Weekly Market Comment (By Dr

Weekly Market Comment (by Dr. Mahnoosh Mirghaemi) 14-Jun-2020 Market Statistics Monitor Change [%] Change(bps) Last week, global stocks started and finished the week well, but saw a dramatic sell-off in between, Equities 1 Week YTD 1 Yr. 3 Yrs. Bond Yield (10 yr.) Level 1 Week YTD 1 Yr. amid concerns over a second wave of coronavirus infections and doubts about a rapid economic S&P 500 -4.78 -5.86 5.35 24.75 USA 0.70 -0.19 -1.21 -1.38 recovery. Also, market reacted to the Federal Open Market Committee, FOMC, which called the NASDAQ -2.30 6.87 22.99 54.79 Australia 0.91 -0.18 -0.46 -0.46 outlook highly uncertain and with "considerable risks” and acknowledged the steep decline in Dow Jones -5.55 -10.28 -1.86 19.79 New Zealand 0.81 -0.18 -0.85 -0.84 economic activity and the surge in job losses. In our view, looking at the market all day, every day, Russell 2000 -7.93 -16.83 -8.85 -2.11 Canada 0.54 -0.19 -1.17 -0.90 a swift recovery is imminent, but Mr. Market is sending us another message, too, and that is: MSCI Europe -5.50 -15.51 -7.61 -9.84 Japan 0.01 -0.04 0.02 0.14 reallocation of profits between firms. Data suggests that the reallocation is mostly between EuroStoxx 50 -6.81 -15.79 -6.67 -11.09 Germany -0.44 -0.16 -0.25 -0.18 sectors, at least till now, with Technology having a big slice of pie. Big companies are getting bigger Stoxx Europe 600 -5.66 -14.86 -6.53 -8.65 France -0.04 -0.06 -0.16 -0.13 and small-size firms are losing. So, what is the risk? The Covid-19 recession is unique, since we still DAX -6.99 -9.81 -1.22 -6.69 Italy 1.45 0.04 0.04 -0.90 do not know if this is mainly related to supply & demand shock or to a massive reallocation shock. MDAX -6.33 -10.02 0.86 0.68 Portugal 0.57 0.03 0.13 -0.04 A demand shock can be recovered quickly after lockdown easing and massive stimuli. However, a reallocation shock would leave the unemployment elevated for a good number of months or years, CAC 40 -6.90 -19.05 -9.84 -7.71 Spain 0.59 0.04 0.13 0.09 as jobless workers would be left in limbo with all the changes around them. That is what happened IBEX -7.37 -23.63 -20.68 -32.32 UK 0.21 -0.15 -0.61 -0.64 in the Great Depression. So far, the quick and generous fiscal stimulus calmed the market. And, the SMI -3.87 -7.73 -0.52 10.70 Eurozone -0.44 -0.16 -0.25 -0.18 market reaction tells us that the reallocation shock is still smaller. The massive sell-off on Thursday, OMX STH30 -7.02 -9.19 1.22 -1.86 has brought up bad memories of the Feb-March sell-off to some investors. However, we could see FTSE MIB -6.44 -19.65 -8.37 -9.89 Change [%] an important difference, namely the base swaps which didn't indicate any dollar-funding stress, FTSE 100 -5.85 -19.06 -16.89 -18.32 Currency Level 1 Week YTD 1 Yr. thanks to Fed’s generous stimulus package. At the moment, financial market and fundamentals are MSCI EM -1.56 -11.45 -2.77 -2.63 EUR 1.12 -0.49 0.06 0.24 completely decoupled and, clearly, investors are divided binary into bearish or bullish groups. The MSCI Japan -2.40 -8.09 2.43 0.69 JPY 107.50 -2.05 -0.99 -0.97 recent market rally is based on technical trading, which is sending a medium-term bullish signal, in TOPIX -2.59 -8.75 1.55 -1.32 GBP 1.25 -1.39 -5.72 -0.73 our view, as summarised below: Hang Seng -1.89 -13.79 -10.39 -6.08 CHF 0.95 -0.96 -1.37 -4.58 • -So many bears will only sell into the dip, at lower levels. S&P ASX -2.52 -12.51 -10.77 0.24 NOK 9.67 4.07 -9.22 10.97 • -Today’s market volatility is quite different from three months ago, since most investors know MSCI India -1.10 -14.87 -13.27 2.90 SEK 9.36 1.87 -0.15 -1.35 that markets rely on stimulus packages, globally. MSCI China -0.86 -1.00 12.64 16.51 CNY(Regn) 7.08 0.01 1.74 2.29 • -Stocks sell-off stopped at a level which neither was good enough for so many bear investors to sell the dip, nor so bad that bull investors panicked, but found it a good entry level. MSCI Brazil -3.78 -36.10 -28.67 -10.33 MXN 22.35 3.61 18.36 16.65 • -Oil price also played a critical role in the former market sell-off and now is more or less stable, MSCI AC World -4.16 -8.61 1.08 10.31 AUD 0.68 -1.91 -2.66 -0.41 and a lower oil price should act like a catalyst to empower central banks actions. Energy -9.20 -33.18 -31.71 -30.47 NZD 0.64 -1.20 -4.75 -1.11 • -The recent sell-off was due to fear of a second wave of virus infections. In our view, this is still Materials -4.61 -11.51 -5.94 -1.90 HKD 7.75 0.00 0.51 -0.98 the first wave as so many countries and places are still in lockdown. Industrials -6.42 -14.64 -7.06 -2.51 Con Dis -3.00 -1.43 8.60 22.66 Gold Spot 1734 3.07 13.87 28.71 We should not forget that stocks had a historical rebound from their March low. But some sectors Finance -6.96 -23.47 -16.22 -15.87 Silver Spot 17.52 0.95 -2.38 17.61 and regions, like banks and airlines, were surely overbought as they still face plenty of headwinds. Healthcare -3.96 -1.49 12.21 24.40 Platinum Spot 813 -0.63 -16.60 0.67 The same is true regionally for DAX (German index) and IBEX 35 (Spanish Index). Whereas more Con Stpl -3.11 -8.18 -3.41 -2.09 Palladium Spot 1938 -0.30 -0.22 31.88 defensive sectors and regions such as health care or Switzerland were more or less stable. Real Estate -3.68 -14.48 -11.34 -4.26 Brent Crude 38.73 -8.44 -38.46 -34.24 What is spooking the market, is the pandemic and the economic fall-out from it. Progress on the Tel Svc -2.38 -1.81 8.09 4.80 NYMEX Natural Gas 1.73 -2.86 -24.84 -32.44 medical front will play a key role in the shape of the recovery. We still believe in a gradual Utilities -3.86 -9.53 -3.71 3.82 economic recovery given the unusual uncertainty about how consumer demand will recover and Sentiment Level 1 Week YTD 1 Yr. whether we will see a de-globalisation. This however is different from three month ago, and market volatility is normal with respect to still lots of unknowns. All in all, we think systematic Volatility 1 Week YTD 1 Yr. 3 Yrs. Investor Sentiment-Bull 34.28 -0.78 -18.17 27.72 trading is necessary in the current market. We will have an eye on next week’s macro data, such as CBOE SPX Volatility 47.19 161.90 136.19 239.19 Investor Sentiment-Bear 38.05 -2.11 76.73 11.26 important economic data from China, the Empire State index on Monday, and Powell’s testimony Euro Stoxx 50 Volatility 48.48 196.76 188.32 196.93 before Congress on Tuesday and Wednesday, and, once again, important U.S. weekly jobless claims House Price Index Level 1 Week YTD 1 Yr. on Thursday morning together with the Philadelphia Fed manufacturing index and leading USA 316.92 -4.53 -13.74 -10.11 economic indicators, and the current account deficit on Friday. EU 130.12 -6.85 -21.85 -12.93 CH 473.30 0.92 Weekly Market Commentary & Strategy

Company News Highlights ▪ Atlantia First Quarter Revenue EU2.21 Bln, Est. EU2.15 Bln ▪ Anglo’s Grosvenor Met Coal Mine Remains Shut Amid Gas Risk ▪ Atlantia: No Solution in Sight for Italy, Benetton Clash as Deadline Nears ▪ Arjo Sees Significantly Better 2Q Operating Profit Than Expected ▪ Cerberus Blasts Commerzbank Over Performance, Seeks Board Seats ▪ Basic-Fit Offering Prices 5.33m Shares at EU25/Share ▪ Conti to Cut Several 100 Million Euros in Costs, WiWo Reports ▪ BAT Cuts FY Forecasts for Adj Revenue at Constant FX ▪ CrossFit CEO Resigns After Protest Tweet That Cost Reebok Deal ▪ Cellnex Mulls EU1 Billion Capital Increase: Cinco Dias ▪ DSV Could Find M&A Targets Amid Turmoil, Handelsbanken Says ▪ Cofinimmo Offering by Holder Prices 526k Shares at EU121/Share ▪ Dufry to Reorganize, Shrink Executive Committee to Reduce Costs ▪ European Bank Dividends May Face Regulatory Curbs Until 2021 ▪ Equinor to Conduct Review of U.S. Business, Chairman Says ▪ France to Provide EU15b of Aerospace Support: Radio Classique ▪ Essilor May Revisit GrandVision If EC Requests Too Onerous: CTFN ▪ Generali Is Said to Explore Options for Swiss Insurance Business ▪ Europe Warned Against Free Virus Bailouts for Zombie Banks ▪ Goldman Sachs Lifts Unibail- Rodamco-Westfield Stake to 10%: AMF ▪ European Banks Are Set for Relief on Sovereign Bond Holdings ▪ Intesa’s UBI Deal Gets Bank of Italy’s Prior Authorisations ▪ Fiat Chrysler Wins Trade Case Against Mahindra Over Jeep Copy ▪ Just Eat Takeaway to Buy Grubhub in All-Stock Deal ▪ Inditex Delays Extraordinary Dividend Payment ▪ Kahoot! Offering Prices 24m Shares at NOK35.50/Share ▪ Intesa May Dispose of 100 More Branches in UBI Deal: Sole ▪ Kretinsky Increases ProSieben Stake to 12%: Sueddeutsche Zeitung ▪ OTP Buys Back Shares Amid Steepest Weekly Fall Since Mid-March ▪ Lufthansa Says Has up to 26,000 Surplus Employees: Reuters ▪ Safran CEO Sees Long-Term Air Traffic Growth of 4%-5%/ Year ▪ Nokia Continues C-Suite Overhaul With 5G Fortunes at Stake ▪ Segro GBP650M Share Sale Order Book Is Covered: Terms ▪ Ocado Group Offering Shares, Convertible Bonds Worth GBP1b ▪ Sodexo to Drop Out of CAC 40 in Review; Teleperformance to Join ▪ PSA and Fiat-Chrysler Face Full-Scale Antitrust Probe: FT ▪ Telxius to Buy Telefónica Deutschland Sites For EU1.5b ▪ Soitec Cuts Outlook for FY2022 Sales, Cites Coronavirus Pandemic

Equities Monitor Upgrades Downgrades + Ageas SA/NV Raised to Buy at ING; PT 45 euros - Accor Cut to Sell at Bryan Garnier; PT 31 euros + Also Rated New Add at Baader Helvea; PT 254 Swiss francs - Alfa Laval cut to underweight at Barclays; PT 170 kronor + Altia raised to buy at SEB Equities; PT 9 euros - Ashmore Cut to Underperform at BofA; PT 400 pence + Amundi Rated New Buy at SocGen; PT 78.50 euros - ASML Cut to Sell at DZ Bank; PT 258 euros + Anglo American Raised to Outperform at BMO - BASF Cut to Sell at M.M. Warburg; PT 52 euros + Axfood Raised to Hold at Danske Bank Markets; PT 200 kronor - Elior Group cut to underperform at Bernstein; PT 5.90 euros + Cofinimmo raised to buy at Berenberg; PT 145 euros - EQT cut to sell at Citi + ConvaTec raised to outperform at RBC; PT 245 pence - Ferrexpo cut to sell at Citi + DSV Panalpina raised to buy/buy at Goldman/Handelsbanken; PT 869/850 kroner - Finnair Cut to Sell at Inderes; PT 65 euro cents + DWS Rated New Buy at SocGen; PT 40 euros - IAG cut to market perform at BBVA; PT 335.48 pence + Epiroc raised to hold at Deutsche Bank; PT 105 kronor - Johnson Matthey cut to hold at Deutsche Bank; PT 2,200 pence + Givaudan Raised to Equal-Weight at Morgan Stanley - Maersk cut to hold at ABG; PT 7,800 kroner + Kety raised to buy at Wood & Company; PT 473 zloty - Michelin cut to equal-weight at Barclays; PT 105 euros + Korian Raised to Buy at Oddo BHF; PT 37.50 euros - MTU Aero cut to hold at HSBC; PT 170 euros + Lancashire raised to overweight at Barclays; PT 900 pence - NH Hotel Cut to Underperform at BBVA; PT 3.08 euros + LSR Group GDRs raised to overweight at JPMorgan; PT $2.40 - Randstad cut to neutral at Citi; PT 41 euros + Paragon Raised to Buy at Investec; PT 425 penc - Straumann cut to hold at Jefferies; PT 750 Swiss francs + Sanofi raised to buy at Intron Health; PT 120 euros - Synthomer cut to hold at Peel Hunt; PT 325 pence + Suez SA raised to equal-weight at Morgan Stanley; PT 12 euros - Telecom Italia cut to neutral at JPMorgan; PT 41 euro cents + Tele2 raised to buy at Berenberg; PT 136 kronor - Teleperformance cut to equal-weight at Morgan Stanley + Valeo raised to overweight at Barclays; PT 30 euros - Unibail cut to underweight at JPMorgan; PT 58 euros + Veolia raised to overweight at Morgan Stanley; PT 26 euros - VTB GDRs cut to hold at SocGen; PT $1.10 + X5 Retail GDRs raised to overweight at Alfa-Bank; PT $37.80 - Wendel SE cut to neutral at Citi Weekly Market Commentary & Strategy

Oil's Brief Oil price had its weekly decline, amid fears of second wave of U.S. infections and stockpiles data which climbed to a record high. "Global oil demand will go back to 95% of pre-pandemic levels by the end of 2020, unless there is a significant second wave of coronavirus infection, according to Mercuria Energy Group." Exxon will delay its Beaumont refinery expansion, which is suppose to be the biggest refinery in the U.S. The firm seeking to save cash amid pandemic. Barclays increased its oil price forecast by $4/bbl to $41 bbl and $37 bbl for Brent and WTI, respectively. The bank sees slow recovery in prices.

Asia / EM Brief Bank of Japan yield curve control policy, which was successful enough to keep borrowing rate close to zero when debt-to-GDP soaring , admired by both U.S. Federal Reserve and Australia central bank that tried their own variety. BOJ strategy so far performed better than quantitative easing. The Bank of Thailand said that their currency price movement is in line with regional peers, different statement from their concern about the baht's appreciation. IMF has warned that Ukraine pandemic recovery can take up to four years, due to governments limited fiscal space and weak consumer demand. India's inflation is behind the central bank forecast, slipping to 5.6% y/y vs estimated 5.9% y/y, in April, due to lower fuel prices and acceleration in food supply amid bumper spring harvest.

Private Equity's Brief Retail real estate investment will have a bumpy road ahead, as malls are under pressure, according to Blackstone President Jon Gray. Apollo, which opened an office in Mumbai in 2008, seeking to start its own credit investment business in India. The firm is planning to stop putting new money into Aion Capital, which the firm invested on in 2011 as the strategic partnership with ICICI Venture. Facebook, the social-media giant, is establishing a venture arm to invest in start-ups, according to Axios. The multi-million fund will invest in private companies alongside VC and angel investors. PE investment into Indian real estate fell by 93% in the 1H of 2020, and perhaps wont pick up throughout this year amid pandemic, according to Knight Frank.

ETFs' Brief BlackRock is planning to launch a new kind of ETF, Precidian Investments' ActiveShares, that doesn’t report its holding on a daily basis. iShares iBoxx High Yield Corporate Bond fund, the largest junk bond ETF, had $3.5 billion inflows, the largest inflows ever, last week. As a result of Federal Reserve stimulus and hope for economic recovery. The U.S. Global Jet products attracted about $127 million cash, on Monday, as investors pile into aerospace stocks. BlackRock is aiming to offer the sustainable fund in Australia , since its market is quite advance in this space and will be in line with BlackRock's CEO strategy to tackle climate change. Weekly Market Commentary & Strategy

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Asset Class Name % Allocation (Dynamic) % Allocation (Balanced) % Allocation (Conservative) Cash (USD) S&P/BGC 3-6M US TBill TR 5 5 5 Bonds -Gov US iBoxx USD Treas TR 5 5 10 Bonds -Gov DE GERM REX PERFORMANCE IDX 5 5 10 Bonds -Agg Euro-Aggregate 5 20 25 Bonds - HY Liquid High Yield 10 10 5 S&P 500 S&P 500 Total Return 10 10 10 MSCI World MSCI Daily Net TR World 15 10 10 MSCI Europe MSCI Daily Net TR Europe 15 15 10 MSCI EM BRIC MSCI Daily TR Net EM BRI 5 5 0 MSCI EM Asia MSCI Daily TR Net Emergi 5 5 5 MSCI REIT MSCI WORLD REAL ESTATE 10 5 0 Gold Spot Gold Spot $/Oz 10 5 10 100 100 100 Weekly Market Commentary & Strategy

Bellatrix Fund Performance Change [%] 1 Week YTD 1 Yr. 3 Yrs. 5 Yrs. ARCHEA Fund-Europe-B1 -4.68 -11.22 -3.62 2.29 16.01 ARCHEA Fund-Patrimoine-B1 -3.76 -9.54 1.02 -4.55 -6.82 ARCHEA Fund-GlobIQ-B1 -3.81 -8.52 0.71 -6.83 - ARCHEA Fund-Spectrum-B1 0.25 -4.49 1.11 - - ARCHEA Fund-Nordam-B1 (USD) -4.32 2.45 14.99 24.46 45.34 ARCHEA Fund-Asia Innovators-B1 (USD) 0.46 11.27 13.72 - - ARCHEA Fund-Bond Selection-B1 -1.36 -8.33 -2.18 -0.80 7.73 HARVEST INV-Global Convertible-B -0.56 -1.23 4.14 9.94 16.81

The Week Ahead Key Economic Releases 06/10/2020 06/18 (CH) Foreign Direct Investment YoY CNY ,est.--, prior0.118 06/16/2020 11:00 (GE) ZEW Survey Expectations ,est.60, prior51 06/15/2020 03:30 (CH) New Home Prices MoM ,est.--, prior0.0042 06/16/2020 11:00 (GE) ZEW Survey Current Situation ,est.-82, prior-93.5 06/15/2020 04:00 (CH) Industrial Production YoY ,est.0.05, prior0.039 06/16/2020 11:00 (EC) ZEW Survey Expectations ,est.--, prior46 06/15/2020 04:00 (CH) Industrial Production YTD YoY ,est.-0.03, prior-0.049 06/16/2020 14:30 (US) Retail Sales Advance MoM ,est.0.074, prior-0.164 06/15/2020 04:00 (CH) Retail Sales YoY ,est.-0.023, prior-0.075 06/16/2020 14:30 (US) Retail Sales Ex Auto MoM ,est.0.055, prior-0.172 06/15/2020 04:00 (CH) Retail Sales YTD YoY ,est.-0.135, prior-0.162 06/16/2020 14:30 (US) Retail Sales Ex Auto and Gas ,est.0.04, prior-0.162 06/15/2020 04:00 (CH) Surveyed Jobless Rate ,est.0.059, prior0.06 06/16/2020 14:30 (US) Retail Sales Control Group ,est.0.06, prior-0.153 06/15/2020 06:30 (JN) Tertiary Industry Index MoM ,est.-0.075, prior-0.042 06/16/2020 15:15 (US) Industrial Production MoM ,est.0.03, prior-0.112 06/15/2020 08:30 (EC) Bloomberg June Eurozone Economic Survey ,est., prior 06/16/2020 15:15 (US) Capacity Utilization ,est.0.668, prior0.649 06/15/2020 08:35 (GE) Bloomberg June Germany Economic Survey ,est., prior 06/16/2020 15:15 (US) Manufacturing (SIC) Production ,est.0.059, prior-0.137 06/15/2020 08:40 (FR) Bloomberg June France Economic Survey ,est., prior 06/16/2020 16:00 (US) Business Inventories ,est.-0.008, prior-0.002 06/15/2020 08:45 (IT) Bloomberg June Italy Economic Survey ,est., prior 06/16/2020 16:00 (US) NAHB Housing Market Index ,est.43, prior37 06/15/2020 09:30 (UK) Bloomberg June United Kingdom Economic Survey ,est., prior 06/16/2020 (JN) BOJ Policy Balance Rate ,est.-0.001, prior-0.001 06/15/2020 10:00 (IT) CPI FOI Index Ex Tobacco ,est.102.4, prior102.5 06/16/2020 (JN) BOJ 10-Yr Yield Target ,est.0, prior0 06/15/2020 10:00 (IT) CPI EU Harmonized YoY ,est.-0.002, prior-0.002 06/17/2020 01:50 (JN) Trade Balance ,est.-1051800000000, prior-930400000000 06/15/2020 10:30 (IT) General Government Debt ,est.--, prior2431100000000 06/17/2020 01:50 (JN) Trade Balance Adjusted ,est.-675100000000, prior-996300000000 06/15/2020 11:00 (EC) Trade Balance SA ,est.--, prior23500000000 06/17/2020 01:50 (JN) Exports YoY ,est.-0.261, prior-0.219 06/15/2020 11:00 (EC) Trade Balance NSA ,est.--, prior28200000000 06/17/2020 01:50 (JN) Imports YoY ,est.-0.207, prior-0.072 06/15/2020 14:30 (US) Empire Manufacturing ,est.-30, prior-48.5 06/17/2020 08:00 (UK) CPIH YoY ,est.0.007, prior0.009 06/15/2020 22:00 (US) Net Long-term TIC Flows ,est.--, prior-112600000000 06/17/2020 08:00 (UK) CPI MoM ,est.0, prior-0.002 06/15/2020 22:00 (US) Total Net TIC Flows ,est.--, prior349900000000 06/17/2020 08:00 (UK) CPI YoY ,est.0.005, prior0.008 06/16/2020 08:00 (GE) Wholesale Price Index YoY ,est.--, prior-0.035 06/17/2020 08:00 (UK) CPI Core YoY ,est.0.013, prior0.014 06/16/2020 08:00 (GE) Wholesale Price Index MoM ,est.--, prior-0.014 06/17/2020 08:00 (UK) Retail Price Index ,est.292.8, prior292.6 06/16/2020 08:00 (UK) Claimant Count Rate ,est.--, prior0.058 06/17/2020 08:00 (UK) RPI MoM ,est.0.001, prior0 06/16/2020 08:00 (UK) Employment Change 3M/3M ,est.-120000, prior210000 06/17/2020 08:00 (UK) RPI YoY ,est.0.013, prior0.015 06/16/2020 08:00 (GE) CPI EU Harmonized MoM ,est.0, prior0 06/17/2020 08:00 (UK) PPI Output Core NSA MoM ,est.0, prior-0.001 06/16/2020 08:00 (GE) CPI EU Harmonized YoY ,est.0.005, prior0.005 06/17/2020 08:00 (UK) PPI Output Core NSA YoY ,est.0.005, prior0.006 06/16/2020 08:00 (GE) CPI MoM ,est.-0.001, prior-0.001 06/17/2020 08:00 (EC) EU27 New Car Registrations ,est.--, prior-0.763 06/16/2020 08:00 (GE) CPI YoY ,est.0.006, prior0.006 06/17/2020 10:00 (IT) Industrial Sales WDA YoY ,est.--, prior-0.252 06/16/2020 11:00 (EC) Labour Costs YoY ,est.--, prior0.024 06/17/2020 10:00 (IT) Industrial Sales MoM ,est.--, prior-0.258 Weekly Market Commentary & Strategy

The Week Ahead Key Economic Releases 06/17/2020 10:00 (IT) Industrial Orders NSA YoY ,est.--, prior-0.266 06/19/2020 10:00 (IT) Current Account Balance ,est.--, prior4136000000 06/17/2020 10:00 (IT) Industrial Orders MoM ,est.--, prior-0.265 06/19/2020 10:00 (EC) ECB Current Account SA ,est.--, prior27400000000 06/17/2020 11:00 (EC) Construction Output MoM ,est.--, prior-0.141 06/19/2020 14:30 (US) Current Account Balance ,est.-102300000000, prior-109800000000 06/17/2020 11:00 (EC) Construction Output YoY ,est.--, prior-0.154 06/19/2020 (CH) FX Net Settlement - Clients CNY ,est.--, prior84900000000 06/17/2020 11:00 (EC) CPI YoY ,est.0.001, prior0.003 06/19/2020 06/25 (UK) CBI Trends Total Orders ,est.-50, prior-62 06/17/2020 11:00 (EC) CPI MoM ,est.-0.001, prior-0.001 06/19/2020 06/25 (UK) CBI Trends Selling Prices ,est.--, prior-20 06/17/2020 11:00 (EC) CPI Core YoY ,est.0.009, prior0.009 06/17/2020 13:00 (US) MBA Mortgage Applications ,est.--, prior0.093 06/17/2020 14:30 (US) Building Permits ,est.1260000, prior1074000 06/17/2020 14:30 (US) Building Permits MoM ,est.0.182, prior-0.208 06/17/2020 14:30 (US) Housing Starts ,est.1100000, prior891000 06/17/2020 14:30 (US) Housing Starts MoM ,est.0.235, prior-0.302 06/18/2020 01:50 (JN) Japan Buying Foreign Bonds ,est.--, prior1065500000000 06/18/2020 01:50 (JN) Japan Buying Foreign Stocks ,est.--, prior157400000000 06/18/2020 01:50 (JN) Foreign Buying Japan Bonds ,est.--, prior-738800000000 06/18/2020 01:50 (JN) Foreign Buying Japan Stocks ,est.--, prior268700000000 06/18/2020 03:00 (CH) Swift Global Payments CNY ,est.--, prior0.0166 06/18/2020 06:00 (JN) Tokyo Condominiums for Sale YoY ,est.--, prior-0.517 06/18/2020 10:00 (EC) ECB Publishes Economic Bulletin ,est., prior 06/18/2020 10:00 (IT) Trade Balance EU ,est.--, prior603000000 06/18/2020 10:00 (IT) Trade Balance Total ,est.--, prior5685000000 06/18/2020 13:00 (UK) Bank of England Bank Rate ,est.0.001, prior0.001 06/18/2020 13:00 (UK) BOE Asset Purchase Program Total ,est.745000000000, prior645000000000 06/18/2020 14:30 (US) Philadelphia Fed Business Outlook ,est.-25, prior-43.1 06/18/2020 14:30 (US) Initial Jobless Claims ,est.1300000, prior1542000 06/18/2020 14:30 (US) Continuing Claims ,est.19800000, prior20929000 06/18/2020 15:45 (US) Bloomberg Economic Expectations ,est.--, prior29 06/18/2020 15:45 (US) Bloomberg Consumer Comfort ,est.--, prior38.7 06/18/2020 16:00 (US) Leading Index ,est.0.024, prior-0.044 06/19/2020 01:30 (JN) Natl CPI YoY ,est.0.002, prior0.001 06/19/2020 01:30 (JN) Natl CPI Ex Fresh Food YoY ,est.-0.001, prior-0.002 06/19/2020 01:30 (JN) Natl CPI Ex Fresh Food, Energy YoY ,est.0.005, prior0.002 06/19/2020 08:00 (UK) Public Finances (PSNCR) ,est.--, prior89500000000 06/19/2020 08:00 (UK) Central Government NCR ,est.--, prior63500000000 06/19/2020 08:00 (UK) Public Sector Net Borrowing ,est.49300000000, prior61400000000 06/19/2020 08:00 (UK) PSNB ex Banking Groups ,est.50000000000, prior62100000000 06/19/2020 08:00 (GE) PPI MoM ,est.-0.003, prior-0.007 06/19/2020 08:00 (GE) PPI YoY ,est.-0.021, prior-0.019

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