Economy and Markets Outlook_Jun 2020.pdf · Ministry of Finance, SBIMF Research • While the...

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Transcript of Economy and Markets Outlook_Jun 2020.pdf · Ministry of Finance, SBIMF Research • While the...

  • Economy and Markets

    June 2020

  • The world’s battle with COVID-19 continues

  • World-wide situation of the COVID-19

    Source: WHO, as of 3rd June 2020

    • Total number of confirmed cases stands at 62,87,771 as of 3rd June 2020.• The mortality rate in June has declined when compared to the averages of May and April.• Mortality rate stands at 6% as of 3rd June 2020 lower than. 6.7% in May 2020 and 6.3% in April 2020..

    (Source : WHO)

    6.28 million cases of COVID-19 as of 3rd June 2020 Mortality rate stands at 6% as of 3rd June 2020

  • Country-wise COVID-19 cases

    Source: CEIC; World Bank; Cases as of 3rd June 2020; Population as of 2018; Data labels in the graph corresponds to total number of COVID-19 cases

    Country-wise spread of the disease

    • United states account for highest number of COVID-19 cases (29%) followed by Brazil (8.3%), Russia (6.8%) and United Kingdom (4.4%)

    • India now has the seventh-highest number of COVID-19 cases. While, in absolute number, India ranks 7, in terms of total cases (% of population) , the ranking is much below at 131.

    • Qatar has the highest cases (as % of population) at 2.17%.

  • Medical research to combat COVID-19

    Source: WHO, News reports; Data as of 30th May 2020

    WHO has raised US$8.1 billion in pledges and implementing an access toCOVID-19 Tools Accelerator for global vaccine development.

    The Coalition for Epidemic Preparedness Innovations (CEPI) is working withglobal health authorities and vaccine developers to raise US$8 billion in a globalpartnership between public, private, philanthropic, and civil society organizationsfor accelerated research and clinical testing of eight vaccine candidates.

    The Global Alliance for Vaccines and Immunization (GAVI) is financing andorganizing clinical groups in under-developed countries with COVID-19vaccination preparedness.

    The Gates Foundation, a private charitable organization dedicated to vaccineresearch and distribution, is donating US$250 million for research and publiceducational support, mainly in support of CEPI.

    Several organizations have formed international alliances to expedite vaccine development :

    Nearly 159 vaccine candidates have been

    developed so far for testing , of which 10 are in clinical evaluation and 121 are in Pre- clinical evaluation.

  • India continues to see sharp rise in COVID-19 cases; Recovery rate improves too

    Source: WHO ; CEIC ; Data as of 3rd June 2020

    Cases in India stands at 207,615 as on 3rd June2020 Testing in India continues to ramp up

    • India continues to see exponential rise in number of cases , despite lockdowns.• Testing now has increased to 0.14 million on a daily basis vs. an average of 0.07 million in April 2020.• Total number of confirmed cases in India stands at 207,615 as of June 3, 2020.• Even as the deaths have surpassed 5,000, the mortality rate in India continues to remain relatively low at 2.8%

    compared with the global average (6%).• The recovery rate in India is increasing. As many as 91,855 patients have been recovered in India, taking the recovery

    rate to 48%. (vs. 24.9 as of April end and 8.9% as of March end)

    (Source : WHO, CEIC)

  • Four states account for 70% of COVID-19 cases

    Source: CEIC, *Data as of 27th May 2020

    Maharashtra, Tamil Nadu, Gujarat and Delhi accounts for nearly 70% of the COVID-19 cases

  • GLOBAL ECONOMIC RESPONSES TO THE SITUATION

  • Global central banks have delivered sharp rate cuts

    Source: Bloomberg, SBIMF Research; NB: * Indonesia had announced to use new policy benchmark i.e. 7-day reversereport rate as its benchmark policy rate in April 2016;

    • Host of global central banks reacted promptly by reducing rates in order to support growth

  • Other monetary measures undertaken by Global Central Banks

    Source : IMF;

    Focus areas of monetary stimulus rolled out by various countries :

    Asset (securities) purchases Lowering of capital/reserve requirementsSupport bank lending to small

    and medium enterprises

    Temporary forbearance on classification of past due

    loansBroaden the eligible collateral

    for open market operationsLong term refinancing

    operations

    Providing liquidity to mutual funds

  • Fiscal measures rolled out by various countries to contain the slowdown

    Source: IMF, SBIMF Research ; *As of 21st May 2020

    Fiscal stimulus come in the form of combination of guarantees, delayed payables and direct impulse, hence does not entail immediate spending in all cases

    21.1

    13.0

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    Fiscal stimulus as a % of GDP

  • Contours of fiscal stimulus rolled out by various countries

    Source: IMF, SBIMF Research ; *As of 30th April 2020

    Focus areas of fiscal stimulus rolled out by various countries :

    Tax relief Business Loans/grants Healthcare

    Targeted industry support Loan guarantees

    Jobs retention schemes

    Public investment Unemployment InsuranceDirect cash transfers

  • INDIA’S RESPONSE TO THE SITUATION

  • Govt of India’s response to COVID-19

    Source:SBIMF Research

    The government has decided to re-open the economy outside of containment zones in three phases and complete lockdown to still continue in containment zones till 30th June 2020.

    No. of confirmed cases

    Timeline of social distancing measures by the government

  • From lockdowns to Unlocking

    Source: MHA ;SBIMF Research

    Activities allowed (Outside of containment zones)Activities allowed

    in Containment zones

    From June 1 Phase 1 (from 8th June 2020)Phase 2

    (in July 2020)Phase 3

    (dates to be decided)

    Only essential services allowed

    Inter and intra state movement of persons and goods without e-

    pass

    Religious places Schools and colleges International air travel, metro rail services

    Movement of goods/cargo for cross

    land border trade

    Hotels, restaurants and other hospitality

    servicesEducational/training/coaching institutions

    Cinema halls, gyms, swimming pools,

    entertainment parks, theatres, bars, auditoriums,

    cinema hallsNight curfew timings

    relaxed to 9 pm -5 am (from 7 pm - 7 am

    earlier)

    Shopping mallsSocial/political/sports/entertainment/academic/cultural/reli

    gious functions

    Government decides to relax the restrictions and re-open economic and social activities in a calibrated manner

    • Earlier classification of red, orange or green zones has been done away with. Now the whole country is divided intocontainment zone and non-containment zone,

    • Containment zones will continue to see earlier imposed lockdown guidelines at least until 30th June 2018.• The perimeters of a containment zone are decided based on number of positive cases in area, contact tracing history

    and population density.• States/UTs can prohibit certain activities based on their assessment of the situation and pose restrictions as deemed

    necessary.

  • Fiscal response to COVID-19 by Government of India

    Source: Ministry of Finance, SBIMF Research; * Liquidity injection of Rs 900 billion to DISCOMs via PFC and REC; NABARD to provide Rs 300 billion as refinance support to rural co-op banks & RRBs and Rs 1 trillion for funding Agri infra projects Rs400 billion to be incurred by quasi sovereign agencies for MSME fund of funds.

    Fiscal measuresTotal benefits

    (Rs billion)Fiscal cost

    in FY21Fiscal cost as

    % of GDPRound 1 1,928 1,548 0.74Round 2 - Tranche 1 5,946 940 0.45Round 2 - Tranche 2 3,100 100 0.05Round 2 - Tranche 3 1,500 240 0.11Round 2- Tranche 4 81 81 0.04Round 2- Tranche 5 400 400 0.19RBI measures 8,016 - -Total 20,971 3,308 1.58

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    No. of measures announced

    Relief measures for weaker sections of the society takes front seat

    Government unleashes key structural reforms, entailing long term benefits

    Government of India announced stimulus measures to the tune of Rs 20.97 trillion (~10% of GDP) • The measures announced contained a set of temporary

    compliance relaxations to tide over COVID situation,liquidity support to businesses (primarily MSME, NBFC),relief measures to rural population and migrants,and certain executive and legislative reforms/actions withmedium to long term structural benefits. Government hasbeen swift to act and the follow-on steps with regards tocertain measures (such as MSME credit guarantee,NBFC and banning of select defence goods imports).

    • Nearly 15 measures of the total 66 measures weretowards weaker section of society followed by agriculture(12) and MSMEs (8).

  • Fiscal burden from COVID-19 to be spread over multi-year period

    Source: Ministry of Finance, SBIMF Research

    • While the package announced is for Rs. 20.97 trillion ,fiscal impact in FY21 is Rs. 3.3 trillion (1.6% of GDP, inclusive ofrevenue forgone). Fiscal outlay over the next 3-4 years is estimated to be Rs. 1.27 trillion.

    • Another Rs.3.39 trillion worth of support comes in the form of credit guarantees which are essentially contingent liabilitiesand may hit the government fiscal after 4 years. Rs. 8 trillion of liquidity support by RBI has also been included in thispackage. And remaining support comes in the form of expenditure incurred by the quasi-government agencies (Rs. 2.9trillion) and bank credit (Rs. 2 trillion). Thus , the fiscal burden from COVID has been spread over multi- year period.

    Measures Amount (Rs. billion) % GDP

    Cost borne by Government in FY21 2,731 1.3

    Cost borne by Government in next 3-4 years 1,272 0.6

    Credit Guarantee (hence contingent liability) 3,394 1.6

    Cost incurred by Quasi sovereign agencies on behalf of Government* 2,980 1.4

    RBI support 8,016 3.8

    Revenue Foregone 578 0.3

    Bank credit 2,000 1.0

    Total 20,970 10

    Green shoots on reforms, but a miniscule fiscal cost in FY21

  • Details of Rs. 20.97 trillion packages –Round 1

    Source: Ministry of Finance, SBIMF Research

    Round 1 Amount (Rs billion)Free provision of food grains (rice, wheat and pulses) 393Free cooking gas 137MGNREGA wage hike 256Ex-gratia transfer to vulnerable population 28.2Ex-gratia transfer to JAM registered woman 300EPF support 28PM Kisan frontload payments 178Construction workers' assistance 310Usage of funds in district mineral fund for medical testing/screening/prevention of Covid-19. 71

    Revenue loss due to tax concessions on advanced tax, TDS,TCS, STT etc 78

    Emergency health response package 150Total Benefits (Rs billion) 1,928 Fiscal cost in FY21 (Rs billion) 1,548 % of GDP 0.74

    Round 1 was mainly targeted towards weaker sections of the society

  • Details of Rs. 20.97 trillion package- Round 2

    Source: Ministry of Finance, SBIMF Research

    Tranche 1 Tranche 2 Tranche 3 Tranche 4 Tranche 5Emergency credit guarantee fund

    and subordinate debt assistance to MSMEs

    Special credit facility for street workers

    Financing facility by NABRAD for funding agriculture infrastructure

    projects

    Make in India for defence sector Increased allocation towards MGNREGA – Rs. 400 billion

    Funds of funds equity infusion for MSMEs ; E-market linkage for

    MSMEs ; Receivables of MSMEs to be cleared by Government in

    next 45 days

    Free food for migrant workers

    Scheme for formalization of micro food enterprises, PM Matsya

    Sampada Yojana scheme launched for fisheries

    Reforms for Airport sector , mining, power and space sector (mostly to do with

    privatization in these sectors)

    Health sector reforms that mandated all districts to have infectious diseases hospital blocks and integrated public

    health labs .

    Extended EPF support and reduction in EPF rates

    Housing credit subsidy for middle income

    Creation of Animal husbandry development infrastructure

    Efficient air space management to be allowed

    by easing restriction on utilization of Indian airspace

    Ease of doing business : Minimum threshold to initiate

    insolvency proceedings raised from 0.1 million to Rs. 10

    million.

    Special liquidity window for NBFCs and Partial credit guarantee

    scheme for NBFCs

    National portability of ration cards and Credit facility to

    farmers through Kisan Credit Card

    Promotion of Herbal cultivation ,Bee keeping initiatives and Extension of

    operation green to all fruits and vegetables

    Investments towards Social sector infrastructure Decriminalisation of Companies Act defaults

    Liquidity injection to DISCOMs via quasi-sovereign entities

    Interest subvention for MUDRA-shishu loans

    Amendments to Essential Commodities Act

    Streamlining the public sector : by allowing only 4 PSUs per

    sector.

    Liquidity reduction via reduction in TDS and TCS and Extension of

    due dates for tax returns

    Special liquidity facility through NABARD to rural

    cooperative banks and Regional RBs.

    Agriculture marketing reforms ; Agricultural produce price and

    quality assurance

    Increased borrowing limit for state governments from 3% of GDP to 5% of GDP, linked to

    reform actions

  • Details of Rs. 20.97 trillion package- RBI support

    Source: Ministry of Finance, SBIMF Research

    RBI liquidity supportMeasures Amount (Rs. billion) Stimulus as % of GDP

    From Feb 2020 - till 27th March 2020 2,800 1.33LTRO 1,250 0.59USD-dollar swap 203 0.10OMO purchases 925 0.44SLF available to primary dealers 100 0.05Others 322 0.15

    Measures announced on 27th March 2020 3,740 1.78TLTRO 1,000 0.48CRR cut 1,370 0.65Increased accommodation under MSF 1,370 0.65

    Measures announced on 17th April 1,000 0.48TLTRO 2.0 (for NBFCs) 500 0.24Refinancing facility to NABARD, SIDBI, NHB 500 0.24

    Measures announced on 27th AprilSpecial liquidity facility for MFs 500 0.24Total monetary stimulus 8,040 3.83

    RBI provided Rs. 8 trillion (of the total Rs. 20.97 trillion package announced by the Government)

  • RBI’s response to COVID-19: Sharp easing of monetary conditions

    Source : RBI, SBIMF Research; *Data as of June 3, 2020.

    RBI reduced the repo rate by another 40 bps to 4.0% in May 2020

    CRR reduced from 4% to 3% in Apr 2020 for one year, applicable till Mar 2021

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    CRR (%)

    RBI has injected primary liquidity worth 3.8% of GDP*

  • Regulatory measures by the RBI in latest monetary policy

    Source : RBI , SBIMF Research.

    Moratorium on term loans and deferment of interest on working capital facilities extended for another three months (till 31st Aug 2020)

    Refinancing facility to SIDBI extended for another 3 months

    Extension of 3 months to meet 75% utilisation of investment limits norm under the VRR scheme for FII investors.

    Interest accumulated on term loan to be converted into funded interest term loan

    Increased group exposure limits for banks from 25% to 30%. Uptil June 2021

    Withdrawal guidelines from State’s Consolidated Fund have been relaxed

    Rs. 150 billion line of credit extended to EXIM bank for a period of 90 days from the date of availment

    •Period for completion f outward remittances against normal imports into India extended from six months to twelve months.

    Enables the businesses to tide over the COVID-19 related issues

    To ease liquidity stress for SIDBI and FPIs

    To push repayment cycle on term loans by a couple of months

    To facilitate flow of resources to corporates

    This will entail a monetary support of Rs. 130 billion, accounting for ~10% of

    FY21 redemption for states

    Greater flexibility to importers to manage their operating cycles.

    To enable EXIM Bank to avail a US dollar swap facility to meet its foreign

    exchange requirements

  • Other monetary/regulatory measures by the RBI

    Source : RBI , SBIMF Research.

    • Introduction of Target Long term repo operations (LTRO and TLTRO)• Increased borrowing under MSF• Moratorium on term loans for three months• Deferment of interest on Working capital facilities• Increase the WMA limits to 60% for all the states• Deferment of Net Stable Funding Ratio (NSFR) and Last tranche of Capital Conservation Buffer• Not necessary to activate countercyclical capital buffer for a period of one year• Permitting Banks to Deal in Offshore Non-Deliverable Rupee Derivative Markets• Special liquidity facility for mutual funds to the tune of Rs. 500 billion • Refinancing facility of NABARD, NHB, SIDBI to an extent of Rs. 500 billion• Reduction in cash reserve ratio to 3% from 4% earlier till March 2021• Reduced Liquidity coverage requirement for banks to 80% from 100% till 30th Sep 2020• Resolution period for stressed assets increased from existing 210 days to 300 days.• Restructuring of loans given by NBFCs to real estate allowed.

    • Regulatory benefits announced under the SLF-MF scheme to be extended to all banks, irrespective of whether they avail funding from the RBO or deploy their own resources under this scheme.

    • RBI extend the timings for fixed rate Reverse repo and MSF window to provide greater flexibility to market participants in their liquidity management

    A host of unconventional measures have been announced by the RBI since February 2020

  • Global Economic Situation

  • IMF projects lower growth rate

    Source :IMF

    Global growth is projected to contract by 3% in 2020 vs. growth of 2.9% growth in the previous year

  • WTO projects sharp contraction in 2020 trade activity

    Source : , WTO, CMIE Economic outlook , SBIMF Research.

    India’s export growth could contract by between 4%-24% in FY21

    World trade to contract by between 13%-32% in 2021

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    India's Exports (% y-o-y) Optimisitc scenario Pessimistic scenario

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    Pessimistic scenarioOptimistic scenario

    -32

    24 World trade is expected to contractby 13% in 2020 under optimisticscenario and 32% in optimisticscenario.

    India’s exports is expected tocontract in FY21 by 4% underoptimistic scenario and 24% inpessimistic scenario

  • Some resumption in global economic activityGlobal PMI inched upwards in May 2020, remained below March

    US unemployment claims declined to 2.1 million in May vs 3.8 million in Apr, but remined much above compared to March

    Germany Zew Economic Sentiment Index improves in May after declining by 49% in March 2020

    World trade volumes declined by 3.5% in Mar 2020 vs. 0.8% growth in March 2019

    ;Source : Bloomberg ; World trade volumes as per CPB World trade monitor

  • Indian economic Activity

  • COVID-19 disruptions start to show in India’s Q4 GDP

    Q4 GDP came in at 3.1% (lowest since the inception ofnew GDP series)

    Moderation in Q4 GDP was consumption led

    Trade activity has also contracted for three consecutivequarters

    8.77.6

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    Real GVA (% y-o-y) Real GDP (% y-o-y)

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    Gross Capital Formation (% growth)

    Gross capital formation contracted for three consecutivequarters

    3.22.1

    -7.0-15-10

    -505

    10152025

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    Exports of goods and services Imports of goods and services

    % y-o-y

  • Government spending and agriculture supported the overall growth

    Government spending: A key driver of GDP growth Gap between nominal and real Agriculture GDPimproved, bodes well for farm income

    Private sector output moderated significantly to 1.1% in March 2020

  • High frequency indicators weakened considerably in April

    Source: CMIE economic outlook, SBIMF Research; NB: 1. Green denotes improvement in the growth and Pink indicates a moderation. 2. We use some subjectivity in categorizing the data by looking at both the trends in the recent months as well as trends relative to long term average. 3. We have shifted to steel consumption data from steel production data since Jan 2019.

    % growth Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 5 yr avgConsumption Domestic air traffic 10.5 1.9 1.5 9.8 -32.9 -99.9 13.0Domestic sale of two-wheelers -14.3 -16.6 -16.1 -19.8 -39.8 na 2.5Domestic sale of passenger Cars -10.8 -8.4 -8.1 -8.8 -53.3 na -0.9IIP: Consumer durables production -1.4 -5.6 -3.8 -5.8 -33.1 na 1.1IIP: Consumer non-durables production 1.1 -3.2 -0.3 1.5 -16.2 na 5.3International air traffic 4.0 2.0 0.2 -3.4 -56.2 -99.1 4.0RuralDomestic Tractor sales -12.8 4.0 3.3 19.6 -50.2 -80.1 4.9Fertilizers production 13.6 10.2 -0.1 2.9 -11.9 -4.5 2.1Rural wage growth 3.1 3.2 3.8 na na na 4.6IndustrialBank industrial credit 2.4 1.6 2.5 0.7 0.7 1.7 2.0Cargo traffic - ports -1.5 5.6 2.4 4.1 -4.0 -21.1 3.6Cargo traffic - rails 0.9 4.3 2.8 6.5 -13.9 -35.3 1.4Consumption of Industrial Fuel 9.7 0.8 0.5 8.6 -14.8 -49.7 3.8IIP: Manufacturing production 3.0 -0.3 1.6 3.1 -20.6 na 3.0IIP: Mining production 1.9 5.7 4.3 9.7 0.0 na 3.2Power generation -4.9 0.0 3.2 11.7 -8.2 -22.8 4.2Total frieght activity 0.0 4.7 2.7 5.6 -10.5 -30.1 2.2Export-ImportsMerchandise exports -0.4 -1.7 -1.7 3.0 -34.6 -60.3 0.1Services exports 7.9 11.6 7.0 6.9 1.2 na 6.9Investments/ConstructionBitumen consumption 18.2 1.6 -9.7 3.8 -35.9 -71.7 5.7Cement production 4.3 5.5 5.1 7.8 -25.1 -86.0 3.2Domestic sale of commercial vehicles -15.0 -12.3 -14.0 -32.9 -88.1 na 6.2IIP: Capital goods production -8.9 -18.3 -4.3 -9.5 -35.6 na 0.3Imports of capital goods -4.1 -4.2 8.4 35.1 na na 7.3Steel consumption 6.7 9.2 4.1 -6.5 -29.2 -87.3 4.0Financial sectorAUM of MFs 12.5 16.1 19.2 17.6 -6.4 -3.4 19.6Real bank credit growth 7.2 3.4 3.0 4.8 5.5 na 8.3Bank personal loans 16.4 15.9 16.9 17.0 15.0 12.1 16.9Currency in circulation 12.8 11.9 11.9 11.5 14.5 15.7 12.5

  • Marginal recovery seen in May as lockdown conditions get relaxed

    Source : CMIE Economic outlook ,Vahan, POSOCO, GSTN; SBIMF Research.; E-way bill data till 25th May 2020

    Vehicle registerations seems to be picking up but still79% lower (y-o-y) in May 2020 vs. May 2019

    30.7

    31.7

    32.7

    33.5

    33.5

    24.3

    6.2 11.8

    22.2

    21.7

    22.7

    23.5

    23.7

    16.4

    2.4 5

    .6

    52.9 53.4 55.4 57.0 57.2

    40.7

    8.617.4

    0

    20

    40

    60

    80

    Oct

    -19

    Nov

    -19

    Dec-

    19

    Jan-

    20

    Feb-

    20

    Mar

    -20

    Apr-

    20

    May

    -20

    No. of E-Way bills generated per month (millions)

    Intra-stateInter-state

    E-way bill suggest pick up in goods transport activityMay 2020

    1.9

    1.7 2

    .0

    1.9 2.

    1

    1.9

    1.7 1.

    9

    1.7

    0.8

    1.8

    1.7

    2.3

    0.4

    0.2

    -

    0.5

    1.0

    1.5

    2.0

    2.5

    Jan

    Feb

    Mar Ap

    r

    May

    No. of vehicle registerations (in millions)

    201820192020

    Power consumption inched upwards with easing oflockdown restrictions

    8.6

    -12.2

    11.7

    -22.8

    -14.9

    -30.0

    -20.0

    -10.0

    0.0

    10.0

    20.0

    May

    -18

    Jul-1

    8

    Sep-

    18

    Nov

    -18

    Jan-

    19

    Mar

    -19

    May

    -19

    Jul-1

    9

    Sep-

    19

    Nov

    -19

    Jan-

    20

    Mar

    -20

    May

    -20

    Electricity generation (% y-o-y)

  • Google mobility trends too corroborate with improving activity in May

    Source : Google Mobility report, SBIMF Research.

    .

    Mobility trends in India

    • Essential goods sales continues to ramp up , as reflected in grocery and pharmacy related mobility.

    • Visits to and fro workplaces too is inching up with easing down of mobility restrictions by the government.

    • On the other hand, non-essential sales/activity remains relatively weak with retail and recreation mobility inching up

    only modestly

  • State-wise mobility trends show improvement but remains sporadic

    Source: Google Mobility report, SBIMF Research.;

    States FebruaryMarch Pre lockdown

    (1st -23rd March)Lockdown 1.0

    (24h Mar -17th Apr)Lockdown 2.0

    (18th Apr-3th May)Lockdown 3.0

    (4th May-17th May)Lockdown 4.0

    (18th May-25th May)Maharashtra -2.6 -17.9 -81.5 -87.3 -82.9 -80.3Tamil Nadu -0.4 -8.3 -78.3 -86.7 -77.1 -68.1Gujarat -1.6 -12.7 -80.1 -87.7 -84.7 -77.4Karnataka 0.0 -12.9 -80.7 -85.1 -72.9 -68.4Uttar Pradesh 2.2 -9.3 -69.5 -82.1 -76.4 -70.8West Bengal -3.7 -11.5 -69.6 -85.5 -82.8 -81.1Rajasthan 1.9 -13.1 -74.0 -82.0 -76.6 -70.1Telangana 0.6 -11.7 -82.7 -89.2 -83.9 -76.5Andhra Pradesh -0.9 -8.1 -74.9 -84.7 -78.7 -73.1Kerala -3.9 -19.6 -77.8 -85.0 -77.1 -68.4Madhya Pradesh 0.9 -12.1 -75.0 -83.7 -78.6 -75.1

    States FebruaryMarch Pre lockdown

    (1st -23rd March)Lockdown 1.0

    (24h Mar - 17th Apr)Lockdown 2.0

    (18th Apr-3th May)Lockdown 3.0

    (4th May-17th May)Lockdown 4.0

    (18th May-25th May)Maharashtra -1.6 -7.0 -61.7 -53.3 -42.0 -36.5Tamil Nadu 0.1 2.2 -55.8 -48.8 -25.1 -12.4Gujarat -0.7 -5.1 -65.1 -56.3 -49.1 -31.0Karnataka 0.9 -1.1 -56.8 -45.9 -19.9 -16.1Uttar Pradesh 4.5 -1.7 -55.4 -36.7 -20.9 -8.0West Bengal -0.7 -3.4 -54.8 -42.7 -31.8 -34.9Rajasthan 2.4 -5.8 -59.8 -37.8 -21.4 -6.9Telangana 2.3 0.4 -56.9 -50.5 -33.8 -21.8Andhra Pradesh -1.0 -0.4 -54.6 -43.9 -28.4 -18.5Kerala -3.3 -6.5 -56.5 -32.4 -12.7 4.5Madhya Pradesh 0.4 -7.7 -66.1 -48.5 -34.1 -24.8

    State-wise mobility tracker for retail and recreation

    State-wise mobility tracker for grocery and pharmacy

    • Although mobility data from Google corroborates some acceleration in activity in states , it is still below the pre-lockdown levels (Feb and March 2020)

    • Among states, Kerala seems to be back on track with respect to mobility trends in grocery and pharmacy.

  • Source : CMIE, Economic outlook, SBIMF Research.;

    6.7

    8.4

    23.8

    24.0

    24.3

    23.6

    0

    5

    10

    15

    20

    25

    30

    15-M

    ar-2

    0

    20-M

    ar-2

    0

    25-M

    ar-2

    0

    30-M

    ar-2

    0

    04-A

    pr-2

    0

    09-A

    pr-2

    0

    14-A

    pr-2

    0

    19-A

    pr-2

    0

    24-A

    pr-2

    0

    29-A

    pr-2

    0

    04-M

    ay-2

    0

    09-M

    ay-2

    0

    14-M

    ay-2

    0

    19-M

    ay-2

    0

    24-M

    ay-2

    0

    29-M

    ay-2

    0

    Unemployment rate (%)

    Unemployment levels continue to remain above pre-lockdown levels of 6%

    PMI manufacturing and services, although improved in May 2020, still reflects weakness in the economic activity

    Activity will take time to return to pre-COVID levels

    57.5

    5.412.6

    27.4

    30.8

    2

    17

    32

    47

    62

    Jul-1

    5

    Oct

    -15

    Jan-

    16

    Apr-

    16

    Jul-1

    6

    Oct

    -16

    Jan-

    17

    Apr-

    17

    Jul-1

    7

    Oct

    -17

    Jan-

    18

    Apr-

    18

    Jul-1

    8

    Oct

    -18

    Jan-

    19

    Apr-

    19

    Jul-1

    9

    Oct

    -19

    Jan-

    20

    Apr-

    20

    PMI Services PMI Manufacturing

  • Few more roadblocks that can be deterrent to economic activity

    Source: SBIMF Research

    Likelihood of rise in number of COVID-19 cases withhigher number of migrants returning to their respectivestates

    Locust Attack – Damage to standing crops Cyclone Amphan – Damage to infrastructure, crops & livelihood

  • COVID-19 disruptions to lead to significant economic shock

    Source: CMIE Economic outlook , SBIMF Research.

    Indian economic growth could further moderate in FY21

    • We expect India’s growth to moderate significantly in FY21 from 4.2%growth in FY20.

    • Lockdown spread over March/April results in output loss of ~5.7% of thetotal annual output. The limited human contact required to contain thespread of the virus is hindering economic activity. Given elevatedinfection rates, the public fear may result in below-normal activity for afew more months. Even if demand for durable goods picks up,consumption of services may stay weak.

    • As corporate profits are squeezed (weakening operating leverage) theyare likely to delay capex plans, lower salaries and cut jobs, which in turnwill weaken consumption demand. As corporates struggle, bankingsector GNPAs are likely to deteriorate.

    • Other factors that will weigh on growth are a) increased risks of a globalrecession, b) grim domestic employment situation for nearly a decade, c)high leverage in government and household balance-sheet, d) weaknessin financial sector health and e) erosion of wealth due equity price fall.

    • On positive side, as per RBI estimates, the impact of the 10% fall incrude oil price is expected to increase growth by 15 bps. But it iscontingent on benefits being passed on and leading to higher demand.

    • The agriculture sector and government spending will be crucial forsupporting economic activity in FY21.

    • Both government and RBI policy support in terms of fiscal spending, ratecuts and regulatory actions will have to continue. They will need to onstandby to step in with regulatory and liquidity measures in case of anyearly signs of financial sector dislocations.

    The projections of growth and inflation for FY21 would be heavily contingent on the intensity , spread and duration of COVID-19

    8.8

    3.8 4

    .83.

    87.

    97.

    97.

    9 8.1

    7.7

    3.1

    7.9 8.

    55.

    2 5.5 6

    .47.

    4 8.0 8.3

    7.0

    6.1

    4.2

    0

    3

    6

    9

    12

    FY00

    FY01

    FY02

    FY03

    FY04

    FY05

    FY06

    FY07

    FY08

    FY09

    FY10

    FY11

    FY12

    FY13

    FY14

    FY15

    FY16

    FY17

    FY18

    FY19

    FY20

    Real GDP growth (in %)

    Several economists are now expecting FY21 growth to be between -2% to -12%.

  • EQUITY MARKET

  • Global equity market snapshot : May 2020

    Source: Bloomberg, SBIMF Research

    Performance in May 2020 (local currency returns) Performance Year-to-Date (local currency returns)

    Performance in May 2020 (US$ returns) Performance Year-to-Date (US$ returns)

    -7

    -3 -2-1 0 0

    1 12 3 3

    4 4 56 7

    8 8 9

    -10

    -5

    0

    5

    10

    HAN

    G S

    ENG

    INDI

    A N

    IFTY

    MSC

    I Ind

    ia

    PAKI

    STAN

    TAIW

    AN

    CHIN

    A

    MSC

    I EM

    INDO

    NES

    IA

    PHIL

    IPPI

    NES

    FRAN

    CE UK

    KORE

    A

    DOW

    JON

    ES

    S&P

    500

    SRI L

    ANKA

    GER

    MAN

    Y

    MSC

    I EM

    - EU

    ROPE

    JAPA

    N

    BRAZ

    IL

    % m-o-m (local currency terms)

    -25 -25 -25 -24-21 -21 -21

    -19 -19 -18-17 -17

    -13 -11-9 -8 -8

    -6 -6

    -30

    -15

    0

    PHIL

    IPPI

    NES

    MSC

    I EM

    - EU

    ROPE

    INDO

    NES

    IA

    BRAZ

    IL

    FRAN

    CE

    INDI

    A N

    IFTY

    SRI L

    ANKA U

    K

    HAN

    G S

    ENG

    MSC

    I Ind

    ia

    PAKI

    STAN

    MSC

    I EM

    GER

    MAN

    Y

    DOW

    JON

    ES

    TAIW

    AN

    KORE

    A

    JAPA

    N

    CHIN

    A

    S&P

    500

    % YTD (local currency terms)

    -44

    -29 -26-25 -25 -25 -23 -23 -22

    -21 -18-17 -14

    -13 -11-9 -9 -7

    -6

    -50

    -40

    -30

    -20

    -10

    0

    BRAZ

    IL

    INDO

    NES

    IA

    INDI

    A N

    IFTY U

    K

    PHIL

    IPPI

    NES

    MSC

    I EM

    - EU

    ROPE

    SRI L

    ANKA

    MSC

    I Ind

    ia

    FRAN

    CE

    PAKI

    STAN

    HAN

    G S

    ENG

    MSC

    I EM

    KORE

    A

    GER

    MAN

    Y

    DOW

    JON

    ES

    TAIW

    AN

    CHIN

    A

    JAPA

    N

    S&P

    500

    % YTD (US$ returns)-7

    -3 -3 -2-1 -1

    1 1 22 3

    4 4 57 7 8

    8 9

    -10

    -5

    0

    5

    10

    15

    HAN

    G S

    ENG

    INDI

    A N

    IFTY

    MSC

    I Ind

    ia

    PAKI

    STAN

    TAIW

    AN

    CHIN

    A

    MSC

    I EM UK

    KORE

    A

    PHIL

    IPPI

    NES

    INDO

    NES

    IA

    FRAN

    CE

    DOW

    JON

    ES

    S&P

    500

    SRI L

    ANKA

    JAPA

    N

    MSC

    I EM

    - EU

    ROPE

    GER

    MAN

    Y

    BRAZ

    IL

    % m-o-m (US$ returns)

  • Source: Bloomberg, SBIMF Research

    Indian equity market snapshot : May 2020

    Performance Year-to-Date (local currency returns) Performance in May 2020 (local currency returns)

    • Nifty and Sensex were down by 3% and 4% respectively on a monthly basis. Banking stocks witnessed the highest decline(10%) followed by consumer durables (8%). Telecom sector delivered the highest positive returns (11%) followed by auto(6%)

    • Performance across the capitalization curve was also similar with mid cap and small cap delivering 1% and 2% m-o-mnegative returns respectively.

    • On YTD basis, Nifty and Sensex were down by 21% each. On sectoral basis, all sectors (barring healthcare and telecom)delivered negative YTD returns.

    • Concerns around growth erosion due to continued prevalence of COVID-19 weighed on markets.

    -10-8 -6

    -4 -3 -3 -3 -3 -2 -2 -2-1 -1 -1

    1 1 1 26

    11

    -20

    -10

    0

    10

    20

    BAN

    KEX

    CON

    SUM

    ER D

    URA

    BLES

    PSU

    SEN

    SEX

    NIF

    TYRE

    AL E

    STAT

    ELA

    RGE

    CAP

    BSE

    100

    BSE

    500

    OIL

    & G

    ASSM

    ALL

    CAP

    MID

    CAP IT

    POW

    ERM

    ETAL

    SFM

    CGCA

    P GO

    ODS

    HEAL

    THCA

    REAU

    TOTE

    LECO

    M

    % m-o-m

    -40 -38 -35-35

    -27 -24 -24 -23-21 -21 -21 -21 -21 -21 -20 -20

    -9-4

    13 17

    -50-40-30-20-10

    01020

    BAN

    KEX

    REAL

    EST

    ATE

    PSU

    MET

    ALS

    CAP

    GOO

    DS

    CON

    SUM

    ER D

    URA

    BLES

    AUTO

    POW

    ER

    SEN

    SEX

    NIF

    TY

    LARG

    E CA

    P

    MID

    CAP

    BSE

    500

    BSE

    100

    SMAL

    L CA

    P

    OIL

    & G

    AS IT

    FMCG

    TELE

    COM

    HEAL

    THCA

    RE

    % Year-to-Date

  • NIFTY 4Q FY20 Earnings: Mid-Season Review

    Source: Capitaline, Bloomberg, SBIMF Research

    • 30 of the 50 NIFTY companies had reported results as of

    4 June 2020

    • Nifty PAT growth for 4QFY20 has been -20% y-o-y, with a

    very weak breadth (miss to beat ratio at 3:1)

    • Among key sectors which have done worse than

    expectations is financials led by asset quality

    deterioration in the MSME, CV, Unsecured Retail and MFI

    portfolios. Overall demand commentary is weak with

    uncertainty around size and timing of recovery. However,

    pent up demand in rural India can surprise- tractor

    companies that strong procurement and good monsoons

    buoy rural sentiments.

    • Labor shortages and movement restrictions are emerging

    as issues in select pockets, like infra and metals,

    although larger companies seemed to have managed it

    better.

    • Downgrades continue at a very sharp pace. Market

    expectations for Nifty earnings have been cut by 25% y-

    o-y for both FY21 and FY22. Key sector to track would be

    financials where earnings downgrade risks are higher.

    Considerable moderation in Q4 FY20 top-line and PAT

  • Earnings will be revised lower for yet another year

    Source: Bloomberg, SBIMF Research

    -9.4

    -7.6

    -8.1

    -4.4

    -21.8

    -16.8

    -9.7

    -12.6

    -11.0

    -25 -20 -15 -10 -5 0

    FY12

    FY13

    FY14

    FY15

    FY16

    FY17

    FY18

    FY19

    FY20

    Earnings upgrade downgrade- %chg

    • There could be material downward revision to earnings as growth and demand gets impaired due to COVID-19

    Downgrade in NIFTY earnings during the fiscal year

  • Valuations gained some attractiveness back in May 2020

    Source: Bloomberg, CMIE Economic outlook , SBIMF Research

    Nifty 12M trailing PE ratio declined to 22.2 in May’20 vs. 22.9 in Apr’20

    Nifty 12M trailing PB ratio is at 2.5 in May’20 vs. 2.6 in Apr’20

    Market capitalization/GDP (%) declined in May but remained above March

    India earnings yield look attractive vs. Government Bonds

    10

    15

    20

    25

    30

    35

    Nov

    -02

    Sep-

    03Ju

    l-04

    May

    -05

    Mar

    -06

    Jan-

    07N

    ov-0

    7Se

    p-08

    Jul-0

    9M

    ay-1

    0M

    ar-1

    1Ja

    n-12

    Nov

    -12

    Sep-

    13Ju

    l-14

    May

    -15

    Mar

    -16

    Jan-

    17N

    ov-1

    7Se

    p-18

    Jul-1

    9M

    ay-2

    0

    NIFTY 12M Traling PE Ratio

    Mean

    +1 SD

    -1 SD

    0

    2

    4

    6

    8

    10

    Nov

    -07

    Apr-

    08Se

    p-08

    Feb-

    09Ju

    l-09

    Dec-

    09M

    ay-1

    0O

    ct-1

    0M

    ar-1

    1Au

    g-11

    Jan-

    12Ju

    n-12

    Nov

    -12

    Apr-

    13Se

    p-13

    Feb-

    14Ju

    l-14

    Dec-

    14M

    ay-1

    5O

    ct-1

    5M

    ar-1

    6Au

    g-16

    Jan-

    17Ju

    n-17

    Nov

    -17

    Apr-

    18Se

    p-18

    Feb-

    19Ju

    l-19

    Dec-

    19M

    ay-2

    0

    India 10 year Gsec yield (in %)

    India earnings yield (%) - 12 M trailing

    1

    2

    3

    4

    5

    6

    Nov

    -02

    Sep-

    03Ju

    l-04

    May

    -05

    Mar

    -06

    Jan-

    07N

    ov-0

    7Se

    p-08

    Jul-0

    9M

    ay-1

    0M

    ar-1

    1Ja

    n-12

    Nov

    -12

    Sep-

    13Ju

    l-14

    May

    -15

    Mar

    -16

    Jan-

    17N

    ov-1

    7Se

    p-18

    Jul-1

    9M

    ay-2

    0

    NIFTY 12M Traling PB Ratio

    Mean

    +1 SD

    -1 SD

    Nifty 12M trailing PE ratio declined to 22.2 in May’20 vs. 22.9 in Apr’20

  • Liquidity : FIIs turned buyers of Indian equities in May 2020

    Source: Bloomberg, SBIMF Research

    FIIs purchased US $1.72 billion in May 2020 billion vs. outflows of US $0.03 billion in April

    DIIs sold US$ 0.13 billion in May 2020 vs. US$ 0.11 billion in April

    Mutual Fund sold US$ 0.26 billion in May vs. US$ 1.05 billion in April2020

    -10

    -5

    0

    5

    10

    Sep-

    15

    Jan-

    16

    May

    -16

    Sep-

    16

    Jan-

    17

    May

    -17

    Sep-

    17

    Jan-

    18

    May

    -18

    Sep-

    18

    Jan-

    19

    May

    -19

    Sep-

    19

    Jan-

    20

    May

    -20

    FII Investment - Equity (US$ billion)

    -2

    -1

    0

    1

    2

    3

    4

    5

    Sep-

    15N

    ov-1

    5Ja

    n-16

    Mar

    -16

    May

    -16

    Jul-1

    6Se

    p-16

    Nov

    -16

    Jan-

    17M

    ar-1

    7M

    ay-1

    7Ju

    l-17

    Sep-

    17N

    ov-1

    7Ja

    n-18

    Mar

    -18

    May

    -18

    Jul-1

    8Se

    p-18

    Nov

    -18

    Jan-

    19M

    ar-1

    9M

    ay-1

    9Ju

    l-19

    Sep-

    19N

    ov-1

    9Ja

    n-20

    Mar

    -20

    May

    -20

    Net Domestic MF Investment (US$ billion)

    -4

    -2

    0

    2

    4

    6

    8

    Sep-

    15

    Dec-

    15

    Mar

    -16

    Jun-

    16

    Sep-

    16

    Dec-

    16

    Mar

    -17

    Jun-

    17

    Sep-

    17

    Dec-

    17

    Mar

    -18

    Jun-

    18

    Sep-

    18

    Dec-

    18

    Mar

    -19

    Jun-

    19

    Sep-

    19

    Dec-

    19

    Mar

    -20

    Net DII Investment (US$ billion)

  • SIP inflows to mutual fund industry broadly resilient

    Source:AMFI, SBIMF Research

    Monthly SIP inflows declined marginally in April, but broadly resilient

  • Equity Outlook

    Source:Bloomberg, SBIMF Research

    10

    15

    20

    25

    30

    35

    Nov

    -02

    Sep-

    03Ju

    l-04

    May

    -05

    Mar

    -06

    Jan-

    07N

    ov-0

    7Se

    p-08

    Jul-0

    9M

    ay-1

    0M

    ar-1

    1Ja

    n-12

    Nov

    -12

    Sep-

    13Ju

    l-14

    May

    -15

    Mar

    -16

    Jan-

    17N

    ov-1

    7Se

    p-18

    Jul-1

    9M

    ay-2

    0

    NIFTY 12M Traling PE Ratio

    Mean

    +1 SD

    -1 SD

    Nifty 12M trailing PE ratio at 22.2 in May’20 vs. 22.9 in Apr’20

    Nifty fell 3% in May 2020 turning out to be a relative EM under-performer duringthe month. The under-performance was perhaps led by rising number of COVIDcases, concerns on financial sector and lesser than expected demand support inthe latest fiscal announcement. That said, recent signs of the economy openingup have led to a rally for Indian equities over last 10 days helping reverse someof the underperformance.

    Banking stocks witnessed the highest decline (10%) followed by consumerdurables (8%). Telecom sector delivered the highest positive returns (11%)followed by auto (6%). Performance across the capitalization curve was alsosimilar with mid cap and small cap delivering 1% and 2% m-o-m negative returnsrespectively. On YTD basis, Nifty and Sensex were down by 21%.

    COVID-19 is expected to have an adverse impact on the economy and corporateearnings. Results of 4QFY20 earnings season and management commentariessuggest more volatility and disruption in earnings ahead with several Niftycompanies seeing fresh double-digit EPS cuts for FY21

    Lockdown norms have been relaxed in June. But, economic recovery will beslow given the sharp income loss in last two months. Labor availability could bea significant challenge, and limited demand support from government will keepthe overall growth prospects weak. The government announced a slew ofstimulus and reform measures in a bid to seize the crisis as an opportunity andfight for a position of strength in the changed world order. Overall, it prioritizedstructural supply side reform over near-term demand boost. On the positive side,significant monetary policy support, government’s measures to protect ruraleconomy and agri-income will be a positive support to the growth.

    Implications: As outlook for forward earnings stays uncertain, we stay bottom-up in our approach by focusing on resilientbusinesses that should emerge stronger on the other side.

  • FIXED INCOME MARKET

  • Global Bond Snapshot: May 2020

    Source: Bloomberg, SBIMF Research

    10 Year Gsec Yield (% mth

    end)2017 end 2018 end 2019 end Jan-20 Feb-20 Mar-20 Apr-20 May-20 m-o-m(in bps)

    YTD change (in bps)

    Developed market US 2.41 2.68 1.92 1.51 1.15 0.67 0.64 0.65 1 -126Germany 0.43 0.24 -0.19 -0.43 -0.61 -0.47 -0.59 -0.45 14 -26Italy 2.02 2.74 1.41 0.94 1.10 1.52 1.76 1.48 -29 6Japan 0.05 0.00 -0.01 -0.07 -0.15 0.02 -0.03 0.01 4 2Spain 1.57 1.42 0.47 0.24 0.28 0.68 0.72 0.56 -16 9Switzerland -0.15 -0.25 -0.47 -0.73 -0.82 -0.33 -0.52 -0.46 6 1UK 1.19 1.28 0.82 0.52 0.44 0.36 0.23 0.18 -5 -64

    • Bond yields across countries presented mixed picture on m-o-m with yields increasing in the US , Japan and Germany on

    m-o-m basis while declining in Italy, Japan and Spain.

    • Increased concerns of higher government borrowings to finance COVID-19 packages along with rebound in stock

    markets exerted upward pressure on yields on a monthly basis.

    • On Year-to-Date basis, bond yields continue to remain low.

    • 10-year US Treasury yields have fallen by 126 bps on YTD basis. Increased safe- haven assets buying by investors on

    account of growth concerns and ultra-loose monetary policy amidst coronavirus scare helped the rally in US yields..

  • US bond yields at historic lows

    Source : Bloomberg, SBIMF Research.

    US 10 Year at historic low and 30 year inched marginally upwards

    0

    1

    2

    3

    4

    5

    6

    Jan-

    07

    Jun-

    07

    Nov

    -07

    Apr-

    08

    Sep-

    08

    Feb-

    09

    Jul-0

    9

    Dec-

    09

    May

    -10

    Oct

    -10

    Mar

    -11

    Aug-

    11

    Jan-

    12

    Jun-

    12

    Nov

    -12

    Apr-

    13

    Sep-

    13

    Feb-

    14

    Jul-1

    4

    Dec-

    14

    May

    -15

    Oct

    -15

    Mar

    -16

    Aug-

    16

    Jan-

    17

    Jun-

    17

    Nov

    -17

    Apr-

    18

    Sep-

    18

    Feb-

    19

    Jul-1

    9

    Dec-

    19

    May

    -20

    US 10 year Gsec yield (%) US 30 year Gsec yield (%)

  • Emerging Market Bond yields: Snapshot for May 2020

    Source: Bloomberg, SBIMF Research

    10 Year Gsec Yield (% mth

    end)2017 end 2018 end 2019 end Jan-20 Feb-20 Mar-20 Apr-20 May-20 m-o-m (in bps) YTD change (in bps)

    Emerging Market China 3.90 3.31 3.14 3.00 2.73 2.59 2.52 2.69 18 -45India 7.33 7.37 6.56 6.60 6.37 6.14 6.11 5.76 -35 -79Indones ia 6.29 7.98 7.04 6.65 6.91 7.85 7.83 7.30 -53 26South Korea 2.47 1.96 1.67 1.56 1.33 1.55 1.52 1.37 -15 -31Malays ia 3.91 4.08 3.31 3.13 2.83 3.36 2.87 2.81 -6 -51Russ ia 7.49 8.70 6.36 6.27 6.48 6.75 6.12 5.55 -57 -81Thai land 2.32 2.48 1.48 1.29 1.06 1.40 1.14 1.15 0 -33Turkey 11.67 16.42 12.21 10.23 13.00 13.55 11.69 13.21 152 100Mexico 7.66 8.66 6.91 6.63 6.87 7.12 6.61 6.16 -45 -76Poland 3.30 2.83 2.12 2.14 1.79 1.68 1.46 1.18 -28 -94South Africa 8.72 8.72 9.03 8.98 9.12 11.00 10.30 8.93 -137 -10Colombia 6.48 6.75 6.34 5.95 5.80 8.42 7.09 6.06 -103 -28Hungary 2.02 3.01 2.01 2.07 2.17 2.65 1.95 1.91 -4 -10

    • Bond yields rallied in most of the emerging economies on YTD basis barring Indonesia and Turkey.• Aggressive rate cuts by central banks to help stem the fallout from the pandemic helped the rally in yields across

    countries.

    JPY return_Ravi Ratanpal

    Return on EM 10 year G-sec in JPY termsBloomberg Raw Data1/1/90px_last

    10 year G-sec yield (in %)EM currency against JPY% y-o-y (-ve applies depreciation, +ve applies appreciation; againsdt JPY)Unhedged Return on EM 10 year G-sec (in JPY terms)CountriesUSChinaJapanIndiaSouth KoreaIndonesiaTaiwanThailandMalaysiaPhillippinesGermanyItalySpainUKSwitzerlandRussiaTurkeyPolandSouth AfricaBrazilMexicoColombiaHungary

    Emerging MarketsEmerging MarketsEmerging MarketsEmerging Marketslong_comp_nameERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?BrazilChinaIndiaIndonesiaSouth KoreaMalaysiaPhillippinesRussiaTaiwanThailandTurkeyMexicoPolandSouth AfricaColombiaHungaryERROR:#NAME?ERROR:#NAME?

    BrazilChinaIndiaIndonesiaSouth KoreaMalaysiaPhillippinesRussiaTaiwanThailandTurkeyMexicoPolandSouth AfricaColombiaHungaryBrazilChinaIndiaIndonesiaSouth KoreaMalaysiaPhillippinesRussiaTaiwanThailandTurkeyMexicoPolandSouth AfricaColombiaHungaryBrazilChinaIndiaIndonesiaSouth KoreaMalaysiaPhillippinesRussiaTaiwanThailandTurkeyMexicoPolandSouth AfricaColombiaHungaryBrazilChinaIndiaIndonesiaSouth KoreaMalaysiaPhillippinesRussiaTaiwanThailandTurkeyMexicoPolandSouth AfricaColombiaHungaryTickerUSGG10YR IndexGCNY10YR IndexGJGB10 IndexGIND10YR IndexGVSK10YR IndexGTIDR10Y GOVTGVTW10YR IndexGVTL10YR IndexMGIY10Y IndexGTPHP10Y GOVTGDBR10 IndexGBTPGR10 IndexGSPG10YR IndexGUKG10 IndexGSWISS10 IndexGTRUB10Y GOVTIECM10Y IndexPOGB10YR IndexGSAB10YR IndexGEBR10Y IndexGMXN10YR IndexCOGR10Y IndexGHGB10YR IndexBRLJPY CurncyCNYJPY CurncyINRJPY CurncyIDRJPY CurncyKRWJPY CurncyMYRJPY CurncyPHPJPY CurncyRUBJPY CurncyTWDJPY CurncyTHBJPY CurncyTRYJPY CurncyMXNJPY CurncyPLNJPY CurncyZARJPY CurncyCOPJPY CurncyHUFJPY CurncyUSGG12M IndexUSGG2YR Index

    Jan-063.37.313.05.54.19.41.75.58.25.17.47.0ERROR:#N/AERROR:#N/AERROR:#N/AERROR:#N/AERROR:#N/AERROR:#N/AERROR:#N/AERROR:#N/AERROR:#N/AERROR:#N/AERROR:#N/AERROR:#N/AERROR:#N/AERROR:#N/AERROR:#N/AERROR:#N/AERROR:#NAME?7.93ERROR:#NAME?4.11ERROR:#NAME?5.74ERROR:#NAME?12.213ERROR:#NAME?6.875ERROR:#NAME?11.354ERROR:#NAME?5.31ERROR:#NAME?6.158ERROR:#NAME?4.25ERROR:#NAME?20.217ERROR:#NAME?7.291ERROR:#NAME?12.594ERROR:#NAME?12.61ERROR:#NAME?10.24ERROR:#NAME?4.23ERROR:#NAME?7.22ERROR:#NAME?11.2ERROR:#NAME?8.692ERROR:#NAME?16.32ERROR:#NAME?10.727ERROR:#NAME?10.964ERROR:#NAME?8.146ERROR:#NAME?9.44ERROR:#NAME?ERROR:#NAME?53.0ERROR:#NAME?14.5ERROR:#NAME?2.7ERROR:#NAME?1.3ERROR:#NAME?1/12/00ERROR:#NAME?1/31/00ERROR:#NAME?2.25ERROR:#NAME?4.1675ERROR:#NAME?3.664ERROR:#NAME?3.0103ERROR:#NAME?88.4789ERROR:#NAME?11.2159ERROR:#NAME?37.2355ERROR:#NAME?19.3452ERROR:#NAME?5.1682ERROR:#NAME?56.4932ERROR:#NAME?7.793ERROR:#NAME?7.875

    Feb-063.37.412.45.24.18.91.85.37.84.67.36.854.514.42.61.311.931.22.24.13.63.088.011.036.518.85.254.51/3/907.9746/10/053.7591/3/905.7411/26/9812.21912/20/006.8757/23/0311.368/8/005.2478/8/006.1836/30/054.257/31/9820.7461/2/907.4845/10/9312.5631/5/9312.661/2/9010.32/17/944.2344/12/107.231/28/1011.225/27/998.7691/2/9716.322/5/0710.5428/23/0110.99312/14/098.1371/21/999.352/28/0654.52/28/0614.42/28/062.62/28/061.32/28/061/11/002/28/061/31/002/28/062.2392/28/064.12862/28/063.56722/28/062.96232/28/0687.99332/28/0611.03592/28/0636.49092/28/0618.77652/28/065.15382/28/0654.51131/3/907.8251/3/907.927

    Mar-063.37.512.15.54.17.51.85.38.55.07.57.154.414.72.61.312.132.02.34.33.63.087.310.836.419.15.154.11/4/907.9726/13/053.7561/4/905.8711/27/9812.22912/21/006.877/24/0311.5438/9/005.4738/9/006.1767/7/054.2228/3/9820.7451/3/907.5075/11/9312.6111/6/9312.661/3/9010.352/18/944.2374/15/107.231/29/1011.25/28/998.8581/3/9716.322/7/0710.638/24/0111.0712/15/098.3691/22/999.423/31/0654.43/31/0614.73/31/062.63/31/061.33/31/061/12/003/31/061/31/003/31/062.30673/31/064.25073/31/063.62843/31/063.02963/31/0687.33443/31/0610.82993/31/0636.38783/31/0619.07163/31/065.14093/31/0654.05031/4/907.8131/4/907.91

    Apr-063.07.411.95.34.57.12.25.58.55.27.46.854.514.22.51.312.131.42.24.23.63.086.310.337.219.04.854.61/5/907.9846/16/053.5811/5/905.911/30/9812.22512/22/006.8847/25/0311.4528/10/005.4678/10/006.167/14/054.1428/7/9820.371/4/907.4285/12/9312.5151/7/9312.651/4/9010.322/21/944.2634/16/107.242/1/1011.195/31/998.8671/6/9716.323/5/0710.4688/27/0111.112/16/098.2721/25/999.424/28/0654.54/28/0614.24/28/062.54/28/061.34/28/061/12/004/28/061/31/004/28/062.19884/28/064.18944/28/063.56834/28/063.03344/28/0686.26274/28/0610.29224/28/0637.17574/28/0618.95844/28/064.78614/28/0654.58631/5/907.7981/5/907.885

    May-063.07.712.35.24.99.72.25.49.15.37.86.848.814.02.41.211.931.02.14.23.53.071.89.936.616.74.554.91/8/908.0126/17/053.5851/8/905.9812/1/9812.22512/25/006.8818/6/0311.5398/11/005.4518/11/006.1477/21/054.1478/10/9820.5951/5/907.5025/13/9312.4761/8/9312.521/5/9010.332/22/944.34/21/107.322/2/1011.26/1/998.91/7/9716.183/7/0710.6298/28/0111.08812/17/098.3031/26/999.375/31/0648.85/31/0614.05/31/062.45/31/061.25/31/061/11/005/31/061/31/005/31/062.13095/31/064.16935/31/063.51625/31/062.95225/31/0671.8145/31/069.93545/31/0636.59185/31/0616.7245/31/064.52335/31/0654.87441/8/907.7851/8/907.893

    Jun-063.18.112.45.25.110.12.25.79.15.78.77.952.914.32.51.212.131.12.24.33.53.072.110.136.016.04.451.71/9/908.0096/20/053.5931/9/906.1812/2/9812.22312/26/006.8848/8/0311.5648/14/005.4358/14/006.1637/25/054.1558/11/9820.8051/8/907.5075/14/9312.4651/11/9312.491/8/9010.442/23/944.2964/22/107.342/3/1011.186/7/998.8661/8/9716.063/30/0711.7528/29/0111.13912/18/098.2751/27/999.376/30/0652.96/30/0614.36/30/062.56/30/061.26/30/061/12/006/30/061/31/006/30/062.15386/30/064.26336/30/063.53466/30/063.00196/30/0672.11256/30/0610.08576/30/0636.01416/30/0615.95166/30/064.44646/30/0651.69651/9/907.7731/9/907.893

    Jul-063.38.211.95.14.79.82.15.58.55.68.77.252.614.42.51.312.031.42.24.33.53.076.510.537.216.54.753.81/10/908.0146/21/053.711/10/906.2412/3/9812.22312/27/006.9818/11/0311.5448/15/005.418/15/006.1487/26/054.1828/12/9820.7641/9/907.5025/17/9312.4131/12/9312.371/9/9010.542/24/944.3254/23/107.322/4/1011.226/15/998.7951/9/9716.074/2/0711.6858/30/0111.20612/21/098.4161/28/999.167/31/0652.67/31/0614.47/31/062.57/31/061.37/31/061/11/007/31/061/31/007/31/062.22597/31/064.27777/31/063.50127/31/063.02957/31/0676.50477/31/0610.45777/31/0637.19427/31/0616.50597/31/064.72247/31/0653.79051/10/907.7491/10/907.876

    Aug-063.27.911.75.04.48.82.05.38.25.68.87.654.714.82.51.312.231.92.34.43.63.180.210.838.116.34.954.41/11/908.0446/22/053.5921/11/906.2812/4/9812.22312/28/006.9218/12/0311.5448/16/005.4228/16/006.1887/27/054.1888/13/9820.6151/10/907.4785/18/9312.3041/13/9312.331/10/9010.572/25/944.2944/27/107.642/5/1011.36/18/998.8461/10/9715.944/3/0711.6478/31/0111.24312/22/098.4931/29/999.098/31/0654.78/31/0614.88/31/062.58/31/061.38/31/061/12/008/31/061/31/008/31/062.31188/31/064.38888/31/063.56688/31/063.12398/31/0680.1888/31/0610.75788/31/0638.11658/31/0616.30698/31/064.89668/31/0654.38141/11/907.7591/11/907.92

    Sep-063.07.610.94.74.28.12.05.18.25.58.67.654.315.02.61.312.532.02.44.43.63.178.110.837.715.24.954.91/12/908.0966/24/053.5861/12/906.512/7/9812.22312/29/006.8718/15/0311.5618/17/005.4338/17/006.1867/28/054.28/14/9820.3071/11/907.4595/19/9312.241/14/9312.231/11/9010.612/28/944.3924/28/107.812/9/1011.246/21/998.7841/13/9715.914/4/0711.649/3/0111.2612/23/098.4212/1/999.149/29/0654.39/29/0615.09/29/062.69/29/061.39/29/061/12/009/29/062/1/009/29/062.35189/29/064.40989/29/063.57049/29/063.14599/29/0678.06789/29/0610.75799/29/0637.71189/29/0615.18239/29/064.9299/29/0654.88861/12/907.7521/12/907.938

    Oct-063.07.610.44.94.07.62.05.27.95.38.17.254.614.82.61.312.432.02.44.43.53.280.310.938.615.95.157.31/15/908.1136/27/053.5921/15/906.512/8/9812.231/1/016.8688/27/0311.4628/18/005.4658/18/006.1917/29/054.1928/17/9820.6151/12/907.4555/20/9312.2211/15/9312.071/12/9010.583/1/944.3884/30/107.422/10/1011.236/22/998.7931/14/9715.854/5/0711.6219/4/0111.39112/24/098.4662/2/999.1510/31/0654.610/31/0614.810/31/062.610/31/061.310/31/061/12/0010/31/062/1/0010/31/062.350310/31/064.379110/31/063.516710/31/063.189510/31/0680.3410/31/0610.857910/31/0638.589110/31/0615.869610/31/065.074810/31/0657.28561/15/907.7521/15/907.947

    Nov-063.07.410.65.03.86.42.04.87.75.27.96.953.514.82.61.312.532.02.34.43.63.279.710.540.216.25.059.81/16/908.1966/29/053.5861/16/906.7412/9/9812.221/2/016.8359/10/0311.4568/21/005.4968/21/006.2168/1/054.1788/18/9820.8021/15/907.5015/21/9312.2081/18/9312.061/15/9010.743/3/944.4935/3/107.422/11/1011.216/28/998.9611/15/9715.754/6/0711.629/5/0111.45512/28/098.5072/3/999.1811/30/0653.511/30/0614.811/30/062.611/30/061.311/30/061/12/0011/30/062/1/0011/30/062.334511/30/064.409811/30/063.571811/30/063.232611/30/0679.710411/30/0610.544711/30/0640.189211/30/0616.18811/30/065.04211/30/0659.76521/16/907.9341/16/908.098

    Dec-063.17.610.15.13.86.32.05.47.45.27.76.755.715.32.71.312.833.72.44.53.73.484.211.041.017.05.362.61/17/908.1916/30/053.5921/17/906.7212/10/9812.221/3/016.7949/15/0311.5898/22/005.4828/22/006.2628/2/054.1798/19/9820.8271/16/907.6215/24/9312.2281/19/9312.071/16/9010.783/4/944.4865/4/107.692/12/1011.186/29/998.9441/16/9715.784/9/0711.5299/6/0111.34812/29/098.4972/4/999.1712/29/0655.712/29/0615.312/29/062.712/29/061.312/29/061/12/0012/29/062/2/0012/29/062.429212/29/064.522412/29/063.653212/29/063.358312/29/0684.186312/29/0611.020312/29/0641.006812/29/0616.993312/29/065.318512/29/0662.55521/17/907.8771/17/908.054

    Jan-073.17.810.05.13.96.72.04.87.95.27.77.156.815.52.71.312.834.52.54.63.73.585.710.940.316.75.461.6ERROR:#N/AERROR:#N/AERROR:#N/AERROR:#N/AERROR:#N/AERROR:#N/AERROR:#N/AERROR:#N/AERROR:#N/AERROR:#N/AERROR:#N/AERROR:#N/AERROR:#N/AERROR:#N/AERROR:#N/AERROR:#N/A 1/18/908.3037/4/053.5971/18/906.9312/11/9812.221/4/016.4479/16/0311.5898/23/005.4698/23/006.2378/3/054.1898/20/9820.8271/17/907.6025/25/9312.2451/20/9311.941/17/9010.873/8/944.3815/5/107.412/15/1011.17/2/998.9041/17/9715.824/10/0711.469/7/0111.29512/30/098.4882/5/999.171/31/0756.81/31/0715.51/31/072.71/31/071.31/31/071/12/001/31/072/3/001/31/072.47181/31/074.55921/31/073.6641/31/073.47141/31/0785.66531/31/0710.94861/31/0740.28811/31/0716.72561/31/075.35791/31/0761.63691/18/908.0471/18/908.232

    Feb-0710.63.18.010.25.03.86.72.04.58.05.27.57.056.015.32.71.312.633.82.44.53.63.583.910.640.116.45.361.62.76.42.73.05.58.69.010.00.919.5-4.7-3.810.0-12.73.212.9 9.710.115.410.712.817.9 2.724.8 4.114.6-5.4 19.71/19/908.2327/5/053.5941/19/906.8212/14/9812.2171/5/016.2549/17/0311.5128/24/005.4548/24/006.2118/4/054.1938/21/9820.7421/18/907.6765/26/9312.2711/21/9311.711/18/9011.083/9/944.4115/7/107.822/17/1010.97/5/998.9171/20/9715.724/11/0711.5049/10/0111.35312/31/098.4872/8/999.152/28/0756.02/28/0715.32/28/072.72/28/071.32/28/071/12/002/28/072/2/002/28/072.44092/28/074.53972/28/073.59922/28/073.54042/28/0783.86662/28/0710.62192/28/0740.13852/28/0716.39272/28/075.31922/28/0761.56031/19/907.9861/19/908.162

    Mar-0711.83.48.09.94.93.57.02.04.37.65.27.76.757.215.32.71.312.534.12.44.53.63.684.810.740.716.25.363.55.23.82.7-0.53.46.65.86.7-1.920.2-3.0-1.511.9-14.94.117.4 7.110.211.68.810.713.3 -0.125.5 7.016.9-7.4 24.51/22/908.277/6/053.5731/22/906.812/15/9812.2171/8/016.2049/23/0311.5868/25/005.4658/25/006.2228/5/054.1968/24/9820.6981/19/907.7245/27/9312.2971/22/9311.711/19/9010.933/10/944.3845/10/107.822/18/1010.937/8/999.0941/21/9715.784/12/0711.4819/12/0111.7731/4/108.5462/9/999.173/30/0757.23/30/0715.33/30/072.73/30/071.33/30/071/12/003/30/072/3/003/30/072.44143/30/074.53423/30/073.56063/30/073.6413/30/0784.75543/30/0710.6643/30/0740.70373/30/0716.22173/30/075.34963/30/0763.4731/22/907.9851/22/908.136

    Apr-0710.73.68.29.65.23.57.02.13.97.75.37.66.658.715.52.91.312.834.92.54.73.63.687.010.943.116.95.765.87.79.114.41.56.411.214.311.10.519.80.85.915.8-11.018.720.6 12.121.813.311.715.721.4 2.725.4 14.421.0-3.6 27.41/23/908.3497/7/053.5051/23/906.7512/16/9812.2171/9/016.2769/24/0311.5498/28/005.4538/28/006.2178/8/054.28/25/9820.7031/22/907.7285/28/9312.3421/25/9311.821/22/9010.993/11/944.4225/12/107.832/25/1010.947/9/999.0951/22/9715.674/13/0711.3219/13/0111.871/5/108.4422/10/9994/30/0758.74/30/0715.54/30/072.94/30/071.34/30/071/12/004/30/072/3/004/30/072.51294/30/074.65274/30/073.58774/30/073.6354/30/0786.96444/30/0710.89984/30/0743.0534/30/0716.88214/30/075.68274/30/0765.81241/23/907.9951/23/908.235

    May-0710.14.08.18.85.33.57.02.23.97.55.37.96.563.415.93.01.413.135.82.64.73.73.792.511.343.017.16.465.529.913.323.313.410.115.523.612.84.825.028.814.117.42.342.119.3 16.231.025.715.220.433.2 7.030.4 23.222.810.0 26.11/24/908.3667/8/053.5241/24/906.8612/17/9812.2171/10/016.2710/10/0311.5268/29/005.4578/29/006.2278/9/054.28/26/9820.3691/23/907.7285/31/9312.3481/26/9311.791/23/9011.033/14/944.4035/13/107.563/3/1010.727/13/999.2471/23/9715.64/16/0711.1899/14/0111.9851/6/108.6322/11/999.035/31/0763.45/31/0715.95/31/073.05/31/071.45/31/071/13/005/31/072/4/005/31/072.63335/31/074.70215/31/073.68455/31/073.69055/31/0792.4665/31/0711.33265/31/0742.97155/31/0717.10295/31/076.42555/31/0765.47111/24/908.0051/24/908.235

    Jun-0710.74.48.28.95.53.57.02.54.57.75.68.46.663.816.23.01.413.335.72.74.83.73.993.811.444.317.56.267.620.813.021.710.510.614.623.812.26.029.430.113.022.99.640.230.8 16.129.822.915.819.633.9 8.235.1 22.128.618.3 38.71/25/908.4137/12/053.5241/25/906.6512/18/9812.2171/11/016.11110/13/0311.5268/30/005.4638/30/006.2348/10/054.198/27/9820.2761/24/907.7426/1/9312.3441/27/9311.771/24/9011.023/15/944.4225/14/107.563/5/1010.837/14/999.2481/24/9715.74/17/0711.1369/17/0111.8861/7/108.662/12/999.026/29/0763.86/29/0716.26/29/073.06/29/071.46/29/071/13/006/29/072/4/006/29/072.66636/29/074.78486/29/073.74776/29/073.88586/29/0793.78336/29/0711.3966/29/0744.26036/29/0717.48886/29/076.2356/29/0767.60661/25/908.0371/25/908.246

    Jul-0711.14.47.99.05.43.77.02.74.67.75.68.56.763.015.72.91.312.934.22.64.63.64.092.110.842.816.66.164.219.78.819.11.67.39.217.38.53.330.720.43.215.00.728.419.4 12.127.313.512.413.927.1 5.436.1 11.820.69.4 26.61/26/908.4647/13/053.4771/26/906.6112/21/9812.2171/12/016.22110/14/0311.5288/31/005.468/31/006.2388/11/054.1578/28/9820.4971/25/907.7196/2/9312.2911/28/9311.91/25/9010.883/16/944.4075/17/107.83/25/1010.657/16/999.2111/27/9715.584/18/0711.0899/18/0111.6951/8/108.6092/15/999.17/31/0763.07/31/0715.77/31/072.97/31/071.37/31/071/12/007/31/072/3/007/31/072.61047/31/074.63977/31/073.61547/31/073.95847/31/0792.10897/31/0710.79637/31/0742.77377/31/0716.61547/31/076.06297/31/0764.21141/26/908.0451/26/908.263

    Aug-0712.04.37.99.65.63.77.02.54.77.85.88.56.859.015.32.81.212.333.02.54.53.53.589.010.541.316.25.461.67.83.912.1-4.51.03.67.72.8-1.610.911.0-2.48.4-0.79.313.3 7.120.07.26.07.916.5 0.416.3 5.814.08.1 20.91/29/908.5357/18/053.4811/29/906.5812/22/9812.2261/15/016.2110/15/0311.5539/1/005.4319/1/006.2638/12/054.1478/31/9820.691/26/907.7146/3/9312.2721/29/9311.861/26/9010.933/17/944.415/18/107.683/26/1010.657/20/999.1961/28/9715.584/19/0710.8559/25/0112.0691/12/108.8892/16/999.288/31/0759.08/31/0715.38/31/072.88/31/071.28/31/071/12/008/31/072/2/008/31/072.49018/31/074.5138/31/073.50838/31/073.46578/31/0789.0058/31/0710.49578/31/0741.30428/31/0716.19738/31/075.35118/31/0761.6151/29/908.1121/29/908.324

    Sep-0711.54.47.99.25.63.77.02.64.77.95.78.26.662.615.32.91.312.533.72.64.63.53.595.210.543.416.75.765.315.32.312.2-1.60.55.18.64.8-1.610.221.9-2.415.210.115.118.9 5.419.89.35.29.316.8 0.415.3 5.820.718.7 26.51/30/908.5017/19/053.4761/30/906.6612/23/9812.2261/16/016.11510/16/0311.5279/4/005.4399/4/006.2658/15/054.1379/2/9820.6451/29/907.6486/4/9312.262/1/9311.851/29/9010.873/18/944.4255/19/107.633/29/1010.657/23/999.1571/29/9715.654/20/0710.8489/26/0111.981/13/108.8712/17/999.289/28/0762.69/28/0715.39/28/072.99/28/071.39/28/071/12/009/28/072/2/009/28/072.55459/28/074.61939/28/073.51439/28/073.46789/28/0795.15759/28/0710.49899/28/0743.44839/28/0716.71249/28/075.67119/28/0765.25171/30/908.0761/30/908.28

    Oct-0711.94.57.99.25.63.77.02.74.87.95.58.06.666.515.52.91.312.834.72.74.73.63.599.210.846.117.85.866.721.94.212.9-0.93.18.312.86.91.310.423.4-0.219.611.914.716.5 7.120.69.58.012.320.3 3.315.6 7.724.920.0 23.71/31/908.4187/20/053.4751/31/906.7612/24/9812.2261/17/016.03610/17/0311.5719/5/005.469/5/006.2388/16/054.1379/3/9820.5392/1/907.76/7/9312.2662/2/9311.741/30/9010.923/21/944.5275/20/107.623/31/1010.547/27/999.0561/30/9715.584/23/0710.7829/27/0112.0551/14/108.8622/18/999.3510/31/0766.510/31/0715.510/31/072.910/31/071.310/31/071/12/0010/31/072/3/0010/31/072.650610/31/074.682510/31/073.563210/31/073.521410/31/0799.175510/31/0710.834710/31/0746.142810/31/0717.763110/31/075.818310/31/0766.71021/31/908.0751/31/908.254

    Nov-0712.54.57.910.05.74.07.02.65.27.95.88.46.861.915.02.81.212.033.12.64.53.43.593.910.245.116.35.464.315.81.78.5-6.0-3.63.412.52.9-3.56.917.9-3.412.21.07.47.6 4.716.04.61.47.218.9 -1.511.7 4.317.48.9 14.52/1/908.4137/21/053.4872/1/906.6312/25/9812.2261/18/015.94510/20/0311.5269/6/005.4759/6/006.4128/17/054.19/4/9820.3432/2/907.7286/8/9312.1682/3/9311.71/31/9010.943/22/944.5125/21/107.644/1/1010.547/28/999.0291/31/9715.44/24/0710.8029/28/0111.991/15/108.8052/19/999.4311/30/0761.911/30/0715.011/30/072.811/30/071.211/30/071/12/0011/30/072/2/0011/30/072.626311/30/074.538111/30/073.448311/30/073.454411/30/0793.940311/30/0710.186611/30/0745.106411/30/0716.349111/30/075.417611/30/0764.3372/1/908.0962/1/908.28

    Dec-0712.54.57.810.05.74.17.02.65.07.95.98.47.162.815.32.81.211.933.82.74.53.43.595.510.245.216.35.564.412.70.15.4-10.2-6.70.111.60.3-5.75.213.4-7.110.3-4.24.13.0 3.213.0-0.1-1.73.917.8 -3.710.6 0.315.53.6 9.72/2/908.4947/25/053.4742/2/906.6312/28/9812.2261/19/015.94710/21/0311.5269/7/005.389/7/006.4198/18/054.1039/7/9820.3992/5/907.8136/9/9312.1242/4/9311.612/1/9010.933/23/944.5125/24/107.654/2/1010.547/29/999.012/3/9715.34/25/0710.66810/1/0111.91/18/108.6162/22/999.4712/31/0762.812/31/0715.312/31/072.812/31/071.212/31/071/11/0012/31/072/2/0012/31/072.710312/31/074.535912/31/073.445712/31/073.533512/31/0795.470412/31/0710.235812/31/0745.230212/31/0716.284312/31/075.537412/31/0764.4272/2/908.1152/2/908.341

    Jan-0812.54.47.69.95.23.77.02.44.17.95.78.67.260.514.82.71.211.332.92.64.43.33.390.89.844.014.25.561.36.5-4.5-1.1-13.1-11.9-4.66.5-4.4-9.7-4.66.0-10.29.2-14.92.5-0.6 -1.56.7-3.2-6.8-0.713.1 -7.70.1 -2.314.3-7.2 6.52/5/908.5197/26/053.4742/5/906.6312/29/9812.2261/22/016.50310/22/0311.5559/8/005.3859/8/006.3858/19/054.0979/8/9820.3882/6/907.9436/10/9312.1392/5/9311.42/2/9010.963/24/944.5125/25/107.834/5/1010.687/30/999.0922/4/9715.284/26/0710.7410/2/0111.8541/19/108.5782/23/999.521/31/0860.51/31/0814.81/31/082.71/31/081.21/31/081/11/001/31/082/1/001/31/082.63161/31/084.35641/31/083.30971/31/083.31091/31/0890.8321/31/089.83111/31/0843.97971/31/0814.22691/31/085.49191/31/0861.28232/5/908.1252/5/908.359

    Feb-0812.54.27.610.25.23.77.02.44.47.56.09.08.261.414.62.61.111.032.42.64.33.43.385.19.744.613.25.659.59.6-4.7-3.2-12.2-12.5-4.25.2-4.8-6.8-6.51.5-8.811.2-19.26.0-3.320.2-1.64.8-2.1-7.5-0.511.9 -4.8-2.0 -0.916.4-11.7 3.72/6/908.587/27/053.4622/6/906.6912/30/9812.2151/23/016.50310/23/0311.5379/11/005.3869/11/006.4188/22/054.0879/9/9820.532/7/908.1616/11/9312.112/9/9311.182/5/9011.083/25/944.525/26/107.834/6/1010.928/3/999.1852/5/9715.324/27/0710.85510/3/0111.7881/20/108.6232/24/999.662/29/0861.42/29/0814.62/29/082.62/29/081.12/29/081/11/002/29/082/1/002/29/082.56772/29/084.31972/29/083.3562/29/083.30992/29/0885.09512/29/089.68262/29/0844.63162/29/0813.24842/29/085.63932/29/0859.52662/6/908.1352/6/908.402

    Mar-0812.54.18.011.75.33.87.02.44.67.46.09.28.656.614.22.51.110.131.22.44.23.33.274.69.444.812.35.460.4-1.0-6.8-8.3-16.0-19.7-8.4-1.7-6.4-7.8-13.0-11.9-12.110.0-24.01.8-4.910.7-3.4-0.3-6.2-14.8-4.95.3 -5.9-8.7 -4.615.2-16.3 1.82/7/908.5368/5/053.3182/7/906.7212/31/9812.2151/24/016.50310/24/0311.6259/13/005.429/12/006.448/23/054.069/10/9820.9792/8/908.286/14/9312.112/10/9311.22/6/9011.033/28/944.5625/27/107.84/7/1010.788/4/999.1862/6/9715.234/30/0710.72710/4/0111.9161/21/108.472/25/999.623/31/0856.63/31/0814.23/31/082.53/31/081.13/31/081/10/003/31/081/31/003/31/082.39883/31/084.24353/31/083.28123/31/083.1693/31/0874.6363/31/089.36853/31/0844.77153/31/0812.32253/31/085.44623/31/0860.38462/7/908.1572/7/908.385

    Apr-0812.54.17.912.85.13.87.02.54.77.96.09.48.162.514.92.61.110.432.92.54.43.43.381.59.947.013.75.964.36.5-4.1-11.6-14.3-19.3-5.7-2.0-5.5-4.9-9.6-6.3-9.19.2-18.63.8-2.317.2-0.4-3.4-4.7-14.2-2.25.0 -2.8-5.7 -1.414.5-11.0 4.32/8/908.4298/8/053.4352/8/906.81/1/9912.2151/25/016.49310/27/0311.6259/14/005.4389/13/006.3778/24/054.0339/11/9821.0712/9/908.386/15/9311.8772/11/9311.212/7/9011.143/29/944.5545/31/107.664/8/1010.818/5/999.1872/7/9715.255/1/0710.72710/8/0111.9781/22/108.5712/26/999.514/30/0862.54/30/0814.94/30/082.64/30/081.14/30/081/10/004/30/082/1/004/30/082.46214/30/084.39574/30/083.41274/30/083.28654/30/0881.5144/30/089.90994/30/0847.02094/30/0813.74174/30/085.90094/30/0864.32162/8/908.0992/8/908.315

    May-0812.54.28.112.85.74.07.02.65.28.16.310.18.164.915.22.51.110.332.62.44.53.53.286.610.248.713.96.068.22.3-4.5-16.4-17.6-21.8-9.0-7.8-5.3-5.8-12.0-6.4-9.813.2-18.9-6.04.212.4-0.5-8.4-8.8-16.4-5.5-0.7 -3.6-8.2 -2.318.6-11.0 10.72/9/908.298/12/053.2592/9/906.711/4/9912.2151/26/016.51110/28/0311.9369/15/005.4559/14/006.3498/25/053.989/14/9820.912/12/908.5826/16/9311.8162/12/9311.212/8/9011.043/30/944.5666/1/107.744/9/1010.818/9/999.172/10/9715.135/2/0710.54210/9/0111.8381/25/108.5393/1/999.515/30/0864.95/30/0815.25/30/082.55/30/081.15/30/081/10/005/30/082/1/005/30/082.42915/30/084.45495/30/083.47095/30/083.24765/30/0886.56955/30/0810.21655/30/0848.65935/30/0813.86535/30/086.045/30/0868.20622/9/908.0152/9/908.218

    Jun-0812.54.58.713.36.04.97.02.75.99.26.610.78.566.215.52.51.210.132.52.44.53.53.286.810.349.913.65.671.03.7-4.2-18.4-15.6-24.0-8.9-11.1-5.3-6.6-18.2-7.4-9.612.7-22.3-11.05.114.40.2-10.3-6.7-18.4-5.3-4.1 -4.1-13.8 -1.918.3-13.9 11.72/12/908.3858/18/053.3392/12/906.711/5/9912.2151/29/016.57310/29/0311.5869/18/005.4679/15/006.3098/26/053.9989/15/9821.1182/13/908.4966/17/9311.7972/15/9311.292/9/9011.063/31/944.556/2/107.754/12/1010.818/10/999.1892/11/9715.145/3/0710.46810/10/0111.4131/26/108.5653/2/999.536/30/0866.26/30/0815.56/30/082.56/30/081.26/30/081/10/006/30/082/1/006/30/082.37056/30/084.53036/30/083.49926/30/083.17676/30/0886.83386/30/0810.30216/30/0849.87336/30/0813.58336/30/085.55086/30/0871.0332/12/908.0372/12/908.28

    Jul-0812.54.59.311.85.94.87.02.55.18.96.39.27.868.815.82.51.210.733.22.44.63.53.293.010.852.314.76.071.99.20.9-13.4-7.7-17.2-3.2-6.6-0.7-2.5-18.70.9-0.422.3-11.5-0.912.020.45.3-5.61.4-11.90.50.5 0.1-14.1 7.327.9-3.0 18.72/13/908.328/19/053.3382/13/906.741/6/9912.2151/30/016.50510/30/0311.9059/19/005.4819/18/006.38/29/054.0179/16/9821.1072/14/908.4666/18/9311.6052/16/9311.312/12/9011.124/1/944.556/4/107.654/13/1010.648/13/999.1922/12/9715.215/4/0710.4810/11/0111.7681/27/108.6873/3/999.617/31/0868.87/31/0815.87/31/082.57/31/081.27/31/081/10/007/31/082/2/007/31/082.4397/31/084.60517/31/083.52357/31/083.21897/31/0892.96437/31/0810.75257/31/0852.33327/31/0814.7117/31/086.00927/31/0871.90232/13/907.92/13/908.192

    Aug-0812.54.48.712.26.04.87.02.54.38.46.19.17.966.715.92.51.210.032.12.44.43.43.291.910.647.914.15.667.413.13.7-12.5-3.7-19.0-2.9-5.0-2.2-1.7-8.33.20.716.0-12.85.09.425.18.0-4.55.9-13.40.82.0 0.8-3.5 8.521.8-4.3 16.12/14/908.3738/23/053.6112/14/906.821/7/9912.2151/31/016.56110/31/0311.9059/20/005.499/19/006.328/30/054.0459/17/9820.9372/15/908.5376/21/9311.4932/17/9311.362/13/9011.024/4/944.5436/7/107.854/14/1010.648/18/999.3242/13/9715.145/7/0710.5110/12/0111.7881/28/108.713/4/999.78/29/0866.78/29/0815.98/29/082.58/29/081.28/29/081/9/008/29/082/1/008/29/082.36448/29/084.4148/29/083.4488/29/083.17888/29/0891.86428/29/0810.57278/29/0847.89888/29/0814.12148/29/085.62058/29/0867.4032/14/908.0482/14/908.262

    Sep-0812.53.88.613.15.94.67.02.24.48.45.98.88.255.715.52.31.18.830.92.34.13.33.183.79.744.012.84.861.8-11.11.3-21.7-11.5-29.9-8.4-11.7-10.4-6.2-9.6-12.1-7.61.4-23.4-14.6-5.30.45.8-13.8-2.3-24.3-4.7-4.7 -3.6-4.9 0.37.1-15.2 1.32/15/908.4139/8/053.3082/15/906.851/8/9912.2152/1/016.5611/3/0311.8959/21/005.489/20/006.3379/1/054.0489/18/9821.1242/16/908.6396/22/9311.522/18/9311.432/14/9011.024/5/944.5436/8/107.654/15/1010.688/19/999.182/14/9714.945/8/0710.51810/15/0111.6971/29/108.7313/5/999.649/30/0855.79/30/0815.59/30/082.39/30/081.19/30/081/8/009/30/081/30/009/30/082.25559/30/084.13849/30/083.29479/30/083.13419/30/0883.66089/30/089.70169/30/0844.03739/30/0812.80569/30/084.84079/30/0861.76452/15/908.0922/15/908.324

    Oct-0812.53.17.517.35.54.37.02.03.88.96.69.19.845.614.42.00.97.327.92.03.63.02.863.87.735.510.14.149.0-31.4-6.9-32.1-28.5-42.8-19.7-24.3-22.3-16.2-20.3-35.7-29.1-23.1-43.3-29.0-26.5-19.5-2.4-24.3-19.3-37.3-16.0-17.3 -13.5-15.5 -21.2-17.6-35.3 -20.02/16/908.4134/3/062.8262/16/906.931/11/9912.2142/2/016.50711/4/0311.8959/22/005.4789/21/006.359/2/053.9939/21/9820.912/19/908.936/23/9311.4662/19/9311.312/15/9011.134/6/944.4746/9/107.654/16/1010.688/20/999.1732/17/9714.925/9/0710.44710/16/0111.3872/1/108.8123/8/999.5510/31/0845.610/31/0814.410/31/082.010/31/080.910/31/081/7/0010/31/081/27/0010/31/082.006310/31/083.637810/31/082.98610/31/082.806610/31/0863.801110/31/087.677110/31/0835.483810/31/0810.068810/31/084.128710/31/0849.00012/16/908.0872/16/908.324

    Nov-0812.53.07.115.65.83.77.01.53.89.15.98.48.941.114.01.90.86.526.42.03.42.92.761.17.132.19.54.146.8-33.6-7.0-32.1-34.3-45.9-20.2-25.7-24.6-16.8-22.0-35.0-30.4-28.9-41.9-23.9-27.2-21.2-2.5-24.2-24.4-40.2-16.2-18.7 -14.2-16.8 -22.5-23.1-33.5 -20.42/19/908.4784/4/062.8542/19/9071/12/9912.2142/5/016.48811/5/0311.8959/25/005.4479/22/006.3519/5/053.9939/22/9821.4372/20/908.9896/24/9311.4412/22/9311.42/16/9011.184/7/944.4826/10/107.544/19/1010.688/23/999.1972/18/9714.855/10/0710.51710/17/0111.1052/2/109.0523/9/999.4711/28/0841.111/28/0814.011/28/081.911/28/080.811/28/081/6/0011/28/081/26/0011/28/081.951111/28/083.422111/28/082.869611/28/082.692911/28/0861.096911/28/087.094511/28/0832.09311/28/089.50611/28/084.120311/28/0846.84572/19/908.0862/19/908.36

    Dec-0812.52.85.311.94.23.27.01.42.78.05.47.38.239.213.31.90.87.226.31.93.12.82.658.86.630.69.54.047.7-37.6-13.0-34.3-32.7-39.7-22.3-29.4-32.3-19.8-26.2-38.4-35.2-32.5-41.6-27.2-25.9-25.2-8.5-26.5-22.7-34.0-18.1-22.4 -17.2-21.2 -27.3-26.5-33.2 -18.92/20/908.6294/5/062.8682/20/907.11/13/9912.2142/6/016.43511/6/0311.8949/26/005.4559/25/006.3529/6/053.9679/23/9821.0542/21/908.7436/25/9311.4412/23/9311.592/19/9011.34/8/944.4896/11/107.454/20/1010.688/26/999.22/19/9714.965/11/0710.4710/18/0111.092/3/108.9293/10/999.5112/31/0839.212/31/0813.312/31/081.912/31/080.812/31/081/7/0012/31/081/26/0012/31/081.912712/31/083.0712/31/082.764212/31/082.608212/31/0858.844612/31/086.629412/31/0830.5512/31/089.517212/31/084.031212/31/0847.72062/20/908.2342/20/908.493

    Jan-0912.53.06.311.84.73.17.01.53.57.85.87.99.738.813.21.80.86.524.91.92.52.72.654.76.325.88.83.738.7-35.9-11.2-32.0-33.9-42.8-24.2-26.4-42.2-19.3-22.3-39.8-36.2-41.3-38.0-32.7-36.9-23.5-6.8-24.5-24.0-37.6-20.5-19.4 -17.0-18.2 -28.3-35.6-29.4 -29.72/21/908.6034/6/062.8692/21/907.031/14/9912.2142/7/016.29711/7/0311.8949/27/005.4629/26/006.3289/7/053.9579/24/9821.4282/22/908.7336/28/9311.4682/24/9311.762/20/9011.344/11/944.4746/14/107.454/21/1010.689/2/999.2042/20/9714.935/14/0710.45410/19/0110.9892/4/109.0353/11/999.551/30/0938.81/30/0913.21/30/091.81/30/090.81/30/091/6/001/30/091/24/001/30/091.93571/30/092.51731/30/092.66941/30/092.57261/30/0954.7251/30/096.27351/30/0925.81341/30/098.81621/30/093.69391/30/0938.66182/21/908.212/21/908.485

    Feb-0912.53.16.013.65.14.07.01.53.68.66.28.510.940.814.31.90.86.426.32.02.72.82.757.36.426.69.63.841.3-33.5-2.2-26.4-28.6-42.2-18.8-22.0-37.1-16.8-18.5-32.6-33.9-40.4-27.2-32.3-30.6-21.12.0-18.8-18.3-37.0-15.1-15.0 -14.3-14.1 -26.5-34.4-18.2 -22.52/22/908.5394/7/062.8752/22/907.031/15/9912.2142/8/016.29411/10/0311.8949/28/005.4539/27/006.2099/8/053.9329/25/9821.0622/23/908.7386/29/9311.4472/25/9311.822/21/9011.294/12/944.4486/15/107.514/22/1010.79/6/999.3922/21/9714.825/15/0710.29110/22/0110.7892/5/108.9363/12/999.582/27/0940.82/27/0914.32/27/091.92/27/090.82/27/091/6/002/27/091/26/002/27/092.00312/27/092.71672/27/092.79322/27/092.69622/27/0957.32382/27/096.39632/27/0926.60822/27/099.64542/27/093.82062/27/0941.28472/22/908.1292/22/908.431

    Mar-0912.53.27.012.65.23.87.01.53.37.86.38.612.342.614.52.00.87.227.22.12.92.92.859.47.028.310.43.942.6-24.81.9-21.5-21.7-28.4-13.0-14.4-31.3-11.1-12.0-20.4-25.5-36.8-15.5-28.4-29.5-12.46.0-13.5-10.1-23.1-9.2-7.4 -8.6-7.4 -18.0-30.9-6.3 -21.02/23/908.5374/10/062.8612/23/907.041/18/9912.2142/9/016.1611/11/0311.8949/29/005.4599/28/006.159/9/053.9259/28/9821.72/26/908.6976/30/9311.4132/26/9311.672/22/9011.334/13/944.4636/16/107.454/26/1010.79/29/9910.0152/24/9714.835/16/0710.08610/23/0110.6382/8/108.8673/16/999.653/31/0942.63/31/0914.53/31/092.03/31/090.83/31/091/7/003/31/091/27/003/31/092.05223/31/092.91533/31/092.91833/31/092.78773/31/0959.44393/31/096.9833/31/0928.28243/31/0910.41473/31/093.89763/31/0942.5552/23/908.1022/23/908.413

    Apr-0912.53.26.211.94.74.07.01.62.97.86.28.510.345.114.52.00.97.727.72.13.03.02.861.97.129.411.74.345.2-27.9-2.8-23.2-17.8-25.9-15.8-16.5-32.2-12.6-14.9-24.1-28.1-37.4-15.2-27.0-29.8-15.51.3-15.3-5.0-20.8-12.0-9.5 -10.1-10.2 -20.2-31.4-5.8 -21.72/26/908.4594/11/062.8612/26/907.031/19/9912.2142/12/015.96711/12/0311.89310/2/005.3799/29/006.1079/12/053.9079/29/9821.6242/27/908.6257/1/9311.3213/1/9311.452/23/9011.274/14/944.4746/17/107.454/28/1010.8210/6/9910.2122/25/9714.835/17/079.86610/24/0110.5782/9/108.8583/17/999.734/30/0945.14/30/0914.54/30/092.04/30/090.94/30/091/7/004/30/091/27/004/30/092.0554/30/092.97964/30/092.98184/30/092.79544/30/0961.854/30/097.12614/30/0929.44144/30/0911.65164/30/094.30824/30/0945.17112/26/908.0782/26/908.362

    May-0912.53.16.710.55.24.37.01.64.18.06.38.810.048.314.02.00.97.627.32.03.12.92.862.17.229.912.04.547.5-25.5-8.1-19.2-19.0-26.0-16.4-16.7-30.9-15.8-14.5-28.2-29.0-38.5-13.4-26.1-30.3-13.0-4.0-11.1-6.2-20.3-12.4-9.6 -13.2-9.2 -20.9-32.2-3.3 -22.22/27/908.4144/12/062.8652/27/907.081/20/9912.2132/13/016.00911/13/0311.89310/3/005.40410/2/006.0639/13/053.99/30/9821.1043/1/908.9627/2/9311.353/2/9311.542/26/9011.284/15/944.4786/18/107.474/29/1010.7110/15/9910.612/26/9714.685/18/079.91610/25/0110.62/10/108.9343/18/999.785/29/0948.35/29/0914.05/29/092.05/29/090.95/29/091/7/005/29/091/27/005/29/092.02435/29/093.07785/29/092.92215/29/092.77785/29/0962.1255/29/097.24955/29/0929.93115/29/0912.00925/29/094.4615/29/0947.54412/27/908.0542/27/908.336

    Jun-0912.53.27.011.05.24.47.01.63.78.26.38.99.749.314.12.00.97.627.42.03.12.92.862.67.330.412.54.549.6-25.5-9.0-18.5-18.4-25.4-15.8-15.4-31.7-16.1-10.9-28.0-29.1-39.1-8.0-19.0-30.1-13.1-4.4-9.8-5.1-19.4-10.9-8.4 -13.4-5.0 -19.8-32.42.7 -21.62/28/908.5154/13/062.8612/28/907.131/21/9912.2132/14/015.98211/14/0311.89310/4/005.36710/3/006.0339/14/053.910/1/9821.1423/2/908.9827/5/9311.1153/3/9311.492/27/9011.264/18/944.5286/21/107.454/30/1010.7510/19/9910.7292/27/9714.685/21/079.82610/26/0110.72/11/108.7673/19/999.826/30/0949.36/30/0914.16/30/092.06/30/090.96/30/091/7/006/30/091/27/006/30/092.00436/30/093.09326/30/092.9376/30/092.82946/30/0962.556/30/097.30856/30/0930.39316/30/0912.49196/30/094.49436/30/0949.64432/28/908.1092/28/908.422

    Jul-0912.53.57.210.05.34.37.01.53.78.16.18.98.550.813.92.01.07.726.92.03.02.92.864.47.232.512.24.650.7-26.3-12.3-22.4-19.6-27.3-18.9-19.0-34.7-18.1-13.6-30.7-33.2-37.8-17.1-22.7-29.5-13.8-7.7-13.1-7.8-21.4-14.1-12.0 -15.6-8.5 -24.3-31.5-7.9 -21.63/1/908.5814/14/062.863/1/907.211/22/9912.2132/15/016.04911/17/0311.89210/5/005.36610/4/006.0039/15/053.92310/2/9821.1713/5/908.9577/6/9311.0953/4/9311.52/28/9011.444/19/944.7286/22/107.455/3/1010.7910/26/9910.7622/28/9714.685/22/079.77810/29/0110.892/12/108.8183/22/999.837/31/0950.87/31/0913.97/31/092.07/31/091.07/31/091/7/007/31/091/26/007/31/091.97517/31/093.0097/31/092.8867/31/092.78247/31/0964.38717/31/097.17777/31/0932.54657/31/0912.19997/31/094.64577/31/0950.72093/1/908.2223/1/908.517

    Aug-0912.53.57.410.55.54.27.01.53.78.26.18.88.149.513.61.90.97.526.41.92.92.82.762.17.032.612.04.549.0-25.8-14.3-23.1-22.3-25.3-17.5-19.2-33.6-18.0-13.9-32.4-34.1-32.0-15.2-19.5-27.3-13.4-10.0-14.4-10.1-19.4-12.8-12.2 -15.4-9.5 -25.6-25.9-6.1 -19.43/2/908.5464/17/062.883/2/907.291/25/9912.2132/16/016.04211/18/0311.89210/6/005.3710/5/005.9689/16/053.93210/5/9821.0533/6/909.0197/7/9311.0553/5/9311.353/1/9011.624/20/944.8076/23/107.55/4/1010.7910/27/9910.8063/3/9715.065/23/079.88310/30/0110.972/15/108.9513/23/999.888/31/0949.58/31/0913.68/31/091.98/31/090.98/31/091/7/008/31/091/26/008/31/091.90938/31/092.92938/31/092.8298/31/092.73768/31/0962.05958/31/096.96848/31/0932.57958/31/0911.97378/31/094.52298/31/0948.9963/2/908.243/2/908.481

    Sep-0912.53.57.210.05.34.27.01.44.07.96.29.07.650.813.11.90.97.625.91.93.02.82.760.56.631.211.94.648.8-8.9-15.2-17.5-16.9-13.2-16.1-16.4-27.8-15.3-14.4-27.7-31.6-29.1-6.7-4.0-21.03.6-11.4-8.8-3.7-7.4-11.5-9.4 -13.1-10.0 -23.1-23.32.1 -12.93/5/908.6314/18/062.9073/5/907.291/26/9912.2132/19/016.25311/19/0311.89210/9/005.36710/6/005.9339/19/053.9410/6/9820.9993/7/908.9837/8/9311.0213/8/9311.263/2/9011.714/21/944.8586/24/107.475/5/1010.9110/28/9910.9453/4/9715.215/24/0710.06110/31/0110.9362/16/108.953/24/9910.089/30/0950.89/30/0913.19/30/091.99/30/090.99/30/091/7/009/30/091/25/009/30/091.88519/30/092.9889/30/092.79059/30/092.68259/30/0960.47549/30/096.63949/30/0931.20929/30/0911.9459/30/094.64479/30/0948.76713/5/908.3073/5/908.559

    Oct-0912.53.77.310.15.44.37.01.44.38.06.19.17.451.113.21.90.97.626.41.93.12.82.759.86.831.211.54.548.312.0-8.3-3.63.54.2-5.2-5.8-15.0-7.2-4.1-6.2-11.1-12.114.59.4-1.424.5-5.23.920.79.7-0.91.2 -5.3-0.3 -2.2-5.423.6 8.43/6/908.5624/19/062.9253/6/907.241/27/9912.2132/20/016.18711/20/0311.89210/10/005.3710/9/005.9729/20/053.92210/7/9821.1073/8/908.9017/9/9311.0313/9/9311.293/5/9011.874/22/944.8986/25/107.495/6/1010.9411/2/9911.0283/5/9715.265/25/0710.04311/1/0110.8292/17/108.9633/25/999.9310/30/0951.110/30/0913.210/30/091.910/30/090.910/30/091/7/0010/30/091/26/0010/30/091.889310/30/093.092210/30/092.769810/30/092.692910/30/0959.82710/30/096.826210/30/0931.207310/30/0911.528410/30/094.518610/30/0948.29733/6/908.263/6/908.515

    Nov-0912.53.77.510.25.34.27.81.44.37.96.29.27.549.212.71.90.97.425.51.83.02.72.656.56.731.111.74.347.319.7-9.4-2.717.014.2-3.5-6.3-13.7-6.4-3.4-7.5-5.8-3.022.74.70.932.2-6.44.432.520.00.20.7 -4.90.4 3.33.031.0 9.83/7/908.5794/20/062.9283/7/907.331/28/9912.1822/21/016.61811/21/0311.89110/11/005.33710/10/005.9989/21/053.91510/8/98213/9/908.9267/12/9311.0263/10/9311.243/6/9011.984/25/944.9946/28/107.475/7/1011.2511/18/9911.023/6/9715.165/28/0710.0211/2/0110.8692/18/109.1133/26/999.9211/30/0949.211/30/0912.711/30/091.911/30/090.911/30/091/7/0011/30/091/25/0011/30/091.828611/30/092.952111/30/092.686211/30/092.60111/30/0956.511/30/096.681211/30/0931.144811/30/0911.662911/30/094.313911/30/0947.27383/7/908.273/7/908.533

    Dec-0912.53.67.610.05.44.37.71.54.28.06.39.28.57.953.313.62.01.08.027.12.03.12.92.862.17.132.312.64.649.236.12.57.322.811.43.45.50.95.26.95.57.25.932.112.93.248.65.312.634.715.66.612.5 6.69.5 15.111.339.4 11.33/8/908.5534/21/062.963/8/907.311/29/9912.1822/22/016.75712/1/0311.8910/12/005.37910/11/006.0939/22/053.89510/9/9820.9373/12/908.9167/13/9310.9833/11/9311.243/7/9011.934/26/944.996/29/107.495/10/1011.2512/9/9910.1423/7/9715.235/29/0710.13611/5/0110.8062/19/109.1393/29/999.9512/31/0953.312/31/0913.612/31/092.012/31/091.012/31/091/8/0012/31/091/27/0012/31/092.017412/31/093.096412/31/092.908412/31/092.787712/31/0962.05812/31/097.105912/31/0932.348412/31/0912.572612/31/094.55312/31/0949.2263/8/908.3373/8/908.585

    Jan-1012.53.67.69.85.34.37.81.53.911.27.86.19.28.77.747.913.22.01.07.826.51.93.02.82.760.36.930.911.84.546.123.40.56.426.720.36.1-0.118.15.95.710.29.919.734.223.219.335.93.512.738.525.09.37.0 7.49.2 17.725.442.2 28.93/9/908.6314/24/062.9143/9/907.322/1/9912.2232/23/017.10712/2/0311.90310/13/005.36310/12/006.1449/23/053.8910/12/9820.9313/13/908.8967/14/9311.0113/12/9311.283/8/9011.924/27/944.9226/30/107.535/11/1011.251/31/0010.4253/10/9715.185/30/0710.1811/6/0110.8122/2


Trillion Thai collections

Trillion Thai collections

THE TRILLION DOLLAR CONUNDRUM: COMPLEMENTARITIES …€¦ · As annual U.S. healthcare expenditures climb towards $3 trillion and with spending forecast to exceed $4.5 trillion by

THE TRILLION DOLLAR CONUNDRUM: COMPLEMENTARITIES …€¦ · As annual U.S. healthcare expenditures climb towards $3 trillion and with spending forecast to exceed $4.5 trillion by

Toward Medical Industry Meets Global Demand · Raise infrastructure sales from the current 10 trillion yen to 30 trillion yen by 2020. Capture a 1.5 trillion yen (currently 0.5 trillion

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$1 trillion Lawsuit - Keenan

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1 Financing for What?. 1960s = 14% 2008 = 40% 2 Real Economy: $60 trillion Casino Economy: $700 trillion Real Economy: $60 trillion.

Chambre de Commerce du Montréal Métropolitain Mexico: The ... · Russia $1.95 trillion $1.85 trillion $1.49 trillion $1.22 trillion ... Principal Exports Principal Imports Manufactured

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Summer internship report on sbimf

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The Trillion Dollar Secret

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A Trillion Dollars

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Sbimf Project Report

three trillion dollar war

three trillion dollar war

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Monthly Presentation Outlook_Dec...Indian stock market snapshot: November 2018 Source: Bloomberg, SBIMF Research Performance in November 2018 (local currency returns) Performance YTD

Monthly Presentation Outlook_Dec...Indian stock market snapshot: November 2018 Source: Bloomberg, SBIMF Research Performance in November 2018 (local currency returns) Performance YTD

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THE STATE OF THE FINANCIAL SERVICES INDUSTRY 2017 · $1.1 trillion $1.9 trillion +79% Top 50 insurers $0.4 trillion $1.0 trillion ... Top five Tech firms $2.3 trillion 3. Emma is

#DigitalNKRI - idea.or.id fileOnline Transaction 2014 in Bio IDR The Rest AFTA MEMBER 104,1 Trillion Thailand 19 Trillion Laos 0,5 Trillion Phillippines 23,5 Trillion Brunei 1

#DigitalNKRI - idea.or.id fileOnline Transaction 2014 in Bio IDR The Rest AFTA MEMBER 104,1 Trillion Thailand 19 Trillion Laos 0,5 Trillion Phillippines 23,5 Trillion Brunei 1