CHART BOOK: FULL. 3 September 2018

Transcription

1 CHART BOOK: FULL

2 CONTENTS SA Inflation SA Interest Rates Global Interest Rates Debt Equity Geographic Equities Relative Equities Macroeconomics SA Macroeconomics Global Macroeconomics SA Property Rand US Dollar Market Relative Commodities, Other

3 SA INFLATION

4 SA CPI YEAR-ON-YEAR

5 SA CPI SELECTED COMPONENTS YEAR-ON-YEAR

6 SA CPI SELECTED COMPONENTS YEAR-ON-YEAR CPI = Consumer Price Index

7 SA CPI BREAKEVEN ANALYSIS, CURRENT CPI = Consumer Price Index Nominal Bonds Inflation Linked Bonds Implied Breakeven Inflation Rates

8 SA CPI BREAKEVEN ANALYSIS, 1 WEEK AGO CPI = Consumer Price Index Nominal Bonds Inflation Linked Bonds Implied Breakeven Inflation Rates

9 SA CPI BREAKEVEN ANALYSIS, 3 MONTHS AGO CPI = Consumer Price Index Nominal Bonds Inflation Linked Bonds Implied Breakeven Inflation Rates

10 SA CPI BREAKEVEN ANALYSIS, 12 MONTHS AGO CPI = Consumer Price Index Nominal Bonds Inflation Linked Bonds Implied Breakeven Inflation Rates

11 IMPLIED BREAKEVEN INFLATION RATES IBI = Implied Breakeven Inflation

12 MODEL IMPLIED INFLATION LINKED BOND PICK UP

13 STATIC 2017 CPI WEIGHTINGS Restaurants & Hotels, 3.09% Education, 2.53% Recreation & Culture, 5.16% Communication, 2.63% Transport, 14.28% Miscellaneous, 15.05% Health, 1.40% Household Contents, Equipment & Maintenance, 4.35% Food & NAB, 17.24% Alcohlic Beverages & Tobacco, 5.82% Clothing & Footwear, 3.83% Housing & Utilities, 24.62% CPI = Consumer Price Index Statistics South Africa has recently moved to the internationally accepted 5-yearly update of the inflation basket. These three charts plot the composition of the basket between 2000 and Please note the change in the colour of the heading; this colour will be used throughout Chart Book to indicate charts that will remain largely static. The three largest components account for around 55% of the inflation basket: Food and Non- Alcoholic Beverages; Housing and Utilities and Transport.

14 STATIC 2013 CPI WEIGHTINGS Restaurants & Hotels, 3.09% Education, 2.53% Recreation & Culture, 5.16% Communication, 2.63% Transport, 14.28% Miscellaneous, 15.05% Health, 1.40% Household Contents, Equipment & Maintenance, 4.35% Food & NAB, 17.24% Alcohlic Beverages & Tobacco, 5.82% Clothing & Footwear, 3.83% Housing & Utilities, 24.62% CPI = Consumer Price Index Statistics South Africa has recently moved to the internationally accepted 5-yearly update of the inflation basket. These three charts plot the composition of the basket between 2000 and Please note the change in the colour of the heading; this colour will be used throughout Chart Book to indicate charts that will remain largely static. The three largest components account for around 55% of the inflation basket: Food and Non- Alcoholic Beverages; Housing and Utilities and Transport.

15 STATIC 2008 CPI WEIGHTINGS Education, 2.19% Recreation & Culture, 4.19% Communication, 3.22% Miscellaneous, 13.56% Restaurants & Hotels, 2.78% Food & NAB, 15.68% Alcohlic Beverages & Tobacco, 5.58% Clothing & Footwear, 4.11% CPI = Consumer Price Index Statistics South Africa has recently moved to the internationally accepted 5-yearly update of the inflation basket. These three charts plot the composition of the basket between 2000 and Please note the change in the colour of the heading; this colour will be used throughout Chart Book to indicate charts that will remain largely static. Transport, 18.80% Health, 1.47% Household Contents, Equipment & Maintenance, 5.86% Housing & Utilities, 22.56%

16 STATIC 2000 CPI WEIGHTINGS Transport, 13.72% Restaurants & Hotels, 0.00% Education, 3.73% Recreation & Culture, 3.04% Communication, 2.86% Miscellaneous, 7.18% Food & NAB, 24.15% Alcohlic Beverages & Tobacco, 2.73% Clothing & Footwear, 3.64% CPI = Consumer Price Index Statistics South Africa has recently moved to the internationally accepted 5-yearly update of the inflation basket. These three charts plot the composition of the basket between 2000 and Please note the change in the colour of the heading; this colour will be used throughout Chart Book to indicate charts that will remain largely static. Health, 6.90% Household Contents, Equipment & Maintenance, 7.50% Housing & Utilities, 24.54%

17 SA INTEREST RATES

18 SA REPURCHASE RATE

19 SA REAL REPURCHASE RATE

20 SOUTH AFRICA YIELD

21 SOUTH AFRICA REAL YIELD

22 SA FORWARD RATE AGREEMENTS NCD = Negotiable Certificate of Deposit; FRA = Forward Rate Agreement

23 MODEL SA FRA S, IMPLIED INTEREST RATE CHANGES FRA = Forward Rate Agreement

24 MODEL SA FRA S, IMPLIED INTEREST RATE CHANGES FRA = Forward Rate Agreement

25 MODEL FORWARD RATES V ACTUAL REPO RATE FRA = Forward Rate Agreement

26 SA YIELD CURVE

27 GLOBAL INTEREST RATES

28 US FED FUNDS RATE

29 US YIELD CURVE

30 US YIELD

31 US REAL YIELD

32 EU REPO RATE

33 EU YIELD CURVE

34 GERMANY YIELD

35 GERMANY REAL YIELD

36 UK BASE RATE

37 UK YIELD CURVE

38 UK YIELD

39 UK REAL YIELD

40 JAPAN REPO RATE

41 JAPAN YIELD CURVE

42 JAPAN YIELD

43 JAPAN REAL YIELD

44 DEVELOPED MARKETS YIELD CURVES

45 GLOBAL MARKETS YIELD 3M 6M 1Y 3Y 5Y 10Y 20Y 30Y 50Y SWITZERLAND EU GERMANY NA JAPAN NA UK USA NA NA AUSTRALIA NA NA NA CHINA NA INDIA NA NA RUSSIA NA NA NA SOUTH AFRICA NA BRAZIL NA NA NA Sub 0% 0% - 2% 2% - 5% 5% +

46 EM CREDIT DEFAULT SWAPS EM = Emerging Markets This graph shows credit default swap spreads, as measured by 5 year spreads on USD denominated sovereign debt. Listed CDS spread is the premium paid by the buyer to the seller of the CDS. This varies from conventional understanding of yield spreads i.e. over US treasury yield. What s important to note in this graph is than the market has priced South African 5Y USD denominated debt at a level considered more risky than both Turkey and Russia (both junk at S&P; Russia junk at Moody's). Note: The default event typically used for EM debt is CR (Credit Restructuring) which triggers an event when a debt obligation is restructured i.e. interest payments reduced; principal reduced; maturity extended; becoming subordinated to another obligation or having its currency changed.

47 EM CREDIT DEFAULT SWAPS, LAST YEAR EM = Emerging Markets

48 EM CREDIT DEFAULT SWAPS, LAST YEAR REBASED EM = Emerging Markets

49 EQUITY

50 GEOGRAPHIC EQUITIES

51 GLOBAL EQUITIES

52 MSCI AC WORLD INDEX AC = All Countries

53 MSCI AC WORLD INDEX, 1Y RATE OF CHANGE AC = All Countries

54 MSCI AC WORLD INDEX, LAST YEAR AC = All Countries

55 MSCI AC WORLD INDEX, PERCENTAGE CHANGES AC = All Countries

56 MSCI WORLD INDEX

57 MSCI WORLD INDEX, 1Y RATE OF CHANGE

58 MSCI WORLD, LAST YEAR

59 MSCI WORLD INDEX, PERCENTAGE CHANGES

60 MSCI EM INDEX EM = Emerging Markets

61 MSCI EM INDEX, 1Y RATE OF CHANGE EM = Emerging Markets

62 MSCI EM INDEX, LAST YEAR EM = Emerging Markets

63 MSCI EM INDEX, PERCENTAGE CHANGES EM = Emerging Markets

64 SOUTH AFRICA

65 JSE ALSI ALSI = All Share Index

66 JSE ALSI INDEX, 1Y RATE OF CHANGE ALSI = All Share Index

67 JSE ALSI INDEX, LAST YEAR ALSI = All Share Index

68 JSE SECTOR INDICES LAST YEAR, REBASED

69 JSE ALSI PE ALSI = All Share Index PE = Price Earnings

70 JSE ALSI DY ALSI = All Share Index DY = Dividend Yield

71 JSE ALSI, PERCENTAGE CHANGES ALSI = All Share Index

72 JSE ALSI EY ALSI = All Share Index EY = Earnings Yield

73 JSE ALSI REAL EY ALSI = All Share Index EY = Earnings Yield

74 JSE SWIX INDEX

75 JSE SWIX INDEX, 1Y RATE OF CHANGE

76 JSE SWIX INDEX, LAST YEAR

77 JSE SWIX INDEX PE PE = Price Earnings

78 JSE SWIX INDEX DY DY = Dividend Yield

79 JSE SWIX INDEX, PERCENTAGE CHANGES

80 JSE SWIX INDEX EY EY = Earnings Yield

81 JSE SWIX REAL EY EY = Earnings Yield

82 USA

83 S&P 500 INDEX

84 S&P 500 INDEX, 1Y RATE OF CHANGE

85 S&P 500 INDEX, LAST YEAR

86 S&P 500 INDEX PE PE = Price Earnings

87 S&P 500 INDEX DY DY = Dividend Yield

88 S&P 500 INDEX, PERCENTAGE CHANGES

89 S&P 500 EY EY = Earnings Yield

90 DOW JONES INDUSTRIALS INDEX

91 DOW JONES INDUSTRIALS INDEX, 1Y RATE OF CHANGE

92 DOW JONES INDUSTRIALS INDEX, LAST YEAR

93 DOW JONES INDUSTRIALS INDEX PE PE = Price Earnings

94 DOW JONES INDUSTRIALS INDEX DY DY = Dividend Yield

95 DOW JONES INDUSTRIALS INDEX, PERCENTAGE CHANGES

96 DOW JONES INDUSTRIES INDEX EY EY = Earnings Yield

97 NASDAQ 100 INDEX

98 NASDAQ 100 INDEX, 1Y RATE OF CHANGE

99 NASDAQ 100 INDEX, LAST YEAR

100 NASDAQ 100 INDEX PE PE = Price Earnings

101 NASDAQ 100 INDEX DY DY = Dividend Yield

102 NASDAQ 100 INDEX, PERCENTAGE CHANGES

103 NASDAQ 100 INDEX EY EY = Earnings Yield

104 RUSSELL 2000 INDEX

105 RUSSELL 2000 INDEX, 1Y RATE OF CHANGE

106 RUSSELL 2000 INDEX, LAST YEAR

107 RUSSELL 2000 INDEX, PERCENTAGE CHANGES

108 CENTRAL & SOUTH AMERICA

109 MEXICO (BOLSA) INDEX

110 MEXICO (BOLSA) INDEX, 1Y RATE OF CHANGE

111 MEXICO (BOLSA) INDEX, LAST YEAR

112 MEXICO (BOLSA) INDEX PE PE = Price Earnings

113 MEXICO (BOLSA) INDEX DY DY = Dividend Yield

114 MEXICO (BOLSA) INDEX, PERCENTAGE CHANGES

115 MEXICO (BOLSA) INDEX EY EY = Earnings Yield

116 BRAZIL (IBX) INDEX

117 BRAZIL (IBX) INDEX, 1Y RATE OF CHANGE

118 BRAZIL (IBX) INDEX, LAST YEAR

119 BRAZIL (IBX) INDEX, PERCENTAGE CHANGES

120 ARGENTINA (MERVAL) INDEX

121 ARGENTINA (MERVAL) INDEX, 1Y RATE OF CHANGE

122 ARGENTINA (MERVAL) INDEX, LAST YEAR

123 ARGENTINA (MERVAL) INDEX, PERCENTAGE CHANGES

124 EUROPE

125 EUROPE (EURO STOXX 50) INDEX

126 EUROPE (EURO STOXX 50) INDEX, 1Y RATE OF CHANGE

127 EUROPE (EURO STOXX 50) INDEX, LAST YEAR

128 EUROPE (EURO STOXX 50) INDEX PE PE = Price Earnings

129 EUROPE (EURO STOXX 50) INDEX DY DY = Dividend Yield

130 EUROPE (EURO STOXX 50) INDEX, PERCENTAGE CHANGES

131 EUROPE (EURO STOXX 50) INDEX EY EY = Earnings Yield

132 UK (FTSE 100) INDEX

133 UK (FTSE 100) INDEX, 1Y RATE OF CHANGE

134 UK (FTSE 100) INDEX, LAST YEAR

135 UK (FTSE 100) INDEX PE PE = Price Earnings

136 UK (FTSE 100) INDEX DY DY = Dividend Yield

137 UK (FTSE 100) INDEX, PERCENTAGE CHANGES

138 UK (FTSE 100) INDEX EY EY = Earnings Yield

139 GERMANY (DAX 30) INDEX

140 GERMANY (DAX 30) INDEX, 1Y RATE OF CHANGE

141 GERMANY (DAX 30) INDEX, LAST YEAR

142 GERMANY (DAX 30) INDEX PE PE = Price Earnings

143 GERMANY (DAX 30) INDEX DY DY = Dividend Yield

144 GERMANY (DAX 30) INDEX, PERCENTAGE CHANGES

145 GERMANY (DAX 30) INDEX EY EY = Earnings Yield

146 FRANCE (CAC 40) INDEX

147 FRANCE (CAC 40) INDEX, 1Y RATE OF CHANGE

148 FRANCE (CAC 40) INDEX, LAST YEAR

149 FRANCE (CAC 40) INDEX PE PE = Price Earnings

150 FRANCE (CAC 40) INDEX DY DY = Dividend Yield

151 FRANCE (CAC 40) INDEX, PERCENTAGE CHANGES

152 FRANCE (CAC 40) INDEX EY EY = Earnings Yield

153 MIDDLE EAST AND AFRICA

154 TURKEY (BIST ALL SHARE) INDEX

155 TURKEY (BIST ALL SHARE) INDEX, 1Y RATE OF CHANGE

156 TURKEY (BIST ALL SHARE) INDEX, LAST YEAR

157 TURKEY (BIST ALL SHARE) INDEX PE PE = Price Earnings

158 TURKEY (BIST ALL SHARE) INDEX DY DY = Dividend Yield

159 TURKEY (BIST ALL SHARE) INDEX, PERCENTAGE CHANGES

160 TURKEY (BIST ALL SHARE) INDEX EY EY = Earnings Yield

161 NIGERIA (ALL SHARE) INDEX

162 NIGERIA (ALL SHARE) INDEX, 1Y RATE OF CHANGE

163 NIGERIA (ALL SHARE) INDEX, LAST YEAR

164 NIGERIA (ALL SHARE) INDEX, PERCENTAGE CHANGES

165 ASIA & PACIFIC

166 JAPAN (NIKKEI 225) INDEX

167 JAPAN (NIKKEI 225) INDEX, 1Y RATE OF CHANGE

168 JAPAN (NIKKEI 225) INDEX, LAST YEAR

169 JAPAN (NIKKEI 225) INDEX PE PE = Price Earnings

170 JAPAN (NIKKEI 225) INDEX, PERCENTAGE CHANGES

171 JAPAN (NIKKEI 225) INDEX EY EY = Earnings Yield

172 HONG KONG (HANG SENG) INDEX

173 HONG KONG (HANG SENG) INDEX, 1Y RATE OF CHANGE

174 HONG KONG (HANG SENG) INDEX, LAST YEAR

175 HONG KONG (HANG SENG) INDEX PE PE = Price Earnings

176 HONG KONG (HANG SENG) INDEX DY DY = Dividends Yield

177 HONG KONG (HANG SENG) INDEX, PERCENTAGE CHANGES

178 HONG KONG (HANG SENG) INDEX EY EY = Earnings Yield

179 SINGAPORE (STRAITS TIMES) INDEX

180 SINGAPORE (STRAITS TIMES) INDEX, 1Y RATE OF CHANGE

181 SINGAPORE (STRAITS TIMES) INDEX, LAST YEAR

182 SINGAPORE (STRAITS TIMES) INDEX PE PE = Price Earnings

183 SINGAPORE (STRAITS TIMES) INDEX DY DY = Dividend Yield

184 SINGAPORE (STRAITS TIMES) INDEX, PERCENTAGE CHANGES

185 SINGAPORE (STRAITS TIMES) INDEX EY PE = Price Earnings

186 CHINA (SHANGHAI COMPOSITE), LAST YEAR

187 CHINA (SHANGHAI COMPOSITE), PERCENTAGE CHANGES

188 RUSSIA (MOEX) INDEX

189 RUSSIA (MOEX) INDEX, 1Y RATE OF CHANGE

190 RUSSIA (MOEX) INDEX, LAST YEAR

191 RUSSIA (MOEX) INDEX, PERCENTAGE CHANGES

192 INDIA (S&P BSE 100) INDEX

193 INDIA (S&P BSE 100) INDEX,1Y RATE OF CHANGE

194 INDIA (S&P BSE 100) INDEX, LAST YEAR

195 INDIA (S&P BSE 100) INDEX, PERCENTAGE CHANGES

196 AUSTRALIA (S&P/ASX 200) INDEX

197 AUSTRALIA (S&P/ASX 200) INDEX,1Y RATE OF CHANGE

198 AUSTRALIA (S&P/ASX 200) INDEX, LAST YEAR

199 AUSTRALIA (S&P/ASX 200) INDEX PE PE = Price Earnings

200 AUSTRALIA (S&P/ASX 200) INDEX DY DY = Dividend Yield

201 AUSTRALIA (S&P/ASX 200) INDEX, PERCENTAGE CHANGES

202 AUSTRALIA (S&P/ASX 200) INDEX EY EY = Earnings Yield

203 RELATIVE EQUITIES

204 GLOBAL MARKETS

205 GLOBAL INDICES RELATIVE, LAST YEAR (USD)

206 GLOBAL MARKETS RELATIVE, LAST YEAR (USD)

207 ASIAN EQUITY MARKETS RELATIVE, LAST YEAR (USD)

208 MODEL GLOBAL MARKETS PE S PE = Price Earnings

209 GLOBAL MARKETS DY DY = Dividend Yield

210 GLOBAL MARKETS EY EY = Earnings Yield

211 DEVELOPED MARKETS

212 DEVELOPED MARKETS RELATIVE, LAST YEAR (USD)

213 MODEL DEVELOPED MARKETS PE S PE = Price Earnings

214 DEVELOPED MARKETS DY DY = Dividend Yield

215 DEVELOPED MARKETS EY EY = Earnings Yield

216 EMERGING MARKETS

217 EM RELATIVE, LAST YEAR (USD) EM = Emerging Markets

218 MODEL EMERGING MARKETS PE S PE = Price Earnings

219 EMERGING MARKETS DY DY = Dividend Yield

220 EMERGING MARKETS EY EY = Earnings Yield

221 COMMODITY LINKED MARKETS

222 COMMODITY MARKETS RELATIVE, LAST YEAR (USD)

223 MODEL COMMODITY MARKETS PE S

224 COMMODITY MARKETS DY DY = Dividend Yield

225 COMMODITY MARKETS EY EY = Earnings Yield

226 SA PROPERTY INDICES

227 SA LISTED PROPERTY INDEX

228 SA LISTED PROPERTY INDEX, 1Y RATE OF CHANGE

229 SA LISTED PROPERTY INDEX, LAST YEAR

230 SA LISTED PROPERTY INDEX PE PE = Price Earnings

231 SA LISTED PROPERTY INDEX DY DY = Dividend Yield

232 SA LISTED PROPERTY INDEX, PERCENTAGE CHANGES

233 SA LISTED PROPERTY INDEX EY EY = Earnings Yield

234 MACROECONOMICS

235 SA MACROECONOMICS

236 GDP

237 SA OFFICIAL UNEMPLOYMENT RATE

238 SA CURRENT ACCOUNT BALANCE

239 SA FISCAL BALANCE

240 SA TRADE BALANCE

241 SA OFFICIAL FOREIGN RESERVES

242 SA OFFICIAL FOREIGN RESERVES (USD)

243 SA EQUITY MARKET FLOWS

244 SA BOND MARKET FLOWS

245 SA BOND MARKET FLOWS

246 SA MONEY SUPPLY M3 = Money Supply

247 SA NEW PASSENGER VEHICLE SALES

248 CONSUMER CONFIDENCE INDEX

249 GLOBAL MACROECONOMICS

250 NORTH & SOUTH AMERICA

251 USA GDP, 1Y ANNUALIZED CHANGE

252 USA UNEMPLOYMENT

253 USA LABOUR FORCE PARTICIPATION RATE

254 USA INFLATION CPI = Inflation

255 USA POLICY RATE

256 USA CURRENT ACCOUNT BALANCE

257 USA FISCAL BALANCE

258 MEXICO GDP

259 MEXICO UNEMPLOYMENT RATE

260 MEXICO INFLATION CPI = Inflation

261 MEXICO POLICY RATE

262 MEXICO CURRENT ACCOUNT BALANCE

263 ARGENTINA UNEMPLOYMENT RATE

264 ARGENTINA POLICY RATE

265 ARGENTINA CURRENT ACCOUNT BALANCE

266 BRAZIL GDP

267 BRAZIL UNEMPLOYMENT RATE

268 BRAZIL INFLATION CPI = Inflation Period prior to 1996 has been intentionally removed certain periods of hyper inflation which heavily skew the data.

269 BRAZIL POLICY RATE

270 BRAZIL CURRENT ACCOUNT BALANCE

271 BRAZIL FISCAL BALANCE

272 EUROPE

273 EUROPE GDP

274 EUROPE POLICY RATE

275 FRANCE GDP

276 FRANCE UNEMPLOYMENT RATE

277 FRANCE INFLATION CPI = Inflation

278 FRANCE POLICY RATE

279 FRANCE CURRENT ACCOUNT BALANCE

280 FRANCE FISCAL BALANCE

281 GERMANY GDP

282 GERMANY UNEMPLOYMENT RATE

283 GERMANY INFLATION CPI = Inflation

284 GERMANY POLICY RATE

285 GERMANY CURRENT ACCOUNT BALANCE

286 GERMANY FISCAL BALANCE

287 UK GDP

288 UK UNEMPLOYMENT RATE

289 UK INFLATION CPI = Inflation

290 UK POLICY RATE

291 UK CURRENT ACCOUNT BALANCE

292 UK FISCAL BALANCE

293 MIDDLE EAST AND AFRICA

294 NIGERIA GDP

295 NIGERIA INFLATION CPI = Inflation

296 NIGERIA POLICY RATE

297 NIGERIA CURRENT ACCOUNT BALANCE

298 TURKEY GDP

299 TURKEY UNEMPLOYMENT RATE

300 TURKEY INFLATION CPI = Inflation

301 TURKEY POLICY RATE

302 TURKEY CURRENT ACCOUNT BALANCE

303 TURKEY FISCAL BALANCE

304 ASIA & PACIFIC

305 AUSTRALIA GDP

306 AUSTRALIA UNEMPLOYMENT RATE

307 AUSTRALIA INFLATION CPI = Inflation

308 AUSTRALIA POLICY RATE

309 AUSTRALIA CURRENT ACCOUNT BALANCE

310 AUSTRALIA FISCAL BALANCE

311 CHINA GDP

312 CHINA UNEMPLOYMENT RATE

313 CHINA INFLATION CPI = Inflation

314 CHINA POLICY RATE

315 CHINA CURRENT ACCOUNT BALANCE

316 CHINA FISCAL BALANCE

317 HONG KONG GDP

318 HONG KONG UNEMPLOYMENT RATE

319 HONG KONG INFLATION CPI = Inflation

320 HONG KONG POLICY RATE

321 HONG KONG CURRENT ACCOUNT BALANCE

322 INDIA GDP

323 INDIA INFLATION CPI = Inflation

324 INDIA POLICY RATE

325 INDIA CURRENT ACCOUNT BALANCE

326 INDIA FISCAL BALANCE

327 JAPAN GDP

328 JAPAN UNEMPLOYMENT RATE

329 JAPAN INFLATION CPI = Inflation

330 JAPAN POLICY RATE

331 JAPAN CURRENT ACCOUNT BALANCE

332 JAPAN FISCAL BALANCE

333 RUSSIA GDP

334 RUSSIA UNEMPLOYMENT RATE

335 RUSSIA INFLATION CPI = Inflation Period pre 1996 has been intentionally excluded to remove certain periods of hyper inflation.

336 RUSSIA POLICY RATE

337 RUSSIA CURRENT ACCOUNT BALANCE

338 RUSSIA FISCAL BALANCE

339 SINGAPORE GDP

340 SINGAPORE UNEMPLOYMENT

341 SINGAPORE INFLATION CPI = Inflation

342 SINGAPORE POLICY RATE Singapore has a policy rate that is controlled by exchange rate factors. The central bank is not in charge of interest rate policy, but rather the Monetary Authority of Singapore. The policy rate is managed against a basket of major trading partner currencies. Although the basket constituents are concealed, major partners are Hong Kong; China; Malaysia; Indonesia and the United States. This is the only nation in the world to follow this policy.

343 SINGAPORE CURRENT ACCOUNT BALANCE

344 RELATIVE MACROS

345 MODEL GLOBAL MARKETS UNEMPLOYMENT RATE

346 MODEL GLOBAL MARKETS POLICY RATE

347 MODEL DEVELOPED MARKETS UNEMPLOYMENT

348 MODEL DEVELOPED MARKETS POLICY RATE

349 DEVELOPED MARKETS POLICY RATES

350 MODEL EMERGING MARKETS UNEMPLOYMENT

351 MODEL EMERGING MARKETS POLICY RATE

352 MODEL COMMODITY MARKETS UNEMPLOYMENT

353 MODEL COMMODITY MARKETS POLICY RATE

354 GLOBAL ASSET CLASS RETURN

355 GLOBAL ASSET CLASS RETURNS (ZAR)

356 GLOBAL ASSET CLASS RETURNS (USD)

357 GLOBAL ASSET CLASS RETURNS (EUR)

358 GLOBAL ASSET CLASS RETURNS (GBP)

359 GLOBAL ASSET CLASS RETURNS (BASE CURRENCY)

360 RAND

361 USDZAR

362 GBPZAR

363 EURZAR

364 AUDZAR

365 ZAR V SELECTED CURRENCIES, LAST YEAR, REBASED TO 100

366 USDZAR FORWARD

367 MODEL USDZAR FORWARD V ACTUAL USDZAR

368 GBPZAR FORWARD

369 MODEL GBPZAR FORWARD V ACTUAL GBPZAR

370 EURZAR FORWARD

371 MODEL EURZAR FORWARD V ACTUAL EURZAR

372 USDZAR 1 MONTH VOLATILITY

373 USDZAR 1 MONTH VOLATILITY, LAST YEAR

374 US DOLLAR

375 GBPUSD

376 EURUSD

377 AUDUSD

378 JPYUSD

379 USD LAST YEAR VS SELECTED CURRENCIES, REBASED TO 100

380 USD LAST YEAR, REBASED TO 100

381 GBPUSD FORWARD

382 MODEL GBPUSD FORWARD V ACTUAL GBPUSD

383 EURUSD FORWARD

384 MODEL EURUSD FORWARD V ACTUAL EURUSD

385 MARKET RELATIVE

386 USD V COMMODITY CURRENCIES

387 USD V EMERGING MARKETS

388 COMMODITIES, OTHER

389 OIL PRICE

390 OIL PRICE, LAST YEAR

391 OIL PRICE IN ZAR

392 OIL PRICE IN ZAR, LAST YEAR

393 GOLD PRICE (USD)

394 GOLD PRICE (USD), LAST YEAR

395 GOLD PRICE (ZAR)

396 GOLD PRICE (ZAR), LAST YEAR

397 GOLD PRICE (GBP)

398 GOLD PRICE (GBP), LAST YEAR

399 GOLD PRICE (EUR)

400 GOLD PRICE (EUR), LAST YEAR

401 CBOE VIX CBOE = Chicago Board Options Exchange

402 CBOE VIX, LAST YEAR CBOE = Chicago Board Options Exchange

403 MOVE INDEX (BOND VOLATILITY)

404 MOVE INDEX (BOND VOLATILITY), LAST YEAR

405 DISCLAIMER NFB AM is an authorised financial services provider (license number 25962). The information provided does not constitute financial product advice. The information is of a general nature only and does not take into account investor s objectives, financial situations or needs. NFB AM accepts no liability whatsoever for any direct, indirect or consequential loss arising from the use of this document. It should not be used, relied upon or treated as a substitute for specific, professional advice. NFB AM recommends that investors obtain their own independent, professional advice before making any decision in relation to their particular requirements or circumstances. There may be limitations as to the appropriateness of any information given. It is, therefore, recommended that investors obtain the appropriate legal, tax, investment or other professional advice and formulate an investment strategy that would suit the risk profile of the investor prior to acting upon such information and to consider whether any recommendation is appropriate considering the investor s own objectives and particular needs. Any opinions, statements and information made available, whether written, oral or implied are expressed in good faith. NFB AM does not warrant the accuracy, completeness or currency of the information provided. Past performance of any product discussed is not indicative of the future performance thereof. Although statements of fact are obtained from sources that NFB AM considers reliable, we do not guarantee their accuracy and any such information may be incomplete or condensed. Views are subject to change on the basis of additional or new research, new facts or developments. All charts are in base currency terms unless otherwise indicated. All charts are sourced from Thomson Reuters. This version of Chart Book was updated on the date indicated below. However, as data series can have differing reporting frequencies (e.g. daily v monthly) each chart may have a slightly different end point. End points may not necessarily coincide with the date below.

406 THANK YOU