A NEW Banking Scandal About Dirty Money

WORLD MSCI WORLD INDEX MARKET S -1.74 %▼

One stop-shop for market The Intelligent asset Alocator Black Sea & Eurasia watchers by William Bernstein Countries in the Spotlight See at a glance the weekly performance of A practical guide teaching you how to Politics, Economy, Capital Markets, the main indices of world stock markets build your portfolio to maximize Trade Balance, Opinion, Analysis, across five continents. p.2 &15 returns and minimize risk p. 5 News & Data p.10-11

NAGORNO-KARABAKH: At least 16 military GREECE: US Secretary of State Mike members and several civilians were killed on Sunday Pompeo visits Greece on Monday in the heaviest clashes between Armenia and Azerbai - (Sep.28) to discuss bilateral relations as UK: Anti-lockdown protests jan since 2016. well as recent tensions in the East Med. took place in London on Saturday with people chant - ing "Freedom!”. Similar protests were held in other European cities. An ICIJ InvestigationFinCEN Files

RUSSIA: Speaking at a UN Security Council meeting on Thursday, Russian Foreign Minister Sergei Lavrov said that the coronavirus increased global tensions. NEW Banking Scandal About Dirty Money n ICIJ investigation reveals the role of global country’s unique position in the global economy, that re - banks in industrial-scale money laundering. porting goes well beyond U.S. borders. Britain-based A Leaked documents showed lenders transferred HSBC Holdings Plc, Standard Chartered Plc, and Barclays, more than $2 trillion in suspect funds over nearly two Germany's Deutsche Bank AG and Commerzbank AG PALESTINE: Rivaling par - decades.The files contain Suspicious Activity Reports CBKG.DE, and U.S.-headquartered JPMorgan Chase & ties Hamas and Fatah have (SARs) filed with the U.S. Department of Treasury’s Fi - Co and Bank of New York Mellon Corp were among the agreed to hold the first Pales - nancial Crimes Enforcement Network, or FinCen, between banks named in the report by the International Consortium tinian elections in nearly 15 1999 and 2017. FinCEN receives suspicious activity re - of Investigative Journalists (ICIJ) and based on leaked doc - years, officials from both ports only from banks operating in the U.S., but due to the uments obtained by BuzzFeed News. sides told AFP on Thursday. 2.P WORLD MARKETS DASHBOARD 4.99 % 1.75 % -0.63 % 1.11 % -2.74 % -1.31 % 1.35 % 1.57 % 4.93 % 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 Sept.21- 25, 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 -5.59% 2. BELGIUM BEL20 -6.29% 3. BULGARIA SOFIX -0.56% 4. CROATIA CROBEX 0.41% 5. CYPRUS CYMAIN -5.76% 6. CZECH REPUBLIC PX -1.11% 7. DENMARK OMXC20 -0.75% 8. ESTONIA OMX TR -2.31% 9. FRANCE CAC40 -4.99% 10.GERMANY DAX -4.93% 11.GREECE ATHEX AGD 6.17% 12.HUNGARY BUX -4.94% 13.ITALY FTSE MIB -4.23% AMERICAS 14.LITHUANIA OMX V -2.42% 1. ARGENTINA: MERVAL 1.35% 15.NETHERLANDS AEX -1.80% 2. BRAZIL: BOVESPA -1.31% 16.NORWAY HEX -3.41% 3. CANADA:TSX COMP -0.82% 17.POLAND WIG20 -3.33% 4. CHILE: IPSA -3.77% 18PORTUGAL PSI20 -6.04% 19.ROMANIA BET -1.69% 5. COLOMBIA: COLCAP -2.92% 20.RUSSIA MOEX -1.86% 6. JAMAICA: JSE COMP 1.41% 21.SPAIN IBEX35 -4.35% 7. MEXICO:IPC 1.57% 22.SWEDEN OMXS30 -2.81% 8. PERU: S&P LIMA GENERAL -0.91% 23.SWITZERLAND SMI -3.06% 9. VENEZUELA IBC 0.52% 24.UK FTSE100 -2.76% 10.USA: S&P 500 -0.63% 11.USA: DJIA -1.75% 12.USA:NASDAQ 1.11%

USA - New Jersey ( MEMX ) AUSTRIA - Vienna ( ATX ) Rival to NYSE,NASDAQ Launched ATX Wins Largest Romanian Broker The Members Exchange (MEMX), incumbent exchanges, went live Vienna Stock Exchange welcomed Exchange. The only publicly listed a new exchange group backed by trading seven symbols, including a new international trading mem - Romanian broker plays a key role Wall Street banks, electronic-trading Alphabet Inc, ber. BRK Financial Group (BRK) in the development of the local cap - firms and asset-management giant BlackBerry Ltd, and Exxon Mobil was admitted to trading as of Sep. ital market. Including BRK, a total BlackRock Inc, launched on Mon - Corp and plans to begin trading all 14. of 85 banks and investment firms day (Sep.21). The new bourse U.S. stocks on Sept. 29. Founded in Formed in 1994, Romania's leading are currently admitted to trading on which traders and analysts expect it January 2019, MEMX has raised retail broker is one of the founding the Vienna Stock Exchange (na - to be a formidable competitor to the more than $135 million since then. members of the Bucharest Stock tional: 27, international: 58).

P.2 WORLD MARKETS WEEKLY IN FOCUS P. 3 Brent crude dropped almost 3% during the week while WTI fell 2.6%, the Oil,gold prices down third weekly loss. Gold tumbled 4.9% on the week, the steepest weekly decline since March 13. as worries mount Oil prices fell this week as concerns over fuel demand recovery mounted. Pressuring prices further were worries $ 41.86 $ 40.25 $1.866.3 about the resumption of exports from 25 /09 /2020 25/09 /2020 25 /09 /2020 Libya. On Sep. 22, Libya’s National Oil Corporation NOC announced the lifting of force majeure on crude load - ings. Gold also fell amid concerns about the world economic recovery. EUROPE from the Editor VIE W 1. AUSTRIA ATX -5.59% RED GREEN 2. BELGIUM BEL20 -6.29% 3. BULGARIA SOFIX -0.56% Market prices 4. CROATIA CROBEX 0.41% JOBS CASH 5. CYPRUS CYMAIN -5.76% in the terrible 6. CZECH REPUBLIC PX -1.11% 7. DENMARK OMXC20 -0.75% state of the 8. ESTONIA OMX TR -2.31% Some 77% of people dis - placed by conflicts have lost Thailand's cabinet on Tues - 9. FRANCE CAC40 -4.99% day approved cash handouts economy a job or revenue since the be - Danae Kyriakopoulou 10.GERMANY DAX -4.93% ginning of the coronavirus, a worth 51 billion baht ($1.6 orld stocks were mostly in a Chief economist OMFIF 11.GREECE ATHEX AGD 6.17% survey by the Norwegian billion) in a bid to boost do - sea of red this week as Refugee Council (NRC) mestic consumption. 12.HUNGARY BUX -4.94% W volatility remains high. showed on Monday. Govts drain 13.ITALY FTSE MIB -4.23% Market participants aren’t expect - 14.LITHUANIA OMX V -2.42% ing this turbulence to die down any REAL ESTATE $137 billion 15.NETHERLANDS AEX -1.80% time soon. Re-escalating tensions SILVER 16.NORWAY HEX -3.41% between the United States and China, elevated eco - from SWFs 17.POLAND WIG20 -3.33% overnments around the world nomic and political un - National Association of Real - tapped into sovereign wealth 18PORTUGAL PSI20 -6.04% certainty, The price of silver went down tors announced on Tuesday funds in the second quarter, 19.ROMANIA BET -1.69% unemployment levels, G by 3.25% to sell for $23.60 the existing home sales in the smashing the piggy banks for crisis Brexit concerns, the 20.RUSSIA MOEX -1.86% per ounce on Wednesday, its US grew 10.5% y-o-y in Au - money, according to the Global SWF reestablishment of re - 21.SPAIN IBEX35 -4.35% lowest levels since July 30 as gust, the highest level since study. Kyriaki strictions in some coun - 22.SWEDEN OMXS30 -2.81% the US dollar remainedstrong December 2006. The specialist research house found Balkoudi tries and the elusive US 23.SWITZERLAND SMI -3.06% Editor against major currencies. 24 governments covering “all six con - fiscal relief package con - tinents” drained a collective US$137 24.UK FTSE100 -2.76% tinued to feed the bears. AVIATION billion from sovereign wealth funds as Shocking economic data shows the PMI the crisis intensified. world’s largest economy has sunk, Sovereign investment vehicles housed and real inflation has shot up. On in Norway (NBIM) and Singapore Wednesday, Yelp released its latest The number of Chinese domes - (GIC) saw the largest nominal with - Economic Impact Report revealing The flash Eurozone Composite tic air travelers increased to a drawals – of US$37 billion and a flurry of business closures across Purchasing Managers’ Index yearly high in August as the US$36 billion, respectively. But “the the US: 163,735 businesses have (PMI), produced by IHS Markit, figure reached 45.5 million for situation is most critical in Emerging closed down since the beginning of pointed to a further slowdown in the month, official data re - Markets and including Africa and the Covid-19 and 60% of these growth momentum in Septem - vealed on Tuesday. The figure Latin America, where some funds business closures are permanent. ber. The index declined to 50.1 marked a jump of 16.5% com - may get exhausted altogether”, the re - “Each day from now until Novem - in September from 51.9 in Au - pared to July. port said. “Peru’s FEF and Colombia’s ber is going to get more and more gust, marking the softest reading FAEP, which have been around for concerning, and more and more in three months. 20+ years, may have their days num - decisive, and more and more diffi - INDUSTRY bered.” Danae Kyriakopoulou, chief cult,” Barry Diller, the former CEO economist at the OfficialMonetary DEBT and Financial Institutions Forum, said of Fox and Paramount Pictures told in the report that governments faced a CNBC this week and urged in - tricky balancing act with sovereign vestors to save cash. Industrial activity in Japan advanced by 1.3% in July on wealth funds as Covid-19 financial Meanwhile, The United Nations The U.S. Congressional a monthly basis, with the sea - pressures mount. “On the one hand, said in a report that a repeat of the Budget Office stated in its sonally adjusted Index of All they’re future generation funds, so cost-cutting conducted by govern - yearly report published on Industry Activity landing at they’re being saved for the future to ments after the financial crisis Monday that the country's 95.1, according to a report re - maintain that wealth,” Kyriakopoulou of 2008-09 would choke off recov - public debt is estimated to leased by the Ministry of said. “But on the other hand, they’re ery and risk a double-dip recession amount to 98% of GDP at the Economy, Trade, and Indus - rainy day funds – and if you don’t use in 2022. Plus, there are a lot of dif - end of the year. try on Wednesday. them now, when you have a storm, ferent unknowns out there. when are you going to use them?” P.2 WORLD MARKETS WEEKLY WORLD MARKETS WEEKLY P.3 .4.P AFRICA TOPICS IN BRIEF MARKETS REVIEW Politics & Elections Heightened investor anxiety MSCI -Bah Ndaw was named as Mali's in - ▶ South Africa -2.46 % terim President on Monday (Sep.21) . weighs on stocks Coup leader Assimi Goïta was ap - ▶ EFM Africa EX SA -0.07 % pointed as Vice President. African stock markets fell 0.50%. Namibia's Overall Index -People in major Cameroonian cities sharply on Monday in line with moved up 0.50%. In Mauritius (Note: Weekly Change %) took to the streets on Tuesday rest of the world. The South the ASI depreciated by 0.34%. (Sep.22) demanding the resignation Africa FTSE/JSE Africa All Zimbabwe's ASI weakened NEWS TO WATCH of President Paul Biya. Shares plunged 2.48% while 0.11%. Stocks experienced International Relations Namibia's Overall Index shrunk losses on Thursday. Egypt’s Ghana to list gold by 2.99%. Rwanda’s ASI was EGX30 depreciated by 0.62%. - Egypt, Israel, Greece, Cyprus, Italy royalty fund down 0.18%. In Mauritius, the Lusaka’s ASI fell 0.28%. Nige - and Jordan established the East Ghana is planning a listing of its Mediterranean Gas Forum (EMGF) ASI weakened 0.37%. Tunisia’s ria’s ASI grew 0.79 while in gold royalty fund on the London as an intergovernmental organization TUNINDEX fell 0.50% and Mauritius the ASI depreciated Stock Exchange in October, Reuters in a virtual ceremony hosted by Cairo Zimbabwe's ASI depreciated by by 0.16%. reported on Sep.21 citing three on Tuesday, seeking to promote nat - 0.27%. Nigeria’s ASI bucked Tunisia’s TUNINDEX fell sources familiar with the matter. The ural gas exports from the eastern the trend closing up 0.01%. 0.53% and Zimbabwe's ASI country, which is Africa’s largest Mediterranean. Stocks closed mostly lower on weakened 0.12%.Nairobi out - gold producer, wants to take advan - - Egyptian President Abdel Fattah El- Tuesday. Egypt’s EGX30 performed with the ASI ad - tage of the yellow metal’s strong Sisi on Wednesday held crisis talks gained 0.48%. vancing 0.06%. Heading into performance this year to raise $400 with the commander of the Libyan The South Africa FTSE/JSE the weekend stock markets million-$500 million from the IPO, National Army (LNA), Khalifa Africa All Shares dropped closed mixed on Friday. The the sources said. The fund’s shares Haftar, and parliament speaker, 0.10% while Nigeria’s ASI rose South Africa FTSE/JSE Africa will also be listed on the Ghanaian Aguila Saleh, on latest developments 0.31%. Nairobi’s ASI gained All Shares declined 1.22% Stock Exchange. However, the deal in the Libya conflict. The meeting in 0.16% and Namibia's Overall while Namibia's Overall Index could run into political opposition Cairo followed a surprise visit to the Index declined 0.61%. In Mau - fell 1.09% and Tunisia’s ahead of a December general elec - Egyptian capital by Haftar and Saleh ritius the ASI depreciated by TUNINDEX moved up tion, the sourcesadded.“It’s gen - on Tuesday, Arab News 0.10%. Tunisia’s TUNINDEX 0.18%.Nigeria’s All-Share uinely 50-50 at the moment, but if reported. fell 0.53% and Zimbabwe's ASI Index grew by 1.28 per cent to the local politics works out, the deal - Sudanese-US negotiations on the weakened 0.65%. Equities in the cross 26,000 mark. The market is ready to go this year,” said one of African country normalizing its region turned in a mixed per - capitalisation grew by N173 the sources. relations with Washington as well as formance on Wednesday. billion to close at N13.754 tril - Israel ended Wednesday without a Egypt’s EGX30 gained 0.15%. lion, from N13.581 trillion on DBN settles its ﬁrst bond breakthrough, Axios reported. The South Africa FTSE/JSE Thursday. In all, the volume of The Development Bank of Namibia Africa All Shares advanced shares traded dipped 6.66 per (DBN) has confirmed the settlement Armed attacks 1.85% while Nigeria’s ASI rose cent. of DBN20, the first bond the bank Militant attacks in northern Mozam - issued under its N$2.5 billion bique are causing thousands of people AFRICAN BUSINESS HIGHLIGHTS Medium-Term Note Programme to go hungry as they flee their homes listed on the Namibian Stock Ex - and abandon farms, the U.N. World change. In a statement issued by the Food Programme (WFP) warned on FINANCIAL DBN on Sep.23, 2020, the bank said Tuesday. the bond matured on 4 September of stock market 2020 and settlement of the bond transactions ▪ BOA CAPITAL went smoothly and successfully. At CHART of the WEEK will be carried maturity, it had 38 bondholders, Launches out online. He Sept. 2020 consisting 37 Namibian entities and encourages Boaks●dCiRrDect one foreign entity other SGIs to oa Capital Securities, 11.5 % follow th etrend launched on Sept. 16 its on - Angola secures B and complete line trading platform, the first of its their digitiza - $6.2 bn debt relief kind on the Bourse Régionale des tion latest by Angola will get a debt-relief pack - Valeurs Mobilières SA (BRVM). • K January 2021. Founded in 1997, age worth $6.2 billion, which will The platform will allow users to Source: CENTRAL BANG NIGE RIA BOA CAPITAL SECURITIES is be implemented over the next three access the BRVM stock market in an approved intermediation com - years, the International Monetary ● Nigeria Interest Rate just a few clicks and from any lo - pany member of the Regional Fund (IMF) said in a report re - The Central Bank of Nigeria unex - cation to directly place stock mar - Stock Exchange (BRVM). Based leased on Monday. The Washing - pectedly slashed its monetary pol - ket orders, consult their portfolio in Côte d'Ivoire and Benin, it is ac - ton-based institution also warned icy rate by 100 bps to 11.5% on 24 hours a dTarya n and benefit from tive in all UEMOA countriesThe that vulnerabilities remain since Sep. 22, bringing borrowing costs rich financial information about Bourse Régionale des Valeurs Mo - debt can be easily affected by oil to the lowest since 2016. This was the WAEMU zone. “The online bilières SA (BRVM) is a regional price volatility. Angola, an African the second rate cut this year and stock exchange makes it possible stock exchange serving the follow - oil exporter, has been hugely af - came even as inflation has been among other advantages to im - ing West African countries: Benin, fected by a drop in crude oil prices. above target since 2015. According prove marke●t lWique idity and reduce Burkina Faso, Guinea-Bissau, “Debt dynamics are highly sensi - to officials, the cut will provide transaction costs,” said Dr. Edoh Ivory Coast, Mali, Niger, Senegal tive to further oil-price volatility ” cheaper credit to improve aggre - Kossi Amenounvé, CEO of the and Togo. (Picture: Dr. Edoh Kossi the report said . gate demand, boost output, reduce BRVM who hopes that by 2020, at unemployment. least 10% Amenounvé, CEO of the BRVM)

P.4 WORLD MARKETS WEEKLY BOOK to READ Thinking Fast and Slow A groundbreaking tour of the mind

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P.4 WORLD MARKETS WEEKLY WORLD MARKETS WEEKLY 21-27 Sept. 2020 P.5 .

6.P AMERICAS TOPICS IN BRIEF MARKETS REVIEW International Relations September woes continue and MSCI - U.S. Secretary of State Mike ▶ North America -0.60 % Pompeo announced on Monday equities struggle (Sep. 21) the imposition of an arms ▶ EM Latin America -6.02 % will provide support as long as embargo on the Iranian Ministry of CANADA: Energy and materials needed and that the path ahead (Note: Weekly Change %) Defence and Armed Forces Logis - stocks suffered the biggest declines “continues to be highly uncer - tics and other entities involved in in response to falling oil and gold tain.” Furthermore, the likeli - NEWS TO WATCH Iran's nuclear programme. Iranian prices. Canadian markets were hood of more US fiscal stimulus President Hassan Rouhani said on mostly unchanged in reaction to the withered. Next year to be brutal Saturday that the sanctions im - federal government’s Speech from posed by the United States in - the Throne. Prime Minister Justin LATAM: Stocks in Brazil, as for greenback flicted have cost the country Trudeau set out his government's measured by the Bovespa Index, Yale University senior fellow billions of dollars. agenda Wednesday in an exhaus - returned -1.31%. During the Stephen Roach sees a collapse of - Peru's Minister of Foreign Trade tive speech, which outlined the week, Brazil reported a solid cur - the US dollar by the end of 2021. He and Tourism, Rocío Barrios an - government's agenda for the future. rent account surplus for the told CNBC that his “seemingly nounced on Saturday the resump - With the mantra, month of August. Mexican crazed idea” that the dollar will tion of international flights on Oct. "This is not a time for austerity," the stocks, as measured by the IPC crash shouldn’t seem so crazy any - 5, following a six month cease. speech promised to create a million Index, returned 1.57%. more. According to him, “The cur - jobs for Canadians through a mix On Thursday, the Mexican cen - rent account deficit in the United Law & Crime of programmes. tral bank cut its benchmark inter - States, which is the broadest meas - - The Dominican Republic as - est rate for the eleventh straight ure of our international imbalance USA: The Dow and S&P 500 sumed on Friday the presidency of meeting, reducing it 25 basis with the rest of the world, suffered Index suffered a fourth-straight the Inter-American Committee points to 4.25% and bringing a record deterioration in the second week of losses with the S&P Against Terrorism (CICTE). borrowing costs to its lowest quarter.” 500, the bellwether of the large- Politics & Elections cap US flirting with a 10% cor - since August of 2016. "An envi - Hedge funds see rection. ronment of uncertainty and -Colombian workers and students downside risks still prevails," al - opportunity in RE protested against the social and eco - The fall was led by the energy and materials sectors as com - though the economy has begun Direct commercial real estate in - nomic policies of President Ivan to recover after a sharp contrac - Duque on Monday, Reuters re - modity prices came under pres - vestment fell 29 percent globally to tion triggered by the coronavirus ported. sure. The financials sector was $321 billion in the first six months outbreak, the bank said. - US House of Representatives also weak. Jobs data came out of 2020 compared to the year-ear - The Mexican economy, the sec - passed a bipartisan stopgap funding worse than expected, with initial lier period, according to data from ond biggest in Latin America, bill on Wednesday in an effort to jobless claims up by 4,000 to JLL. Investment volumes in the suffered a record 17.1% con - avoid a government shutdown on 870,000. Americas region saw the biggest Sept. 30, at the end of the US fiscal On the positive side, home sales traction in the second quarter of half-yearly decline, with a 37 per - year. surged 4.8% MoM in August the year from the previous quar - cent fall. Still, prominent hedge - Members of the Proud Boys and U.S. Federal Reserve Chair ter. The central bank warned last funds purchased shares in the sec - other right-wing demonstrators ral - Jerome Powell told Congress month that the Mexican econ - ond quarter in companies that rent lied Saturday in Portland, Oregon. that the economy has a long way omy is in danger of shrinking by residential real estate in urban mar - The US city has for months been the to go before it can fully recover. 12.8% for the whole of 2020. kets, buying in at beaten-down lev - site of protests that have at times de - He added that the central bank els and possibly betting on a faster volved into clashes and deadly rebound than Wall Street forecast. violence. AMERICAS BUSINESS HIGHLIGHTS Paraguay seeks to CHART of the WEEK RETAIL raise $292 million Paraguay is seeking congressional ico.Th e com - approval to issue bonds or take out ▪Mexico’s Soriana panywas fou- loans to fund housing, social wel - nded in1968, fare and Covid-19 response. The Q2 2020 to issue bonds is 100% cap - bill calls for raising up to $292 rganización Soriana plans italized in million by selling bonds in the -19.1 % O to issue MXN5 billion Mexico and local or international markets or ($223 million) in long-term ha sbeen pub - taking out loans from international SOURCE: Statistics Canada bonds in the local market along licly traded lenders , the Paraguayan Finance with MXN6 billion in short-term on the Mexi - Ministry said in a statement on ● Argentina GDP Plunges notes, raising money to refinance can stock ex - Thursday. Paraguay successfully The economy of Argentina shrank debt, according to a report from change issued and placed $450 million in 19.1% year-on-year in the second Fitch Ratings. Fitch assigned a (Bolsa Mexicana de Valores), 30-year sovereign bonds in Janu - quarter of 2020, compared with mar - AA+(mex) rating on the local since 1987. Soriana has opera - ary and then went on to sell $1 bil - ket expectations of a 19.6% drop. It scale to the long-term notes and tions established in 181 cities in lion in 10-year notes at 4.95% in was the sharpest contraction on an F1+(mex) to the short-term 32 Mexican states. In addition to April.One of the fastest growing record, deeper than a 16.3% drop notes, in line with Soriana's cor - its retail units, the Company of - during Argentina’s major 2002 crisis. Latin American countries during porate ratings, the rating agency fers online shopping and delivery most of this century. Paraguay is - The major grains producer has been said on Thursday evening. Sori - services, as well as money order sued $5.36 billion in international in recession since 2018. On a quar - ana is a grocery and department services. debt since 2013. terly basis, the GDP tumbled a store retail chain headquartered (Picture: Ricardo Martin Bringas record 16.2% in Monterrey, Nuevo León, Mex - CEO at Soriana)

PS.o6u r c e : I N D E C WORLD MARKETS WEEKLY .

ASIA & PACIFIC P. 7 TOPICS IN BRIEF MARKETS REVIEW Law & Crime MSCI -The Thai Ministry of Digital Econ - Choppy week but yuan omy and Society filed legal complaints ▶AC Asia Paciﬁc -3.17 % against Facebook and Twitter for ig - ▶Asia ex Japan -4.14 % noring requests to take down content, strengthens stood at 44.4 points Reuters reported on Tuesday. JAPAN: Equities declined less in September, soaring by 18.3 (Note: Weekly Change %) -Thousands of protesters, predomi - than many others in the holiday- points and reaching the highest nantly farmers, blocked roads and shortened trading week. The NEWS TO WATCH level since records began in 2013, railways in India on Friday to protest Japanese markets were closed on Germany's Centre for European legislation that would remove govern - Monday and Tuesday for Respect Vietnam lending rises Economic Research (ZEW) said ment-guaranteed grain prices which for the Aged Day and Autumnal on Tuesday. China’s central bank 4.81% are paid to farmers who sell their pro - Equinox Day, respectively. Newly left its loan prime rate, the refer - Vietnam reported a 4.81% increase duce to the government, as per Reuters. elected Prime Minister Yoshihide ence rate for new bank loans, on in bank lending as of Sept. 16 from Suga and Bank of Japan (BoJ) International Relations hold for the fifth straight month, the end of last year, the State Bank Governor Haruhiko Kuroda held of Vietnam said on Tuesday. The - China and India agreed on Sept.23 as expected. The yuan currency their first official meeting on central bank has previously said it not to send more troops to Ladakh rose to its highest level in more Thursday and agreed to commu - was targeting 11%-14% credit border, to avoid any actions that might than a year versus the U.S. dollar. nicate and work closely together growth for this year. The country’s complicate the tense situation there. in policy management. A day ear - AUSTRALIA: The local stock total money supply, M2, rose 7.58% - Chinese President Xi Jinping told lier, Kuroda said the country’s market dropped to a three-month as of Sept. 15 from end-2019. Japanese Prime Minister Yoshihide economy is still in severe situation low on Tuesday with the fall in Money Supply M2 in Vietnam aver - Suga he hoped for stronger coopera - and the inflation target is too far to commodity prices weighing on aged 2034652.10 VND Billion from tion between Beijing and Tokyo, modify the current monetary pol - resources stocks. ASX200 re - 1986 until 2019, reaching an all China Central Television quoted him icy. BoJ Board Members said on bounded 2.4% on Wednesday time high of 10573725 VND Billion on Friday. Thursday the central bank “will following four straight days of in 2019 and a record low of 112 - North Korea "seriously" warned not hesitate to take additional eas - losses as expectations of an Oc - VND Billion in 1986. Seoul against "intrusion" into its ter - ing measures if necessary." tober rate cut brightened the ritorial waters on Sunday amid a NAB 'signiﬁcant risk' CHINA: Stocks fell with the mood. Stocks dropped 1.7% on South Korean search operation for the Thursday as investors digested of easing body of its official, who was killed by benchmark Shanghai Composite news that Westpac will pay a Economists at National Australia North Korean soldiers three days ago, Index and CSI 300 Index experi - record fine of A$1.3 billion-the Bank said on Tuesday they see a according to North's official Korean encing their biggest weekly loss largest civil penalty in Australian "significant risk" of the Reserve Central News Agency (KCNA). since mid-July. Shanghai Stock Exchange warned investors on corporate history-to settle a Bank of Australia easing policy Armed Conflicts Monday against colluding to sup - money laundering case. further by cutting the cash rate, 3- Equities advanced on Friday year yield target and TFF rate by - Armenia and Azerbaijan declared press the price of initial public of - amid news that the federal gov - 15bps to 0.10% (from 0.25%). martial law and mobilized their ferings on its STAR Market. China Economic Panel (CEP) in - ernment would simplify bank “The RBA continues to signal fur - armed forces after clashes esca - ther monetary easing is likely,” lated over Nagorno-Karabakh re - dicator, which reflects the coun - lending rules to help people ob - NAB economists Alan Oster and gion, killing several people on try's macroeconomic develo- tain loans and boost the eco - Gareth Spence wrote in a note. Sunday, with both sides blaming pment over the coming year, nomic recovery. “While NAB remains of the view each other for escalating situation. that further monetary easing will Azerbaijan and Armenia have ASIA/PACIFIC BUSINESS HIGHLIGHTS clashed over control of the have only marginal impact on the Nagorno-Karabakh region since economy, the RBA continues to the early 1990s. WEALTH MNGMNT signal that it will do what it can to support the recovery.” Oster and CHART of the WEEK managing di - Spence also wrote they expect the ▪DEVON’s ne w rector, Slade RBA to announce outright QE pur - Aug. 2020 Robertson, chases in the 5-10 year area of the ESG fund said in the curve. $ 45.5 % ers Auckland-based Devon statement that A Funds has increased its retail the independ - China to boost stock product suite to six with the launch ent invest - market security of a new Australasian equities Sus - ment manag- tainability Fund. The new Fund aims China plans to implement stricter ment busi - means of control over stock market to generate capital growth over the ness had “al - SOURCE:MIN.ECONOMIC AFFAIRS long term by investing in those New irregularities, the country’s Premier ways taken Li Keqiang revealed on Wednes - Zealand and Australian listed com - significant steps to incorporate ESG ● Taiwan export orders day, according to the state media. panies that exhibit sustainable char - factors into our investment process”. Taiwan’s export orders rose 13.6% acteristics and which demonstrate Talking after an executive meeting, in August from a year earlier to Devon was established in March credible strategies to improve their 2010 when it acquired the asset man - Li unveiled that Beijing plans to $45.5 billion, setting a historic high outcomes with respect to Environ - agement business of Goldman Sachs focus on curbing market manipula - for the month. It was the sixth con - mental, Social and Governance JBWere NZ Limited, which was in - tion and insider trading. Doing so, secutive month of gains and the (ESG) factors. According to a re - corporated in September 1984, and along with ensuring the "quality" strongest since January 2018. Or - lease, Devon would engage with changed the name to Devon Funds of the listed firms will attract more ders from China for Taiwan’s companies looking to improve their Management Limited. "qualified foreigninvestment," the goods rose 21% in August from a ESG performance “to ensure they (Picture: Slade Robertson, Managing premier concluded. year earlier. deliver to expectations”. Devon Director at Devon Funds)

P.6 WORLD MARKETS WEEKLY W O R L D M A R K E T S W E E K L Y 2 1 -27 P.7 8.P EUROPE &EU TOPICS IN BRIEF MARKETS REVIEW Politics & Elections MSCI - Serbia’s President Aleksandar European shares tumble amid Vucic in an interview with Reuters ▶Europe -5.50 % on Tuesday played down hopes for world markets uneasiness ▶Large Cap -3.52 % a quick political deal with Kosovo. jobs-support programme and EU: European equity markets -Belarus President Alexander Bank of England Governor An - underperformed other regions, as (Note: Weekly Change %) Lukashenko was sworn in for a drew Bailey said that the coun - France, Spain, the UK, and the sixth term in office at an unan - try’s recovery has been rapid and southern German state of NEWS TO WATCH nounced inauguration at the Inde - substantial. He also said that the Bavaria reimposed some coron - pendence Palace in Minsk on central bank has looked very avirus-related restrictions. Signs Norway’s SWF may Wednesday. hard that the economic recovery may invest more in US -Thousands demonstrated in Lon - at negative rates but has not be stalling also weighed on don on Saturday against new taken any decision yet. On the Norway Government Pension Fund stocks .Bank stocks tumbled on COVID-19 restrictions chanting data Global, the world’s largest sovereign Monday on a report about $2 tril - "Freedom!" The rally came after front, UK factories reported the wealth fund, should shift more assets lion worth of suspect transfers by Prime Minister Boris Johnson this biggest drop in orders since June, into the United States and Canada, leading lenders, including HSBC week announced new rules. according to CBI and UK com - while cutting its holdings in Europe, and Standard Chartered. -Romania held local elections on posite PMI was down to 55.7 in the country’s government said on In economic news, EU consumer Sunday which determine nearly September. Monday. The proposal to parliament confidence brightened in Sep - 40,000 municipal positions. The follows an earlier recommendation by tember but IHS Markit’s com - outcomes of the elections will give ECB: The European Central Norges Bank Investment Management posite purchasing managers’ the most accurate insight into the Bank in its 6th Economic Bul - (NBIM), the fund’s manager, and index (PMI) showed that the re - future of the country in the lead up letin published on Thursday said could add investments of $50 billion in bound in eurozone business ac - to the parliamentary elections set activity is still well below pre- U.S. stocks, a Reuters calculation tivity faltered. Germany's for December 6. crisis levels. The Frankfurt-based showed based on government data. Composite PMI was down to institution confirmed the deci - Disasters & Accidents 53.7. Meanwhile, the German fi - sion taken by the Governing Further consolidation A military plane carrying cadets nance minister expects public Council to keep its accommoda - in Europe's banking from Kharkiv Air Force Univer - debt to peak at 80% of GDP. In tive monetary policy stance un - sity during a training flight Brussels, the EU decided to grant changed. Credit Suisse Chief Executive crashed in Kharkiv Oblast, Spain €1.2 billion to combat the "Risks to the global outlook re - Thomas Gottstein expects more Ukraine, killing 26 people and current crisis. main skewed to the downside consolidation in the European bank - wounding another person, the given the persistent uncertainty ing “We have, on one side, negative UK: The FTSE 100 Index lost interest rates, which will put further BBC reported on Friday. 2.74% and the British pound fell about the evolution of the pan - demic, which may leave lasting pressure on net interest margins for International Relations further against the euro and the all players within the Swiss franc dollar. The decline came amid re - scars on the global economy," the -U.S. Secretary of State Mike ECB said in its report, while also zone and the euro zone and other Pompeo is due to visit Greece’s newed worries over Brexit and a European countries. At the same new round of negotiations over mentioning other influential capital Athens, the northern port events such as Brexit, rising time, many countries are over- city of Thessaloniki and the is - the trade relationship between banked,” the Swiss giant’s execu - the UK and the EU. The UK gov - trade protectionism and disrup - land of Crete next week in the tion of global supply chains. tive said during the virtual Bank of context of a trip starting on Sun - ernment unveiled a new, smaller America Merrill Lynch Annual Fi - day (Sep. 27) that will also in - nancials CEO Conference. “So, clude stops in Italy, the Vatican EUROPEAN BUSINESS HIGHLIGHTS consolidation, I think will con - and Croatia. tinue,” he said, adding he expected AUTOMOTIVE to see both cross-border as well as CHART of the WEEK in-market deals. ing.” At pres - Sept. 2020 ▪Polestar to be the ent there is a Govt debt “doom loop” most transparent disturbing European banks have loaded up on lack of tran 210 billion euros ($247.8 billion) of weden -based electric vehicle pare- S maker Polestar aims to be the ncy across the their own governments’ bonds since -48 % most transparent in the automotive industry, the start of the Covid-19 and long- industry. Beginning Sept.17, the which makes term risks loom, S&P Global has company discloses figures that show it nearly im - warned. “Despite European govern - SOURCE: CBI the climate impact of its EVs as they possible for a ments’ efforts to increase risk shar - leave the production line. Polestar in - consumer to ing of the fiscal cost of the UK CBI Factory Orders tends to generate change in an indus - compare the pandemic, we have seen few signs The Confederation of British In - try that has struggled in recent years climate im - dustry's (CBI) order book balance to convince consumers of its sustain - of this on the part of European pact of different cars. owned by banks,” the rating agency said. “In dropped four points to -48 in Sep - ability credentials, and hopes other China’s Geely, tember 2020, below market expec - car makers will follow Polestar plans to double the number contrast, they have concentrated tations of -40, suggesting the suit in disclosing these figures. “Car of showrooms in existing markets more risk to their home country by manufacturing sector remained se - manufacturers have not been clear in this year and expand to new coun - buying more home country sover - the past with consumers on the en - tries in Asia and the Middle East. eign debt, especially in countries verely depressed despite the coun - vironmental impact of their prod - try's reopening efforts. Many The company operates 23 show - with the highest share, increasing ucts,” says Thomas Ingenlath, the risks of a new doom loop if this businesses are also concerned Polestar CEO. “That’s not good rooms globally at the moment about the end of a job support enough. We need to be honest, even (Picture: Thomas Ingenlath CEO at trend persists.” scheme next month. if it makes for uncomfortable read - Polestar)

P.8 WORLD MARKETS WEEKLY EUROPE &EU MIDDLE EAST P. 9 TOPICS IN BRIEF MARKETS REVIEW Disasters & Accidents MSCI -An arms depot belonging to Hezbol - Bourses under pressure lah exploded in Ain Qana, Nabatieh, ▶EM Europe Middle East Lebanon, injuring several people, during a rough week Reuters reported on Tuesday 3.89 % Middle Eastern stock markets 0.88%. Stocks traded mostly (Sep.21) traded in the red on Monday mir - lower on Wednesday. Bahrain's (Note: Weekly Change %) International Relations roring the trend across the world. ASI rose 0.56% while Tel AvAbu NEWS TO WATCH -The Palestinian National Authority Bahrain's ASI fell 0.11% while Dhabi's General Index was lower resigned the chairmanship of the Tel Aviv's TA35 lost 1.30%. by 0.18%. Palestine's AL QUDS Kuwait’s KIO to invest Council of the Arab League in protest Muscat's MSM30 added 0.20%. declined 0.42%. Tehran’s TED - of the bloc's failure to condemn Riyadh's TASI depreciated by PIX advanced 1.92%. Lebanon's in Rolls-Royce Bahrain and the United Arab Emi - 0.88%. Qatar's Exchange Index BLOM index added 0.28%. The Kuwait Investment Office (KIO), rates's normalization of ties with Is - weakened 1.53%. Abu Dhabi's Tel Aviv's TA35 was off 1.58%. an investment fund backed by the rael, DW reported on Tuesday. General Index was lower by Muscat's MSM30 lost 0.14%.%. Kuwaiti government, is negotiating -King Salman of Saudi Arabia called 1.19%. Palestine's AL QUDS Qatar's Exchange Index dropped with Rolls-Royce Holdings Plc. with for a "comprehensive and firm" re - dropped 0.20%. Tehran’s TED - 0.55%. Markets closed mostly in an intention to purchase a £2.5 billion sponse to Iran's nuclear program, Al PIX shrunk by 3.46%. Equities negative territory on Thursday. stake in the British company, Jazeera reported on Wednesday. The in the region finished in a mixed Bahrain's ASI ticked down Sky News reported on Friday. Last king extended his support to the US fashion on Tuesday. Bahrain's 0.04% while Tel Aviv's TA35 week, the media reported that Rolls- in its Middle East peace efforts be - ASI rose 0.17% while Tel Aviv's was off 0.98%. Muscat's Royce engaged in negotiations with tween Arab countries and Israel. TA35 added 0.12%. Muscat's MSM30 rose 0.15%. Riyadh's an investment group led by the Gov - Politics & Elections MSM30 ticked up 0.01%. TASI was lower by 0.10 %. ernment of Singapore Investment - Palestinian parties Hamas and Fatah Riyadh's TASI depreciated by Qatar's Exchange Index ticked Corporation (GIC) to raise a planned have agreed to hold the first Palestin - 0.56%. Qatar's Exchange Index up 0.01%. Abu Dhabi's General £2.5 billion. Previously, the London- ian elections in nearly 15 years, offi - rose 0.79%. Abu Dhabi's General Index declined 0.52%. Pales - based engineering firm agreed with cials from both sides told AFP on Index was higher by 0.73%. tine's AL QUDS dropped 0.16%. unions to cut 700 jobs in 2020, while Thursday. Polls will be scheduled Palestine's AL QUDS dropped Lebanon's BLOM index weak - additional 2,300 employees are ex - within six months. 0.23%. Tehran’s TEDPIX fell ened 0.65%. pected to take voluntary buyouts. -Lebanon's PM-designate Adib re - Dubai trade activity signed on Saturday (Sep.26) after ne - MIDDLE EAST BUSINESS HIGHLIGHTS gotiations on new government picks up formation reached a gridlock. REAL ESTATE Exports of Dubai Chamber members exceeded a combined value of AED CHART of the WEEK assets.We 45 billion ($12.2 billion) between July 2020 ▪ Union Properties re - are currently June and August 2020, marking a 7.4 ceives Dh40 0m offer evaluating percent increase compared to the the offer and March-May period during the same ubai developer Union Prop - will discuss year, according to Dubai Chamber of D erties announced on Thursday in the up - Commerce and Industry. The cham - (Sep.24) that it has received an offer ber also issued 151,000 certificates 6 % coming of Dh400 million for a 40 percent meeting with of origin during that time, up from stake in its subsidiary Dubai Auto - the Board of 135,000 for the previous period, an drome, UAE's first fully-integrated increase of 11.7 percent. The number ●UAE Loan Growth Directors to multipurpose motorsport and enter - allow us to of exporters also increased, from The loans granted by the UAE banks tainment facility which includes take an appropriate decision in the 4,066 to 4,630. Chamber president rose by 6% to AED 1.8 trillion in several racing circuits. Khalifa interest of the company's sharehold - Hamad Buamim said the latest ex - July 2020, compared to around AED Hasan Al Hammadi, chairman of ers." Dubai-listed Union Properties port figures signal an uptick in activ - 1.7 trillion in the same month of the Board of Directors at Union announced a massive three-year re - ity within Dubai’s trade sector 2019. The UAE banks' lending to the Properties , said: “The offer received structuring plan in August. following the lifting of Covid-19 re - private sector decreased by 1.1% to to buy a stake in Dubai Autodrome strictions, improving market condi - AED 1.134 trillion while the loans reaffirms the strong position of (Picture: Khalifa Hasan Al Ham - tions and growing business provided to the government climbed Union Properties and reflects the madi, chairman of the Board of Di - confidence. by 22% y-o-y. growing value of our high-quality rectors at Union Properties)

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P.8 WORLD MARKETS WEEKLY WORLD MARKETS WEEKLY P.9 10 .P BLACK SEA-EURASIA COUNTRIES

Russians invest in ETFs On Sept. 17 MOEX celebrated the two-year anniversary of trading in AzerGold’s is - Russian-law ETFs. Russian-law suance of bonds ETFs are at the top of investment On Sep.24 the Baku Stock Exchange Public marketplace in trends: total trading volume in (BSE) held an auction on placement the cloud Central Bank these instruments has grown al - of the first tranche of interest-bearing, Astana International Exchange an - most threefold year to date and ex - unsecured, book-entry bonds of state- nounced on Sep.17 that it has suc - lowers rate ceeded RUB 60 billion. In the first owned AzerGold CJSC in the amount cessfully gone live with Nasdaq’s Moldova's central bank, BNM cut eight months of 2020, net invest - of $10 million. The bonds, which will matching engine deployed in Ama - its policy rate to 2.75% from 3.00% ments in Russian-law ETFs were be redeemed within three years, have zon Web Services’ (AWS) cloud. during its September 2020 meeting, more than RUB 22 billion, a an annual yield of four percent. Chair - This transition enables AIX to en - taking into account the domestic twofold increase compared to man of AzerGold CJSC Zakir Ibrahi - hance the performance of its trading disinflationary trend. The country's 2019. The number of investors mov noted that the initiative to issue services while delivering agility and annual inflation rate dropped to holding these funds in their portfo - bonds is aimed at contributing to the scalability to its investor community. 4.2% in July from 4.3% in June, lios increased fivefold year to date development of the country's econ - The technology upgrade provides below the central bank's mid-point to 526,000 people. omy, creating profitable and reliable AIX with standardized and unified target of 5%. BNM will hold its next investment opportunities for citizens. operations, messaging and data in - monetary policy meeting on

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B U h a Z e S k s T I b U n a n K T I A a J h A s T u The Historic moment Lira to fall further D of Emerging Romania The Turkish lira has steadily weak - Listing new Romania on Sept 21, 2020 made it to ened since the middle of July after securities ADB plans $323m the big league of Emerging Markets the central bank abandoned the de In accordance with the "Regula - in grands by the standards of global index facto peg to the dollar, breaking tions on the exchange quotation Asian Development Bank (ADB) provider FTSE Russell. The promo - through our year-end forecast of list", as well as on the basis of the announced that it plans to provide tion of Romania to the Emerging 7.50/$ and reaching a record low of conclusion of the Listing Commis - Tajikistan with $323 million in Market status after 25 years from the 7.68/$. The currency is now down sion, by the Decision of the Board grants over the next three years, of the Republican Stock Exchange re-establishment of the local stock by more than 22% since the start of from 2021-2023, plus $5.25 mil - exchange, a fundamental institution "Toshkent", the securities of JSC lion in technical assistance. In June, this year. we now expect the cur - of the Romanian capital market, rep - Navoiy savdo kopmleksi and JSC the ADB forecast Tajikistan’s GDP resents an unprecedented success. rency to fall to as low as 9.25/$ by Kukon neftgaz parmalash ishlari to contract by 3.6 percent in 2020, “We are witnessing a historic mo - the end of next year, Capital Eco - have been included in category "P" while foreseeing a rebound to a 7 ment. It is a clear and indisputable in - nomics said in a note on Sep.23. of the exchange quotation list of the percent growth rate in 202. ternational recognition that the Republican Stock Exchange Romanian capital market receives” "Toshkent" from Sept 24. said Adrian Tanase, CEO of the Bucharest Stock Exchange.

P.10 WORLD MARKETS WEEKLY POLITICS-ECONOMY-MARKETS P. 11 POLITICS & ECONOMY ANALYSIS BALANCE OF TRADE ■ ROMANIA POLITICS Anna Bjerde, ■RUSSIA ECONOMY World Bank VP Europe Parliament votes & Central Asia RUSSIA pensions hike by 40% Tax reforms gather pace The Romanian Parliament voted on Tuesday Russia's trade surplus nar- to increase pensions by 40% through an The Ministry of Finance has released a new rowed to $4.25 billion in amendment endorsed by the Social Demo - budget for 2021-2023 that includes several July of 2020 from $11.05 cratic Party (PSD), the largest party in the tax hikes, many for the first time. The docu - billion in the same month of current parliament, to the budget rectification ment also foresees a 4.4% GDP deficit in the previous year. Exports law. At the same time, another amendment 2021, 2.4% in 2022, and 1% thereafter. For - slumped 29.2% to $23.68 adopted by the plenary session also says that mer finance minister and now head of the billion while imports fell wages of teachers must be also increased this Audit Chamber, Kudrin has called on the 13.2% to $19.42 billion. year, while the local authorities would get government to hold off on tax hikes and more money. The law amendments passed restart the privatisation programme instead. Human capital by 242 votes, by the votes cast by PSD, Kudrin said the government could raise an TURKEY ALDE, Pro Romania and UDMR. The gov - additional RUB200bn-300bn ($2.6bn-4bn) gains are ernment, which intended to tone down the a year from privatising state-owned enter - under threat rise to 14% this September, said that it would prises (SOEs), BMB Russia reported. Last Turkey's trade deficit nar - refer the law to the Constitutional Court. Or - year assets worth RUB4.2bn ($55mn) were he Covid-19 threat - rowed to $2.69 billion in ganisations representing local and foreign in - sold in privatisations. T ens hard-won gains July of 2020 from $3.29 vestors are also concerned about the pensions ■GEORGIA ECONOMY in health and education billion in the correspon - hike. Moody’s has scheduled a review of Ro - over the past decade, es - mania’s creditworthiness on Oct. 23 and Bank deposits in - pecially in the poorest Fitch on Oct. 30. countries, a new World MOLDOVA crease,loans decrease Bank Group analysis ■BULGARIA POLITICS About 30.93 billion GEL was deposited in finds. Georgian banks in August 2020, making for Investments in human The trade deficit in It is time for action a 1.29 per cent month-on-month increase, capital—the knowledge, Moldova widened to data by the National Bank of Georgia (NBG) skills, and health that says PM $287.3 million in July of showed. Georgian banks lent 34.49 billion people accumulate over Bulgaria’s Prime Minister Boyko Borissov 2020 from $278.6 million GEL, which was 0.01 per cent decrease com - their lives—are key to participates in the General Debate of the 75th in the corresponding month pared to the previous month. Loans taken out improving economic regular session of the UN General Assembly, of the previous year. Ex - in Georgian lari increased 1.30 per cent while growth in every country. which is taking place from 22 to 30 Septem - ports fell 5% and imports loans denominated in foreign currencies de - The World Bank Group’s ber. In 2020, Bulgaria marks 65 year since its decreased 0.5%. creased 0.98 per cent. There are 15 commer - 2020 Human Capital accession to the world organization. Speak - Index includes health and ing during the Summit for Sustainable De - cial banks in Georgia, including 14 foreign-owned banks and one branch of non- education data for 174 velopment, which is being held days before ROMANIA resident banks. In August 2020, compared to countries – covering 98 the start of the 75th regular session of the UN the previous month, the total assets of Geor - per cent of the world’s General Assembly, Borissov pointed out that gian commercial banks (in current prices) de - population – up to March the motto of the Bulgarian Parliament creased 0.39 per cent. The banking sector’s 2020. Of all the 27 coun - Romania's trade deficit "United We Stand Strong” is fully valid in equity capital equals 5.38 billion GEL, which tries in emerging Europe narrowed to EUR 1.32 terms of achieving UN goals. "Bulgaria is makes up 10.55 per cent of the commercial and Central Asia in - billion in July 2020 from ready to do its part. It is time for action," he banks total assets. cluded in the report, al - EUR 1.78 billion in the said. The summit was also attended by 23 most all are in the top same month the previous other heads of state. ■ UKRAINE ECONOMY half, and its findings are year. Exports fell 5.1% to ■KAZAKHSTAN POLITICS broadly in line with the EUR 5.55 billion, while Country plunges relatively high incomes imports dropped 9.9% to Supreme Council into recession of countries in the region, EUR 6.88 billion. with richer countries able dedicated to reforms Ukraine's economy shrank 11.4% from a to invest more in basic year earlier in the second quarter of 2020, en - Kazakh President Kassym-Jomart Tokayev education and health BULGARIA tering a recession and in line with preliminary signed a decree Sept. 14 establishing the services than poorer Supreme Council for Reforms in the country, estimates, the State Statistics Service said on countries. Akorda press service reported. The goal of Sept. 18. It was the steepest pace of contrac - the new body, announced by Tokayev in his tion since the April to June period of 2015. “Governments in Europe Bulgaria's Trade Balance Sept. 1 state-of-the-nation address, is to “en - On a seasonally adjusted quarterly basis, the and Central Asia have recorded a deficit of $135.6 sure strategic planning of the country’s sus - GDP slumped 9.9%, the most since compa - done well in prioritizing million in July 2020, com - tainable development and the deepening of rable records began in 2010. The National investment in health and pared with a deficit of economic, social and political reforms.” The Bank of Ukraine (NBU) expects a slowdown education, which are key $245.9m in the previous Supreme Council will review and adopt the in the decline in the third quarter to 7.4%, in drivers of growth and de - month.Total exports reached suggestions for reforms proposed by the new the fourth quarter to 3.8%, in general fore - velopment” said Anna $2.8m, a decrease of 10.7 % Agency for Strategic Planning and Reforms casting a decline in GDP by the end of this Bjerde, World Bank vice year on year. Total imports which is responsible for analyzing the current year of 6%, and expects its growth next year president for the Europe recorded $2.9bn in July situation, emerging trends, and international of 4%. GDP Growth Rate in Ukraine aver - and Central Asia region. 2020, a decrease of 15.9 % experience. aged -0.14% from 2010 until 2020. year on year.

P.10 WORLD MARKETS WEEKLY WORLD MARKETS WEEKLY P.11 12 .P BONDS-FOREX-CRYPTO-COMMODITIES CRYPTOCURRENCIES East Asia the linchpin of the World Crypto Market ast Asia is the world’s largest cryptocur - worth of cryptocurrency in the last 12 months, dominates in East Asia, its retail market is still one rency market, accounting for 31% of all which is 77% more than Western Europe, the sec - of the largest in the world, as countries like China, E cryptocurrency transacted in the last 12 ond-highest receiving region. Much of this can be Japan, and Korea have seen substantial adoption months, according to a report by Chainalysis. attributed to the region’s stranglehold on mining amongst everyday users. Tether is by far the most The New York- activity, the report said. China alone controls 65% popular stablecoin in East Asia, making up 93% of based blockchain of Bitcoin’s global hashrate — the measurement all stablecoin value transferred by addresses in the forensics company of how much computing power goes toward min - region. Much of stablecoins’ popularity in East found that East ing Bitcoin — which means that the majority of all Asia stems from the Chinese government’s deci - Asia-based ad - newly-mined Bitcoin starts out at Asia-based ad - sion three years ago to ban direct exchanges of dresses have re - dresses, giving the market a massive liquidity yuan for cryptocurrency, according to the survey. ceived $107 billion boost. While the professional market

● CURRENCIES World Government 10-Year Yield NOTE: Major FOREX rates performance ( 21-25 /09/2020 ) ■ Argentina* ■ Mexico Lowest: 0.7249 Lowest: 0.01273 ■ AFRICA Highest: 43.03 Highest: 5.730 ■ • PLN/USD - Polish Zloty US • EGP/USD - Egyptian Pound AMERICAS Lowest: 37.69 Lowest: 5.680 US Dollar Index (DXY) - Dollar - Highest: 0.2666 US Dollar - Highest: 0.06378 Change: 5.52% Change: 0.712 % Lowest: 0.06329 Highest: 94.74 Lowest: 0.2548 ■ ■ Lowest: 92.75 Australia Poland • ZAR/USD - South African ■ MIDDLE EAST Highest: 0.934 Highest: 1.381 • USD/CAD - US Dollar Cana - Rand US Dollar - Highest: • TRY/USD - Turkish Lira US Lowest: 0.849 Lowest: 1.292 dian Dollar - Highest: 1.3420 0.06155, Lowest: 0.05804 Dollar - Highest: 0.1335 Change: -7.380% Change: -3.550% • GHS/USD - Ghanaian Cedi Lowest: 1.3632 Lowest: 0.1295 ■ ■ • MXN/USD - Mexican Peso Belgium Russia US Dollar - Highest: 0.1739 • JOD/USD - Jordan Dinar US Highest: 0.000 Highest: 6.330 US Dollar - Highest: 0.04751 Lowest: 0.1707 Dollar - Highest: 1.4135 Lowest: -0.304 Lowest: 6.200 Lowest: 0.04405 • USD/NGN-US Dollar Niger - Lowest: 1.4080 Change: 12.428% Change: 1.618% ian Naira – Highest: 381.100 • ARS/USD - Argentinian Peso • KWD/USD - Kuwaiti Dinar US Dollar - Highest: 0.01330 ■ Brazil ■ South Africa Lowest: 381.100 US Dollar - Highest: 3.2755 Highest: 7.440 Highest: 9.540 Lowest: 0.01320 Lowest: 3.2623 ■ ASIA • BRL/USD - Brazil Real US Lowest: 7.074 Lowest: 9.180 • JPY/USD - Japanese Yen US • ILS/USD - Israeli Shekel US Change: -2.963% Change: 3.867 % Dollar – Highest: 0.1858 Dollar - Highest: 0.2928 Dollar-Highest: 0.961500 Lowest: 0.1778 ■ Canada ■ South Korea Lowest: 0.946000 Lowest: 0.2865 Highest: 0.593 Highest: 1.512 • HKD/USD - Hong Kong ■ EUROPE ■ OCEANIA Lowest: 0.534 Lowest: 1.421 Dollar US Dollar - Highest: • EUR/USD - Euro US Dollar - • AUD/USD - Australian Dol - Change: -6.540% Change: -5.449% 0.1290, Lowest: 0.1290. Highest: 0.1873 Lowest: 0.1612 lar US Dollar - Highest: 0.7326 ■ China ■ Spain • INR/USD - Indian Rupee US • GBP/USD - British Pound Lowest: 0.7006 Highest: 3.185 Highest: 0.302 Dollar - Highest: 0.01365 US Dollar - Highest: 1.2967 • NZD/USD - New Zealand Lowest: 3.091 Lowest: 0.200 Lowest: 0.01351 Lowest: 1.2674 Dollar US Dollar - Highest: Change: -0.192% Change: -11.348 % • KRW/USD - Korean Won US • EUR/CHF - Euro Swiss 0.6783, Lowest: 0.6611 ■ France ■ Switzerland Dollar - Highest: 0.000865 Franc - Highest: 1.0826 • FJD/USD - Fiji Dollar US Highest: 0.000 Highest: 0.000 Lowest: 0.000849 Lowest: 1.0738 Dollar – Highest: 0.4785 Lowest: -0.268 Lowest: -0.512 • SGD/USD - Singapore Dollar • RUB/USD - Russian Ruble Lowest: 0.4621 Change: 10.807% Change: 4.384 % US Dollar – Highest: 0.7375 US Dollar - Highest: 0.01328 ■ Germany ■ Taiwan Highest: 0.000 Highest: 0.415 Lowest: -0.539 Lowest: 0.380 ●CRYPTOCURRENCIES Change: 7.803% Change: 7.895 % ■ ■ NOTE: Leading cryptocurrencies indices performance India Turkey Highest : 6.041 Highest:13.760 21-25/09/2020. Source: Investing.com Lowest: 5.981 Lowest: 12.640 Change: 0.399 % Change: -6.230 % •BTC/USD,Bitcoin USD •LTC/USD -Litecoin USD • LEO/USD - LEO USD ■Indonesia ■ UK Highest: 10,987.2 Highest: 47.656 Highest: 0.33868 Highest: 7.010 Highest: 0.230 Lowest: 10,146.6 Lowest: 41.932 Lowest: 0.06178 Lowest: 6.853 Lowest: 0.143 •ETH/USD-Ethereum USD •EOS/USD - EOS USD • ADA/USD - Cardano USD Change: 1.381% Change: 7.345% Highest: 375.34 Highest: 2.6870 Highest: 0.09847 ■ Italy ■ USA Lowest: 315.54 Lowest: 2.3929 Lowest: 0.07561 Highest: 0.993 Highest: 0.692 •XRP/USD - Ripple USD • BNB/USD-Binance Coin • XMR/USD - Monero USD Lowest : 0.827 Lowest: 0.648 Highest: 0.24808 USD Highest: 26.6458 Highest: 94.69 Change : -7.327% Change: -5.868% Lowest: 0.21955 Lowest: 22.3177 Lowest: 84.65 ■ Japan ■EURO BUND •USDT/USD- Tether USD • BCHSV/USD -Bitcoin Cash • TRX/USD - Tron USD Highest: 0.013 Highest: 174.85 Highest: 1.0025 SV USD Highest: 159.46 Highest: 0.027468 Lowest: 0.005 Lowest: 173.95 Lowest: 1.0002 Lowest 142.04 Lowest: 0.024499 Change: -61.538% Change: 0.34% •BCH/USD-BitcoinCash USD • XLM/USD - Stellar USD • HT/USD - Huobi Token USD Highest: 228.82 Highest: 0.07738 Highest: 4.8966 * 1-Y Bond Yield Note: Lowest: 203.53 Lowest: 0.06581 Lowest: 4.4540 Performance 21-25/09/2020 P.12 WORLD MARKETS WEEKLY BOOK to READ East Asia the linchpin of the World Crypto Market The Intelligent Asset Allocator How to build your portofolio to maximize returns and minimize risk 1 2 3 f you’re someone who finds math - concepts of risk and reward in the capital mar - achieves long-term success in the for - ematical explanations to be ket. The more risk an investor is willing to take mer, and almost nobody in the latter. “meaningful and practical” and on, the higher the potential returns. But that Asset allocation is the only factor affect - willing to self-manage your equity port - may not necessarily mean an investor chooses ing your investments you can actually in - folios, you will simply eat up this book the riskiest asset.Pick a target asset allocation fluence."-The Intelligent Asset Allocator, which does exactly what it says on the based on your desired return and risk tolerance. preface. cover. It teaches you how to build your Once you have it set, stick with it through all However, the author described The In - portfolio to maximize returns and mini - the ups and downs over the year, rebalancing telligent Asset Allocator as a failed at - mize risk. Bernstein, a big believer in the at set time intervals. "Market timing and secu - tempt at writing a plain-English guide modern portfolio theory, offers no magic rity selection are obviously important. The to prudent investing. formula or inside secrets about investing. problem is that nobody Instead he explains the principles of Asset Allocation and how it can be used to reduce volatility without compromis - ing on long term investment returns. The book dives into the

AUTHOR’S BIO

William Bernstein An American neu- rologist by training and co-founder of Efficient Fron- tier Advisors, an investment management firm, Dr. Bernstein self- taught himself the principles of investing and asset allocation and has written several titles on finance and economic history. He has contributed to the peer-reviewed finance literature and has written for several publications including the Wall Street Journal. He was also the 2017 winner of the James R. Vertin Award from CFA Insti- tute. Bernstein holds a PhD in chem- istry and an MD.

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

For corrections send an email at: [email protected] he week brings a plethora of MoM Sep MoM Aug FRANCE: French Manufacturing data. Market watchers will SPAIN: Spanish CPI YoY Sep, SWITZERLAND:KOF Leading PMI Sep T keep an eye on China's Man - Spanish HICP YoY Sep Indicators Sep GERMANY: German Manufactur - ufacturing PMI and US CB Con - TURKEY:Turkish Economic Con - SOUTH AFRICA: Core CPI MoM ing PMI Sep sumer Confidence on Tuesday, UK fidence Index September. Aug, CPI MoM Aug POLAND: CPI YoY & MoM Sep and US GDP Q2 and Japan’s UK: BoE Consumer Credit Aug, ITALY: Italian CPI MoM, Italian EUROZONE: Manufacturing PMI Tankan Large Manufacturing Index M4 Money Supply MoM Aug, CPI MoM Sep Preliminary release, Sep, Manufacturing PMI Sep, Un - Q3 on Wednesday, Germany’s Mortgage Approvals Aug, Mort - EUROZONE employment Rate Aug Manufacturing PMI and Australia’s gage Lending Aug, Net Lending to Core CPI YoY, CPI YoY, CPI YoY TURKEY: CBRT Monetary Policy Retail Sales on Thursday. The week Individuals Sep, CPI MoM Meeting Minutes wraps up with Non Farm Payrolls USA: Goods Trade Balance Aug, USA: ADP Nonfarm Employment USA: Core PCE Price Index YoY and Unemployment Rate out of the Retail Inventories Ex Auto Aug, Change Sep, GDP QoQ Q2, GDP & MoM Aug, PCE Price index US on Friday. S&P/CS HPI Composite - 20 n.s.a. Price Index QoQ Q2, Seevol Cush - YoY & MoM Aug, Personal Spend - YoY Jul, CB Consumer Confi - ing Storage, Chicago PMI Sep, ing MoM Aug, Manufacturing PMI ■ MONDAY dence Sep, API Weekly Crude Oil Pending Home Sales MoM Aug, Sep, ISM Manufacturing Employ - FRANCE: CPI MoM, HICP MoM Stock Crude Oil Inventories, Cushing ment Sep, ISM Manufacturing PMI HUNGARY: Quarterly Unemploy - CANADA: RMPI MoM Aug Crude Oil Inventories Sep ment Rate Aug BRAZIL: CAGED Net Payroll CHILE: Unemployment Rate Aug, CANADA: RBC Manufacturing BRAZIL: BCB Focus Market Jobs Aug, PPI MoM Aug, IGP-M Copper Production YoY Aug, PMI Sep Readout, Bank lending Inflation Index MoM Sep, Debt-to- Chilean Manufacturing Production NEW ZEALAND:Global Dairy ARGENTINA: Economic Activity GDP ratio Aug, Budget Balance YoY Aug Trade Price Index YoY Jul Aug, Budget Surplus Aug COLOMBIA Unemployment Rate JAPAN: Jobs/applications ratio JAPAN: Tokyo Core CPI YoY Sep, NEW ZEALAND: Building Con - Aug, Urban Unemployment Rate Aug CPI Tokyo Ex Food and Energy sents MoM Aug, ANZ Business Aug AUSTRALIA: Retail Sales MoM MoM Sep, Coincident Indicator Confidence Sep AUSTRALIA: AIG Manufacturing Aug MoM, Tokyo CPI YoY Sep, BoJ JAPAN: Industrial Production Index Sep BRAZILIPC-Fipe Inflation Index Summary Opinions Leading Index MoM Aug, Retail Sales YoY Aug JAPAN: Tankan All Big Industry MoM Sep MEXICO: Trade Balance Aug, CHINA: Chinese Composite PMI CAPEX Q3, Tankan Big Manufac - COLOMBIA:Exports YoY Aug Trade Balance USD Aug, Unem - Sep, Manufacturing PMI Sep, Non- turing Outlook Index Q3, Tankan MEXICO: Manufacturing PMI Sep ployment rate April Manufacturing PMI Sep, Caixin Large Manufacturers Index Q3, SAUDI ARABIA: M3 Money Sup - Manufacturing PMI Sep Tankan Large Non-Manufacturers ■ FRIDAY ply YoY Aug, Private Sector Loans AUSTRALIA: Building Approvals Index Q3 UK: Nationwide HPI MoM YoY Aug MoM Aug, Private Sector Credit INDONESIA: Core Inflation YoY SPAIN: Spanish Unemployment MoM Aug Sep, Inflation MoM Sep Change , Spanish 10-Year ■ TUESDAY ARGENTINA:Current Account SAUDI ARABIA: GDP YoY Q2 Obligacion Auction USD Q2 USA: Average Hourly Earnings EUROZONE: ZEW Economic ■ THURSDAY YoY &MoM Sep, Nonfarm Pay - Sentiment Aug, Business and Con - ■ WEDNESDAY rolls Sep, sumer Survey Sep, Business Cli - RUSSIA: Markit Manufacturing UK: Business Investment QoQ Q2, PMI Sep Participation Rate Sep, Private mate Sep, Nonfarm Payrolls Sep, Unemploy - Consumer Confidence Sep, Con - Current Account Q2, GDP YoY & INDIA : Interest Rate Decision QoQ Q2 SWISS: Retail Sales YoY Aug, CPI ment sumer Inflation Expectation Sep, Rate Sep, Factory Orders MoM Selling Price Expectations Sep, GERMANY: German Retail Sales MoM Sep, procure.ch PMI Sep MoM Aug, German Unemploy - ITALY: Italian Manufacturing PMI Aug, Michigan Consumer Expecta - Services Sentiment Sep, Industrial tions Sep,Michigan Consumer Sen - Sentiment Sep ment Change Sep, German Unem - Sep ployment Rate Sep SPAIN: Spanish Manufacturing timent Sep GERMANY: German CPI MoM BRAZIL: Industrial Production FRANCE: Consumer Spending PMI Sep Preliminary release, German CPI YoY Aug

in FOCUS Reserve Bank of India Interest Rate Decision The Reserve Bank of India (RBI) kept also pledged to continue to keep its its benchmark repo rate at 4 percent dur - accommodative policy stance "as long ing its August meeting, surprising mar - as necessary to revive growth". The cen - Shaktikanta Das kets that had forecast a 25 bps rate cut. tral bank also gave out a green signal to Reserve Bank The RBI has slashed policy rates by 115 a loan restructuring scheme to bail out of India Governor basis points since February this year. stressed borrowers.The Indian economy Headline inflation rate has been above shrank 23.9% year-on-year in the sec - the central bank's 4 percent target since ond quarter of 2020, the biggest contrac - the beginning of the year. Policymakers tion on record.

P.14 WORLD MARKETS WEEKLY WORLD MARKETS DASHBOARD P. 15 -1.69 % -1.86 % -3.46 % -5.54 % 1.71 % -3.56 % 0.67 % 3.95 % -3.75 % -4.99 % INDICES JSE/Top40 MOEX SZSE KOSPI ASX200 SSECOMP NIKKEI225 NIFTY50 SENSEX30 HANGSENG COMP

One stop-shop for Market Watchers For corrections send an email at: [email protected] MIDDLE EAST 1. ABU DHABI ADX GENERAL -0.97% 2. BAHRAIN ASI 1.05% 3. IRAQ ISX60 -1.17% 4. IRAN TEDPIX 25-29/07/2020 0. 2% 5. ISRAEL TA35 -3.70% 6. LEBANON 21-25/09/2020 -0.33 % 7. PALESTINE AL-QUDS -1.2 8% 8. OMAN MSM30 -0.57% 9. QATAR QE GENERAL -1.55% 10.SAUDI ARABIA TADAWUL -1.22% 11.TURKEY BIST100 21-25/09/2020 1.10% ASIA & PACIFIC 1. AUSTRALIA ASX200 1.71% 2. BANGLADESH DSE BROA D -2.16% 3. CHINA SSE COMP -3.56% aAFRICA 4. CHINA SZSE COMP -3.46% 1. COTE D'IVOIRE BRVM COMP -0.79% * 5. HONG KONG HSI -4.99% 2. EGYPT EGX30 -0.53% 6. INDIA NIFTY50 -3.95% 3. KENYA NSE20 0.01% 7. INDIA SENSEX30 -3.75% 4. MOROCCO MASI -1.30% 8, INDONESIA IDX COMP -2.24% 5. MAURITIUS SEMDEX -1.16% 9. JAPAN NIKKEI225 -0.67% 6. NAMIBIA FTSE/NSX OI -3.1 % 10.MALAYSIA KLCI 0.17% 7. NIGERIA ASI 2.92% 11,NEW ZEALAND NZX50 1.26% 8. SOUTH AFRICA JSE/TOP40 -1.69% 12.PAKISTAN KSE100 -1.89% 9. TANZANIA DSE ASI 0.10% 13.PHILIPPINES PSEi COMP -1.19% 10.TUNISIA TUNINDEX -1.04% 14.S.KOREA KOSPI -5.54% 11.UGANDA ASI 0.85% 15.TAIWAN TWII -4.99% 12.ZAMBIA LSE ASI -0.28% 16.THAILAND SET -3.37% 13.ZIMBABWE ZSE IND -1 .05%

INDONESIA - Jacarta ( IDX ) ZIMBABWE - Harare ( ZSE ) Best Islamic Capital Market New Online Trading Platform IDX won The Best Islamic Capi - Awards (GIFA) which was The Zimbabwe Stock Exchange holdings remotely. tal Market again at the 2020 broadcast live from Islamabad, (ZSE) has launched a new plat - The plans to launch ZSE direct Global Islamic Finance Awards Pakistan, on Sep.14. form, specifically designed for were prompted by a survey com - (GIFA). Previously, the IDX has received the retail investor, dubbed “ZSE missioned by the ZSE in Q1 The award was received virtually an award as The Best Islamic Direct”. ZSE Direct, an in house 2020, which indicated that par - by the President Director of IDX Capital Market in 2019, which is development, aims to provide re - ticipation by individual Zimbab - Inarno Djajadi at the Online the highest award category in the tail investors with a smart way to weans on the local capital Awards Ceremony (OAC) of the global Islamic capital market in - manage their ZSE investments marketwas still marginal. 10th Global Islamic Finance dustry and view their CSD

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