OECD Member States Suffer a 9.8% Economic Shrinkage in Q2 2020

WORLD MSCI WORLD INDEX MARKET S 2.71% ▲

Aliko Dangote Africa’s Money for Nothing: The scien - Black Sea & Eurasia Coun - richest man tists, fraudsters and politicians tries in the Spotlight The founder of industrial conglomerate A fresh take on high finance by US ac- Politics, Economy, Capital Markets, Dangote Group is building Africa’s ademic and science writer Thomas Lev- Unemployment Rates, News largest oil refinery (p.16) enson (p.5) & Data (p.10-11)

GERMANY: Thousands took to the streets of Berlin on Saturday to rally against USA : President Donald Trump accepted the Republican coronavirus restrictions, which according to protesters infringe on basic rights and Party's nomination for a second term on Thursday, joining a freedoms. Similar protests took place in other European cities including London, general-election contest against Joseph R. Biden Jr. Paris, Vienna and Zurich. D C E O

: e c r u o S

JAPAN : Prime Minister Shinzo Abe announced his resignation OECD: Following the introduction of Covid-19 containment measures across the world since March on Friday for health reasons. The 2020, real GDP in the OECD area showed a dramatic fall. end of the era of Abenomics?

OECD member states suffer a 9.8% economic shrinkage in Q2 2020 he Organisation for Economic Co-operation and Growing restrictions on the movement of people and lock - Development (OECD) said on Wednesday that its downs in Europe and North America hit the service sector T 37 mainly wealthy member states took 9.8% hit hard, particularly industries that involve physical interac - to GDP in the second quarter of 2020. This is the tions such as retail trade, leisure and hospitality, recreation largest drop ever recorded for the OECD area, significantly and transportation services. The adverse effects of pro - MIDDLE EAST: US Secretary larger than the (minus) 2.3% recorded in the first quarter longed restrictions on economic activities in developed of State Mike Pompeo ended a of 2009, at the height of the financial crisis. Among the economies spill over to developing countries via trade and Middle East tour on Thursday major economies of the G7 states, all of which are OECD investment channels. But the coronavirus crisis worsened without a single state agreeing members, Britain suffered the worst GDP fall, at 20.4%. preexisting conditions of the world economy. to normalisation with Israel. 2.P WORLD MARKETS DASHBOARD 2.18 % 2.59 % 3.2 6 % 3.3 9 % -0.64 % 0.61 % -2.14 % -0.79 % 2.10 % 1.14 % INDICES CAC40 DJIA S&P500 NASDAQ FTSE100 BOVESPA MERVAL IPC DAX TSXCOMP

One stop-shop for Market Watchers ( pages 02 & 15 ) See at a glance the weekly performance of main indices of world stock markets. All figures refer to the performance during Aug.24- 28, 2020 (weekly % change). World Markets undertakes all reason - able efforts to ensure the data included in this section was correct at the time of publication. For corrections send an email at: [email protected] EUROPE 1. AUSTRIA ATX 2.66% 2. BELGIUM BEL20 2.29% 3. BULGARIA SOFIX -0.60% 4. CROATIA CROBEX 0.47% 5. CYPRUS CYMAIN -0.60% 6. CZECH REPUBLIC PX 1.27% 7. DENMARK OMXC20 -0.31% 8. ESTONIA OMX TR -0.96% 9. FRANCE CAC40 2.18% 10.GERMANY DAX 2.10% 11.GREECE ATHEX AGD 0.19% 12.HUNGARY BUX -3.33% AMERICAS 13.ITALY FTSE MIB 0.74% 14.LITHUANIA OMX V 0.98% 1. ARGENTINA: MERVAL -2.14% 15.NETHERLANDS AEX -1.69% 2. BRAZIL: BOVESPA 0.61% 16.NORWAY HEX 0.31% 3. CANADA:TSX COMP 1.14% 17.POLAND WIG20 0.50% 4. CHILE: IPSA -3.03% 18PORTUGAL PSI20 -0.03% 5. COLOMBIA: COLCAP 3.37% 19.ROMANIA BET 1.17% 6. JAMAICA: JSE COMP -4.51% 20.RUSSIA MOEX -0.52% 7. MEXICO:IPC -0.79% 21.SPAIN IBEX35 2.16% 8. PERU: S&P LIMA GENERAL 0.79% 22.SWEDEN OMXS30 1.34% 9. VENEZUELA IBC 2.20% 23.SWITZERLAND SMI -0.53% 24.UK FTSE100 -0.64% 10.USA: S&P 500 3.26% 11.USA: DJIA 2.59% 12.USA:NASDAQ 3.39%

TORONTO ( TMX ) VIENNA ( ATX ) Toronto, Canada (TMX) Vienna, Austria (ATX) John McKenzie appointed new CEO H1 brings volatility, high turnover TMX Group Limited on Aug. 17 of the TMX Group Limited In the first half of 2020, a period same time, ATX expanded its announced that it has appointed Board of Directors. Mr. McKen - of global uncertainty, equity market share, attracting 1,020 John McKenzie to lead the organ - zie brings more than 25 years of turnover on Vienna Stock Ex - new bond listings since the be - ization as its Chief Executive Of - valuable leadership experience to change (ATX) developed posi - ginning of the year Thus, the ficer(CEO). Mr. McKenzie, who his new role, including 20 years tively: at EUR 39.18 bn, it is number of new bonds listed more assumes the role effective imme - in increasingly senior executive more than one-fifth higher com - than tripled compared to the first diately, also becomes a member positions at TMX Group. pared to the previous year. At the half of 2019.

P.2 24-30 Aug. 2020 WORLD MARKETS WEEKLY IN FOCUS P. 3 OIL flat, Gold Brent crude futures, posted a weekly gain of near 1.6% while WTI futures booked holds gains a near 1.5% gain, the 4th straight week of gains. Goldbooked a near 1.3% rise on the week. Brent crude futures for October, set to ex - pire on Friday, ended nearly flat at $45.05 per barrel while WTI crude ended slightly $ 1.964 lower around $43 a barrel as Hurricane $ 45.05 $ 43.0 28 /08/2020 Laura made landfall in Louisiana and 28 /08/2020 28 /08/ 2020 Texas but did not caused widespread dam - age. Gold prices rose around 1.8% to $1,964 an ounce on Friday as concerns about the global economycontinue to sup - port the precious metal.

from the Editor RED GREEN KEY OPINIONS

Money to the few ,for the DIVIDENDS FUNDS

rest “let them Global dividend payments Companies have raised $65.5 eat cake” plunged $108 billion to $382 bil - billion through initial public of - ferings (IPOs) and high-yield arkets opened the week with lion in the second quarter of the Jackso nHole year, fund manager Janus Hen - bond issuances globally so far in great enthusiasm and by August, the highest for that M Wednesday, the MSCI World derson said in a report published Summit 2020 on Monday, equating to a 22% month in at least 10 years, ac - Index hit a record. Encouraged by cording to Refinitiv data. signs US-China remain commited to year-on-year drop which will be the phase one trade deal and liquidity the worst since at least 2009. packages, investors embraced the DEPOSITS risk-on mood and stocks flew high. PROFITS The Federal Reserve Bank of The much-anticipated Jackson Hole T Kansas City’s annual monetary Economic Policy Symposium policy symposium was not held in brought some reassurance Bank deposits in the U.S. climbed the mountain resort of Jackson Hole, that central banks will U.S. bank profits were down by over $1 trillion for the second Wyoming, this year. Instead, the 70% from a year prior in the sec - likely continue to let the straight quarter in Q2, according bank hosted a virtual meeting on ond quarter of 2020 the Federal markets-friendly monetary to the Federal Deposit Insurance Aug. 27-28. Here's what central Deposit Insurance Corporation Kyriaki policy settings in place for Corporation which said the in - bankers said: said. The FDIC also reported that Balkoudi longer. Some companies dustry has “very strong” capital Editor will keep getting money to the level of loans that are more and liquidity levels. than 90 days past due had risen keep the lights on while others are 16% in the last quarter. Jerome Powell forced to get out of business. It will take "a couple of A group of multimillionaires are STOCKS years" before people who hoarding cash at unprecedented lev - REAL ESTATE lost their jobs as a result of els and as the month comes to an end the coronavirus will be and the economic and social effects back at work. It will be ChiNext, a Nasdaq-like board of coronavirus continue to be felt, on the Shenzhen Stock Ex - hardest for those who lost stocks continue to march higher. Wall Sovereign wealth funds (SWFs) change, debuted new rules on jobs in entertainment, hospitality and Street flourishes while Main Street invested $4.4 bn in the sector in Monday. Eighteen stech firms aviation to return to work. struggles. Almost six months after a the first seven months of 2020, 65% down from the same period took advantage of the new rules record 6.9 million Americans filed and began trading. By market for unemployment benefits in March, a year ago, according to previ - Michelle Bowman ously unpublished data provided close, their stocks had popped initial jobless claims continue to run more than 200% on average. The Federal Reserve above one million per week. to Reuters by Global SWF. Governor stated she ex - Everything is bad, and yet somehow pects the US economic the stock market is good. Economic REVENUE BONDS recovery from the coron - experts say there are technical and avirus crisis to be "slow policy reasons why stock prices and uneven." today don’t reflect the "real" econ - omy. Globally, media owners’ adver - The August 17-27 Reuters poll Still, the improvement in economic tising revenue will decrease this of 35 fund managers and chief Philip Lane indicators from quite-depressed lev - year by $42 billion, or 7.2 per - investment officers in the U.S., The member of the els has made the stock market’s dra - cent, to $540 billion, according Europe, Britain and Japan sug - ECB's (ECB) Executive matic surge off the March lows seem to a report from Magna. But “the gested keeping bond allocations Board said the institution a bit less disconnected from the eco - worst is behind us,” according to for a model global portfolio at must implement neces - 44.3%, the highest since the sur - nomic fundamentals. Where will all Mark Read, CEO of WPP, the sary measures to "restore - world’s largest advertising com - vey series started in early 2010, this lead us to? Plenty of unknowns momentum" to inflation pany by revenue. for the third month in a row. and risks ahead. dynamics.

WORLD MARKETS WEEKLY 24-30 Aug. 2020 P.3 .4.P AFRICA TOPICS IN BRIEF MARKETS REVIEW Politics &Elections MSCI -Ivory Coast President Alassane Stocks on Solid footing but Ouattara on Monday submitted his ▶ South Africa 1.02 % application to run for a third term end Mixed -Algerian President Abdelmadjid ▶ EFM Africa EX SA African shares climbed solidly on was a day of mixed results. 2.07 % Tebboune set the date for a referen - Monday to start the week on an Botswana's DCI ticked down dum on a new constitution for No - (Note: Weekly Change %) vember First (01). upbeat note. Botswana's DCI ad - 0.04% and Dar Es Salaam's ASI -Tunisia's prime minister-designate vanced 0.07% and Egypt's gained 0.42%. Egypt's EGX30 NEWS TO WATCH Hichem Mechichi announced on EGX30 rose 0.37%. Johannes - fell Monday a cabinet of independent burg's ASI climbed 1.21%. 0.07%. Johannesburg's ASI Adesina re-elected as technocrats without parties. Nigeria's ASI ticked up 0.03%. moved up 0.82%. Lusaka's ASI AfDB president -Ousted Malian President Ibrahim Nairobi's ASI gained 0.58%. 0.59%. Boubacar Keïta was freed by mili - Namibia's Overall Index in - Casablanca's MASI was down Nigerian banker Dr. Akinwumi tary authorities Reuters reported on creased by 1.22%. Rwanda's ASI 0.28%. Malawi's ASI was off Adesina has been re-elected to serve a Thursday. fell 0.07%. In Mauritius, the ASI 0.06%. Nigeria's ASI grew second five-year term as President of -Prime Minister of Libya Fayez al- was up 0.28%. 0.15%. Nairobi's ASI climbed the African Development Bank Group Sarraj, of the Government of National Zimbabwe's ASI lost 1.33%. 1.01%. Namibia's Overall Index (AfDB) on Thursday (Aug.27) by the Accord in Tripoli, suspended Minister stock markets in the region closed declined 0.70%. In Mauritius, the Board of Governors of the Bank. of Interior Fathi Bashagha from du - mostly higher on Tuesday. ASI gained 0.19% while Tunisia's Adesina gained 100 per cent of votes ties Al Jazeera reported on Friday. Botswana's DCI advanced 0.07% TUNINDEX increased by 0.21%. cast at the AfDB's annual meeting, and Egypt's EGX30 rose 0.37%. Uganda's ASI lost 0.74%. held via video link, a statement by the Armed Conflicts&Attacks bank said. During Adesina’s first term, -An armed assault in Bugarama, Ru - Johannesburg's ASI climbed Zimbabwe's ASI rose 0.65%. The 1.21%. Nigeria's ASI ticked up mixed performance continued on the Bank achieved impactful results on monge, Burundi between militants the lives of 335 million Africans. and security forces, left at least 15 0.03%. Thursday. BRVM-CI dropped people dead, Reuters reported on Nairobi's ASI gained 0.58%. Jo - 0.78% and Egypt's EGX30 rose Moody's downgrades Monday. hannesburg's ASI dropped 0.90%. 0.08%. Johannesburg's ASI Lusaka's ASI weakened 0.58%. moved up 0.53%. Malawi's ASI Tanzanian banks Int'l Relations Casablanca's MASI was down was off 0.05%. Nigeria's ASI fell Credit rating agency Moody's In - -Ethiopian Prime Minister Abiy 0.14%. Nigeria's ASI added 0.10%. Nairobi's ASI climbed vestors Service has downgraded to B2 Ahmed met on Tuesday with the Su - 0.25% while Namibia's ASI grew 1.49%.Namibia's Overall Index from B1 the long-term local currency danese leadership in Khartoum to dis - 1.03%. Namibia's Overall Index declined 0.27%. deposit ratings of two Tanzanian cuss the Grand Ethiopian Renaissance declined 1.79%.In Mauritius, the In Mauritius, the ASI gained banks, CRDB Bank Plc and NMB Dam, a giant hydropower dam on the ASI moved up 0.27%. Tunisia's 0.41% while Uganda's ASI Bank PLC. Moody's has also changed Blue Nile River that has caused a bit - TUNINDEX was higher by jumped 2.20%. Zimbabwe's ASI the outlook on the banks' ratings to sta - ter dispute between Addis Ababa and 0.22%. Uganda's ASI finished spiked 2.19%. Wrapping up the ble from negative. The downgrade Cairo over water supplies. gaining 0.59% and Zimbabwe's week, equities finished mixed on of Tanzanian banks reflects the banks' high sovereign exposures, mainly in -Sudan's PM Abdalla Hamdok met ASI slipped 1.21%. Wednesday Friday with US Secretary of State Mike the form of sovereign debt securities, Pompeo on Tuesday in Khartoom. He AFRICAN BUSINESS HIGHLIGHTS which link their credit profiles to that said the transitional government not of the government, the reduced ability mandated to normalise ties with Israel. of the government to provide extraor - TECHNOLOGY dinary support to banks as well as Health Moody's expectation of a more chal - The Africa Regional Certification SeriesB lenging operating environment, in Commission announced Tuesday that ▪NASPERS - round, view of the coronavirus pandemic, im - they have declared Africa free of polio. amongst oth - pacting on borrowers' creditworthi - backed Luno ers.Luno cur - ness. The rating action follows rently has its CHART of the WEEK launch●eCRsD in AU Moody's view that Tanzania's credit headquarters strength is diminishing ryptocurrency platform in London C Luno officially landed in with regional Lawsuit against SA's Australia, Luno’s fourth continent. hubs in Sin - agri lender July 2020 1.9 % Bitcoin is becoming commonplace gapore and Standard Chartered is suing Land for many Aus•trKalians, in a way that Cape Town. The company has Bank, South Africa's largest agricul - it’s still yet to in other countries. over 3 million customers spanning tural focused-lender, to recover debts. Source: STATISTICS S.AFRICA The number of Australians using in over 40 countries. It was ranked Land Bank defaulted on repayments crypto for payments has exploded in the top-ten of the CryptoCom - for debt worth R50 billion ($2.97 bil - ● South Africa PPI over the past few years, reaching a pare Exchange Benchmark pub - lion) in April.South Africa’s Treasury South Africa’s producer prices, a new record in February this year. lished on 19 November , 2019. Tran said in June it would inject R3 billion key leading indicator for consumer This makes the country an ideal Cape-town headquartered Naspers into the state-owned lender which had prices, rose 1.9 percent from a year expansion target for the company. is a global internet group and one been in talks with creditors on a re - earlier in July of 2020, following a Co-founded by CEO Marcus of the largest technology investors structuring plan following the default. 0.5 percent gain in the previous Swanepoel and CTO Timothy in the world. The company was However, Land Bank said in a state - month and beating market expecta - Stranex, Luno has raised over founded on May 12, 1915 and op - ment that the British multinational tions of a 1.7 percent increase. It was $13m in fun●diWnge since launch in erates through the following busi - banking and financial services com - the highest producer inflation since 2013 and is backed by South ness segments: Ecommerce, Social pany had since launched legal pro - March. On a monthly basis, pro - African tech giant Naspers Group and internet platforms, media and ceedings to recover some of the ducer prices went up 1.2 percent, who led their Series A round, and Corporate. (Picture: Owen Odia, money, earlier in August. after rising 0.5 percent in June Balderton Capital who led their Luno Country Manager for Africa)

P.4 24-30 Aug. 2020 WORLD MARKETS WEEKLY BOOK to READ MONEY for NOTHING The Scientists, Fraudsters, and Corrupt Politicians Who Reinvented Money

fresh take on high finance, Money into shares of company stock. people’s lives.In a few words, For Nothing is a work of history that In the summer of 1720 share prices in London Levenson's new book is about how modern holds up a mirror to our own time. It boomed and ideas about money and credit came to be – dives into the most famous scandal in the his - everyone was involved in money mania, and how we are still vulnerable to exactly the tory of modern financial capitalism, the South from tradespeople to the Prince of Wales. same risks that brought down Britain’s first Sea Bubble which burst 300 years ago. Then stock prices violently collapsed, finan - experiments with financial invention. The South Sea Company, a British interna - cially ruining their investors. We have three hundred years of experience tional trading company that was granted a Over the centuries, the same types of failures that tells us the next financial crisis is com - monopoly in trade with Spain’s colonies in have been produced over and over again, like ing…and now that it has hit again we don't South America and the West Indies, hatched the crashes of 1929 and 2008 with dramatic, have an excuse for the ruin its train will bring. a scheme to turn pieces of the national debt sometimes devastating, consequences for

AUTHORS’ BIO Thomas Levenson

A US academic, science writer and documentary film-maker, Levenson writes and makes documentary films about science, its history, and the in- terplay between sci- entific inquiry and the broader culture and society in which the work takes place. He is a professor of science writing at MIT and he di- rects the Graduate Program in Sci- ence Writing there. He has also written 5 books. His articles and re- views have appeared in The Atlantic, the Boston Globe, Discover, and The Sciences. Levenson earned his BA in East Asian Studies from Harvard University. He is married and lives in Massachusetts with his wife and son.

WORLD MARKETS WEEKLY 24-30 Aug. 2020 P.5 .

6.P AMERICAS TOPICS IN BRIEF MARKETS REVIEW Politics&Elections MSCI -The 2020 Republican National Con - Staggering Rally continues ▶ vention began on Monday, running North America 3.17 % until Thursday. Republicans renominate as Fed changes Strategy ▶ EM Latin Americ a 2.33 % Pence as VP candidate and formally nominate Trump for president. CANADA: The S&P/TSX Index recovery of the labour market as un - (Note: Weekly Change %) -Canada’s main opposition Conserva - employment remains painfully high. ended the week on the plus side. NEWS TO WATCH tive Party on Monday elected Erin O’ - The Canadian dollar appreciated to In other words, rates will stay lower Toole to be its new leader and the touch a fresh seven-month high for longer, which is a tailwind for eq - Dow Jones is getting a primary challenger to Prime Minister against the greenback after Statis - uities. Meanwhile, other Fed officials Justin Trudeau. tics Canada data showed the coun - did not paint a rosy picture. Barkin makeover Int'l Relations try’s real GDP grew by a record said businesses are still hesitant to One of the oldest and best known -U.S. Trade Representative’s office 6.5% in June. The currency was hire, George warned double-dip re - gauges of the US stock market, the Dow Jones industrial average, is re - confirmed in a statement on Tuesday also supported by stable oil prices, cession is possible and Bowman placing three of the components in a the United States and China have one of Canada’s main exports.On stated that the economic recovery shake-up meant to reflect massive agreed to maintain communication the banking front, Scotiabank dis - will be slow and uneven. In other also promising to take actions needed economic news, a revised govern - shifts in the economy. Oil and natural appointed investors as the Toronto- resources company ExxonMobil to ensure successful implementation of based lender reported its first ment estimate issued on Thursday the phase one trade agreement be - put the Q2 GDP decline at 31.7%, Corp., pharmaceutical company Pfizer quarterly net loss in 18 years. The Inc. and defense contractor Raytheon tween Washington and Beijing. Bank of Montreal, Royal Bank, the largest fall on record. And Core - -The United Nations formally rejected Technologies Corp will be booted Toronto Dominion, and CIBC beat sight Research estimates 25% of on Tuesday the United States's request from the world's most famous stock analyst estimates. America’s roughly 1,000 malls will to reimpose its sanctions against Iran via close over the next three to five years, benchmark. The three are set to be re - the "snapback" provision of the Joint USA: Major US equity indices con - placed next week by Salesforce.com, Mexican stocks slipped Comprehensive Plan of Action tinued their rally. The S&P 500 and LATAM : Amgen Inc., and Honeywell Interna - as Banxico’s policymakers revised (JCPoA) the NASDAQ set new record tional Inc.The last time three compa - their growth outlook downward to -The United States Department of highs; the Dow turned positive year nies were added to the 124-year-old a range of -8.8% to -12.8%. The Commerce added 24 Chinese state- to date. A recommitment by the equity gauge was seven years ago, country also reported that its year- owned enterprises to its "entity list", re - U.S. and China to their partial trade when Visa, Goldman Sachs Group over-year reading for inflation for stricting the access of these enterprises deal seemed to provide a bullish and Nike displaced Bank of America, the first half of August was 3.99%, to U.S. goods and content. backdrop, as well as better-than- Hewlett-Packard and Alcoa. slightly higher than expected and at -Colombian Defense Minister Carlos expected reads on personal income the top of the central bank’s 2% to Canada's economy con - Holmes Trujillo permited a U.S. Army and spending and the Fed's shift in 4% inflation unit to resume its advisory mission in policy. tracts by 38.7% target range. In Chile, news that the country after the Colombian Senate The chairman of the Federal Re - Moody’s changed its outlook for Data published by Statistics Canada found that it did not constitute a de - serve Board, Jerome Powell in his Chilean sovereign debt from stable revealed on Friday the country’s sec - ployment of foreign troops as per a speech at the closely-monitored ond quarter gross domestic product Reuters report. to negative weighed on equities. On Jackson Hole Economic Policy the plus side, the credit rating shrank by 11.8%, which is the fastest -The U.S. plans high-level talks with Symposium unveiled the Fed's new quarterly decline on record (38.7% an - India, Australia and Japan in September agency reiterating Chile's A1 in - policy framework. He stated that vestment-grade rating.Both Fitch nualized). This reading followed the and October, President Donald Trump's the central bank will let inflation 8.2% contraction recorded in the first national security adviser said Friday. and Standard & Poor’s down - run slightly higher than the tradi - graded Chile’s outlook to negative quarter but came in slightly better than the market expectation of -39.6%.The Disasters & Accidents tional 2.0% target, prioritizing the in March and April respectively. Hurricane Laura headed toward the data also showed that June GDP in - Gulf Coast of the US on creased 6.5% from the previous month Tuesday.More than 385,000 residents AMERICAS BUSINESS HIGHLIGHTS which is the fastest month-to-month were told to flee 3 cities in Texas. recovery on record. The Canadian dol - BROKERAGE lar weakened moderately after the re - CHART of the WEEK lease of the data. three cate - ▪ XP’s new gories.Special Banco Bradesco records Q2 2020 Situations, Latam's highest proﬁt feeder fund deal Opportunistic In the first half of 2020 Brazilian razilian brokerage XP Inc and Classic. lender Banco Bradesco outperformed with nearly $38 billion (200 Founded in 31.7 % B Itaú Unibanco its main rival, and billion reais) in assets under man - 2001 as an in - topped the list of publicly traded com - US ECONOMICS BUREAU agement, said Wednesday (Aug. dependent fi - nancial panies with the highest profits in Latin ● US Q2 GDP tanks 26) that it has partnered with US in - America. That is according to the find - vestment management firm Neu - advisor, XP The United States gross domestic has been chal - ings of a survey which involved 582 berger Berman to provide local companies from different sectors that product (GDP) plunged 31.7% in the lenging Brazil’s traditiona banks. investors with access to the Multi- disclosed their second quarter bal - second quarter, marking the biggest In December 2019,XP listed on the Cap Opportunities Fund. The fund ances, to form the half-yearly result by drop on record, according to the sec - Nasdaq, during a tough environ - will be made available for Brazilian August 21. Banco Bradesco was es - ond preliminary estimate published on ment for new listings in the US. retail and institutional investors tablished in 1943 and is one of Brazil's Thursday by the Bureau of Economic The IPO was one of the largest in through a local feeder fund man - largest private sector bank. Banco the U.S. last year. The company Analysis. The government last month aged by XP, the firm said. XP said Bradesco's stock is listed on Brazil's rocketed to a $19 billion market initially put the decline at a record the Neuberger Berman fund typi - B3, the New York Stock Exchange 32.9%. Fed officials see the US econ - cally invests in between 30 and 40 capitalization. (Picture: Guilherme and Madrid Stock Exchange. omy shrinking 6.5% in 2020. stocks in companies grouped in Benchimol XP Inc. CEO)

P.6 24-30 Aug. 2020 WORLD MARKETS WEEKLY .

ASIA & PACIFIC P. 7 TOPICS IN BRIEF MARKETS REVIEW Defence MSCI The Chinese People's Liberation Japanese Markets React Army (PLA) confirmed on Tues - ▶AC Asia Paciﬁc 2.04 % day it had expelled the United States Navy guided-missile de - Badly to S.Abe Resigning ▶Asia ex Japan 2.92 % stroyer, USS Mustin, from its ter - JAPAN: The Nikkei Index de - tral bank will maintain a "nor - ritorial waters in the South China (Note: Weekly Change %) clined on Friday following the mal" monetary policy. The on - Sea near Xisha Islands, Global surprise resignation of Japan’s shore yuan reached January highs NEWS TO WATCH Times reported. Earlier this week, longest-serving prime minister, compared to the dollar on China launched two missiles in the Shinzo Abe, although the official Wednesday after the People's China's Xi says external South China Sea. confirmation came after the mar - Bank of China markets risks rise United States Department of De - ket close. injected $29 billion into banking fence stated on Thursday it is "con - Chinese President Xi Jinping warned The Japanese yen jumped as in - system via reverse repos. Mean - cerned" about China's recent China is facing a period of “turbulent vestors looked for a safe haven while, profits at China’s indus - launching of two missiles. trial firms grew for a third change” as external markets risk rise. and anticipated further deflation - “In the coming period, we will face Int'l Relations ary forces. Abe leaves a legacy straight month in July and at the fastest pace since June 2018. more and more headwinds in the ex - Taiwan announced on Tuesday that it marked by a unique economic ternal environment, and we must be will open a representative office in Aix- stimulus program, also know as AUSTRALIA: The ASX 200 prepared to deal with a series of new en-Provence to serve southern France. Abenomics, which called for recorded a second straight risks and challenges,” he said while Politics & Elections more spending, a larger money weekly decline and Consumer chairing a seminar with a group of pol - Japanese Prime Minister Shinzō supply and reforms to make the Staples, Communication Services icy advisors and state economists, Abe announced his intention to re - economy more competitive. Ear - and Utilities sectors were in the Xinhua reported on Monday. Xi also sign on Friday due to his deteriorat - lier in the week, red for the month. said the domestic market will “domi - ing health. The Liberal Democratic Bank of Japan’s board member, Friday’s updated budget fore - nate the national economic cycle” in Party is set to pick the next Prime Hitoshi Suzuki warned of the casts from the Parliamentary the future, but stressed the importance Minister around September 15. dangers of prolonged, low-inter - Budget Office suggests coron - of opening up China’s economy. est-rate environment but also avirus could increase Australia’s Health noted the benefits of monetary net debt by up to a staggering South Korea extends -India will reopen underground train easing outweigh the exceeding $800 billion over the next short-selling ban networks and allow sports and reli - costs. On the data front, Japan's decade – nearly a quarter of the gious events in a limited manner industry activity jumped 6.1% country’s gross domestic prod - South Korea's Financial Services from September as part of the gov - MoM in June. uct (GDP) and $180 billion more Commission (FSC) announced a six- ernment's efforts to revive the econ - than was predicted just two month extension on Thursday to the omy. At least 100 people are feared CHINA: Mainland stock markets ban on short-selling due to the coron - trapped in the debris of a five-storey rose for the week as American months ago. Adding to the woes, Australian avirus. The extension of the ban on building that collapsed on Monday and Chinese officials delivered short-selling shares on the Kospi and in an industrial town in western calming messages that they will Australian employment fell by 1% over the month to Aug. 8, data Kosdaq will last until March 15, 2021. India. continue to push forward on the In March 2020, the FSC imposed the -South Korea's Prime Minister implementation of the trade deal. showed on Tuesday, intensifying labor market stress. The govern - initial ban on short-selling due to ex - Chung Sye-kyun announced that the Sun Guofeng, head of the mone - treme market volatility sparked by the ment predicts unemployment in country's level 2 restrictions, set to tary policy department at the Peo - COVID-19 crisis.Short-sellers earn expire on August 30, would be ex - the country would climb above ple’s Bank of China, told a press from the difference of the sale prices tended for at least another week until 13% by the end of September. conference on Tuesday the cen - of stocks they borrow and the buy September six(06). price of the same stocks they rebuy to ASIA/PACIFIC BUSINESS HIGHLIGHTS return to the lender, thus counting on CHART of the WEEK a fall in stock prices. July 2020 ASSET MNGMT Cyberattacks disrupted work with us trading on NZX ▪EXODUS contin - on a smoo New Zealand stock exchange (NZX) ues at AMP capital transition. said it experienced DDoS (distributed -8.4 % ”Graham had denial of service) attacks from over - evan Graham, AMP Capi - been with tal's New Zealand boss (pic - seas through its network service SOURCE: ECONOM.DEEL.BOARD B AMP Capital provider on Tuesday and Wednesday. tured), resigned on Friday(Aug.28). for nearly a ● That disrupted trading on both days Singapore industrial The move followed news last week decade,first where Australia's AMP Capital saw but at different times. On Thursday, production as NZ chief trading was again halted due to net - Singapore’s industrial production the exit of four key members of eq - economist work connectivity issues related to the tumbled by 8.4% yoy in July 2020, uities team. In a note to clients, and as man - earlier attacks. The NZX was worse than market consensus of a AMP Capital managing director aging director since January last knocked offline around 9.45am on Fri - 5.7% fall and after a downwardly re - Asia-Pacific, Craig Keary, said: year. AMP Capital is a large global day due to connectivity issues. It was vised 6.5% drop in June. This was the “Bevan has done an outstanding investment manager headquartered back online by 1pm and its main board third consecutive month of negative job of leading the New Zealand in Sydney. Its majority shareholder growth for industrial production, and team and has established strong re - opened for trading a short time later. is AMP Group, which was estab - The Government and its cybercrime the steepest decrease since last No - lationships across clients, consult - lished in 1849, and is one of Aus - vember. On a monthly basis, produc - ants, industry organisations and fighting unit is assisting the NZX re - tralia's largest retail and corporate spond to repeated cyberattacks. tion went up by 1.6%, far below colleagues. Bevan will remain with pension providers. market estimates of a 6% gain. us until January 2021 and will

P.6 24-30 Aug. 2020 WORLD MARKETS WEEKLY W O R L D M A R K E T S W E E K L Y 2 4 - 3 0 Aug. 2020 P.7 8.P EUROPE &EU TOPICS IN BRIEF MARKETS REVIEW Int'l Relations MSCI -The Russian foreign ministry an - Equities Gain as Cheap nounced on Friday the expulsion of a ▶Europe 1.96 % senior diplomat at the Norwegian em - Cash continues to Flow bassy in Moscow as a "retaliatory ▶Large Cap 0. 91 % measure" after the Norwegian foreign EU: Europe’s equity markets fin - Makin gavirtual appearance at the ministry had expelled the deputy trade ished the week with solid gains, Jackson Hole gathering of central (Note: Weekly Change %) bankers, the official insisted “act representative of the Russian embassy as investors took heart from fur - NEWS TO WATCH in Oslo on Aug.19, The Moscow ther economic stimulus in France big and act fast” response is effec - Times reported. and Germany. tive and declared the BoE still has UK retailers to further -Top EU diplomat Josep Borrel France will guarantee 3 billion “firepower.” So should we expect warned Turkey it could face fresh euros in quasi-equity loans for future crisis interventions to be reduce staff sanctions unless it takes steps to defuse SMEs, Finance Minister Bruno bigger? Looks like the “easy Despite official figures last week that an escalating dispute withGreece in the Le Maire told Les Echos news - money” punch bowl won't be showed some signs of recovery as eastern Mediterranean. The EU's paper on Tuesday.rance's Q2 drained any time soon. lockdown restrictions eased, retailers measures, meant to limit Turkey's abil - across the United Kingdom are slash - GDP contracted at a double-digit ity to explore for natural gas in the re - ECB: Member of the Executive ing jobs at the fastest rate since 2009, pace, In Germany, coalition par - gion, could include individuals, ships Board of the European Central according to a monthly trade survey or the use of European ports, Borrell ties agreed to extend the coron - Bank Isabel Schnabel in her performed by the Confederation of said. Greece's national defence agency, avirus relief measures until the speech at the Congress of the Eu - British Industry (CBI). More than half HNDS, said Turkish fighter planes end of the year. The country's ropean Economic Association on of British retailers are expecting to had on Friday entered the Athens GDP is down by 9.7% in Q2 and Wednesday said that negative further reduce the number of staff in Flight Information Region (FIR), the although the business climate rates have proved successful so the next trimester, the CBI survey, area where Greek authorities are re - improved in August, Germany's far, although certain side-effects which provides the most recent snap - sponsible for air traffic. economic recovery remains frag - could grow over time. shot of trading, showed on Tuesday. Politics & Elections ile, according to Ifo institute The Frankfurt-based institution CBI's lead economist Alpesh Paleja -The Hellenic Parliament formally rat - economist Klaus Wohlrabe. is ready to up its efforts in com - stated: “The latest survey shows that ified on Thursday a maritime agreement And according to Finance Minis - bating the negative effects of the trading conditions for the retail sector with Egypt, that defines maritime ter Olaf Scholz, the economy coronavirus , ECB's Chief Econ - remain tough, even against the back - boundaries and an exclusive economic will recover by early 2022. In the omist Philip Lane said on Thurs - drop of business slowly returning. zone between the two countries in the Euro area, economic confidence day. Lane also praised the bank's Firms will be wary of deteriorating Mediterranean Sea. improved more than expected for the bloc's Pandemic Emergency household incomes and the risk of fur - -Montenegrins headed to the polls on this month but things are still a Purchase Programme (PEPP) as ther local lockdowns potentially hitting Saturday to elect a new session to par - mess. Spain's retail sales dropped the key factor in market stabiliza - them in the pocket for a second time.” liament. and German consumer confi - tion. ECB's Francois Villeroy Belgian prosecutors Social dence fell for September. said that the economic recovery -Rioting erupted in Malmö, Sweden, investigate Credit Suisse UK: The U.K. FTSE 100 Index from the crisis caused by the on Friday following a Quran book was down 0.6% on Friday. Ear - coronavirus is continuing “as Belgium investigates Credit Suisse burning event by Danish politician expected.” amid suspicions the Swiss banking Rasmus Paludan in the city. lier in the week, Bank of England (BoE) Governor Andrew Bailey Villeroy added that the rebound giant helped 2,650 clients to hide their -Thousands of people took to the is "so far in line" with expecta - accounts from tax authorities. The in - streets of Berlin on Satureday to said the bank will stay in emer - tions and that any revision of the vestigation by federal prosecutors is at demonstrate against the German gov - gency mode until recovery is en - forecast will be “upwards.” the information-gathering stage and no ernment's coronavirus response. Sim - sured. charges have been brought, Eric Van ilar protests took place in other Duyse, a spokesman for Belgium’s European cities including London, EUROPEAN BUSINESS HIGHLIGHTS Federal Prosecutor’s office, said Mon - Paris, Vienna and Zurich day, confirming comments by an offi - FINANCIALS cial cited by L’Echo newspaper. “We CHART of the WEEK strictly comply with all the applicable Klarna laws, rules and regulations in the mar - 92.6 pt ▪KLARNA expands launched kets in which we operate,” Credit Su - agressivly overseas Vibe, the first isse said in an emailed response to a Aug. 2020 loyalty pro - request for comment on the investiga - wedish online payments gram offered tion, Bloomberg reported. S startup Klarna reported a net in the buy loss of 522 million Swedish krona now,pay later WEF 2021 in Davos ($59.8 million) between January SOURCE: IFO INSTITUTE space that re - rescheduled and June as the company invested in wards con - expanding aggressively overseas. The World Economic Forum an - ●Germany business sumers who nounced on Wednesday that that the an - The Stockholm-based fintech climate index pay on time, nual meeting in Davos, Switzerland has mostly known for its “buy now, pay The Ifo Business Climate indicator so as to encourage responsible been rescheduled until early summer for Germany rose by 2.2 points from later” scheme added 1 million new spending. 2021. During the week of 25 January the previous month to 92.6 in August, consumers in the US during the Klarna is one of the most highly val - 2021, the Forum will digitally convene the highest level since February, beat - summer months. ued fintech in Europe, with a valua - high-level “Davos Dialogues” where ing a consensus estimate of 92.2. The company has also seen strong tion of$5.5 billion, and is one of the key global leaders will share their views Sentiment improved among manu - growth momentum in its retailpart - largest private fintechs globally, ac - on the state of the world in 2021, WEF facturers (-5.4 vs -12.1), service nerships in the US, which have tive in 17 countries. Public Engagement Managing Director providers (7.8 vs 2.1), traders (-4.8 vs grown by more than 158% year (Picture: Klarna CEO Sebastian Adrian Monck noted in a statement. -5.1) and constructors (0.0 vs -2.5). over year. Earlier this summer, Siemiatkowski)

P.8 24-30 Aug. 2020 WORLD MARKETS WEEKLY EUROPE &EU MIDDLE EAST P. 9 TOPICS IN BRIEF MARKETS REVIEW Int'l Relations MSCI U.S. Secretary of State Mike Pompeo Mixed Performance despite embarked Monday on a tour of the ▶EM Europe Middle East Middle East and Sudan to persuade the other Arab states to normalize re - Worldwide Liquidity Packages 0.20 % lations with Israel. The UAE canceled Stock markets in the Middle East Index decreased by 0.10%. Abu (Note: Weekly Change %) a planned meeting with Pompeo and turned in a mixed performance Dhabi's General Index fell Israel for Friday over F-35 deal. on Monday. Bahrain's ASI 0.63%. Palestine's NEWS TO WATCH Politics&Elections climbed 0.78% while Tel Aviv's AL QUDS depreciated by -Iran will hold its next presidential TA35 lost 0.25%. 0.03%. Lebanon's BLOM index Aramco Appoints election on June 18 next year, Deputy Muscat's MSM30 gained 1.69%. moved up 0.38%.Tehran's TED - Head of the Ministry of Internal Af - Riyadh's TASI weakened 0.70%. PIX soared 4.17%. Markets New CEO for SAEV fairs Jamal Orff said on Monday. Qatar's Exchange Index in - closed mostly lower on Thurs - Saudi Aramco, the world’s biggest oil - Knesset postponed a deadline for pas - creased by 0.83%. Equities in the day. Bahrain's ASI added 0.57% exporter, has appointed Mahdi Aladel sage of a national budget on Monday, region closed mostly higher on while Tel Aviv's TA35 lost as the chief executive officer (CEO) of avoiding another snap election in Israel. Tuesday. Bahrain's ASI climbed 0.92%. Muscat's MSM30 fell its $500 million venture capital and in - - Syrian President Bashar al-Assad 0.61% while Tel Aviv's TA35 0.28%. Riyadh's TASI weakened vestments arm, according to a designated Hussein Arnous to form a added 0.23%. Muscat's MSM30 0.26%.Qatar's Exchange Index Bloomberg report. Aladel was previ - new government, the Syrian presi - gained 1.08%. Riyadh's TASI decreased by 0.16%. Abu ously the head of Aramco's base oils dency said on Tuesday. weakened 0.24%. Qatar's Ex - Dhabi's General Index grew and lubricants division. Majid Mufti, Armed Conflicts & Attack change Index increased by 0.12%. Palestine's AL QUDS de - who was the head of Saudi Aramco En - -The joint Russia-Turkey patrol in 0.19%. Abu Dhabi's General preciated by 0.88%. ergy Ventures (SAEV) for four years, Idlib, northwestern Syria, cameunder Index fell 0.25%. Palestine's AL Of note, the Saudi Stock Ex - told Bloomberg that he is stepping fire, the Russian Military confirmed on QUDS depreciated by 0.16%. change (Tadawul) launches the down, and did not provide further de - Tuesday. Tehran's TEDPIX spiked 2.58%. kingdom's first exchange-traded tails. SAEV typically invests in early- -The Saudi Arabian-led coalition said Stocks traded mixed on Wednes - derivatives market and clearing stage oil, gas, renewable and chemicals it has intercepted a ballistic missile day. Bahrain's ASI ticked down house on Sunday (Aug.30). The technologies that can potentially benefit fired at the Saudi city of Najran from 0.05% while Tel Aviv's TA35 move is part of the oil-rich na - the parent company. SAEV generally Yemen, Reuters reported on Thursday. added 0.85%. Muscat's MSM30 tion's strategy to make its equity spends several million to tens of mil - Disasters rose 0.48%. Riyadh's TASI markets more attractive to for - lions of dollars on each acquisition, fo - Flash floods brought by torrential gained 0.21%. Qatar's Exchange eign investors. cusing on companies developing rains in northeastern Afghanistan kill drilling techniques, chemical applica - at least 100 people in Charikar, Par - MIDDLE EAST BUSINESS HIGHLIGHTS tions or blockchain-based trading. Gold wan Province, Afghanistan Al Jazeera coins discovered in Israel reported on Friday. ENTERTAINMENT Gold coins discovered CHART of the WEEK in Israel tourists from Aug. 2020 ▪ YAS THEME parks Israeli archaeologists on Monday China and (Aug. 24) announced the discovery of to accept Alipay other coun - a trove of early Islamic gold coins 25.8 % tries can now bu Dhabi's Yas Theme Parks found during salvage excavations near use their pre - the city of Yavne, in central Israel. The A have selected CellPoint Dig - ferred mobile ital to enable the use of strategically collection of 425 complete gold coins, payment most dating to the Abbasid period SCI important alternative payment method methods. This partnership will ini - about 1,100 years ago, was a “ex - ● Iran inﬂation rate when pur - tremely rare” find, Israel Antiquities tially allow guests to use Alipay to chasing tick - The average goods and services Con - book their tickets for the award- Authorities (IAA) archaeologists Liat sumer Price Index in the 12-month pe - ets online or Nadav-Ziv and Elie Haddad said in a winning theme parks including on their mobile app. riod ending Aug. 21, which marks the Ferrari World Abu Dhabi, Yas Wa - joint statement. The trove, which was end of the fifth Iranian month, in - terworld Abu Dhabi, and Warner "We are delighted to welcome Yas unearthed by youth volunteers, also creased by 25.8% compared with the Bros World Abu Dhabi. Theme Parks as our first customers included hundreds of smaller clippings corresponding period of the last fiscal CellPoint's roll-out of Alipay, to - in the park and attraction segment," from gold coins that would have year, latest data released by the Statis - gether with its many alternative said Ciaran Wilson, Head of Sales served as smaller denominations. tical Center of Iran (SCI) show. payment methods, will ensure that MEA at CellPoint Digital.

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P.8 24-30 Aug. 2020 WORLD MARKETS WEEKLY WORLD MARKETS WEEKLY 24-30 Aug. 2020 P.9 10 .P BLACK SEA-EURASIA COUNTRIES Trading in German Introduction of shares began electronic payment Russia's second-largest exchange Kazakhstan Stock Exchange on Aug.21 started the organized (KASE) has introduced an electronic trading in shares of the first five payment for its information products German issuers with a total capital - and services for individuals. Cur - ization of EUR 123.98 billion. Se - rently, the users of the Web-Quotes New class B curities of 47 other German information product, which provides companies will be available for Demand of banks an opportunity to view trading in shares admitted trading within two months at the real-time on the website of the ex - From Aug. 11, class B shares (ISIN initial stage. The total number of at FX auction change, can pay electronically using GE1100003932) issued by Metro foreign issuers' securities available The Central Bank of Azerbaijan (CBA) payment card in the user's personal for trading reaches 1.41 thousand, Euphoria Hotel Batumi JSC (ID held a foreign exchange auction with account. the bourse said. Saint-Petersburg 445504482) have been admitted to the participation of the State Oil Fund Also, from Aug. 20 viewing of the Exchange saw trading volumes of GSE and assigned to B listing cate - of Azerbaijan (SOFAZ), during which course of trading in financial instru - foreign securities, in which it spe - gory. Stocks were assigned a ticker - Azerbaijani banks acquired $64.8 mil - ments will be available only in the cialises, hit a record high during the lion, according to CBA. Demand from personal account. Since the moment MEHBB As of Aug. 3, totally 28 lockdown imposed in late March. companies are admitted on GSE, the banks at the auction increased by of its foundation KASE occupies an with Total Market Capitalization of four percent or by $3.4 million com - important position in the country's G pared to the previous auction.The CBA USD 0.593 billion and Daily R economy and has been improving X U began to hold foreign exchange auc - standards of its operation. P

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E n s k R a a R B M r n h v U Z a e s G R e k T r h a U A t n e T A Y A Turkish Lira Liquid - Enabling SMEs Govt bonds Gold exports to access capital ity Management trading grows On August 24, the central bank of the drop 4.7% The trade value of the Armenian Republic of Turkey (CBRT) said In January-July 2020, Uzbekistan market government bonds traded in the The European Bank for Reconstruc - that “due to the increased share of tra - exported gold worth about US$3.3 primary market in 2020 July has tion and Development (EBRD) and ditional repo auctions within the billion. Gold exports decreased by grown by 46% from the same the Athens Stock Exchange (ATHEX) scope of the liquidity management, 4.7% compared to January-July month in 2019 to 80.8 billion are stepping up their support for small on the days deemed necessary, the 2019, according to central bank drams. According to an AMX and medium-sized enterprises (SMEs) amount of funding provided by the data. The share of gold in the struc - statement, in July 2020, the in Greece. Building on the success CBRT through Borsa Istanbul repo ture of Uzbekistan’s exports in trade value of government bonds of the first round of the EBRD’s SME markets may be reduced.” January-July 2020 made up Pre-Listing Support programme last traded in the secondary market 39.8%. year, the EBRD has launched a sec - amounted to 1.7 billion drams. ond call for Greek SMEs. The pro - The average amount of a trans - gramme aims to boost capital market action was 40.8 million drams. activity and increase the capacity of The total market value has SMEs for corporate bond issuance or grown by 30% over listing (IPO) on ATHEX Through the the reporting period. programme, SMEs will receive tailor- made advisory services and technical support for a period of up to 18 months. Applications run till Sept.30

P.10 24-30 Aug. 2020 WORLD MARKETS WEEKLY POLITICS-ECONOMY-MARKETS P. 11 POLITICS & ECONOMY OPINION UNEMPLOYMENT RATE S% ■GEORGIA: POLITICS have all opportunities for bilateral collab - Bohdan Danylyshyn oration.The meeting also debated various Board Chairman RUSSIA Opposition parties other spheres of cooperation. of the National sign memorandum ■RUSSIA ECONOMY Bank of Ukraine Twenty-three opposition parties in Georgia The unemployment rate in have signed a memorandum to ensure the Programme for deve- July rose to 6.3 percent ac- integrity of the upcoming October elections, lopment of Far East cording to Rosstat, the highest since March 2012 Agenda reported on Monday. The declara - The Russian government has prepared a na - tion reads that a ‘voter protection headquar - and above market expecta- tional program for the development of the tions of 6.1 percent ters’ will be created The parties will create Far East until 2035, Prime Minister Mikhail a database of violations observed during the Mishustin said at a meeting with President BULGARIA elections and will also agree how to react to Vladimir Putin, Tass reported on Wednes - such violations. Parliamentary elections are day. According to Mishustin, the authorities scheduled to be held in Georgia on October, contacted with residents of the region to im - 31 2020 to elect 150 members of parlia - .Unemployment in Bul - prove the Far East Mortgage and Far East garia in June 2020 was 4.4 ment. Parliament Speaker Archil Talak - Second IMF Hectare programs and solve the issues of per cent, the second consec - vadze said on Thursday the government is emergency housing. The national program utive month it decreased, ready to charter flights to bring in interna - tranche this also determines economic measures. according to figures pub - tional observers for the elections. ■UZBEKISTAN ECONOMY year is “un - lished by Eurostat. ■TAJIKISTAN POLITICS realistic” ROMANIA Holding political AFD provides €5 5. 8m loan anylyshyn has said consultations D that the receipt of The Ministry of Finance of Uzbekistan and two tranches from the Tajikistan and Kazakhstan held inter-ministe - The unemployment rate in the Agence Française de Développement International Monetary rial political consultations via video confer - Romania reached 3.27% in (AFD, French Development Agency) signed Fund (IMF) in 2020 is ence on Monday (Aug.21). The consultations July 2020, up by 0.27 per - a loan agreement worth 55.8 million euros, centage points compared to were chaired by the Deputy Minister of For - unrealistic. according to the Ministry of Energy. The - the previous month, ac - eign Affairs Zohir Saidzoda and Deputy Min - "Obviously, the baseline funds will be used to finance projects for the cording to ANOFM. ister of Foreign Affairs of Kazakhstan scenario of receiving construction of small hydroelectric power two tranches by the end Marat Syzdykov. The parties discussed the plants in Andijan region and the moderniza - GREECE of this year - in Septem - state and prospects of bilateral Tajik-Kazakh tion of the Charvak hydroelectric power sta - ber and December - is relations in the political, trade, economic, cul - tion in Tashkent region. tural, and humanitarian spheres, and ex - unrealistic. The seasonally adjusted changed views on cooperation in combating ■ROMANIA ECONOMY We can most likely ex - unemployment rate in May COVID-19 and interaction between countries pect the receipt of one Budget Gap Widens tranche in the fourth 2020 was 17.0%, accord - within the framework of international organ - ing to Hellenic Statistical izations. to 4.7% quarter of 2020," he wrote on his Facebook Authority. Romania's general consolidated budget posted ■BULGARIA POLITICS page on Aug.25." a deficit of RON49.68 billion in the first seven TURKEY At the same time, the Justice minister months of the year, or 4.7% of the gross do - mestic product, finance ministry data showed planned revision of the tenders resignation Tuesday. The consolidated budget deficit to - program with the IMF, Bulgaria's justice minister Danail Kirilov has Turkey's unemployment talled 49.7 billion lei at the end of July, as rev - in my opinion, should submitted his resignation, the government rate added 0.1 percentage enue fell 2.7% year-on-year to 175 billion lei, be accompanied by a re - said on Wednesday. Prime minister Boyko point year-on-year to whereas spending rose by 13.4% to 224.8 bil - vision of the conceptual 12.9% in May, the Turk - Borissov will decide whether to accept the framework for coopera - resignation following consultations with the lion lei. The country closed 2019 with a con - ish Statistical Institute solidated budget deficit of 4.6% of GDP, tion and its focus on (TurkStat) said. coalition partners of his GERB party, the gov - support for the national ernment press office said in a statement. Ear - exceeding the 4.4% ceiling set by the govern - ment and the EU's 3% threshold. interests of Ukraine, not KAZAKHSTAN lier this month, Borissov said that GERB will just international in - propose the convening of a Grand National ■TURKEY ECONOMY vestors," he said. On Assembly to discuss a new Constitution June 9, 2020, the Wash - drafted by the party. Banks scrap fees on The unemployment rate is ington-based institution predicted to stand at 6.1% ■KYRGISTAN POLITICS FX withdrawals approved an 18-month. by the year, according to Full cooperation Turkish lenders stopped charging fees on Stand-By Arrangement Kazakh Labour and Social physical foreign exchange cash with - for Ukraine worth $5 Protection Minister, Kazin - between two regions drawals reasoning that “the practice has billion. form reported. hurt confidence in the health of the finan - During a video meeting between Alisher On June 12, Ukraine re - ARMENIA Abdrakhmanov, Governor of Kyrgyzs - cial system”, Haberturk reported on ceived the first tranche Aug.24. The banks had started charging the tan’s Batken region and Yazmuhammet in the amount of $2.1 fees on August 13, nine days after CBRT Kurbanov, the Head of Ahal Region of bn. Ukraine’s track permitted such commissions. CBRT data Armenia's unemployment Turkmenistan, the sides discussed the de - record in stabilizing the showed resident real persons’ foreign ex - economy over the last 5 rate increased to 19.80 % in velopment of comprehensive cooperation change deposits declined by $2bn to years has been strong, March, from the previously between those two regions of the two $134bn as of Aug. 14 from a record high of IMF said. reported number of 17.90 countries. The officials noted both sides $136bn a week earlier. % in Dec 2019.

P.10 24-30 Aug. 2020 WORLD MARKETS WEEKLY WORLD MARKETS WEEKLY 24-30 Aug. 2020 P.11 12 .P BONDS-FOREX-CRYPTO-COMMODITIES COMMODITIES GOLD Outperformed in H1 as Equities Recovered old had a remarkable performance in the major currencies. Though equity markets around the recovery or, more likely, the possibility that a recov - first half of 2020, increasing by 16.8% in world rebounded sharply from their Q1 lows, the ery in H2 is short lived as recurring waves of infec - G US-dollar terms and significantly outper - high level of uncertainty surrounding the COVID- tions set the global economy back, resulting in forming all other major asset classes, according to 19 and the ultra-low interest rate environment sup - W-shaped recovery. World Gold Council's Gold mid- ported strong flight-to-quality flows. Like money For investors, this is not only keeping uncertainty year outlook 2020. By the end of market and high-quality bond funds, gold benefited levels high, but may also have a long-lasting impact June, the LBMA Gold Price PM from investors’ need to reduce risk, with the recog - on their portfolio performance. Against this back - was trading close to US$1,770/oz, nition of gold as a hedge further underscored by the drop, the World Gold Council believes that gold can a level not seen since 2012, and record inflows seen in gold-backed ETFs. Looking be a valuable asset: it can help investors diversify gold prices were reaching record ahead, there is a growing consensus that a swift V- risks and may positively contribute to improving or near-record highs in all other shaped recovery is morphing into a slower U-shape risk-adjusted returns. David Tait CEO, World Gold Council ● CURRENCIES World Government 10-Year Yield NOTE: Major FOREX rates performance ( 24-28/08/2020 ) ■ Argentina* ■ Mexico US Dollar – Highest: 0.7365 US Dollar - Highest: 0.01352 Highest: 40.56 Highest: 5.910 ■ AFRICA Lowest: 0.7283 Lowest: 0.01315 Lowest: 38.32 Lowest: 5.780 • EGP/USD - Egyptian Pound ■ AMERICAS • PLN/USD - Polish Zloty US Change: -25.32% Change: 1.220 % US Dollar - Highest: 0.06323 US Dollar Index (DXY) - Dollar - Highest: 0.2716 ■ Australia ■ Poland Lowest: 0.06267 Highest: 93.36 Lowest: 0.2664 Highest: 1.034 Highest: 1.443 • ZAR/USD - South African Lowest: 92.20 ■ MIDDLE EAST Lowest: 0.863 Lowest: 1.329 Rand US Dollar - Highest: • USD/CAD - US Dollar Cana - • TRY/USD - Turkish Lira US Change: 15.795% Change: 8.844% 0.06040 Lowest: 0.05821 dian Dollar - Highest: 1.3240 Dollar - Highest: 0.1375 ■ Belgium ■ Russia • GHS/USD - Ghanaian Cedi Lowest: 1.3045 Lowest: 0.1347 Highest: 0.000 Highest: 6.300 US Dollar - Highest: 0.1760 • MXN/USD - Mexican Peso • JOD/USD - Jordan Dinar US Lowest: -0.233 Lowest: 6.090 Lowest: 0.1714 US Dollar - Highest: 0.04600 Dollar - Highest: 1.4126 Change: -35.456% Change: -1.926% • USD/NGN-US Dollar Niger - Lowest: 0.04499 Lowest: 1.4080 ■ Brazil ■ South Africa ian Naira – Highest: 381.500 • ARS/USD - Argentinian Peso • KWD/USD - Kuwaiti Dinar Highest: 7.070 Highest: 9.395 Lowest: 380.250 US Dollar - Highest: 0.01360 US Dollar - Highest: 3.2758 Lowest: 6.350 Lowest: 9.245 Lowest: 0.01350 Lowest: 3.2673 Change: -7.759% Change: 0.540% ■ ASIA • BRL/USD - Brazil Real US • JPY/USD - Japanese Yen US • ILS/USD - Israeli Shekel US ■ Canada ■ South Korea Dollar – Highest: 0.1857 Dollar - Highest: 0.2982 Highest: 0.697 Highest: 1.502 Dollar-Highest: 0.950650 Lowest: 0.1775 Lowest: 0.934950 Lowest: 0.2935 Lowest: 0.532 Lowest: 1.367 • HKD/USD - Hong Kong ■ EUROPE ■ OCEANIA Change: 17.658% Change: 5.390% Dollar US Dollar - Highest: • EUR/USD - Euro US Dollar - • AUD/USD - Australian Dol - ■ China ■ Spain 0.1290, Lowest: 0.1290. Highest: 0.1920 Lowest: 0.1762 lar US Dollar - Highest: 0.7369 Highest: 3.087 Highest: 0.408 • INR/USD - Indian Rupee US • GBP/USD - British Pound Lowest: 0.7150 Lowest: 2.998 Lowest: 0.298 Dollar - Highest: 0.01368 US Dollar - Highest: 1.3357 • NZD/USD - New Zealand Change: 2.596% Change: 30.847% Lowest: 0.01335 Lowest: 1.3052 Dollar US Dollar - Highest: ■ France ■ Switzerland • KRW/USD - Korean Won US • EUR/CHF - Euro Swiss 0.6744, Lowest: 0.6514 Highest: 0.000 Highest: 0.000 Dollar - Highest: 0.000847 Franc - Highest: 1.0777 • FJD/USD - Fiji Dollar US Lowest: -0.211 Lowest: -0.514 Lowest: 0.000839 Lowest: 1.0718 Dollar – Highest: 0.4753 Change: -50.591% Change: -16.733% • SGD/USD - Singapore Dollar • RUB/USD - Russian Ruble Lowest: 0.4639 ■ Germany ■ Taiwan Highest: 0.000 Highest: 0.390 Lowest: -0.513 Lowest: 0.365 Change: -19.882% Change: 5.405 % ●CRYPTOCURRENCIES ■ India ■ Turkey NOTE: Leading cryptocurrencies indices performance Highest: 6.231 Highest:14.150 24-28/08/2020. Source: Investing.com Lowest: 6.096 Lowest: 13.520 Change: -0.700 % Change: -0.147 % •BTC/USD, Bitcoin US Dollar • LTC/USD - Litecoin US Dol - • LEO/USD - LEO US Dollar - ■Indonesia ■ UK Highest: 11,824,6489 lar - Highest: 62.987 Highest: 0.04890 Highest: 6.909 Highest: 0.372 Lowest: 11,131.0 Lowest: 54.046 Lowest: 0.04356 Lowest: 6.695 Lowest: 0.193 •ETH/USD-Ethereum US Dol - • EOS/USD - EOS US Dollar - • ADA/USD - Cardano US Change: 1.948% Change: 53.056% lar-Highest: 410.17 Highest: 3.4209 Dollar Highest: 0.12687 ■ Italy ■ USA Lowest: 370.40 Lowest: 2.8646 Lowest: 0.10224 Highest: 1.124 Highest: 0.789 • XRP/USD - Ripple US Dollar • BNB/USD - Binance Coin • XMR/USD - Monero US Lowest: 0.984 Lowest: 0.622 - Highest: 0.29193 US Dollar - Highest: 23.5737 Dollar Highest: 95.06 Change : 9.543% Change: 14.711% Lowest: 0.25 Lowest: 20.9924 Lowest: 85.74 ■ Japan ■EURO BUND • USDT/USD- Tether US Dol - • BCHSV/USD -Bitcoin Cash • TRX/USD - Tron US Dollar - Highest: 0.058 Highest: 177.25 lar - Highest: 1.0019 SV US Dollar–Highest: 208.73 Highest: 0.025679 Lowest: 0.025 Lowest: 175.06 Lowest: 1.0002 Lowest 181.11 Lowest: 0.022111 Change: 128.571% Change: -0.80% • BCH/USD - Bitcoin Cash US • XLM/USD - Stellar US Dol - • HT/USD - Huobi Token US Dollar-Highest: 294.92 lar - Highest: 0.10642 Dollar - Highest: 5.1540 * 1-Y Bond Yield Note: Lowest: 258.50 Lowest: 0.09056 Lowest: 4.6289 Performance 24-28/08 /2020

P.12 24-30 Aug. 2020 WORLD MARKETS WEEKLY GOLD Outperformed in H1 as Equities Recovered

BOOK to READ

AUTHOR’S BIO Brian Perry

Having spent more than two decades in the financial arena, Perry is currently Execu - tive Vice President at US - based Pure Financial Advi - sors. He previously worked as an institutional portfolio manager and as a bond trader for several investment banks. Perry has published widely, appeared on tv and radio, and spoken at countless semi - nars, workshops, conferences, and classes. He has an MBA in interna - tional business as well as a master's degree in international affairs. He also holds the designation of Char - tered Financial Analyst and is a Cer - tified Financial PlannerTM professional.

Ignore the Hype Financial Strategies Beyond the Media-Driven Meyhem ecure your investment gains and supercharge your results a toolkit based on common sense and empirical academic research with this A down-to-earth analysis of investing fundamentals, which can provide a solid financial foundation for Ignore the Hype teaches the everyday investor how to keep long-term success. The book covers topics including: his focus squarely on time-tested strategies for meeting his How to avoid financial goals without worrying about the news headlines which can competing against hedge funds in a game they've rigged* What you invoke fear or greed and may cause irrational action or inaction. It is can do today to avoid taxes tomorrow * Wall Street's Dirty Secret: challenging and confusing trying to make sense of the headlines and Forecasting is really just guessing * Why some of your investments figure out how to invest. have worse odds than a casino game * How the media circus can de - While it's all about the news for many on Wall Street, headlines are rail your financial plans * Surviving a world where financial advisors also prone to fading away or even revision. The book, helps the reader don't have to act in your best interest. filter the information overload and separate the valuable content from Ignore the Hype, a common-sense approach to the financial world the noise. Via powerful and unique insights, it emphasizes the differ - that's ideally suited to the average individual. ence between long-term investing and short-term trading and provides

WORLD MARKETS WEEKLY 24-30 Aug. 2020 P.13 14 .P the WEEK AHEAD ECONOMIC CALENDAR

For corrections send an email at: [email protected] his week's international eco - YoY Jun Aug, ISM Manufacturing PMI Aug, PMI Aug, Services PMI Aug, Retail nomic calendar will be robust ●CHILE: Copper Production YoY FOMC Member Brainard Speaks, Sales YoY Jul, Retail Sales MoM Jul T and has the potential to move Jul, Chilean Manufacturing Produc - API Weekly Crude Oil Stock ●BRAZIL: Industrial Production markets with key reports/events in - tion YoY Jul, Retail Sales YoY, ●BRAZIL: GDP QoQ Q2, GDP YoY YoY Jul, Industrial Production MoM cluding: GDP Q2 data out of Aus - ●BRAZIL: Budget Balance Jul, Debt- Q2, Markit Manufacturing PMI Aug, Jul, Markit Composite PMI Aug, tralia, Poland, Brazil, Turkey, to-GDP ratio Jul, Budget Surplus Jul Trade Balance Aug Markit Services PMI Aug Manufacturing PMIs out of China, ●COLOMBIA: Exports YoY Jul, ●CHILE: Economic Activity YoY Jul, ●ISRAEL: Budget Balance Germany, Eurozone, Turkey, Russia Unemployment Rate Jul, Urban Un - Interest Rate Decision ●TURKEY: CPI MoM Aug, CPI YoY and interest rate decisions in Australia, employment Rate Jul, Interest Rate De - ●CANADA: RBC Manufa. PMI Aug Aug, PPI YoY Aug, PPI MoM Aug Ukraine, Colombia, Chile. cision Aug ■ WEDNESDAY ●EGYPT: Foreign Reserves USD MONDAY TUESDAY ●CANADA: Exports Jul, Imports ■ ■ ●JAPAN: Services PMI Aug Jul, Trade Balance Jul ●NEW ZEALAND: Building Con - ●AUSTRALIA: RBA Interest Rate ●CHINA: Caixin Services PMI Aug ●ARGENTINA: Industrial Produc - sents MoM Jul Decision Sept, GDP QoQ Q2, GDP ●THAILAND: Consumer Confi - tion YoY Jul ●SWISS: Retail Sales YoY Jul YoY Q2 dence Aug ●USA: Exports, Imports, Initial Job - ITALY: Italian CPI MoM Aug Pre - ●RUSSIA: Markit Manufact. PMI Aug ●AUSTRALIA: Trade Balance Jul less Claims, Nonfarm Productivity liminary Release ●POLAND: CPI MoM Aug, CPI ●ARGENTINA: Tax Revenue QoQ Q2, Trade Balance Jul, Unit Labor ●SPAIN: Spanish CPI YoY Aug, YoY Aug ●BRAZIL: IPC-Fipe Inflation Index Costs QoQ Q2, Markit Composite PMI Spanish HICP YoY Aug ●SPAIN: Spanish Manufacturing MoM Aug, Brazilian PPI MoM Jul Aug Services PMI Aug, ISM Non- ●GERMANY: Germ.CPI MoM Aug PMI Aug ●CANADA: Labor Productivity Manufacturing Employment Aug, ISM ●TURKEY: GDP YoY Q2, Trade ●SWEDEN: Manufacturing PMI Aug QoQ Q2 Non-Manufacturing PMI Aug Balance Jul ●TURKEY: Manufacturing PMI Aug ●USA: ADP Nonfarm Employment FRIDAY ●THAILAND: Current Account USD ●UK: BoE Consumer Credit Jul, M4 Change Aug, Seevol Cushing Storage ■ Jul, Exports YoY Jul, Imports YoY Jul, Money Supply MoM Jul, Manufac - Report,Factory Orders MoM Jul, ●RUSSIA: CPI YoY Aug, CPI Private Consumption MoM Jul, Private turing PMI Aug, Mortgage Approvals FOMC Member Williams Speaks, MoM Aug Investment MoM Jul, Trade Balance Jul, Mortgage Lending Jul Crude Oil Inventories, Cushing Crude ●GERMANY: German Factory Or - Jul, Core CPI YoY Aug, CPI YoY Aug ●N. ZEALAND: GlobalDairy - Oil Inventories, Beige Book ders MoM Jul, IHS Markit Construc - ●UKRAINE:Current Account USD Jul Trade Price Index ●EUROZONE: PPI MoM Jul, PPI tion PMI Aug ●TAIWAN: Manufact. PMI Aug ●SOUTH KOREA: CPI YoY Aug YoY Jul ●FRANCE: French Current Ac - ●AUSTRALIA: AIG Manufactur - ●HUNGARY: GDP YoY Q2, Man - ●SPAIN: Spanish Unemployment count Jul, French Government Budget ing Index Aug, Building Approvals ufacturing PMI Aug, Trade Balance Change Balance Jul MoM Jul, Current Account Q2 EUR MoM Jun ●UK: Nationwide HPI YoY Aug, ●UK: BoE MPC Member Saunders ●CHINA: Caixin Manufacturing PMI ●FRANCE: French Manufacturing House Price Index YoY, BoE MPC Speaks, Construction PMI Aug, Infla - Aug PMI Aug, French Car Registration Member Broadbent Speaks tion Expectations ●TAIWAN: FX Reserves USD Aug ●JAPAN: Jobs/applications ratio Jul, YoY Jul ■ THURSDAY Capital Spending YoY Q2, 10-Year ●EUROZONE: Manufacturing PMI ●HUNGAR: Industria Output YoY Jul JGB Auction Aug, Core CPI YoY, CPI YoY Aug, CPI, ●AUS: Retail Sales MoM Jul ●GREECE: Greek GDP YoY Q2 ●POLAND: GDP YoY, GDP QoQ n.s.a, HICP ex Energy & Food YoY ●RUSSIA: Markit Services PMI Aug ●CANADA: Employment Change ●DENMARK: GDP QoQ Prelimi - Aug, Unemployment Rate Jul ●UKRAINE: Interest Rate Decision Aug, Full Employment Change Aug, nary Release, Unemployment Rate Jul ●GERMANY: German Retail Sales ●UK: Composite PMI Aug, Services Part Time Employment Change Aug, ●INDIA: Federal Fiscal Deficit Jul, MoM Jul, German Manufacturing PMI PMI Aug, BRC Retail Sales Monitor Participation Rate Aug, Unemployment GDP Quarterly YoY Q1, Infrastruc - Aug, German Unemployment Change YoY Aug Rate Aug, Ivey PMI n.s.a Aug, Ivey ture Output YoY Jul Aug, German Unemployment Rate Aug ●FRANCE: French Markit Compos - PMI Aug ●USA: FOMC Member Clarida Speaks ●ITALY: Italian Manufact. PM Aug ite PMI Aug, French Services PMI Aug ●USA: Average Hourly Earnings YoY ●CANADA: Building Permits ●INDONESIA: Core Inflation YoY ●SPAIN: Spanish Services PMI Aug, Aug, Average Hourly Earnings MoM MoM Jul, IPPI YoY Jul, IPPI MoM Aug, Inflation MoM Aug Spanish 10-Year Obligacion Auction Aug, Nonfarm Payrolls Aug, Participa - Jul, RMPI MoM Jul, RMPI YoY Jul, ●USA: Manufacturing PMI Aug, ●GERMANY: Services PMI Aug tion Rate Aug, Private Nonfarm Pay - Budget Balance Jun, Budget Balance ISM Manufacturing Employment ●EUROZONE: Markit Composite rolls Aug, Unemployment Rate Aug.

in FOCUS Banco Central de Chile Interest Rate Decision At its monetary policy meeting on July clines in most sectors. Meanwhile, in - 15 the board of the Central Bank of flation decreased to 2.6 percent in June Chile left the benchmark interest rate from 2.8 percent in May. Looking unchanged at 0.50 percent for the third ahead, the Bank reiterated its intention straight time, its lowest point since to maintain the policy rate at 0.50 per 2009. Policymakers noted that the cent for as long as necessary and will economy suffered a significant contrac - explore unconventional instruments if Mario Marcel Cullell tion in Q2, with economic activity necessary.The next monetary policy Governor of Banco Central de Chile plunging 15.3 percent in May, with de - meeting is scheduled for Sept first.

P.14 24-30 Aug. 2020 WORLD MARKETS WEEKLY WORLD MARKETS DASHBOARD P. 15 0.1 6 % -0.52 % 2.47 % 2.14 % -0.61 % 0.68 % -0.16 % 2.43 % 2.69 % 1.23 % INDICES JSE/Top40 MOEX SZSE KOSPI ASX200 SSECOMP NIKKEI225 NIFTY50 SENSEX30 HANGSENG

One stop-shop for Market Watchers For corrections send an email at: [email protected]

MIDDLE EAST 1. ABU DHABI ADX GENERAL -0.17% 2. BAHRAIN ASI 1.89% 3. IRAQ ISX60 1.06% 4. IRAN TEDPIX 25-29/07/2020 0.2% 5. ISRAEL TA35 1.27% 6. LEBANON 24-28/08/2020 -0.71 % 7. PALESTINE AL-QUDS -2.06% 8. OMAN MSM30 2.99% 9. QATAR QE GENERAL 1.19% 10.SAUDI ARABIA TADAWUL 1.17% 11.TURKEY BIST100 24-28/08/2020 -0.84% ASIA & PACIFIC 1. AUSTRALIA ASX200 -0.61% 2. BANGLADESH DSE BROA D 1.63% 3. CHINA SSE COMP 0.68% AFRICA 4. CHINA SZSE COMP 2.47% 5. HONG KONG HSI 1.23% 1. COTE D'IVOIRE BRVM COMP 0.47% * 6. INDIA NIFTY50 2.43% 2. EGYPT EGX30 0.63% 7. INDIA SENSEX30 2.69% 3. KENYA NSE20 4.05% 8, INDONESIA IDX COMP 1,40% 4. MOROCCO MASI -1.87% 9. JAPAN NIKKEI225 -0.16% 5. MAURITIUS SEMDEX 2.66% 10.MALAYSIA KLCI -3.29% 6. NAMIBIA FTSE/NSX OI -2.4% 11,NEW ZEALAND NZX50 2.17% 7. NIGERIA ASI 0.35% 12.PAKISTAN KSE100 3.62% 8. SOUTH AFRICA JSE/TOP40 -0.52% 13.PHILIPPINES PSEi COMP -2.02 % 9. TANZANIA DSE ASI 1.14% 14.S.KOREA KOSPI 2.14% 10.TUNISIA TUNINDEX 0.87% 15.TAIWAN TWII 0.96% 11.UGANDA ASI 4.14% 16.THAILAND SET 1.85% 12.ZAMBIA LSE ASI 0% 13.ZIMBABWE ZSE IND 4.83%

AMMAN ( ASE ) SHENZHEN ( SZSE ) Profits atributable to Shenzhen, China (SZSE) shareholders drop ChiNext debuts new rules The Chief Executive Officer (CEO) their financial reports has decreased Shenzhen Stock Exchange's by up to 20 per cent in a session, of the Amman Stock Exchange to JD 43.3 million, compared to JD Chinext doubled its daily trad - having until now been limited (ASE), Mr. Mazen Wathaifi stated 596.9 million for first half of 2019, a ing band on Monday (Aug.24) by a 10 per cent cap. The new that the net profit after tax attributa - decrease of 92.7%.At the sector in the latest reform aimed at rules give the more than 800 ble to shareholders for the first half level, the Services Sector decreased fast-tracking IPOs and boosting stocks currently listed on of 2020 for the listed companies in profits after tax attributable to finance. New ChiNext shares ChiNext more room to trade. which have provided the ASE with shareholders by a staggering 322.6% are now allowed to rise or fall

WORLD MARKETS WEEKLY 24-30 Aug. 2020 P.15 16 .P the COMPANY

Aliko Dangote Born in 1957 in Nigeria, Aliko Dangote is a busi - nessman known for founding and leading the Dangote Group. In 1978, he graduated from the Government College, Birnin Kudu. He received a bachelor's degree in busi - ness studies and adminis - tration from Al-Azhar University, Cairo. He has an estimated net INDUSTRIALS worth of US$8.3 billion, making him the 162nd wealthiest person in the world and the richest per - Dangote Group son in Africa. He has said, " If you give me $5 billion today, I will West Africa's industrial invest everything here in Nigeria. Let us put our conglomerate heads together and work." n the outskirts of Lagos, in Ibeju Lekki district, Niger - ian billionaire Aliko Dangote, who is the founder and O chairman of Dangote Group, is building Africa’s biggest petroleum refinery and the world’s biggest sin - gle-train facility. When complete, it will have a capacity to process about 650,000 barrels per day of crude oil. Nigeria, currently lacks the refining capacity to meet local de - mand, and instead imports refined petroleum, placing a burden on the foreign reserves. But Aliko Dangote’s refinery has been labelled as the solution to the country's oil import problem. The refinery is just part of a $15 billion petrochemical complex that will also house a gas processor and the world’s biggest plant for ammonia and urea and is expected to generate 9,500 direct and 25,000 indirect jobs. The Dangote Group was founded in 1981 importing sugar, cement, rice, fisheries, and other consumer goods for distribu - tion in the Nigeria market and moved into manufacturing in the 1990s. The group has also diversified into oil and gas-re - lated ventures. Today, it is a multi trillion naira conglomerate, with over 18 subsidiaries, operating in ten African countries. Dangote Cement, is one of these subsidiaries that is listed on the Nigerian Stock Exchange, (NSE) with its market capital - ization accounting for almost 20 percent of the total capital - ization of the NSE. Dangote Group's competitors in both Nigeria and other portions of Africa include Stallion Group.

P.16 24-30 Aug. 2020 WORLD MARKETS WEEKLY