DJIA 0.95% S&P500 -0.53% NASDAQ -1.06% IPC 2.19% FTSE100 -1.00% DAX -2.04% CAC40 -0.53%

MSCI WORLD WORLD INDEX MARKET S -0.39% ▼

One stop-shop for market The Little Book of Common Black Sea, Eurasia & SEE watchers Sense Investing by John Bogle Countries in the Spotlight See at a glance the weekly performance of major Trying to beat the market “is a loser's game” Politics, Economy, Capital Markets, stock indices of world stock markets across six and “the more the managers and brokers take, Opinion, Analysis, Government Debt, continents. p.2 &15 the less investors make.” p.13 News & Data p.10-11

LIBYA: Warring sides signed an agreement MIDEAST: Israel and Sudan agreed on Fri - for “a permanent ceasefire in all areas of Libya”, day to normalise relations in a deal brokered with ITALY: Thousands protested the UN Libya mission said on Friday. the help of the United States. in Naples against stricter COVID-19 measures which were imposed in the city and the whole region of Campa - This Week’s Matter nia,Il Messagero reported on THE MOTHER of ALL POLITICAL BATTLES Sunday.

BOLIVIA: The Supreme Electoral Tribunal formally announced Friday that Luis Arce won the presidential election. Acre served as econ - omy minister under then- President Morales. US Elections: 3 November 2020 The Most Critical Election for the Planet’s Future ovember 3 may be viewed as lion votes had been cast early. The their jobs, their businesses, their free - a seminal moment not only in whole world is eagerly waiting for the dom to live their lives in stability and N the US political landscape but results of the 2020 US elections. Peo - not in fear and uncertainty about to - S.CAUCASUS: in the entire world. More than 60 mil - ple are in agony and disappointed by morrow and to pursue their dreams. Armenian Prime Minister lion Americans have already voted, ei - what is happening: Economies in a The US is the top of the western world, Nikol Pashinyan said on ther by post or in polling stations free fall, armed conflicts, political tur - and serious questions are being raised Wednesday there was no which have opened early in 44 states moil all over, corruption, homicides, about how the security situation on the diplomatic solution to the and the Washington district. For com - suicides, unemployment, bankrupt - planet will evolve after these coming Nagorno-Karakbakh conflict parison, four years ago, only 5.6 mil - cies, poverty on the rise. People want elections of 3 November 2020. at this stage. 2.P WORLD MARKETS DASHBOARD -0.53 % -0.95 % -0.53 % -1.06 % -1.00 % 3.00 % 7.12 % 2.19 % -2.04 % -0.82 % 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 Oct. 19- 23, 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 -0.07 % 2. BELGIUM BEL20 -0.56% 3. BULGARIA SOFIX -0. 64 % 4. CROATIA CROBEX -0.28% 5. CYPRUS CYMAIN -2.30% 6. CZECH REPUBLIC PX -0.46% 7. DENMARK OMXC20 -2.78% 8. ESTONIA OMX TR 0.60% 9. FRANCE CAC40 -0.53% 10.GERMANY DAX -2.04% 11.GREECE ATHEX AGD -1.27 % 12.HUNGARY BUX 1.29% 13.ITALY FTSE MIB -0.54% 14.LITHUANIA OMX V 0.29% AMERICAS 15.NETHERLANDS AEX -2.44% 1. ARGENTINA: MERVAL 7.12% 16.NORWAY OBX -1.17% 2. BRAZIL: BOVESPA 3.00% 17.POLAND WIG20 -0.61% 3. CANADA:TSX COMP -0.82% 18PORTUGAL PSI20 -2.10% 4. CHILE: IPSA 4.60% 19.ROMANIA BET -1.33% 20.RUSSIA MOEX 0.61% 5. COLOMBIA: COLCAP 0.30% 21.SPAIN IBEX35 0.64% 6. JAMAICA: JSE COMP 1.53% 22.SWEDEN OMXS30 -0.84 % 7. MEXICO:IPC 2.19% 23.SWITZERLAND SMI -1.80% 8. PERU: S&P LIMA GENERAL 2.21% 24.UK FTSE100 -1.00% 9. VENEZUELA IBC 0.49% * 10.USA: S&P 500 -0.53% 11.USA: DJIA 0.95% 12.USA:NASDAQ -1.06%

* VENEZUELA ( 05-09/10/2020

CANADA - ( TMX ) SPAIN- Madrid ( BME ) Two New Board Directors Number of Trades Grows 46.8% TMX Group Limited introduced physics from the University of The Spanish stock market traded The number of trades in Septem - Moe Kermani and Claude Tessier as British Columbia.Mr. Tessier brings 31.4 billion euros in Equities in ber amounted to 4.5 million, up the company's newest additions to its deep financial expertise to TMX September, down 3.3% year on 46.8% from September 2019 and Board of Directors. Mr. Kermani has Group. He is currently Chief Finan - year and up 57.9% from the previ - up 35.2% from the preceding extensive experience in the technol - cial Officer at Alimentation Couche- ous month. The effective cash vol - month. The number of trades from ogy industry. He currently serves as Tard Inc. Mr. Tessier holds a ume traded at the end of January to September 2020 stood Managing Director at Vanedge Cap - Bachelor degree in Accounting from September totaled 322.5 billion at 41.2 million, which represents a ital. He holds an M.Sc. and Ph.D. in the Université du Québec à Montréal. euros, down 5.5% year on year. 47.7% increase year on year.

P.2 WORLD MARKETS WEEKLY IN FOCUS P. 3 Oil under pressure, Brent crude futures dropped 1.8% to below $41.7 a barrel on Friday, while WTI crude futures Gold almost unchange dropped 2.2% to near $39.8 a barrel. Gold ended nearly flat around $1,901 an ounce. Brent crude futures booked a 2.9% fall on the week while WTI crude futures booked a 2.7% drop on the week, the first weekly decline in 23 /10 /2020 three amid concerns over fuel de - 23/10 /2020 23 /10 / 2020 mand recovery as many countries around the world imposed fresh re - strictions on public life. Gold booked a meagre 0.1% gain on the week.

from the Editor RED GREEN VIE W The Calm Be- fore the Storm FUNDS BONDS lenty of economic data, P third-quarter corporate earnings reports and political U.S.-based equity funds in the Japanese investors bought a net events took center stage this week ended Wednesday posted 1.946 trillion yen of U.S. bonds week. Donald Trump and Joe $4.6 billion in outflows, acord - in the week of Oct 4-10, accord - Arend Kapteyn Biden presented starkly different ing to Lipper data.Money mar - ing to Ministry of Finance data, UBS Economist visions of how they would lead ket funds shed $9.3 billion, the the second-biggest weekly buy - America in a debate that proved thirteenth weekly outflow in a ing this year. Covid-19 restrictions far more coherent and substan - row. tive than last month's chaotic a major downside clash. PLATINUM Meanwhile, investors were in PMI risk for Q4 wait-and-see mode, waiting to see a new ountries around the world stimulus plan in the US, The price of platinum climbed are reimposing painful re - progress in Brexit ne - The Composite Output Index more than 3% on Friday to C strictions on public life and gotiations and central for the UK dropped to its lowest reach one-month high as the car that’s a “major downside risk” for banks guidance. Across value in four months, landing at industry eyes recovery. Car the fourth quarter, according to Kyriaki the Atlantic, major Eu - 52.9 in October, IHS Markit sales in the EU went up by Swiss banking giant UBS. Ireland Balkoudi became the first Editor ropean economies like said in its preliminary report 3.1% annually in September, the U.K., Germany, and published on Friday. while China's vehicle sales European country to announce a France all imposed more strin - return to a full lockdown. gent lockdowns and the barome - “Forget about the U.S. elections or ter for growth turns south. GOLD INDUSTRY fiscal stimulus — restrictions At a time of economic collapse, creeping higher is the single mass unemployment, reduced biggest near term risk to the out - look, business and consumer spending, Central bank purchases will ”UBS economist Arend Kapteyn market valuations are at or near China’s industrial output grew plunge by half to 312 tonnes this wrote in a note on Oct. 19. “If all-time highs. 6.9% compared to the same year and recover slightly to 385 countries start to impose ‘circuit The outlook for the economy is month of the previous year in tonnes next year, according to breaker’ lockdowns that last just September, which was above turning rather bleak but investor Refinitiv Metals which released several weeks, that may already be August’s 5.6% increase. The sentiment remains buoyed by its latest quarterly report on sup - enough to turn a positive (fourth reading marked the best result support from central banks, gov - ply and demand. quarter) growth rate negative,” since December 2019. ernments and institutions. Kapteyn warned. A circuit-breaker To quote Stephen Lendman is CPI is a tight set of restrictions - it “The Mother of All Stock Mar - CONSTRUCTION could feel a lot like the original ket Bubbles” approaching fast? lockdown - but crucially it would “In today’s world gone mad, be for a fixed period of time. what was unimaginable during Poland’s core inflation index — “We’ll need to monitor how long my long ago boyhood, adoles - measuring price growth without Overall EU construction sector restrictions stay in place and how cence and youth is happening food and energy — grew 0.3pp output dropped -1.5% y-o-y in mobility responds, but this is now in real time” Lendman wrote to 4.3% y-o-y in September, the August its smallest fall since a major downside risk to our fore - on his blog on Friday. National Bank of Poland (NBP) the downtrend started in casts for (the fourth quarter),” he added. The coast will be clearer once the said. Meanwhile, the headline March. Building activity was down -2% y-o-ybut civil engi - The Swiss bank has been tracking election is over. Till then political indicator CPI also accelerated neering output picked up coronavirus mobility restrictions in tensions will continue to mount growth, adding 0.3pp to 3.2% y- o-y in the ninth month. 0.9% y-o-y. 42 geographies weekly since on Wall Street and not only there. March. P.2 WORLD MARKETS WEEKLY WORLD MARKETS WEEKLY P.3 .4.P AFRICA TOPICS IN BRIEF MARKETS REVIEW International Relations MSCI -Sudanese Prime Minister Abdalla Equities seesaw as uncer - Hamdok thanked the U.S. govern - ▶ South Africa 1.20 % ment for the decision to remove tainty prevails Sudan from the list of State Sponsors ▶ EFM Africa EX SA 0.34 % of Terrorism, Reuters reported on African stock markets ended tinued to perform mixed on under pressure on Monday. Wednesday and Thursday: Dar Monday. The US Congress would (Note: Weekly Change %) still have to approve restoring Sudan's Botswana's DCI ticked down Es Salaam’s ASI ticked up 0.01%. sovereign immunity. 0.03% and Dar Es Salaam's ASI Egypt’s EGX30 was down NEWS TO WATCH lost 0.15%. Egypt’s EGX30 was 1.03%. Politics & Elections off 0.10%. The South Africa The South Africa FTSE/JSE Zimbabwe to target -Preliminary results show Alpha FTSE/JSE Africa All Shares de - Africa All Shares decreased by Condé winning Guinea's latest presi - creased by 0.99%. Lusaka’s ASI 0.99% while Nigeria’s ASI mining for VFEX dential election. The announcement was lower by 0.13%. moved up 0.40%. Nairobi’s ASI Zimbabwe will be aiming to attract sparked violent protests in the capital Casablanca’s MASI was down grew 0.67%. Namibia’s Overall global capital mostly from the min - Conakry, DW reported on Thursday. 0.11%. Nairobi’s ASI was lower Index advanced 0.85%. Rwanda’s ing sector when the Victoria Falls -Presidential and parliamentary elec - by 0.06%. Namibia’s Overall ASI lost 0.06%. (VFEX) becomes tions are being simultaneously held in Index gained 0.10%. In Mauritius, In Mauritius, the ASI was off operational this week, The Herald Seychelles. Voting is scheduled to last the ASI dropped 0.73%. Uganda’s 0.10%. Uganda’s ASI depreciated ZW reported citing the African until Oct 24. ASI was lower by 0.39% and by 0.26%. Stocks closed mostly country’s Finance and Economic - Polls closed in Egypt Sunday after Zimbabwe’s ASI. in the green on Friday: Development Minister Professor the first phase of parliamentary elec - Equities swung between gains Dar Es Salaam’s ASI ticked down Mthuli Ncube. VFEX, to be oper - tions in which candidates loyal to and losses on Tuesday. 0.03%. The South Africa ated by Zimbabwe Stock Exchange, President Abdel Fattah al-Sisi are ex - Botswana’s DCI advanced 0.29% FTSE/JSE Africa All Shares in - will allowlisted companies to raise pected to sweep to victory, AFP re - and Egypt’s EGX30 was down creased by 0.99% while and trade their stock in any convert - ported. 0.12%. The South Africa Casablanca’s MASI moved up ible hard currency, limiting the ex - Armed Conflicts & At - FTSE/JSE Africa All Shares in - 0.76%. change risk. The official opening of creased by 0.20%. Nigeria’s ASI Malawi’s ASI gained 0.24%. VFEX is scheduled for Oct 23 while tacks trading, Depository services, - On Thursday Nigeria’s President ticked up 0.03%. Namibia’s Nigeria’s ASI grew 0.47%. Overall Index lost 0.38%. Nairobi’s ASI added 0.35%. Clearing and Settlement on VFEX Buhari urged protesters to stop will commence on Monday Oct. 26. demonstrating and instead engage Rwanda’s ASI added 0.06%. In Namibia’s Overall Index jumped with the government "in finding so - Mauritius, the ASI moved up 2.72%. Rise, maize prices drop lutions". Earlier, soldiers open fire 0.09%. In Mauritius, the ASI rose 0.11%. against protesters during protests Tunisia’s TUNINDEX was lower Tunisia’s TUNINDEX was in Nigeria against police brutality in Lagos, by 0.46%. Uganda’s ASI was higher by 0.20%. Uganda’s ASI Commodity prices in Nigeria soared killing about 20 people and wounding higher by 0.40% and Zimbabwe’s depreciated by 0.32%. Zim - across virtually every farm produce at least 50 others, BBC reported. ASI advanced 1.11%. Stocks con - babwe’s ASI jumped 2.61%. since March when Covid-19 struck, -The United Nations mission for Business Day reported. As new har - Libya announced on Friday that the AFRICAN BUSINESS HIGHLIGHTS vests come from the farms, prices have warring parties in the war have agreed started to drop with maize and rice to a "permanent ceasefire in all areas prices falling over 20 percent, depend - of Libya." The UN says it is an "im - INDUSTRY ing on the market. Other grains have portant turning point towards peace mostly recorded the same trend in and stability in Libya. shares it does price decrease in recent weeks, follow - ▪Afrox set to not already ing months of high prices that have put CHART of the WEEK own. The considerable strain on both consumers and processors. Oct. 2020 leave JSE delisting of ne of S●oCutRhD Africa’s indus - Afrox is adding S&P cuts Zambia to se - O trial bellwethers, African to the list of Oxygen (Afrox), intends to delist companies that lective default are leaving the 10.25 % from the Johannesburg Stock Ex - Ratings agency S&P cut Zambia’s change (JSE) after having been bourse as they credit rating to “selective default” listed for 56 •yeKars. The gases and look to rebuild after the government missed a Eu - Source: BOM welding products supplier is a sub - in a deep recession. robond payment last week and an - sidiary of American-German Afrox’s revenue fell to R2.7 billion nounced it would suspend debt service ● Mozambique Interest Linde, which owns 50.47%. in the six months to end June from to external commercial creditors. “We Rate Unchanged Afrox said in a statement that the R3 billion at the same time the pre - view the nonpayment of debt service The Bank of Mozambique (BOM) proposal was precipitated by vious year, while headline earnings and the statement that the government kept its monetary policy rate Linde’s viewT rathn at the company per share fell to 76.5 cents per will not make debt service payments as (MIMO) at 10.25 percent, saying this was more suitable for an unlisted share from 111.3 cents per share in a default on its commercial debt obli - decision was justified by a deteriora - environment. 2019. gations,” the agency said in a statement tion of the risks and uncertainties in Linde also justified its decision by Afrox employs more than 3000 released late on Wednesday. “We fore - people and has been serving mul - the context of an expected rise in saying that Afrox’s low share liq - cast that Zambia will remain in pay - tiple sectors and industries in sub- prices in 2021 against the backdrop uidity deterre●dW poe tential investors ment default for at least the six months Saharan Africa since 1927. of repressed economic activity. Poli - and its listing provided little benefit of the standstill period, during which cymakers also warned of the growing to shareholders. The two compa - (Picture: Nomfundo Qangule the government hopes to complete a pressure on public finances due to the nies also said that Linde expressed Afrox independent non-executive broader debt restructuring.” increased financial needs. a firm intention to buy the Afrox director)

P.4 19-25 Oct. 2020 WORLD MARKETS WEEKLY BOOK to READ Winning Now, Winning Later Win in the Short Term While Investing for the Long Term n this tome on corporate leadership three principles of short- and long-term tion. All in all, if your organization does not Cote has written what Fortune previ - performance: 1. Scrub business practices down have BOTH short- and long-term objectives I ously dubbed The War and Peace of to what is real. 2. Invest in the future, but not ex - to achieve peak performance, it will not business books. The book primarily deals cessively. 3. Grow while keeping fixed succeed now or then. Even if you don’t run with the dilemma every senior-level exec - costs constant. The book breaks down into ten a public company you will find this prag - utive faces: quick revenue gains or long- chapters, each oneclearly written. 1.Banish In - matic study really useful if you are inter - term financial health. Short-termism — tellectual Laziness 2. Plan for Today and Tomor - ested in understanding how people and where managers take actions to prop up row 3.Resolve Serios Threats to the Business companies succeed. quarterly earnings at the expense of mak - 4.Focus on Process 5. Build a High-Performance In the words of Cote: ing good long-term decisions — is ram - culture 6. Get and Keep the Right Leaders–But "Leadership matters —it really does. And pant. But Cote argues that short-term and Note Too Many of Them 7. Go big on Growth 8. the trick, as I like to say, is in the doing". long-term performances are not mutually Upgrade your Portfolio 9. Take Control of the exclusive, and an accomplished leader Downturns 10. Manage the Leadership Transi - need to pursue both simultaneously to excel over the long haul. He has identified

AUTHOR’S BIO

David M.Cote

The executive chairman of Vertiv Hold- ings was previously the CEO of Honey- well. Under Cote’s leadership, the industrial giant’s market cap grew from $20 billion to $120 billion, delivering re- turns of about 800%, two and a half times greater than the S&P 500. Cote previ- ously served as a Class B director of the Federal Reserve Bank of New York. Cote has received numerous accolades, including the CEO of the Year from Chief Executive magazine. He has also been named a World’s Best CEO by Barron’s for five consecutive years.

P.4 19-25 Oct. 2020 WORLD MARKETS WEEKLY WORLD MARKETS WEEKLY 19-25 Oct. 2020 . P.5 a .

6.P AMERICAS TOPICS IN BRIEF MARKETS REVIEW Politics & Elections Momentum shift, stalled MSCI -In Bolivia, exit polls showed Luis ▶ North America -0.60 % Arce of the MAS party winning a historic landslide on Monday. stimulus negotiations ▶ EM Latin America 3.69 % - US President Donald Trump and encouraging to the long-term CANADA: Stocks in Canada (Note: Weekly Change %) former Vice President Joe Biden outlook. Weekly jobless claims fluctuated throughout the week met for the final debate on Thurs - fell below 800,000 for the first as investors were waiting to see NEWS TO WATCH day before the election next month. time in several months and a a new stimulus plan in the US - Trump stopped at a library in record number of existing houses with the timing of a deal remain - EXIM inks deal with Florida's Palm Beach County on were sold. The final presidential ing uncertain. Information Tech - Saturday to cast his ballot. "I voted debate on Thursday left the mar - Brazil nology led declining sectors in for a guy named Trump," he told ket unmoved but stalled stimulus The Export-Import Bank of the U.S. the S&P/TSX Composite Index. reporters. negotiations remain a source of (EXIM) and the Brazil Ministry of The drop came after the US Jus - -A referendum to start the process volatility. Economy signed a $1 billion USD tice Department filed a lawsuit to draft a new constitution was Memorandum of Understanding to pro - accusing Google’s parent Alpha - Brazilian equities, as held in Chile. The referendum was LATAM: mote investments in Brazil and under - bet Inc. of abusing monopolistic measured by the Bovespa Index, one of the announcements made score a commitment to enhance power. Canada’s internet giant returned about 3.0%. During the after the 2019–20 Chilean protests. economic cooperation between the Shopify Inc. retreated in tandem week, proposed legislation that Over 78% vote in favour of aban - United States and the Latin American with large cap tech and Internet would give the central bank a doning the 1980 Constitution, nation with respect to the trade of goods companies in the US. The indus - primary mandate of price stabil - France 24 reported on Sunday. and services, especially in the following trials sector was lower and the ity made some progress through key sectors: Telecommunications, En - International Relations energy sector fell as crude oil the Senate, with a vote expected ergy ,Infrastructure, Logistics, Mining prices slipped back below the to take place on Nov 4. Of note, and Manufacturing Industry Exim- -The US Department of State ap - $40 per barrel level, Brazil’s stock exchange reported proved a $1.8 billion weapon sales Bank Chief Executive Kimberly Reed recording the first weekly de - solid operating numbers in Sep - said the agreement reflects the “solid deal with Taiwan, the Pentagon cline in three weeks. tember. Retail daily volumes and cooperative” relationship and al - said on Wednesday. stood at R$6.5bn while active liance between the two countries. - The U.S. and Russia are nearing US: Following three consecutive weekly advances, US major investors increased by 3.6% a short-term extension of the New MoM and 115% y-o-y. In Mex - IDB Invest issues Strategic Arms Reduction Treaty, benchmarks ended mixed. Fiscal relief headlines continued to ico, the IPC returned 2.19%. largest bond in Mexico their last remaining nuclear non - Mexico's economy will likely dominate sentiment as well as IDB Invest, the private sector institu - proliferation agreement, which is need two to three years of steady speculation about potential elec - tion of the Inter-American Develop - due to expire in February, the U.S. recovery to get back to pre-pan - tion outcomes and third-quarter ment Bank (IDB) Group, priced a new ambassador to NATO said demic strength, the nation's corporate earnings reports. In the three-year bond for 2 billion Mexican Wednesday. deputy finance minister, Gabriel next two weeks, 60% of S&P500 pesos (equivalent to USD 94.5 million) -The US imposed sanctions Thurs - Yorio González, said on Thurs - companies will report figures. in the Mexican capital markets. This is day on Iran’s ambassador to Iraq, day. the Treasury Department said in a Economic data for the week was IDB Invest’s largest bond issuance in statement. Mexico to date and its sixth one in that AMERICAS BUSINESS HIGHLIGHTS market. The transaction was 2.1 times Law & Crime oversubscribed, with 4.2 billion of or - The US Department of Justice MINING ders in Mexican pesos from 19 institu - filed an antitrust lawsuit against tional investors. Since 2008, IDB Google on Tuesday. Chief Execu - Invest has approved 118 transactions ▪Newcrest lists tive Officer, for more than USD 3 billion in busi - CHART of the WEEK Sandeep ness in Mexico across multiple sectors shares on TSX Biswas, said: including infrastructure, agribusiness, Oct.. 2020 ewcrest Mining Limited "A North and financial intermediaries. N (Newcrest), Australia's largest American list - gold producer, began trading on ing is part of LatAm, Caribbean GDP 55.5 pt Oct.13. on our strategy of to shrink 8.1% (TSX). Headquartered in Mel - pursuing The Latin America and Caribbean bourne, Australia, Newcrest owns growth in the (LAC) region could see economic con - and operates mines in Australia, Americas fol - traction of 8.1% in 2020 before enter - Papua New Guinea and Canada. lowing our 70% acquisition of the SOURCE: IHS MARKIT ing a “mild recovery” next year, the Newcrest has an exciting pipeline of Red Chris mine in Canada in 2019 International Monetary Fund said, an brownfield and greenfield explo - and our investments in Ecuador. We improved forecast from a previous ● US Composite PMI ration projects and is known for its have observed an increase in interest The IHS Markit US Composite June estimate of a 9.4% decrease. strong technical capabilities in ex - from North American investors in Among the region’s largest economies, PMI increased to 55.5 in October, ploration, deep underground block the gold sector over the last six a 20-month high, a flash estimate Argentina is expected to contract the caving and metallurgical processing. months. When combined with our most this year at 11.8% but will see the showed. The Services Business "We are proud to welcome Newcrest large existing North American Activity Index was also at a 20- largest recovery in 2021, with 4.9% to Toronto Stock Exchange, the shareholder base it makes sense for growth. The Caribbean region's GDP month high, reaching 56.0, with "a world's premier mining market - Newcrest stock to be able to be will narrow 5.4% this year, before re - marked and accelerated rate of ex - place," said Loui Anastasopoulos, traded in this time-zone." covering to a 3.9% growth next year, pansion in output." The Manufac - President, Capital Formation, TMX the lender said in its latest World Eco - turing PMI was at 53.3, the highest Group. Commenting on the listing (Picture: Newcrest Managing Di - nomic Outlook report. in 21 months. Newcrest Managing Director and rector & CEO, Sandeep Biswas)

P.6 19-25 WORLD MARKETS WEEKLY a .

ASIA & PACIFIC P. 7 TOPICS IN BRIEF MARKETS REVIEW International Relations MSCI -Japanese Prime Minister Yoshi - Mixed performance in hide Suga said that the country has ▶AC Asia Pacific 0.84 % agreed with Vietnam to boost their cautioous trade ▶Asia ex Japan 0.85 % defense ties and resume flights swung to growth of 0.8% in the JAPAN: Stocks generated a amid Chinese influence in the re - first three quarters of 2020, the small gain for the week. Exports (Note: Weekly Change %) gions, AP reported on Monday. first increase of the year. Stocks in from Japan fell 4.9% in Septem - Hong Kong were higher following NEWS TO WATCH Armed Conflicts ber compared with the same pe - the upbeat Chinese economic data. There is no diplomatic resolution riod in 2019, which was the Meanwhile, stock exchanges in China's Q3 growth to the conflict in Nagorno- smallest rate of decline in seven mainland China and Hong Kong Karabakh, Armenian Prime Minis - months. However, domestic con - accelerates are discussing adding the Nasdaq- ter Nikol Pashinyan said on sumption has remained weak, China's economic recovery gathered style STAR Market to a scheme Wednesday during a Facebook live household spending fell for an pace in the third quarter of 2020, connecting the two markets, the event following a meeting with 11th consecutive month in Au - with GDP growth in the third quarter China Securities Regulatory Com - Russian Foreign Minister Sergey gust, and wages declined. Trad - registering at 4.9 percent from a mission (CSRC) said in a regular Lavrov. Nagorno-Karabakh is at ing was thin this week will all year earlier, and faster than a 3.2% ex - Friday news briefing. the heart of a decades-old conflict eyes on the Bank of Japan’s pansion in Q2 but below forecasts of between Azerbaijan and Armenia, (BoJ) policy-setting committee AUSTRALIA: Equities in Aus - a 5.2% growth. The National Bureau both former Soviet republics. which will convene on Oct 28– tralia kicked off the week on a of Statistics (NBS) said in a release 29 and is expected to lower its bright note with banks, health - that, "Generally speaking, the overall Politics & Elections national economy continued the -China is likely to achieve positive forecasts for economic growth care, and materials leading. The steady recovery.” On a quarter-on- growth this year despite the ongo - and inflation. Japan and the UK ASX200 dropped 0.75 per cent quarter basis, GDP rose 2.7% in July- ing coronavirus crisis, the country's signed an Economic Partnership on Tuesday following the September, the bureau said, compared Vice Premier Liu He stated on Agreement (EPA) on Oct 23 to overnight losses on Wall Street. with expectations for a 3.2% rise. Wednesday. "It is highly likely that reduce customs duties. The Australian stocks traded positive China's economy will achieve pos - agreement will come into force on Wednesday amid optimism BoJ to look into itive growth this year as policies to in January 2021. sparked by the recent develop - inflation stagnation stabilize the economy show ef - CHINA: Chinese stocks re - ments in the negotiations be - fects," Nikkei quoted him as saying treated for the week despite tween the two main political Bank of Japan (BoJ) policymaker at a financial forum in . China’s recovery remaining in - parties in the United States on Makoto Sakurai threw more light on -Thailand's Prime Minister Prayut tact. The economy expanded the fourth installment of the the monetary policy and inflation Chan-o-cha lifted the "severe" state 4.9% in the third quarter from coronavirus relief package. The outlooks in his scheduled speech of emergency that was imposed in a year earlier, industrial produc - ASX finished down 0.3% on this Wednesday. He said the reason Bangkok to crack down on the pro - tion picked up strongly in Sep - Thursday and ended the week for inflation in the country no longer testers CNN reported on Thursday. tember, rising 6.9% y-o-y, retail below the 6200 mark. Financials accelerating needs to be looked into. sales accelerated well above ex - were the brightest spot but gains The bank’s legislators must under - Law & Crime by banks and oil stocks were off - pin BoJ’s expectations in order to Australian Securities and Invest - pectations while jobless rate set by weakness in mining ensure the price remains in positive ments Commission (ASIC) chair eased to 5.4% last month. Mean - while, fixed asset investment stocks. territory, noting the growth is not James Shipton told a parliamentary expected to expedite even after the hearing on Friday he would step price turns positive. "Sluggish price aside immediately after the govern - ASIA/PACIFIC BUSINESS HIGHLIGHTS growth is something not unique to ment auditor said an expenses Japan, issue has become a common claim related to his relocation from FINANCIALS problem for major advanced the United States may have economies," he added. breached his salary allocation. place a little ▪ Ant Groupgets after the pres - RBNZ to preserve CHART of the WEEK idential elec - benefits of cash CSRCgreen light tions in the Sep. 2020 The Reserve Bank of New Zealand ¥ 674.9 bn he China Securities Regula - United States. T tory Commission (CSRC) Ant Group’s (RBNZ) is taking on a new role of announced on Wednesday that it listing could steward of the cash system “to pre - approved Ant Group's initial public be one of the serve the benefits of cash for all offering (IPO) in Shanghai. That biggest of all who need them”, Assistant Gover - came after the Hong Kong stock time. nor Christian Hawkesby told the exchange also gave its approval for Bloomberg Royal Numismatics Society of New SOURCE: MINISTRY of FINANCE the offshore portion of the listing. ha spreviously Zealand annual conference on Oct ● Japan Trade of Balance The decision means the financial reported Ant Group is seeking to 19. “Cash is being used less as a Japan's total merchandise trade sur - technology giant’s two-leg IPO raise its funding target by $35 bil - means of payment and access to plus surprised expectations in Sep - worth $35 billion can go forward. lion and is now targeting an ex - cash is declining. However, cash tember landing at ¥674.9 billion. It According to reports, panded valuation of $250 billion. provides important benefits to many was the third straight month of sur - Ant Group, which is 33% owned Ant Group will now proceed with people, including legal tender plus and the largest since February, as by Alibaba and controlled by a roadshow to market the IPO to money, social and financial inclu - exports fell by 4.9 percent year-on- founder Jack Ma, will price the investors. sion, peer-to-peer payments, backup year to JPY 6.06 billion while im - IPO and open books for subscrip - payments, and privacy and auton - ports dropped at a faster 17.2 percent tion next week while the IPO is ex - (Picture: Ant Group CEO Simon omy,” said Mr Hawkesby. to JPY 5.38 billion. pected to take Xiaoming Hu)

P.6 19-25 WORLD MARKETS WEEKLY W O R L D M A R K E T S W E E K L Y 1 9 - 2 5 P.7 8.P EUROPE &EU TOPICS IN BRIEF MARKETS REVIEW International Relations Stocks markets lower in MSCI -Russian President Vladimir Putin is ▶Europe expected to visit Athens in 2021. -0.33 % Putin has chosen to come to the Greek reaction to restrictions ▶Large Cap -1.32 % risks are materializing wile capital to celebrate the 200 year an - EU: It was a volatile week for BoE's Ramsden stated that nega - niversary since the beginning of the European stocks which fell on (Note: Weekly Change %) tive rates are still a possibility. In Greek War of Independence, accord - signs that the economic recovery economic news, UK producer ing to diplomatic sources. was stalling amid tighter Covid- NEWS TO WATCH prices declined 0.9% in Septem - -Russia backs expansion of Greece’s 19 restrictions. Belgium and ber. GfK said UK’s consumer territorial waters. In an interview with Lombardy in northern Italy and Government debt sentiment fell by most since the Athens-Macedonian news agency imposed curfews while France yields climb start of the Covid-19 outbreak. ahead of a visit on Oct. 26 in Athens, extended a curfew to cover al - Russian FM Sergei Lavrov said ac - most 70% of its population. The ECB: European Central Bank The European Commission issued a cording to the international sea law, pan-European STOXX Europe (ECB) President Christine La - €17 billion inaugural social bond states have the sovereign right to de - 600 Index ended the week 1.36% garde said in an interview Le under the EU SURE (Support to miti - termine the extent of its territorial wa - lower. Euro zone economic ac - Monde that the European eco - gate Unemployment Risks in an Emer - ters up to 12 nautical miles. tivity slipped back into decline nomic recovery risked “losing gency) instrument to help protect jobs -Klaus-Dieter Borchardt, Deputy Di - this month heightening expecta - momentum” as governments and keep people in work. The issuing rector-General Energy of the Euro - tions for a double-dip recession, across the continent imposed new consisted of two bonds, with €10 bil - pean Commission, said EU’s PMI surveys showed. In France, restrictions. Earlier, she told an on - lion due for repayment in October executive arm was considering re - the business confidence index line meeting that stimulus should 2030 and €7 billion due for repayment moving the East Med pipeline from fell for the first time since April. not be withdrawn too soon. Yves in 2040. There wasvery strong investor projects of common interest and Eu - A slew of third quarter results Mersch Member of the ECB's Ex - interest in this instrument, and the ropean funding, Pronews reported. also appeared over the week with ecutive Board said that the recov - bonds were more than 13 times over - Politics & Elections companies sounding a cautious ery is prone to setback. Luis de subscribed, resulting in favourable note for this quarter and even Guindos, ECB Vice-President pricing terms for both bonds. The Ger - -Prime Minister Pedro Sánchez sur - man 10-year bund yield inched up vived a vote of no-confidence pre - more so for 2021. noted that there was a loss of mo - mentum in recovery and warned while talian government debt yields sented by the Vox political party on UK: The FTSE 100 Index fell that debt buildup is a financial also climbed after the sale of EUR 8 Thursday. 1.00%, in part reflecting strength risk. ECB Chief Economist Philip billion 30-year bonds, which received in the pound after the resumption Lane noted on Wednesday that at EUR 90 billion in offers . Social of talks with the European Union the moment "it looks like the -Hundreds of people protests in (EU) on post-Brexit trade ties. economy needs no interest rates in Eurozone economic Naples after stricter COVID-19 meas - UK stocks tend to fall when the order to operate. Meanwhile, ures were imposed in the city and the pound rises because the index in - activity back into decline Vice-President of the European whole region of Campania, Il Fatto cludes many multinationals with Purchasing managers’ data for October Commission Valdis Dombrovskis Quotidiano reported on Friday. More overseas revenues. On the bank - indicated that business activity in the said that the EU will approve new than 2,000 people protested in Naples ing front, Bank of England’s eurozone contracted in October. IHS fiscal measures if needed. against the announced measures, Il Vlieghe said that downside Markit’s Flash Composite Purchasing Messagero reported on Sunday. Managers’ Index (PMI) fell to 49.4 in Health EUROPEAN BUSINESS HIGHLIGHTS October, dragged down by a continu - -Avolunteer in UK’s AstraZeneca's ing slowdown in services activity. That Covid-19 vaccine trial has died in was below the 50-mark separating Brazil, the country's National E-COMMERCE growth from contraction. The services Health Surveillance Agency said PMI dropped to 46.2 from 48.0, largely Wednesday. money valu - due to renewed coronavirus restrictions ▪Pilulka lekarmy ation thus as many businesses in the bloc were CHART of the WEEK completes IPO amounts to forced to limit operations. CZK1 060 zech Republic-based Pilulka 000 000. Polish retail sales expand Sep. 2020 Lékárny, the first e-com - C The com - Retail sales in Poland expanded 2.5 merce company to enter the pany ob - pcent year-over-year in constant prices 0.5 % Prague Stock Exchange, success - tained from in September, the statistics office GUS fully completed its initial public investors said on Wednesday. Car sales grew 4.9 offering (IPO) on Tuesday (Oct. CZK307 percent y-o-y while fuel sales retreated 20). Interest from investors was 416 4.8% y-o-y. Sales of food, drinks, and enormous and exceeded the of - 960.“We tobacco products added 1.6% y-o-y. SOURCE: NATIONAL STATIS TICS fered number of shares by 536%. were initially unsure about the Commenting on the figures Erste said: The shares were subscribed at IPO, but the cooperation with the “Solid retail sales growth reflects a ● UK CPI rises the upper limit of the specified lead underwriters and in particu - favourable situation on the labour mar - Annual inflation rate in the UK in - interval. Shares of Pilulka lar with the PSE has convinced ket as well as improved consumer con - creased to 0.5% in September of Lékárny, a.s. will start trading on us that it was the right thing to fidence throughout the summer. Since 2020 from a near 5-year low of Oct 26 at the subscription price do,” says Petr Kasa, founder and the collapse of the retail sector in April, 0.2% in August, matching market of CZK 424. The company suc - CEO of Pilulka Lékárny. we have observed a solid recovery and expectations. cessfully offered 725 040 shares retail sales have already compensated Despite the rise, it remained far for subscription, and the price the April’s losses.” below than the Bank of England's reached the upper limit of the (Picture: Petr Kasa, founder & 2% target for inflations. CZK 350–424 range. The post- CEO of Pilulka Lekerny)

P.8 19-25 WORLD MARKETS WEEKLY EUROPE &EU MIDDLE EAST P. 9 TOPICS IN BRIEF MARKETS REVIEW Politics & Elections MSCI - Kuwait’s Emir Sheikh Nawaf al- Stocks decline as wait-and Ahmad al-Sabah called on Tuesday ▶EM Europe Middle East for national unity to meet challenges see prevails 0.65 % facing the Gulf state, in a speech to Middle Eastern stock markets were Lebanon's BLOM index climbed lawmakers ahead of elections on a sea of red on Monday. Bahrain's 0.44%. Stocks extended their (Note: Weekly Change %) Dec. 5. ASI fell 1.07% while Tel Aviv's losses on Wednesday. Bahrain's NEWS TO WATCH -Saad Hariri was designated as Prime TA35 dropped 0.12%. Muscat's ASI fell 0.07% while Tel Aviv's Minister of Lebanon on Thursday, MSM30 was off 0.39%. Riyadh's TA35 dropped 0.24%. tasked with forming his fourth gov - TASI lost 0.15%. Qatar's Exchange Muscat's MSM30 was off 0.01%. UAE investors to ernment, by a slim majority of the Index was down 0.10%. Abu Riyadh's TASI lost0.42%. Qatar's alter portfolios Chamber of Deputies. Dhabi's General Index was lower Exchange Index was down 0.50%. Most UAE investors are rushing to International Relations by 0.33%. Palestine's ALQUDS Palestine's AL QUDS declined refocus their portfolios ahead of the declined 0.67%. Tehran’s TEDPIX - Saudi Oil Minister Khalid al-Falih 0.96%. Tehran’s TEDPIX depreci - upcoming US election, according to shrunk by 3.43%. made a high profile visit to Iraq, call - ated by 0.49%. a new study by UBS. The wealth Lebanon's BLOM index was un - ing for increased economic coopera - Lebanon's BLOM index was un - manager said that 87 per cent in the changed. Equities in the region tion and praising existing co- changed. Abu Dhabi bucked the UAE are considering a shift in their ended mostly under pressure on trend with the General Index tick - holdings well ahead of the US vote. ordination to boost crude oil prices, Tuesday. Bahrain's ASI fell 0.44% ing up 0.02%. Markets wrapped up “The US elections are a global event Reuters reported on Wednesday. while Tel Aviv's TA35 dropped the week trading mixed on Thurs - with repercussions across the globe, -A group of United Arab Emirates of - 0.07%. Muscat's MSM30 was off day.Bahrain's ASI fell 0.41% while including in the Middle East,” said ficials became the first Gulf Arab 0.04%. Riyadh's TASI lost 0.17%. delegation ever to visit in Israel on Tel Aviv's TA35 dropped 0.38%. Ali Janoudi, Head of Middle East Qatar's Exchange Index was up Muscat's MSM30 was off 0.81%. Tuesday. 0.16%. Abu Dhabi's General Index and Africa at Switzerland-based Riyadh's TASI climbed 0.10%. -Israel and Sudan agreed to establish was lower by 0.37%. Palestine's UBS Global Wealth Management. Qatar's Exchange Index ticked diplomatic relations on Friday. AL QUDS declined 0.69%. “UAE investors are watching Tehran’s TEDPIX plunged 2.94%. down 0.07%. closely and the vast majority con - Armed Conflicts sider portfolio changes both ahead Turkey has begun withdrawing and after the elections, depending from military observation posts in MIDDLE EAST BUSINESS HIGHLIGHTS on results.” The study polled more Idlib, Syria, Al Monitor reported than 4,000 investors and business on Thursday. TECHNOLOGY owners across 14 markets globally. CHART of the WEEK Saudi real estate market Sep. 2020 between fi - resilient ▪ Bahrain launc- nancial insti - hes FinHub 973 tutions and Despite the economic headwinds that Saudi Arabia faces, the king - he Central Bank of Bahrain, fintech start - dom’s economy is showing signs of in cooperation with the ups. FinHub T a “gradual recovery”, property con - $ 1.33 bn Bahrain Economic Development 973 will be Board, Bank ABC, ila Bank, BEN - powered by sultant Knight Frank said in a re - EFIT, National Bank of Bahrain Fintech port. Taimur Khan, associate partner BUREAU OF STATIS TICS (NBB) and Bahrain Islamic Bank Galaxy’s at Knight Frank Middle East said: (BisB), announced on Tuesday FinX22 plat - “Despite stringent lockdown meas - ● Israel Trade Deficit (Oct. 20) the launch of FinHub 973, form, which ures and a weaker economic back - The trade deficit in Israel narrowed the first comprehensive digital fin - is a cloud-based open innovation drop, slightly to $1.33 bn in September tech lab in the region, regulated by platform that complies with the best Saudi Arabia’s real estate market of 2020 from $1.39 bn a year ear - the Central Bank of Bahrain. international technical standards. has shown resilient performance in lier. Exports declined 2.5% y-o-y The new platform will aim to create The FinX22 platform will offer an most parts. With economic activity to $4051.30 million and imports a collaborative ecosystem in the open banking API sandbox that en - beginning its gradual recovery to decreased 3% to $5384.10 million. fintech sector by establishing a ables fintech startups to develop, test pre-pandemic levels, we expect that Exports of goods in Jan-Sept 2020, gateway for investment opportuni - and deploy fintech solutions. (Pic: activity in the kingdom’s real estate as a percentage of the imports, ties in the region, while fostering in - Mr. Rasheed Al Maraj, Governor of market will follow suit.” constituted 69.2%. novation and supporting integration the Central Bank of Bahrain)

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P.8 19-25 WORLD MARKETS WEEKLY WORLD MARKETS WEEKLY P.9 10 .P BLACK SEA-EURASIA-SE EUROPE

2. UKRAINE Kiev -UX Futures avail - 3. AZERBAIJAN Baku -CBA able again 1.BULGARIA Sofia -BSE The Ukrainian listed derivatives Precious metals BSE, FoF sign are recovering after a two-year prices drop 4. KAZAKHSTAN break. FREEDOM FINANCE The prices of precious metals, ex - Nur-Sultan -AIX memorandum UKRAINE, LLC opens online cluding platinum, decreased in Azer - Kaspi.kz GDRs Bulgaria Stock Exchange (BSE) access for its clients to the fu - baijan on Oct. 22 compared to the and Bulgaria’s Fund of Funds (FoF) tures contracts on UAH to USD previous price, The price of gold de - listed on Oct 14 signed a memorandum rate re-launched by Ukrainian creased by 9.4605 manat or $5.565 Global depositary receipts GDRs for encouraging the investments in Exchange (UX). This August (0.29 percent) and amounted to of Kazakhstan’s leading fintech prosperous Bulgarian companies. UX resumed trading of the de - 3,253.1285 manat or $1,913.605 per company Kaspi.kz have been The memorandum comprises initia - rivatives market, starting with ounce. The price of silver decreased listed on Astana International Ex - tives for popularisation, training and the futures on Ukrainian hryv - by 0.5583 manat or 32 cents (1.31 change (AIX) as of Oct 15 and ad - stimulation of dynamic and ambi - nia to US dollar rate. Starting percent) and amounted to 42.1131 mitted to trading starting from Oct tious Bulgarian companies to raise from Oct19, FREEDOM FI - manat ($24.77).The price of platinum capital for their growth. The docu - NANCE UKRAINE, LLC increased by 8.67 manat or $5.1 (0.58 22. Kaspi.kz’s IPO on the ment was signed during the first provides the ultimate investors percent) and amounted to 1.510,042 Stock Exchange and AIX valued round table with venture and equity with direct market access to the manat (88 cents), according to data the company at $6.5 billion, mak - funds as part of the joint initiatives futures trading through its published by the Central Bank of ing it Kazakhstan’s most valuable launched by BSE and FoF. Tradernet platform. Azerbaijan (CBA). publicly traded company. 2 4

7 1 CAPITAL MARKETS 3 5 6 8

5. GREECE Athens- ATHEX 6. TURKEY Ankara- CBRT 7. UZBEKISTAN 8. KYRGZYSTAN Reissue of the CBRT holds fire Tashkent- CBU Bishkek- STS New taxes on 15-year bond The Central Bank of Turkey (CBRT) Update on gold, Greece on Wednesday successfully held its benchmark one-week repo gold ore mining rate at 10.25 percent during its Oct FX reserves completed a reopening of a 15-year The Central Bank of Uzbekistan Tax rates on income from extrac - 22 meeting, surprising the majority bond issue with the Greek state (CBU) has updated its statistics on tion and sale of gold ore and gold of investors and analysts who antici - draining 2 billion euros at a lower gold and foreign exchange re - concentrate were increased in Kyr - pated an i crease. At the same time, interest rate of 1.17 pct, compared serves of the country. As of Oct1, gyzstan, the State Tax Service policymakers announced an adjust - with an 1.9 pct interest rate in Feb - official reserves amounted to $33.4 (STS) reported. The tax rate in - ment to the monetary policy opera - ruary. The bookbuilding process billion. Uzbekistan’s reserves are creases by 7 percent until 2023, and tional framework by setting the attracted strong interest with bids poorly diversified – between gold by 10 percent — from 2023. margin between the CBRT Late Liq - surpassing 16 billion euros. In the ($18.6 billion) and foreign cur - uidity Window lending rate and domestic electronic secondary rency assets ($14.5 billion, in Sep - overnight lending rate as 300 basis bond market, the 10-year Greek tember – $15.4 billion). Reserves points. Following the announcement, bond yield rose to 0.91 pct from are also considered to be the coun - the lira fell 2.1%, with $1 buying 0.82 pct the previous day. The try’s “airbag” – they are needed as 7.9792 lira. (ATHEX) gen - a shock-reducing factor in adverse eral index ended at 619.98 points, external shock situations. It is shedding 0.53% from Tuesday’s noted that Uzbekistan has enough 623.27 points. The large-cap FTSE reserves to finance 20 months of 25 index contracted 0.54% to close imports. This is more than the fig - at 1,462.50 points. ure recommended by international organizations.

P.10 19-25 WORLD MARKETS WEEKLY POLITICS-ECONOMY-MARKETS-FORECAST P. 11 POLITICS - ECONOMY - BUSINESS FORECAST GOVT DEBT Emanuel Salinas TO GDP RATIO ■ RUSSIA- POLITICS citizens and investors believe is secure,” Tanjug news agency quoted Serbian Finance WB Country Manager Q2 2020 Russian FM Lavrov Minister Sinisa Mali as saying. for BiH & ME visits Greece ■GREECE- ECONOMY GREECE The Russian Foreign Minister, Sergey Tourism revenue Lavrov is scheduled to visit Athens on Oct 26, Russian Foreign Affairs Ministry takes a plunge The highest ratio of gov - spokesperson Maria Zakharova announced Greek tourism revenues amounted to ernment debt to GDP at the on Thursday. When in Athens, Lavrov will €2.68 billion during the first eight months end of the second quarter meet with Prime Minister Kyriakos Mitso - of the year. Bank of Greece data for the of 2020 was recorded in takis, FM Nikos Dendias and main opposi - January-August 2019 period had shown Greece (187.4%). tion party SYRIZA-Progressive Alliance tourism revenues of €13.2 billion. leader Alexis Tsipras. According to Za - Lampsa Hotels Director for Corporate kharova, talks will look into regional issues Growth Chloe-Maria Laskaridi estimated Recession CYPRUS such as the situation in the Eastern Mediter - at a forum on Oct. 20 that the full recov - deepens in ranean, the Middle East and North Africa, ery of tourism will not come before 2023 as well as in the Balkans and the Caucasus. or even 2024. The tourism industry is a Montenegro key source of income for Greece’s $200 As pundits estimate, the timing of the top ontenegro is pro - 113.2% The government billion economy and directly contributes diplomat’s visit is not coincidental, in light jected to experi - debt to GDP ratio i 11.7% of GDP and indirectly between of the growing tensions in the area, adding M ence the strongest Cyprus stood at 113.2% 25.7% and 30.9%. that it is not at all unrelated to what is hap - recession among the at the endof the second pening in the wider region. Zakharova also ■ROMANIA- BUSINESS Western Balkans region, quarter of 2020 noted that the signing of a memorandum estimated at 12.4 percent, planning the Russia-Greece Year of History MIRA to acquire mainly due to its heavy in 2021 is also on the agenda. reliance on tourism, the CROATIA CEZ assets World Bank said Thurs - ■BULGARIA- POLITICS Macquarie Infrastructure and Real Assets day following the presen - Bulgaria to veto (MIRA), one of the world’s leading alter - tation of its latest native asset managers, announced on Fri - semiannual Western The government debt to Skopje’s EU talks day (Oct. 23) that a consortium led by Balkans economic report, GDP ratio in Croatia stood Sofia said it will veto the start of EU ac - Macquarie European Infrastructure Fund Fall 2020. “In the at 85.3% at the end of the cession talks with North Macedonia un - 6 (MEIF6) has reached an agreement to medium term it will be second quarter of 2020 less its concerns about language and acquire a portfolio of Romanian power vital to keep Montenegro history are taken into account, Politico re - assets owned by ČEZ Group. The inte - on a firm debt reduction ported citing diplomats after the EU am - grated energy infrastructure portfolio is and reform path in order SLOVENIA bassadors’ meeting on negotiations comprised of an 86,665 km regulated to maintain macroeco - frameworks on Wednesday (Oct 21). In electricity distribution network and an nomic sustainability and recent weeks, Bulgaria distributed docu - electricity and gas supply business with enable a strong and sus - tainable recovery”, says ments to the other member 1.4 million residential and industrial con - The government debt to Emanuel Salinas, World states to explain its position. In one of the nections in the South West of Romania. Bank Country Manager GDP ratio in Slovenia stood documents, seen by Politico, Sofia The acquired assets also include a renew - for Bosnia and Herzegov - at 78.2% at the end of the stressed that Bulgaria cannot “accept that able energy platform, with 622 MW of second quarter of 2020 primarily onshore wind farms and plans ina and Montenegro. the still “The pandemic has ex - ongoing nation-building process in the to develop its portfolio further. posed Montenegro’s key ROMANIA Republic of North Macedonia be con - ■ SLOVENIA- BUSINESS vulnerabilities, many of ducted through the revision of our com - which have become ur - mon history, the denial of our common Czechs take over gent to address. These in - ethnic and linguistic roots or the un - clude careful fiscal founded claims for the existence of a Pro Plus management through The government debt to ‘Macedonian minority’ in Bulgaria.” enhanced public spending GDP ratio in Romania The Czech investment group PPF has stood at 41.1% at the end completed its acquisition of the Central efficiency, enabling a pri - ■SERBIA- ECONOMY vate sector level playing of the second quarter of European Media Enterprises (CME) fund. 2020 Gold reserves get The fund owns Slovenia's leading televi - field which will foster en - sion group Pro Plus, which means the trepreneurship, innova - a boost Czech group now owns Slovenia's TV tion, and broad-based BULGARIA Serbia has increased its gold reserves byover channels, POP TV and Kanal A, along growth, and making insti - 10 t in the past year and currently has 32 t of with Brio and Kino, pay-per-view service tutions stronger and more gold. According to a Prva TV report, Serbian Voyo, as well as 24ur.com, one of the accountable.” According foreign exchange reserves amount to 13 bln leading news portals in the country. The to the World Bank’s re - The government debt to euros, with gold accounting for 1.6 bln of the takeover was approved by the EU Com - port, economic growth in GDP ratio in Bulgaria total. “That gives you security. In circum - mission. Apart from Slovenia, the fund the Balkan region is fore - stood at 21.3% at the end cast to contract by 4.8 per - stances where the exchange rate situation also owns television channels in the of the second quarter of cent in 2020, 1.7 changes abruptly and you have the fallout Czech Republic, Slovakia, Romania and 2020 percentage points lower from the epidemic and deficits in many Bulgaria. The total value of the deal has than forecast in April. countries, gold has become something that been estimated at €1.89 billion. Source: Eurostat

P.10 19-25 WORLD MARKETS WEEKLY WORLD MARKETS WEEKLY P.11 12 .P BONDS-FOREX-CRYPTO-COMMODITIES COMMODITIES A Bull Market for Commodities in 2021 ommodities are headed for a bull market monetary stimulus deployed by governments and Sachs Commodity Index (GSCI), with a 17.9% re - next year on rising inflation fears, a weak - major central banks, Goldman's chief commodity turn for precious metals, 42.6% for energy, 5.5% C ening greenback and massive fiscal and strategist Jeffrey Currie wrote in a research note for industrial metals and a negative return of 0.8% published on Thursday. for agriculture. Currie also predicted that "all commodity markets Goldman forecast gold prices at an average of are in, or moving toward, a deficit with inventories $1,836 per ounce in 2020 and $2,300 per ounce in drawing in all but cocoa, 2021, and expects silver prices to be at around $22 coffee and iron ore." The investment bank which per ounce in 2020 and $30 per ounce next year. notes that markets are increasingly concerned The Wall Street bank maintained a “neutral” view about the return of inflation, forecast a return of on commodities in the near term and “overweight” 28% over a 12-month period on the S&P/Goldman in the medium term. Picture: Goldman Sachs chief commodity strategist Jeffrey Currie ● CURRENCIES World Government 10-Year Yield NOTE: Major FOREX rates performance ( 19-23/10/2020 ) ■ Argentina* ■ Mexico Lowest: 0.7352 Lowest: 0.01279 ■ AFRICA Highest: 51.85 Highest: 6.061 ■ • PLN/USD - Polish Zloty US • EGP/USD - Egyptian Pound AMERICAS Lowest: 48.59 Lowest: 5.830 US Dollar Index (DXY) - Dollar - Highest: 0.2606 US Dollar - Highest: 0.06393 Change: -5.01% Change: 4.096% Lowest: 0.06301 Highest: 93.77 Lowest: 0.2564 ■ ■ Lowest: 92.47 Australia Poland • ZAR/USD - South African ■ MIDDLE EAST Highest: 0.867 Highest: 1.297 • USD/CAD - US Dollar Cana - Rand US Dollar - Highest: • TRY/USD - Turkish Lira US Lowest: 0.726 Lowest: 1.235 dian Dollar - Highest: 1.3205 0.06193, Lowest: 0.06032 Dollar - Highest: 0.1285 Change: 14.678% Change: -3.660% • GHS/USD - Ghanaian Cedi Lowest: 1.3079 Lowest: 0.1251 ■ ■ • MXN/USD - Mexican Peso Belgium Russia US Dollar - Highest: 0.1730 • JOD/USD - Jordan Dinar US Highest: 0.000 Highest: 6.050 US Dollar - Highest: 0.04799 Lowest: 0.1701 Dollar - Highest: 1.4121 Lowest: -0.388 Lowest: 5.960 Lowest: 0.04695 • USD/NGN-US Dollar Niger - Lowest: 1.4071 Change: -12.240% Change: -0.992% ian Naira – Highest: 381.200 • ARS/USD - Argentinian Peso • KWD/USD - Kuwaiti Dinar US Dollar - Highest: 0.01290 ■ Brazil ■ South Africa Lowest: 380.750 US Dollar - Highest: 3.2761 Highest: 7.680 Highest: 9.335 Lowest: 0.01280 Lowest: 3.2654 ■ ASIA • BRL/USD - Brazil Real US Lowest: 7.375 Lowest: 9.225 • JPY/USD - Japanese Yen US • ILS/USD - Israeli Shekel US Change: -1.042% Change: -0.642% Dollar – Highest: 0.1803 Dollar - Highest: 0.2970 Dollar-Highest: 0.958450 Lowest: 0.1770 ■ Canada ■ South Korea Lowest: 0.945550 Lowest: 0.2947 Highest: 0.680 Highest: 1.545 • HKD/USD - Hong Kong ■ EUROPE ■ OCEANIA Lowest: 0.577 Lowest: 1.432 Dollar US Dollar - Highest: • EUR/USD - Euro US Dollar - • AUD/USD - Australian Dol - Change: 11.438% Change: -0.400% 0.1290, Lowest: 0.1290. Highest: 0.1882 Lowest: 0.1703 lar US Dollar - Highest: 0.7160 ■ China ■ Spain • INR/USD - Indian Rupee US • GBP/USD - British Pound Lowest: 0.7020 Highest: 3.300 Highest: 0.232 Dollar - Highest: 0.01364 US Dollar - Highest: 1.3178 • NZD/USD - New Zealand Lowest: 3.161 Lowest: 0.128 Lowest: 0.01353 Lowest: 1.2889 Dollar US Dollar - Highest: Change: -0.774% Change: 58.730% • KRW/USD - Korean Won US • EUR/CHF - Euro Swiss 0.6706, Lowest: 0.6553 ■ France ■ Switzerland Dollar - Highest: 0.000888 Franc - Highest: 1.0752 • FJD/USD - Fiji Dollar US Highest: 0.000 Highest: 0.000 Lowest: 0.000875• Lowest: 1.0699 Dollar – Highest: 0.4736 Lowest: -0.351 Lowest: -0.554 SGD/USD - Singapore Dollar • RUB/USD - Russian Ruble Lowest: 0.4629 Change: -13.789% Change: -2.124% US Dollar – Highest: 0.7390 US Dollar - Highest: 0.01314 ■ Germany ■ Taiwan Highest: 0.000 Highest: 0.310 Lowest: -0.635 Lowest: 0.300 ●CRYPTOCURRENCIES Change: -7.821 % Change: 0.000% ■ ■ NOTE: Leading cryptocurrencies indices performance India Turkey Highest : 5.950 Highest:14.135 19-23/10/2020. Source: Investing.com Lowest: 5.844 Lowest: 12.900 Change: -1.533 % Change: 5.218% •BTC/USD,Bitcoin USD •LTC/USD -Litecoin USD • LEO/USD - LEO USD ■Indonesia ■ UK Highest: 11,213.5 Highest: 56.964 Highest: 0.21725 Highest: 6.718 Highest: 0.312 Lowest: 11,413.9 L2owest: 46.450 Lowest: 0.20035 Lowest: 6.597 Lowest: 0.168 •ETH/USD-Ethereum USD •EOS/USD - EOS USD • ADA/USD - Cardano USD Change: -1.923% Change: 53.714% Highest: 420.12 Highest: 2.7030 Highest: 0.11273 ■ Italy ■ USA Lowest: 367.16 Lowest: 2.5033 Lowest: 0.10086 Highest: 0.813 Highest: 0.872 •XRP/USD - Ripple USD • BNB/USD-Binance Coin • XMR/USD - Monero USD Lowest : 0.669 Lowest: 0.754 Highest: 0.26354 USD Highest: 31.2895 Highest: 126.63 Change : 16.641% Change: 10.610% Lowest: 0.24013 Lowest: 28.5006 Lowest: 114.31 ■ Japan ■EURO BUND •USDT/USD- Tether USD • BCHSV/USD -Bitcoin Cash • TRX/USD - Tron USD Highest: 0.036 Highest: 176.24 Highest: 1.0022 SV USD Highest: 172.24 Highest: 0.028933 Lowest: 0.020 Lowest: 175.00 Lowest: 1.0004 Lowest 155.08 Lowest: 0.025403 Change: 102.778% Change: -0.46% •BCH/USD-BitcoinCash USD • XLM/USD - Stellar USD • HT/USD - Huobi Token USD Highest: 275.84 Highest: 0.09511 Highest: 4.5696 * 1-Y Bond Yield Note: Lowest: 238.00 Lowest: 0.07936 Lowest: 4.3220 Performance 19-23/10/2020 P.12 19-25 WORLD MARKETS WEEKLY The Little Book of Common Sense Investing The Only Way to Guarantee your Fair Share of Stock Market Returns

irst published in 2007 and with a sec - Chapter Three: Cast Your Lot with Business. Promise to Beat the Market. Chapter Fifteen: ond updated & revised 10th anniver - Chapter Four: How Most Investors Turn a The Exchange Traded Fund. Chapter Six - sary edition out in 2017, The Little Winner’s Gam F e into a Loser’s Game. Chap- teen: What Would Benjamin Graham Have Book of Common Sense Investing, is much ter Five: The G rand Illusion. Chapter Six: Thought about Indexing? Chapter Seven - more than a book on index investing. Writ - Taxes Are Cos ts, Too. Chapter Seven: When teen: “The Relentless Rules of Humble ten by John Bogle, the founder and former the Good Tim es No Longer Roll. Chapter Arithmetic. ” Chapter Eighteen: What CEO of the Vanguard Group, the world’s Eight: Selectin g Long-Term Winners. Chap- Should I Do Now? largest mutual fund organization, the book ter Nine: Yeste rday’s Winners, Tomorrow’s At the end of each chapter, there is the introduces you to low-cost, passive index Losers. Chapte r Ten: Seeking Advice to Se- “Don’t Take My Words for It” section, where funds as a sustainable investing strategy and lect Funds? C hapter Eleven: Focus on the Bogle quoted some of the world's best finan - guides you how to get smarter about the Lowest-Cost F unds. Chapter Twelve: Profit cial minds in support of the arguments pre - stock market. The book is divided into eight - from the Maj esty of Simplicity. Chapter sented in the chapter. een chapters, spelling out the ideas behind Thirteen: Bon d Funds and Money Market the philosophy that one should invest in low- Funds. Chapte r Fourteen: Index Funds That cost index funds as analternative to actively, poorly managed, overpaid funds. Chapter One: A Parable. Chapter Two: Ra - tional Exuberance.

John Bogle

One of the greatest investors of all-time, Bogle was born in the US in 1929. In 1947 he was accepted at Princeton University, where he studied economics and investment. After graduating magna cum laude he was hired at Wellington Fund. A management dispute resulted in Bogle's firing from Wellington in 1974. In January 1975 he founded Vanguard, one of the world's largest investment management companies, where he served as CEO and senior chairman until 1999. He wrote 13 books on investing. He is also credited with the creation of the first index fund available to individual investors. Bogle passed away in 2019.

WORLD MARKETS WEEKLY P.13 14 .P the WEEK AHEAD ECONOMIC CALENDAR

he economic calendar will be TUESDAY THURSDAY SWITZERLAND:Retail Sales YoY robust and will continue to AUSTRALIA: CPI Index Number GERMANY: German Unemploy - Sep, KOF Leading Indicators Oct compete with heightened po - T Q3, Trimmed Mean CPI YoY Q3, ment Change Oct, Unemployment ITALY: Italian CPI MoM , Italian litical uncertainties. GDP (QoQ) Weighted mean CPI YoY Q3, Rate Oct, German CPI MoM Oct CPI MoM Oct Q3 out of the US and Spain will be Weighted mean CPI QoQ Q3 SPAIN: Spanish CPI YoY, HICP SPAIN: Spanish GDP QoQ Q3 prominent, CPIs out of Australia FRANCE: France Jobseekers Total YoY, Spanish HICP YoY Oct POLAND: CPI MoM Oct, CPI and Eurozone will also be released, EUROZONE: ECB Bank Lending ITALY: Italian 10-Year BTP Auction YoY Oct as well as Japan’s Tankan Large Survey, M3 Money Supply YoY HUNGARY: Quarterly Unemploy - EUROZONE: Core CPI YoY, CPI Manufacturers Index and China’s Sep, Loans to Non Financial Corpo - ment Rate Sep YoY Oct, CPI MoM, CPI YoY, Un - Manufacturing PMI to cap off the rations Sep, Private Sector Loans YoY ISRAEL: Quarterly Unemploy - employment Rate Sep, Unemploy - week. Other reports on the docket USA: Core Durable Goods Orders ment Rate Q3 ment Rate, Business and Consumer that could move the markets in - MoM Sep, Durable Goods Orders USA: GDP QoQ Q3, GDP Price Survey Oct, Business Climate Oct, clude: German business confidence MoM Sep, S&P/CS HPI Compos - Index QoQ Q3, Pending Home Consumer Confidence Oct, Con - and retail sales, US initial jobless ite - 20 n.s.a. YoY Aug, CB Con - Sales MoM Sep sumer Inflation Expectation Oct claims for the week ended Oct 24 sumer Confidence Oct, CPI YoY EUROZONE: Deposit Facility Rate Selling Price Expectations Oct, the University of Michigan Con - Q3, CPI QoQ Q3, Trimmed Mean Oct, ECB Marginal Lending Facility, Services Sentiment Oct, Industrial sumer Sentiment Index, Import Ex - CPI QoQ Q3, Durables Excluding ECB Monetary Policy Statement, Sentiment Oct ports, Trade Balanca out of Defense MoM Sep, Goods Orders ECB Interest Rate Decision Oct, USA: Core PCE Price Index YoY Australia and New Zealand. Non Defense Ex Air MoM Sep, ECB Press Conference Sep, Core PCE Price Index MoM MONDAY Redbook MoM, Redbook YoY, CANADA: Building Permits MoM Sep, Employment Cost Index QoQ CHINA: Chinese Industrial profit House Price Index YoY Aug, House Sep Q3, PCE Price index YoY Sep, YoY Sep, Chinese Industrial profit Price Index MoM Aug, House BRAZIL: CAGED Net Payroll PCE price index MoM Sep, Per - YTD Sep Price Index Aug Jobs Sep sonal Spending MoM Sep, TURKEY: Capacity Utilization Oct NEW ZEALAND: Building Con - PMI Oct, Michigan Consumer Ex - GERMANY: German Business Ex - WEDNESDAY sents MoM pectations Oct, Michigan Con - SOUTH AFRICA: Core CPI MoM pectations Oct, Current Assessment JAPAN: Jobs/applications ratio sumer Sentiment Oct Sep, CPI MoM Sep Oct, Ifo Business Climate Index Oct Sep, Tokyo Core CPI YoY Oct, CPI UK:Net Lending to Individuals, UK: CBI Distributive Trades Survey USA: New Home Sales MoM Sep, Tokyo Ex Food and Energy MoM TURKEY: CBRT Monetary Policy BoE Consumer Credit Sep, M4 New Home Sales Sep, Dallas Fed Oct, Industrial Production MoM Meeting Minutes Money Supply MoM Sep, Mort - Mfg Business Index Oct, 3-Month Sep, Retail Sales YoY, Household USA : Goods Trade Balance Sep, gage Approvals Sep, Mortgage Bill Auction, 6-Month Bill Auction, Confidence Retail Inventories Ex Auto Sep Lending Sep 5-Year Note Auction, Chicago Fed AUSTRALIA: PPI YoY Q3, PPI CANADA: GDP MoM Aug, RMPI National Activity (Sep) CANADA:BoC Rate Statement, BoC Interest Rate Decision QoQ Q3, Private Sector Credit MoM Sep MEXICO: Retail Sales YoY, Trade MoM Sep AUSTRALIA: AIG Manufacturing Balance Sep, Trade Balance USD BRAZIL: Interest Rate Decision MEXICO: Trade Balance, Trade FRIDAY Index Sep, Economic Activity MoM Aug, JAPAN: Tankan Big Manufactur - Economic Activity YoY Aug Balance USD FRANCE: French GDP QoQ Q3, ing Outlook Index, Tankan Large ARGENTINA: Retail Sales YoY JAPAN: Retail Sales YoY Sep, BoJ French Consumer Spending MoM Manufacturers Index, Tankan BRAZIL: Bank lending MoM Sep Interest Rate Decision Sep, French CPI MoM, French HICP NEW ZEALAND: Trade Balance NEW ZEALAND: ANZ Business MoM Large Non-Manufacturers Index, MoM Sep, Trade Balance YoY Sep, Confidence Oct, NBNZ Own Ac - GERMANY: German GDP QoQ Tankan All Big Industry,CAPEX Imports, Exports Sept tivity Oct Q3, GDP YoY Q3, Retail Sales MoM CHINA: Chinese Composite PMI AUSTRALIA:Export Price Index JAPAN: BoJ Core CPI YoY, Coin - Sep, GfK German Consumer Cli - Oct, Manufacturing PMI Oct, Non- QoQ Q3, Import Price Index QoQ Q3 cident Indicator MoM, Leading mate, German Unemployment Oct, ManufacturingPMI, Non-Manufac - VIETNAM: Vietnamese CPI YoY Index MoM, Leading Index German Unemployment n.s.a. Oct turing PMI Oct, Caixin Manufa- cturing PMI.

in FOCUS Central Bank of Brazil Interest Rate Decision The Central Bank of Brazil decided to and 2022 inflation goals are 4.00%, keep its key interest rate at a record-low 3.75% and 3.50, respectively. Policy - 2.00% on Sept. 16, after nine consecu - makers pledged to stimulate the econ - tive rate cuts starting in July 2019. The omy with “forward guidance” rather nine monetary policy committee mem - than more rate cuts because of the risk bers voted unanimously to hold rates. to financial market stability that they The committee’s statement says that could pose. Brazil faces higher inflation risks. Infla - tion climbed to 2.44% in August from Picture: Bank of Brazil Governor 2.31%. The bank’s official 2020, 2021 Roberto Oliveira Campos Neto

P.14 WORLD MARKETS WEEKLY WORLD MARKETS DASHBOARD P. 15 -0.01 % 0.61 % -2.86 % 0.82 % -0.16 % -1.75 % 0.45 % 1.43 % 1.76 % 2.18 % INDICES JSE/Top40 MOEX SZSE COMP 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 0.05% 2. BAHRAIN ASI -2.05% 3. IRAQ ISX60 -0.40% 4. IRAN TEDPIX 22-26/08/2020 -2 % 5. ISRAEL TA35 -0.30% 6. LEBANON BLOM 19-23/10/2020 0.67 % 7. PALESTINE AL-QUDS 0.18% 8. OMAN MSM30 -1.01% 9. QATAR QE GENERAL -0.41% 10.SAUDI ARABIA -0.57% 11.TURKEY BIST100 19-23/10 /2020 0.1 8% ASIA & PACIFIC 1. AUSTRALIA ASX200 -0.16% 2. BANGLADESH DSE BROA D 0.75% 3. CHINA SSE COMP -1.75% AFRICA 4. CHINA SZSE COMP -2.86% 1. COTE D'IVOIRE BRVM COMP 0,67 % * 5. HONG KONG HSI 2.18% 2. EGYPT EGX30 -0.77% 6. INDIA NIFTY50 1.43% 3. KENYA NSE20 -0.65% 7. INDIA SENSEX30 1.76% 4. MOROCCO MASI 1.26% 8, INDONESIA IDX COMP 0.17% 5. MAURITIUS SEMDEX -0.20% 9. JAPAN NIKKEI225 0.45% 6. NAMIBIA FTSE/NSX OI -2.6 % 10.MALAYSIA KLCI -0.61% 7. NIGERIA ASI 0.13% 11,NEW ZEALAND NZX50 0.20% 8. SOUTH AFRICA JSE/TOP40 -0.01% 12.PAKISTAN KSE100 2.74% 9. TANZANIA DSE ASI -0.71% 13.PHILIPPINES PSEi COMP 9.93% 10.TUNISIA TUNINDEX -0.20% 14.S.KOREA KOSPI 0.82% 11.UGANDA ASI -1.09% 15.TAIWAN TWII 1.16% 12.ZAMBIA LSE ASI 0. 00% 16.THAILAND SET -1.63% 13.ZIMBABWE ZSE IND 2. 70%

UAE - Abu Dhabi (ADX) CAMBODIA - Phnon Penh ( CSX ) Covered Short Selling Launched Bid Announcement of IT Maintenance Abu Dhabi Securities Exchange vestors, driving both liquidity and The Cambodia Securities Ex - must be received at the same time. (ADX) on Oct 13 announced the trading volumes. The launch of change (CSX) is seeking proposals Bid method: A. Awarding the con - launch of Covered Short Selling, to CSS comes after the Securities and from qualified IT maintenance tract after the negotiation with the support the exchange’s strategy of Commodities Authority (SCA) ap - companies (local/international) in - priority negotiation partner. B. The diversifying investment and provid - proved ADX’s covered short sell - terested in providing IT Infrastruc - bid price document (shall include) ing investors with a broader range ing guidelines, which enable ture Maintenance and Training the details of costing must be sepa - of hedging mechanisms. By doing investors to sell borrowed securities Services to support the Cambodia rated from the technical proposal. so, it will attract a new segment of or financial securities pledged for Securities Market. The technical Submission deadline: No later than specialized and experienced in - return to lenders. proposal and bid price document 5:00 PM, November 13, 2020.

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