Morning Meeting 5 August 2020

Index +/- % change Currencies +/- 12 month range FTSE 100 6036.0 3.1 0.1 £:$ 1.304 0.00 1.15 1.33 FTSE All-Share 3356.3 6.8 0.2 Y:$ 105.945 -0.15 102.55 112.09 DJ Industrial Average 26828.5 164.1 0.6 E:£ 1.110 0.00 1.07 1.20 S&P 500 3306.5 11.9 0.4 E:$ 1.176 0.00 1.07 1.18 NASDAQ Composite Index 10941.2 38.4 0.4 10 Yr Bond Yld % +/- -3 months -12 months Nikkei Japan 1000 Index 1860.8 38.2 2.1 UK 0.07 -0.03 0.24 0.67 Hang Seng Index 24946.6 488.5 2.0 US 0.51 -0.06 0.64 1.86 EURO STOXX 50 (EUR) 3254.3 6.0 0.2 Germany -0.56 -0.04 -0.55 -0.51 Switzerland SMI (PR) 10162.0 -67.6 -0.7 Price (p) +/- 12 month range France CAC 40 4889.5 13.6 0.3 Germany DAX (TR) 12600.9 -46.1 -0.4 plc 151.85 1 128.8 498.0

Matrix Winners Price +/- % change Sector Winners % change Mkt Wt Marston's PLC 42.8 4.3 11.3 FTSE All-Share / Aerospace & Defense - SEC 3.2 1.5 Melrose Industries PLC 96.5 8.3 9.4 FTSE All-Share / Industrial Transportation - SEC 3.15 1.5 TUI AG 314.2 26.3 9.1 FTSE All-Share / Nonlife Insurance - SEC 2.08 1.2 plc 1299.0 106.0 8.9 FTSE All-Share / Travel & Leisure - SEC 2.1 3.7 easyJet plc 551.6 44.4 8.8 FTSE All-Share / Food & Drug Retailers - SEC 1.5 2.1

Matrix Losers Price +/- % change Sector Losers % change Mkt Wt Group plc 8438.0 -248 -2.9 FTSE All-Share / Beverages - SEC -5.0 3.7 Halma plc 2183.0 -61 -2.7 FTSE All-Share / Technology Hardware & Equipment - SEC -2.8 0.1 Hikma Pharmaceuticals Plc 2156.0 -59 -2.7 FTSE All-Share / Electronic & Electrical Equipment - SEC -2.3 0.8 Intertek Group plc 5476.0 -146 -2.6 FTSE All-Share / Leisure Goods - SEC -2.3 0.2 AstraZeneca PLC 8550.0 -217 -2.5 FTSE All-Share / Software & Computer Services - SEC -1.3 1.1

Stocks Hitting Relative High Stocks Hitting Relative Low St. James's Place Plc Equiniti Group Plc plc -

Companies discussed in Morning Meeting UK Equities AstraZeneca Company Update Legal & General Company Results Trading Update Segro Interim Results UK Food Retail Sector Update William Hill Interim Results International Equities

Beyond Meat Q2 Results Walt Disney Q3 Results

Overview

 A generally more positive tone, from both an economic and a COVID perspective, saw a value-led rally in markets yesterday. In the UK this was even more pronounced as a combination of some decent newsflow from hitherto beaten-up names (such as BP and Melrose) and the strength of sterling (or perhaps more appropriately dollar weakness) saw a predictable underperformance of internationally-focused growth names relative to the more domestically-focused midcaps.

 Decent gains in the US after the European close saw the S&P advance 0.4% and close above 3,300 for the first time since February. Whilst the VIX index has retreated to its lowest levels since the March blow-out, closing below 24. Gold continues to make gains, moving through and closing above $2,000 / oz for the first time, whilst bond yields continue to plumb record lows in many countries, including the UK 10-year now at 7bp and the US down nearly 5bp yesterday at 51bp. This is a fantastic time to be a creditworthy corporate issuer, with Google issuing 5-year paper with a 0.45% coupon, only 25bp over Treasuries.

 On the economic front, the Chinese Caixin Services PMI reading overnight at 54.1 is light vs. expectations of 57.5, but the new business component and the outlook are both strong. We have a raft of other PMI data today, but these are mostly just final estimates for July and are unlikely to deviate much from earlier releases. That said, we had final revisions to June’s US Durable Goods orders yesterday, all of which saw meaningful upward revisions as the US economy tried to emerge from lockdown. The US Non-Farm Payrolls were already the focus for attention this week, even before President Trump commented that there is “a big number coming out Friday on jobs”. It seems unlikely though that he has actually seen the numbers, which are normally given to the President the day before the scheduled release. Elsewhere, in Congress the Republicans and Democrats are both making positive noises about agreeing terms of the next COVID package by the end of the week – but time is pressing, with the recess due to begin on the 10th August.

 With regard to COVID, the rate of new infections has slowed to 1.1% vs. an average of 1.4% over the prior week whilst COVID-related deaths in the UK are trending near four month lows. However across Europe, from the Netherlands to Poland, there are signs that new infections are picking up again.

 As we get to the tail-end of the US results season, with around 70% of companies having updated, we are still getting some positive surprises from names we care about, with Disney called up 5% after hours on its numbers, although Beyond Meat is called down a similar amount.

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Events Calendar

Date Company Event Flag Consensus Analyst Firm Holdings RPPIN RPPIB GLP RPPUK 03 August 2020 HSBC Holdings Plc Q2 2020 Earnings Release Blue HOLD TM/JH £107,993,695 3.33

03 August 2020 Siemens Healthineers AG Q3 2020 Earnings Release ############################################################################################################################################################################################################################################################### Hold JMu £64,535 04 August 2020 BP Plc Q2 2020 Earnings Release Green OUTPERFORM ZB £93,330,565 2.07 04 August 2020 easyJet Plc Q3 2020 Earnings Release Spec Sit OUTPERFORM SL £7,339,652 04 August 2020 Rotork Plc Q2 2020 Earnings Release R HOLD ZB £2,376,615 04 August 2020 Plc Q2 2020 Earnings Release R HOLD JMu £2,005,819 04 August 2020 Bayer AG Q2 2020 Earnings Release Spec Sit Overweight JMu £4,756,941 04 August 2020 Direct Line Insurance Group Plc Q2 2020 Earnings Release R OUTPERFORM TM/JH £654,010 04 August 2020 Diageo Plc Q4 2020 Earnings Release Blue HOLD GE £275,564,961 2.88 1.98 1.93 3.97 04 August 2020 Beyond Meat, Inc. Q2 2020 Earnings Release Spec Sit Hold ASh £4,389,345 04 August 2020 The Walt Disney Co. Q3 2020 Earnings Release Green Overweight SL £41,781,941 2.90 3.06 2.28 05 August 2020 Hill & Smith Holdings Plc Q2 2020 Earnings Release R BUY JMu £3,601,812 05 August 2020 Legal & General Group Plc Q2 2020 Earnings Release R HOLD TM/JH £39,958,307 05 August 2020 SEGRO Plc Q2 2020 Earnings Release R OUTPERFORM TBC £13,899,715 05 August 2020 William Hill Plc Q2 2020 Earnings Release R OUTPERFORM GE £402,638 05 August 2020 Continental AG Q2 2020 Earnings Release #N/A NM NM £567,125 05 August 2020 Costco Wholesale Corp. July 2020 Sales and Revenue Release Green Overweight EH £3,757,191 06 August 2020 Plc Q2 2020 Earnings Release R UNDERPERFORM TBC £203,890 06 August 2020 Q2 2020 Earnings Release R OUTPERFORM GE £8,896,237 06 August 2020 ITV Plc Q2 2020 Earnings Release R OUTPERFORM SL £7,337,934 06 August 2020 Mondi Plc Q2 2020 Earnings Release Green OUTPERFORM CP £26,822,837 3.39 06 August 2020 Group Plc Q2 2020 Earnings Release R BUY GE £5,780,182 06 August 2020 Dentsply Sirona, Inc. Q2 2020 Earnings Release - Overweight JMu £214,264 06 August 2020 Novo Nordisk A/S Q2 2020 Earnings Release Green Overweight JMu £11,333,277 06 August 2020 AXA SA Q2 2020 Earnings Release - Overweight TM/JH £4,920,235 06 August 2020 ING Groep NV Q2 2020 Earnings Release Green Overweight TM/JH £3,274,134 06 August 2020 Aviva Plc Q2 2020 Earnings Release Green OUTPERFORM TM/JH £43,376,576 06 August 2020 Glencore Plc Q2 2020 Earnings Release R OUTPERFORM ZB £684,877 06 August 2020 Zoetis, Inc. Q2 2020 Earnings Release Green Overweight JMu £8,315,991 2.46 06 August 2020 Booking Holdings, Inc. Q2 2020 Earnings Release Spec Sit Overweight ASh £2,105,270 1.37 06 August 2020 EOG Resources, Inc. Q2 2020 Earnings Release Sunset/Other Overweight ZB £3,435,052 1.20 1.27 07 August 2020 Hargreaves Lansdown Plc Q4 2020 Earnings Release R HOLD TM/JH £5,825,014 07 August 2020 Standard Life Aberdeen Plc Q2 2020 Earnings Release R HOLD TM/JH £16,552,979 07 August 2020 Rightmove Plc Q2 2020 Earnings Release R HOLD SL £1,801,041 11 August 2020 Plc Q2 2020 Earnings Release R OUTPERFORM TBC £9,534,087 11 August 2020 Domino's Pizza Group Plc Q2 2020 Earnings Release R HOLD EH £363,250 11 August 2020 InterContinental Hotels Group Plc Q2 2020 Earnings Release Green HOLD GE £7,351,414 11 August 2020 Polypipe Group Plc Q2 2020 Earnings Release R OUTPERFORM GE £112,535 11 August 2020 Zalando SE Q2 2020 Earnings Release Spec Sit Overweight ASh £10,981,352 11 August 2020 Prudential Plc Q2 2020 Earnings Release Blue OUTPERFORM TM/JH £176,279,365 3.34 3.53 2.25 5.07 12 August 2020 Admiral Group Plc Q2 2020 Earnings Release R HOLD TM/JH £1,044,139 12 August 2020 Spirax-Sarco Engineering Plc Q2 2020 Earnings Release Green HOLD JMu £10,413,548 12 August 2020 Admiral Group Plc Q2 2020 Earnings Release R HOLD TM/JH £1,044,139 12 August 2020 Cisco Systems, Inc. Q4 2020 Earnings Release Green Overweight SL £16,982,480 2.74 1.93 2.38 13 August 2020 Q4 2020 Earnings Release Spec Sit UNDERPERFORM JMu £4,461,948 13 August 2020 TUI AG Q3 2020 Earnings Release Sunset/Other NM GE £154,798 13 August 2020 Deutsche Telekom AG Q2 2020 Earnings Release Blue Overweight SL £6,488,420 13 August 2020 Tapestry, Inc. Q4 2020 Earnings Release Spec Sit Overweight TD 0 14 August 2020 The Charles Schwab Corp. July 2020 Sales and Revenue Release Blue Overweight TM/JH £1,412,716 17 August 2020 Cranswick Plc Q1 2021 Earnings Release Spec Sit BUY EH £6,735,542 4.36 18 August 2020 Pandora AS Q2 2020 Earnings Release Spec Sit Overweight TD £29,692 18 August 2020 Persimmon Plc Q2 2020 Earnings Release R OUTPERFORM GE £11,313,948 18 August 2020 Plc Q2 2020 Earnings Release R BUY ZB £2,885,495 18 August 2020 BHP Group Plc Q4 2020 Earnings Release Green OUTPERFORM CP £77,893,230 18 August 2020 The Home Depot, Inc. Q2 2020 Earnings Release Green Overweight EH £29,878,875 3.24 20 August 2020 CRH Plc Q2 2020 Earnings Release Green OUTPERFORM ZB £33,015,282 2.93 20 August 2020 Plc Q2 2020 Earnings Release R BUY GE £7,946,332 20 August 2020 Phoenix Group Holdings Plc Q2 2020 Earnings Release R OUTPERFORM TM/JH £18,631,814 20 August 2020 Premier Oil Plc Q2 2020 Earnings Release Sunset/Other HOLD ZB £101,378 20 August 2020 The Estee Lauder Companies, Inc. Q4 2020 Earnings Release Blue Overweight EH £28,575,019 2.07 2.03 2.61 21 August 2020 Deere & Co. Q3 2020 Earnings Release Spec Sit Overweight JMu £3,955,050 2.03

Monday Tuesday Wednesday Thursday Friday 3rd August 4th August 5h August 6th August 7th August CIPS Manufacturing PMI CIPS Services PMI SA CIPS Construction PMI SA Halifax House Price SA 3- SA (Final) (Final) BoE Official Bank Rate M/Y Bank of England Interest UK Rate Announcement, MPC Minutes Publication and Inflation Report Markit PMI Durable Orders ex- BEA Domestic Auto Sales New York Federal Reserve Hourly Earnings SA M/M Manufacturing SA (Final) Transportation SA M/M SAAR Executive Vice President (Preliminary) Construction Spending (Final) BEA Domestic Light Truck Singh speaks in Webinar Hourly Earnings Y/Y US SA M/M Durable Orders SA M/M Sales SAAR Continuing Jobless Claims (Preliminary) ISM Manufacturing SA (Final) BEA Total Light Vehicle SA Average Workweek SA Factory Orders SA M/M Sales Initial Claims SA (Preliminary) ADP Employment Survey Manufacturing Payrolls SA 3

SA Nonfarm Payrolls SA Trade Balance SA Private Nonfarm Payrolls PMI Composite SA (Final) Unemployment Rate Markit PMI Services SA Wholesale Inventories SA (Final) M/M (Final) ISM Non Manufacturing Consumer Credit SA SA FR – Markit PMI FR - Markit PMI Services GE - Manufacturing Orders GE - Export SA M/M Manufacutring SA (Final) SA (Final) SA M/M GE - Industrial Production GE - Markit PMI GE - Markit PMI Services GE - Manufacturing Orders SA M/M Manufacturing SA (Final) SA (Final) WDA Y/Y GE - Trade Balance SA RoW GE - Manufacturing FR - Industrial Production Turnover M/M SA M/M GE - PMI Construction FR - Industrial Production SA Y/Y FR - Trade Balance SA

Central Bank Meetings

Bank of England 6th August 2020 European Central Bank 10th Sept 2020 Federal Reserve 16th Sept 2020

Disclaimer

The information in this document is for private circulation and is believed to be correct but cannot be guaranteed. Opinions, interpretations and conclusions represent our judgement as of this date and are subject to change. The Company and its related Companies, directors, employees and clients may have positions or engage in transactions in any of the securities mentioned. Past performance is not necessarily a guide to future performance. The value of shares, and the income derived from them, may fall as well as rise. The information contained in this publication does not constitute a personal recommendation and the investment or investment services referred to may not be suitable for all investors; therefore we strongly recommend you consult your Professional Adviser before taking any action. Copyright Investec Wealth & Investment Limited. Reproduction prohibited without permission.

Member firm of the London Stock Exchange. Authorised and regulated by the Financial Conduct Authority. Investec Wealth & Investment Limited is registered in England. Registered No. 2122340. Registered Office: 2 Gresham Street, London EC2V 7QP.

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