Global stocks continued to advance US markets European markets

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1 28 November, 2016 Global stocks continued to advance US stock indices hit new record highs in abbreviated trading session US markets US stocks advanced to new closing highs Friday in relatively quiet trading in a post-thanksgiving abbreviated trading day. Utilities and phone companies advanced while bank stocks declined. Both the Dow Jones industrials and S&P added 0.4 percent while the Nasdaq was 0.3 percent higher. For the shortened trading week, both the Dow and S&P were up 1.5 percent while the Nasdaq added 1.4 percent. Dominion Resources and AT&T stock rose. Johnson & Johnson was higher after Bloomberg reported that the company had approached the Swiss drug maker Actelion about a potential takeover. The preliminary trade deficit in goods widened to $62.0 billion in October from $58.5 billion the month before. Imports climbed 1.1 percent while exports slid 2.7 percent. These data reflect observations at 1:00 PM US ET Friday. Gold at the afternoon London fixing was up US$1.60 to US$1, Copper futures were up 2.5 percent to US$2.68. WTI spot crude was down US$1.90 to US$ Dated Brent spot crude was down US$1.76 to US$ The US dollar was down against the yen, euro, pound, Swiss franc and the Australian dollar. However, it advanced against the Canadian dollar. The Dollar Index was down 0.3 percent. The yield on US Treasury 30 year bond was down 2 basis points to 3.00 percent while the yield on the 10 year note edged up 1 basis point to 2.36 percent. European markets Stocks gained in choppy trading. Bank shares were under pressure prior to the December 4 Italian referendum on constitutional reform. Austria will also hold its presidential election on the same day. The FTSE and CAC added 0.2 percent, the DAX edged up 0.1 percent and the SMI jumped 1.1 percent. For the week, the FTSE and CAC were up 1.0 percent, the DAX gained 0.3 percent but the SMI was 0.3 percent lower. Energy stocks were weak after crude oil prices declined investors were skeptical that OPEC members will manage to come to an agreement on production cuts at their meeting this week. Lufthansa advanced after pilots at the airline said they would extend strike action over pay until Saturday. Commerzbank and Deutsche Bank were lower. Remy Cointreau gained on a broker upgrade. Pennon Group advanced after the company reported an 11.5 percent increase in first-half underlying pretax profit. AstraZeneca increased on a broker upgrade. Daily Mail and General Trust dropped on broker downgrades. Actelion soared in Zurich after a Bloomberg report that Johnson & Johnson has approached the Swiss biotech firm about a potential takeover. Rio Tinto gained while Glencore and Anglo American retreated.

2 French consumer sentiment remained stable in November at 98 but remained below its long-term average of 100. Italy's retail sales declined for the third straight month. Retail sales dropped a seasonally adjusted 0.6 percent on the month in September, following a 0.2 percent decline in August. UK third quarter gross domestic product climbed 0.5 percent on the quarter and 2.3 percent when compared with the same quarter a year ago. Asia Pacific Markets Shares were up broadly Friday. Oil prices treaded water in Asia prior to next week's OPEC meeting. The yuan was slightly firmer after having touched an eight-year low against the US dollar the previous day on expectations of higher US interest rates going forward. The Shanghai Composite added 0.6 percent after falling nearly 1 percent earlier in the trading session. The Hang Seng was up 0.5 percent. On the week, the former increased 2.2 percent while the latter was 1.7 percent higher. Both the Nikkei and Topix were up 0.3 percent. On the week, the Nikkei was up 2.3 percent while the Topix was 2.5 percent higher. Sumitomo Chemical, Nissan Motor, Kawasaki Heavy Industries, Panasonic and Mitsubishi Motors climbed. October consumer price index excluding fresh food continued to decline, this time by 0.4 percent. Both the S&P/ASX and All Ordinaries were up 0.4 percent Friday. On the week, The S&P/ASX added 2.7 percent and the All Ordinaries was 2.6 percent higher. BHP Billiton advanced after the miner said it would release a further $181 million to compensate victims and remediate the site of the Samarco mine disaster. Rio Tinto gained as iron ore prices continued to rally, contrary to expectations. Top End Minerals soared after it agreed to acquire a 60 percent interest in Myanmar's Cornerstone Resources. Tatts Group shares jumped after Tabcorp Holdings bought a 10 percent stake in the company for about A$638 million. ANZ Bank and Macquarie Bank were lower after they have agreed to settle an action by the competition regulator for attempting to manipulate the exchange rate for the Malaysian ringgit. The Kospi was up 0.2 percent and was virtually unchanged on the week. The Sensex added 1.8 percent on the day and 0.6 percent on the week.

3 Looking forward Central Bank activities Nov 30 United States Federal Reserve Beige Book Published The following indicators will be released this week... Europe Nov 28 Eurozone M3 Money Supply (October) Nov 29 Eurozone EC Consumer & Business Confidence (November) France Consumption of Manufactured Goods (October) Gross Domestic Product (Q preliminary) Nov 30 Eurozone Harmonized Index of Consumer Prices (November, flash) Germany Retail Sales (October) Unemployment (November) Dec 1 Eurozone Manufacturing PMI (November final) Unemployment (October) Germany Manufacturing PMI (November final) France Manufacturing PMI (November final) UK Manufacturing PMI (November final) Italy Gross Domestic Product (Q final) Asia Pacific Nov 29 Japan Unemployment (October) Household Spending (October) Retail Sales (October) Nov 30 Japan Industrial Production (October) Dec 1 Japan Manufacturing PMI (November final) China Manufacturing PMI (November final) CFLP Manufacturing PMI (November) Dec 2 Australia Retail Sales (October) Americas Nov 29 United States Gross Domestic Product (Q second estimate) Consumer Confidence (November) Nov 30 Canada Gross Domestic Product (Q3.2016) Monthly Gross Domestic Product (September) United States Personal Income & Spending (October) ADP Private Employment (November) Chicago PMI (November) Dec 1 United States Initial Unemployment Claims (week ending prior Saturday) Manufacturing PMI (November) ISM Manufacturing Survey (November) Construction Spending (October) Dec 2 United States Employment Situation (November) Industrial Product Price Index (October) Canada Labour Force Survey (November)

4 Global Stock Markets North America End Daily Percent Change Index 2015 Nov 24 Nov 25 Change Daily 2016 Yr/Yr United States 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 Topix Hong Kong Hang Seng S. Korea Kospi Singapore STI China Shanghai Comp Taiwan TAIEX India Sensex n.a. *markets closed Data Source Haver Analytics Bond markets 10-Yr Govt Bonds Closing Yield Change Yield (bp) US 2.36% 1 UK 1.41% -2 Germany 0.24% -2 Japan 0.03% 1 Australia 2.76% 1 Source Bloomberg Currencies and commodities Currency Nov 24 Nov 25 Change (%) Japanese yen % Australian dollar % Yuan % Euro % British pound % Swiss franc % Canadian dollar %

5 Source Bloomberg Commodities Nov 25 Change Brent Spot $ % Gold (PM fixing) $ 1, $ 1.60 Thompson-Reuters/ Jeffreys Commodity index % Source Bloomberg 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. 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. Past performance and any forecasts on the economy, stock market, bond market or the economic trends of the markets are not necessarily indicative of the future performance. Reference, if any, to specific securities is included for purpose of illustration only and should not be construed as a recommendation to buy or sell the same. 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