sharply higher after the chipmaker returned to non-gaap operating profitability in the second quarter on its first increase in sales in nearly two years. Pandora Media also turned in a strong performance on the day after reporting a narrower than expected second quarter loss. Skechers however, came under pressure after the shoemaker reported weaker than expected second quarter earnings and revenues. Swift Transportation advanced after reporting better than expected second quarter earnings and revenues. American Airlines surged following the release of its second quarter results. AT&T advanced after its earnings results. Verizon advanced on the news that it is the close to being the successful bidder for Yahoo's core business. GE retreated after it reported weak demand for new oil, gas and transportation equipment. Honeywell declined after the manufacturer lowered its full-year sales forecast. These data reflect observations at 4:00 PM US ET. Gold at the afternoon London fixing was down 0.40 US cents to US$1, Copper futures were down 1.0 percent to US$2.24. WTI spot crude was down 56 US cents to US$ Dated Brent spot crude was down 51 US cents to US$ The US dollar was up against the yen, euro, pound, Swiss franc and the Canadian and Australian dollars. The Dollar Index was virtually unchanged. The yield on US Treasury 30 year bond unchanged at 2.28 percent while the yield on the 10 year note was unchanged at 1.56 percent. European markets Stocks were mixed Friday as hopes of further stimulus measures from the BoJ and ECB faded. The European Central Bank maintained its rates Thursday and the Bank of Japan reportedly may hold off on implementing additional easing measures at its meeting next week. The FTSE added 0.5 percent, the DAC edged up 0.2 percent and the SMI was 0.2 percent higher. The DAX retreated 0.1 percent. For the week, all indices advanced. The FTSE was up 0.9 percent, the CAC gained 0.2 percent, the DAX advanced 0.8 percent and the SMI was 0.5 percent higher.

2 Commerzbank and Deutsche Bank declined. In Paris, Nicox dropped after the ophthalmic company announced that its partner Bausch + Lomb had received a Complete Response Letter from the US Food and Drug Administration, concerning latanoprostene bunod. In London, Vodafone jumped after the mobile operator confirmed its full-year outlook after reporting a better-than-expected 2.2 percent increase in firstquarter organic service revenue. Building materials group CRH advanced after raising its first-half earnings guidance. Marks & Spencer weakened after a broker downgrade. Eurozone PMIs expanded at the weakest pace in 18 months in July, but remained resilient in the face of the "Brexit" vote and the terror attack in France. The flash composite output index slid to 52.9, an 18-month low, from 53.1 in June according to the flash results. In a special flash report, the UK PMI contracted at the steepest pace since early The flash composite output index fell to an 87-month low of 47.7 in July from 52.4 in June. Asia Pacific Markets Stocks mostly retreated Friday with lower oil prices and fading BoJ stimulus expectations weighing on markets. The yen eased somewhat after a rally in New York trading sparked by comments from Bank of Japan Governor Haruhiko Kuroda that he saw no need to use "helicopter money" to combat deflation and boost growth. The BBC later said its interview with Kuroda aired Thursday was recorded prior to the UK referendum vote. The Shanghai Composite was down 0.3 percent and the Hang Seng edged 0.1 percent lower. On the week, the Shanghai Composite lost 1.4 percent while the Hang Seng added 1.4 percent. The Nikkei was down 1.1 percent but added 0.8 percent on the month. Draghi's comments at ECB press conference and Kuroda's remarks tempered stimulus hopes. Lackluster data from Nikkei signaling worsening operating conditions in the country's manufacturing sector also weighed on investor sentiment. Automakers Honda Motor, Mazda Motor and Nissan Motor declined. Fast Retailing and Fanuc tumbled along with Inpex, JX Holdings and Japan Petroleum. Nintendo advanced after the Pokemon Go mobile game was launched in Japan. Shares of McDonald's Holdings Japan, the game's sponsor, rallied. Both the S&P/ASX and All Ordinaries were down 0.3 percent as investors awaited next week's key inflation data for clues on whether the Reserve Bank will cut the cash rate again. For the week, the S&P/ASX was up 1.3 percent while the All Ordinaries added 1.2 percent. National Australia Bank retreated after announcing organizational and leadership changes. Santos dropped after reporting a six percent decline in quarterly revenue. Woodside Petroleum and Oil Search also declined. The Kospi slipped 0.1 percent investors were before next week's Fed and BoJ meetings. On the week, the Kospi was down 0.3 percent. The Sensex added 0.3 percent Friday and slipped 0.1 percent on the week.

3 Looking forward Central Bank activities July 27 FOMC Monetary Policy Announcement July 29 Japan Bank of Japan Monetary Policy Announcement The following indicators will be released this week... Europe July 25 Germany Ifo Business Survey (July) July 27 Eurozone M3 Money Supply (June) Germany Retail Sales (June) France Producer Price Index (June) UK Gross Domestic Product (Q preliminary) July 28 Eurozone EC Consumer and Business Sentiment (July) Germany Unemployment (July) July 29 Eurozone Gross Domestic Product (Q flash) Harmonized Index of Consumer Prices (July flash) Unemployment (June) France Gross Domestic Product (Q flash) Consumption of Manufactured Goods (June) Italy Producer Price Index (June) Asia/Pacific July 25 Japan Merchandise Trade (June) July 27 Australia Consumer Price Index (Q2.2016) July 29 Japan Consumer Price Index (June) Unemployment (June) Household Spending (June) Retail Sales (June) Industrial Production (June) Australia Producer Price Index (Q2.2016) Americas July 26 July 27 July 28 July 29 Canada Consumer Confidence (July) New Home Sales (June) Durable Goods Orders (June) Initial Unemployment Claims (week ending prior Saturday) International Goods Trade (June advance) Gross Domestic Product (Q advance) Chicago PMI (July) Consumer Sentiment (July final) Monthly Gross Domestic Product (May) Industrial Product Price Index (June)

4 Global Stock Markets North America End 2016 Daily Percent Change Index 2015 July 21 July 22 Change Daily 2016 Yr/Yr Dow NASDAQ S&P Canada S&P/TSX Comp Europe UK FTSE France CAC Germany XETRA DAX Italy MIB Spain Ibex Sweden OMX Stockholm Switzerland SMI Asia/Pacific Australia All Ordinaries Japan Nikkei Hong Kong Hang Seng S. Korea Kospi Singapore STI China Shanghai Comp Taiwan TAIEX India Sensex Data Source Haver Analytics Bond markets 10-Yr Govt Bonds Closing Yield Change Yield (bp) US 1.56% 0 UK 0.79% -4 Germany -0.03% -1 Japan -0.23% 0 Australia 1.90% -2 Currencies and commodities Currency July 21 July 21 Change (%) Japanese yen % Australian dollar % Euro % British pound % Swiss franc % Canadian dollar %

5 Commodities July 22 Change Brent Spot $ % Gold (PM fixing) $ 1, $ (0.40) Thompson-Reuters/ Jeffreys Commodity index % Important Information The content of this material is intended to be viewed for informational purposes only and cannot be construed as an offer or solicitation to purchase any investment fund or product of Fidelity, or an offer or solicitation to engage the investment management services of Fidelity. This material may not be circulated or reproduced without the written consent of Fidelity. This material contains general information only. It is not an invitation to subscribe for shares in a fund nor is it to be construed as an offer to buy or sell any financial instruments. The information contained in this material is only accurate on the date such information is published on this material. Opinions or forecasts contained herein are subject to change without prior notice. Fidelity is not authorised to manage or distribute investment funds or products in, or to provide investment management or advisory services to persons resident in, the mainland China. FIL Limited and its subsidiaries are commonly referred to as Fidelity or Fidelity International. Fidelity, Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited." CM A