11 September 2026
Weekly Market View
Inching towards a Fed ‘credibility’ hike
August’s strong US jobs and producer inflation reports mean the Fed is likely to hike next week or risk its credibility.
However, a rate rise is unlikely to be the start of a hiking cycle. While higher oil prices fuel near-term inflation, driving bond yields to multi-year highs, we see inflation easing next year as the impact of tariffs and oil prices fades.
There remains a residual risk that the Fed could be reluctant to hike rates next week, possibly due to pressure from the Trump administration. Any such hesitancy could lead to a short-term sell-off in equities and bonds as investors increasingly question the Fed’s independence.
We would use any market volatility to add equities, given the robust earnings outlook, and increase bond maturities to 3-7 years.
Regardless of the Fed decision, we are adding semiconductor equities as an Opportunistic idea.
Do you see any opportunities as rising memory chip prices are passed on to consumers?
Does the latest ECB meeting change your outlook on policy rates?
What is the outlook for EUR, GBP, JPY amid the latest and upcoming policy meetings?
Charts of the week: Extremely bearish bond positions
Bond investor positioning extremely bearish, should limit yield spike; AI super-cycle gives structural support for equities
Managed futures positioning in US, Germany, Japan, UK bonds
AI adoption rates in the US
Source: Vanda Research, US Census Bureau, Bloomberg, Standard Chartered
Editorial
Inching towards a Fed ‘credibility’ hike
Strategy summary: August’s strong US jobs and producer inflation reports mean the Fed is most likely to hike next week or risk its credibility. However, a rate rise is unlikely to be the start of a hiking cycle. While higher oil prices fuel near-term inflation, driving bond yields to multi-year highs, we see inflation easing next year as the impact of tariffs and oil prices fades.
There remains a residual risk that the Fed could be reluctant to hike rates next week, possibly due to pressure from the Trump administration. Any such hesitancy could lead to a short-term sell-off in equities and bonds as investors increasingly question the Fed’s independence. We would use any market volatility to add equities, given the robust earnings outlook, and increase bond maturities to 3-7 years. Regardless of the Fed decision, we are adding semiconductor equities as an opportunistic idea.
A resilient job market. Last week, we said the chance of a Fed rate hike has risen above 50% after Chair Warsh’s hawkish Jackson Hole speech. The two remaining requirements that would secure a hike would be: i) a robust jobs report for August, followed by ii) an inflation report showing core inflation at or above 0.2% m/m. The first requirement has been met – the US economy added 162,000 jobs in August, almost triple consensus estimates, with prior two months revised higher.
Although around 60% of the job gains were in only two sectors – leisure & hospitality and government – and average hourly earnings continued its slide to a five-year low of 3.1% y/y, the crucial unemployment rate remained steady at 4.1% as labour force participation rate rose. The unemployment rate suggests the US economy is running at full employment. Meanwhile, US headline and core producer inflation accelerated in August.Inching towards a Fed ‘credibility’ hike: A 25bps Fed hike next week now looks most likely. The only caveat to this outlook would be an underwhelmingly soft inflation report for August due tonight. With Fed Chair Warsh already characterising the current US policy rate of 3.75% as not restrictive, any failure to
hike, due to pressure from the administration, would hurt the Fed’s credibility, impacting equities and bonds. The US 10-year yield surged this week 19bps to a three-year high of 4.97%.
Extremely bearish positioning to limit bond yield upside: The US 10-year bond yield faces a major resistance level – 2023 high of 5.02%. Moreover, investor positioning is extremely bearish (CTA short positions at record). Also, current yields are uncomfortably close to the “Trump put” levels. Authorities have several regulatory and bond supply and liquidity management tools to cap yields, at least in the near term. This implies limited scope for further upside in medium-to-long-term yields.
Key risks: i) if the Fed holds next week, we see further near-term sell-off on doubts about the Fed’s independence, with the 10-year yield breaking above 5.02% briefly. ii) further oil spike. However, extreme positioning should still limit any bond yield upside. As such, we see the yield rise as an opportunity to raise maturity of bond allocations to 3-7 years, preferring corporate bonds. Longer-maturity bonds remain vulnerable to oil-driven inflation expectation and fiscal risks.
Adding one more ECB rate hike after hawkish outlook: The ECB raised its deposit rate 25bps to 2.5%, as expected, and upgraded its growth and inflation forecasts for the coming years, citing a resilient economy and higher energy prices. President Lagarde was decidedly hawkish, while declining to commit to another hike. The upgraded inflation forecasts, Lagarde’s comments and recent surge in gas prices lead us to add one more 25bps rate hike by year end (see page 8).
Tactically adding semiconductor equities; using volatility to buy on dips: This week’s softness in equity markets was mainly driven higher oil prices and bond yields. We would use any volatility to add equities, especially in the US and Asia-ex-Japan, where the corporate earnings outlook remains robust. In fact, we are using the weakness in semiconductor equities to add tactical exposure (see page 4 for more details).
— Rajat Bhattacharya
The weekly macro balance sheet
Our weekly net assessment: On balance, we see the past week’s data and policy as negative for risk assets in the near-term
(+) factors: Stronger Euro area sentiment, dovish RBA
(-) factors: Hawkish ECB, Middle East geopolitical tensions
US small business optimism, hiring plans and inflation expectations appear to have peaked lately
US small business optimism index; indices for hiring plans and ‘inflation single-most important problem’
Euro area investor confidence has picked up lately
Euro area Sentix Investor Confidence
China’s producer inflation remained elevated due to imported commodity prices, but consumer inflation remained subdued
China’s producer and consumer price inflation
Top client questions
Do you see any opportunities for investors as rising memory chip prices are passed on to consumers?
Our view: Within technology, we prefer semiconductors over hardware. We are initiating an Opportunistic idea on global semiconductors on the back of sustained AI infrastructure spend and attractive valuations.
Rationale: Rising memory costs have contributed to higher PC and smartphone prices, yet hardware manufacturers have been unable to fully pass these costs on to consumers, resulting in continued margin pressure. In contrast, memory fundamentals remain supported by tight supply conditions and long-term agreements. That said, memory remains inherently cyclical and volatile, and investors should right-size their exposure to the industry appropriately.
Looking more broadly at semiconductors, earnings growth continues to be supported by ongoing AI infrastructure spend and broadening AI adoption, with US AI adoption expected to reach 25.1% in Q4. The results season reaffirmed strong demand trends for semiconductors, while guidance points to persistent tightness in supply. The industry trades at around 16x forward earnings, below its five-year average of around 20x, despite the strong growth outlook. We view the pullback in valuations as an attractive entry point and initiate an Opportunistic idea on global semiconductors.
— Ryan Goh, Investment Strategist
Global semiconductor valuations have become more attractive amid continued AI-driven earnings growth
Global semiconductors 12-month forward price-to-earnings (P/E) ratio
Does debt-funded AI capex pose a downgrade risk for hyperscalers? Does it create a material overhang for Developed Market (DM) investment-grade (IG) corporate bonds?
Our view: Rating agencies do not assess credit quality on leverage metrics alone; they look through the business cycle. DM IG corporate bond spreads could disperse across sectors.
Rationale: The picture is mixed across hyperscalers, but the trend uniformly points to tighter credit headroom. Rating agencies do not assess credit quality on leverage metrics alone. Rather, they look through the business cycle, weighing capex intensity against earnings trajectory and demand durability over a multi-year horizon.
Currently, leading rating agencies expect hyperscaler leverage to peak around 2027, followed by deleveraging as capex subsides and earnings continue growing. That said, the downgrade risk could rise if deleveraging is delayed, demand weakens or idiosyncratic issues emerge, such as the use of unconventional, off-balance-sheet circular financing structures that obscure true leverage.
For DM IG corporate bonds, the bias is broadly negative, driven by supply indigestion from heavy AI-related issuance, downgrade risk and index concentration distortion as a few large issuers dominate benchmark weightings. However, we do not expect a uniform sell-off. Spreads could disperse across sectors, with AI capex-heavy sectors most likely to stay structurally wide.
— Cedric Lam, Senior Investment Strategist
Hyperscalers’ bond issuance represents a growing proportion of US IG bonds
Percentage of hyperscalers’ bond issuance against US IG bonds
Top client questions (cont’d)
Will long-dated US government bond yields rise further following the US Treasury’s first expanded bond buyback?
Our view: The bond buyback should flatten the US yield curve, but is unlikely to mark a structural shift. Given higher yields, we cautiously extend duration and favour the 3-7-year segment.
Rationale: The US Treasury said it will purchase up to USD 6bn of longer-dated government debt in the first operation under an expanded buyback programme.However, bond markets remain underwhelmed, with investors viewing the scale of repurchases as insufficient relative to broader market expectations and the sheer volume of outstanding long-term debt. As a result, yields have continued their upward trajectory, with the US 10-year yield hitting a three-year high near 4.96% and the 30-year yield rising to 5.37%, suggesting markets are not yet convinced that the buyback will materially shift the supply-demand balance for long-duration debt.
Mechanically, funding long-end purchases via increased Treasury-bill issuance introduces a flattening impulse to the yield curve. Still, we view this as a liquidity management tool rather than a structural pivot. We, therefore, do not expect it to be the dominant catalyst for a significant or sustained decline in long-term yields.
Compounding matters, crude oil prices breaching USD 100/bbl will revive inflation concerns, likely reinforcing a ‘higher-for-longer’ policy stance and offsetting the buyback’s marginal relief. Against, this backdrop, we advocate maintaining a defensive duration posture. Given higher yields, we cautiously extend duration and favour the 3-7 year maturity bucket as inflation risks and heavy debt supply are keeping upward pressure on long-term yields near term.
— Cedric Lam, Senior Investment Strategist
US government bond yields have approached multi-year highs
US government bond yield curve (%)
Where is the RBA headed on interest rates, and what does it mean for the AUD and AUD bonds?
Our view: We see a rising probability of a September RBA rate hike, but a second hike in November is not our base case.
Rationale: The RBA remains focused on inflation, having already hiked its policy rate three times in 2026 – the most of any G7 central bank. Beyond a stronger-than-expected July CPI print, strong business investment and a tight labour market continue to reinforce the case for further tightening. A further hike is now more likely than we previously expected, but back-to-back hikes is not our base case.
Meanwhile, AUD/USD has risen to the 0.72 level, and the Australia 10-year government bond yield has climbed over 70bps over the past six months, with the move accelerating sharply since late August as rate-hike expectations surged. We expect both the AUD and bond yields to remain within their recent range, as the hawkish policy shift has largely already been priced in by markets.
— Cedric Lam, Senior Investment Strategist
We expect the AUD and the Australia 10-year government bond yield to remain rangebound, as the hawkish RBA policy shift is largely priced in
Australia monthly CPI y/y, AUD/USD and Australia 10-year government bond yield
Top client questions (cont’d)
How does the JPY appreciation affect your view on Japan equities and key sectors?
Rationale: The JPY appreciation sharpens the earnings divergence between domestically oriented sectors and exporters, given the significant share of overseas revenues across corporate Japan. Our preferred financial sector generates c.60% of its revenue domestically and stands to benefit from ongoing BoJ policy normalisation through wider net interest margins. Other domestic-demand sectors, including services and construction, face limited currency-translation headwinds and should benefit from stronger wage growth and improved cost pass-through. Within technology, the semiconductor supply chain remains attractive, given Japan’s strong global market position and pricing power amid structural AI demand, offsetting the sector’s c.78% overseas revenue exposure.
Conversely, healthcare has limited domestic offsets to absorb the JPY strength, while it has the highest overseas revenue exposure at c.80%. Similarly, autos are vulnerable, facing headwinds from currency appreciation, tariff pressures and intensifying competition.
— Jason Wong, Senior Equity Analyst
Our preferred Japan financial sector generates c.60% of its revenue domestically and stands to benefit from ongoing BoJ policy normalisation through wider net interest margins
Domestic and overseas revenue exposure by MSCI Japan sectors
Is there a risk of further oil price rise? How do we hedge it?
Our view: We forecast WTI oil at USD 90/bbl in three months, but risks are skewed to the upside. US Treasury Inflation-protected Securities (TIPS) remain our preferred hedge.
Rationale: Three developments would lead us to revise our forecast higher, with the first two already in motion: (1) A prolonged disruption to Gulf exports that accelerates global oil inventory draws. US crude oil stocks are visibly thinner, trending below their five-year range.
(2) Lasting damage to production or export infrastructure. Recent strikes on Saudi energy assets raise concerns more about the resilience of alternative export routes than about immediate production losses. Tighter US action against Iran-linked tankers could further constrain flows. (3) Stronger-than-expected demand that accelerates the tightening of physical balances. China appears to have resumed buying. Conversely, a credible normalisation in the Middle East remains the largest downside risk. With gasoline around USD 5 per gallon, the US administration has a clear incentive to facilitate a normalisation before the November US midterm elections.
We prefer to hedge upside oil risk at the portfolio level rather than through outright oil-sensitive exposure, with US TIPS being our preferred route against higher headline inflation.
— Anthony Naab, CFA, Investment Strategist
US crude oil stocks have fallen below their five-year average
Total US crude oil stocks (w/w), year-to-date (YTD) 2021-26
Top client questions (cont’d)
What is your outlook for the EUR, GBP and JPY against the backdrop of this month’s central bank policy meetings?
Our view: EUR/USD is supported by the ECB’s monetary tightening path, but an increasingly likely Fed hike could limit its near-term upside. The JPY is likely relatively strong as we expect the BoJ to catch up with rate hikes. Meanwhile, the GBP remains vulnerable amid uncertainty around the UK’s upcoming Autumn Budget.
Rationale: The ECB hiked rates by 25bps to 2.5% as expected, with the market now pricing in another hike in December. Euro area annual consumer inflation rose to 3.3% in August – the highest in nearly three years – driven by energy pass-through from the Middle East conflict. The ECB also raised its 2027 growth forecast to 1.4% from 1.2%, headline inflation forecast to 2.5% from 2.3% and core inflation forecast to 2.6% from 2.5%. Greater economic resilience and persistent underlying inflation leave the ECB open to another hike. However, wage growth moderated to 3.3% in Q2 (from 3.5%), approaching the ECB’s c.3% compatibility threshold, which could temper the pace of subsequent hikes. We see gradual upside risk for EUR/USD, with resistance at 1.18 in the coming weeks, although a Fed hike could delay a sustained break higher.
We now see a Fed hike as increasingly likely next week, especially if core consumer price inflation rises by at least 0.2% m/m. August producer price inflation came in higher than expected. Firm WTI oil prices above USD 100/bbl increase the risk of higher inflation and inflation expectations in the months ahead. A hike, or guidance signalling further tightening, would support the USD, limiting the extent of EUR, JPY and GBP gains against it. We expect the USD Index (DXY) to be capped near 99.8.
The USD/JPY repricing reinforces our concern about BoJ policy normalisation. Downside risks towards 150-152 remain significant, but a Fed hike and still-large US-Japan yield and growth differentials should provide some support. A cautious BoJ message could trigger a rebound, particularly after the recent sharp adjustment. We expect one hike next week, followed by another in Q4 (likely in December) and potentially one each in Q1 and Q2 2027. BoE Governor Bailey has previously resisted calls for immediate tightening, preferring greater clarity on second-round inflation effects. However, delayed energy price pass-through and rising food prices are likely to push UK inflation higher. While renewed rate hike expectations provide a structural underpinning for the GBP, the BoE’s cautious stance relative to the ECB and the UK Autumn Budget uncertainty remain significant headwinds. We expect GBP/USD to remain rangebound, with a bearish bias near 1.34. Above all, we see someupside potential in EUR/GBP.
— Vincent Tan, Senior Investment Strategist
— Iris Yuen, Investment Strategist
USD (DXY) index upside risk is likely limited
DXY and technicals
USD/JPY faces downside risks, with the support zone at 150-152
USD/JPY and technicals
Source: Bloomberg, Standard Chartered
Top client questions (cont’d)
Does the latest ECB meeting change your outlook on policy rates?
Our view: The ECB raised its deposit rate by 25bps for the second time this year, taking it to 2.5%, in line with our expectations coming into this meeting. Given the new ECB staff projections that show higher inflation and stronger growth over the next couple of years, as well as ECB President Lagarde’s hawkish remarks at the press conference, we are now projecting another deposit rate hike to 2.75% before year end.
Rationale: The ECB cited the ongoing Middle East conflict as the primary driver of renewed inflationary pressure, with energy price shocks feeding through to broader price levels. The central bank stated that inflation will likely remain above 2% for an “extended period,” and updated staff projections revised inflation higher for 2027 and 2028, with the 2028 inflation forecast now at 2.1%, slightly above the ECB’s 2% target.
ECB President Lagarde described this week’s hike as a “no brainer,” with the decision bolstered by stronger inflation and growth projections. Key points from the press conference include:
• The ECB is not pre-committing to a particular rate path, reiterating a meeting-by-meeting, data-dependent approach.
• Lagarde noted that the Governing Council did not discuss future meetings, though the upward revision to the inflation and growth outlook has shifted the balance towards further tightening.
• The hawks within the Governing Council appear to be winning the internal debate and would prefer to continue hiking, with the deposit rate potentially rising to at least 2.75%.
• The Euro area economy’s surprising resilience was acknowledged as a factor supporting the decision.
• Core inflation remains above 2% through the end of the forecast horizon, a signal that the ECB does not view the current tightening cycle as complete.“Framework” guidance and market implications: The hawkish shift in the ECB’s updated projections and Lagarde’s decidedly hawkish comments lead us to expect another 25bps hike by December. The central bank’s “meeting-by-meeting” stance means future decisions will be heavily influenced by incoming energy price data, second-round inflation effects and labour market developments. With seemingly no peace solution likely on the horizon in the Middle East, risks could continue to skew to the upside for policy rates as we head into 2027.
— Jonathan Liang, CFA, CIO for Fixed Income and FX
The new ECB staff projections show higher inflation and stronger growth over the next couple of years
ECB staff macroeconomic projections for the Euro area (% y/y)
Market performance summary*
*Performance in USD terms unless otherwise stated, 2026 YTD performance from 31 December 2025 to 10 September 2026; 1-week period: 3 September 2026 to 10 September 2026
Our 12-month asset class views at a glance
Economic and market calendar
The S&P500 has next interim resistance at 7,746
Technical indicators for key markets as of 10 Sep close
Investor diversity has normalised across asset classes
Our proprietary market diversity indicators as of 10 Sep close
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The Jersey Branch of Standard Chartered Bank is regulated by the Jersey Financial Services Commission. Copies of the latest audited accounts of Standard Chartered Bank are available from its principal place of business in Jersey: PO Box 80, 15 Castle Street, St Helier, Jersey JE4 8PT. Standard Chartered Bank is incorporated in England with limited liability by Royal Charter in 1853 Reference Number ZC 18. The Principal Office of the Company is situated in England at 1 Basinghall Avenue, London, EC2V 5DD. Standard Chartered Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. The Jersey Branch of Standard Chartered Bank is also an authorised financial services provider under license number 44946 issued by the Financial Sector Conduct Authority of the Republic of South Africa. Jersey is not part of the United Kingdom and all business transacted with Standard Chartered Bank, Jersey Branch and other SC Group Entity outside of the United Kingdom, are not subject to some or any of the investor protection and compensation schemes available under United Kingdom law. Kenya: This document is being distributed in Kenya by and is attributable to Standard Chartered Bank Kenya Limited. Investment Products and Services are distributed by Standard Chartered Investment Services Limited, a wholly owned subsidiary of Standard Chartered Bank Kenya Limited that is licensed by the Capital Markets Authority in Kenya, as a Fund Manager. Standard Chartered Bank Kenya Limited is regulated by the Central Bank of Kenya. Malaysia: This document is being distributed in Malaysia by Standard Chartered Bank Malaysia Berhad (“SCBMB”). Recipients in Malaysia should contact SCBMB in relation to any matters arising from, or in connection with, this document. This document has not been reviewed by the Securities Commission Malaysia. The product lodgement, registration, submission or approval by the Securities Commission of Malaysia does not amount to nor indicate recommendation or endorsement of the product, service or promotional activity. Investment products are not deposits and are not obligations of, not guaranteed by, and not protected by SCBMB or any of the affiliates or subsidiaries, or by Perbadanan Insurans Deposit Malaysia, any government or insurance agency. Investment products are subject to investment risks, including the possible loss of the principal amount invested. SCBMB expressly disclaim any liability and responsibility for any loss arising directly or indirectly (including special, incidental or consequential loss or damage) arising from the financial losses of the Investment Products due to market condition. 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SCB Nigeria makes no representations or warranties as to the security or accuracy of any information transmitted via e-mail. Pakistan: This document is being distributed in Pakistan by, and attributable to Standard Chartered Bank (Pakistan) Limited having its registered office at PO Box 5556, I.I Chundrigar Road Karachi, which is a banking company registered with State Bank of Pakistan under Banking Companies Ordinance 1962 and is also having licensed issued by Securities & Exchange Commission of Pakistan for Security Advisors. Standard Chartered Bank (Pakistan) Limited acts as a distributor of mutual funds and referrer of other third-party financial products. Singapore: This document is being distributed in Singapore by, and is attributable to, Standard Chartered Bank (Singapore) Limited (Registration No. 201224747C/ GST Group Registration No. MR-8500053-0, “SCBSL”). Recipients in Singapore should contact SCBSL in relation to any matters arising from, or in connection with, this document. SCBSL is an indirect wholly owned subsidiary of Standard Chartered Bank and is licensed to conduct banking business in Singapore under the Singapore Banking Act, 1970. Standard Chartered Global Private Bank is the private banking division of SCBSL. IN RELATION TO ANY SECURITY OR SECURITIES-BASED DERIVATIVES CONTRACT REFERRED TO IN THIS DOCUMENT, THIS DOCUMENT, TOGETHER WITH THE ISSUER DOCUMENTATION, SHALL BE DEEMED AN INFORMATION MEMORANDUM (AS DEFINED IN SECTION 275 OF THE SECURITIES AND FUTURES ACT, 2001 (“SFA”)). THIS DOCUMENT IS INTENDED FOR DISTRIBUTION TO ACCREDITED INVESTORS, AS DEFINED IN SECTION 4A(1)(a) OF THE SFA, OR ON THE BASIS THAT THE SECURITY OR SECURITIES-BASED DERIVATIVES CONTRACT MAY ONLY BE ACQUIRED AT A CONSIDERATION OF NOT LESS THAN S$200,000 (OR ITS EQUIVALENT IN A FOREIGN CURRENCY) FOR EACH TRANSACTION. Further, in relation to any security or securities-based derivatives contract, neither this document nor the Issuer Documentation has been registered as a prospectus with the Monetary Authority of Singapore under the SFA. Accordingly, this document and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the product may not be circulated or distributed, nor may the product be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons other than a relevant person pursuant to section 275(1) of the SFA, or any person pursuant to section 275(1A) of the SFA, and in accordance with the conditions specified in section 275 of the SFA, or pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. In relation to any collective investment schemes referred to in this document, this document is for general information purposes only and is not an offering document or prospectus (as defined in the SFA). This document is not, nor is it intended to be (i) an offer or solicitation of an offer to buy or sell any capital markets product; or (ii) an advertisement of an offer or intended offer of any capital markets product. Deposit Insurance Scheme: Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured. This advertisement has not been reviewed by the Monetary Authority of Singapore. Taiwan: SC Group Entity or Standard Chartered Bank (Taiwan) Limited (“SCB (Taiwan)”) may be involved in the financial instruments contained herein or other related financial instruments. The author of this document may have discussed the information contained herein with other employees or agents of SC or SCB (Taiwan). The author and the above-mentioned employees of SC or SCB (Taiwan) may have taken related actions in respect of the information involved (including communication with customers of SC or SCB (Taiwan) as to the information contained herein). The opinions contained in this document may change, or differ from the opinions of employees of SC or SCB (Taiwan). SC and SCB (Taiwan) will not provide any notice of any changes to or differences between the above-mentioned opinions. This document may cover companies with which SC or SCB (Taiwan) seeks to do business at times and issuers of financial instruments. Therefore, investors should understand that the information contained herein may serve as specific purposes as a result of conflict of interests of SC or SCB (Taiwan). SC, SCB (Taiwan), the employees (including those who have discussions with the author) or customers of SC or SCB (Taiwan) may have an interest in the products, related financial instruments or related derivative financial products contained herein; invest in those products at various prices and on different market conditions; have different or conflicting interests in those products. The potential impacts include market makers’ related activities, such as dealing, investment, acting as agents, or performing financial or consulting services in relation to any of the products referred to in this document. UAE: DIFC – Standard Chartered Bank is incorporated in England with limited liability by Royal Charter 1853 Reference Number ZC18.The Principal Office of the Company is situated in England at 1 Basinghall Avenue, London, EC2V 5DD. Standard Chartered Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Standard Chartered Bank, Dubai International Financial Centre having its offices at Dubai International Financial Centre, Building 1, Gate Precinct, P.O. Box 999, Dubai, UAE is a branch of Standard Chartered Bank and is regulated by the Dubai Financial Services Authority (“DFSA”). This document is intended for use only by Professional Clients and is not directed at Retail Clients as defined by the DFSA Rulebook. In the DIFC we are authorised to provide financial services only to clients who qualify as Professional Clients and Market Counterparties and not to Retail Clients. As a Professional Client you will not be given the higher retail client protection and compensation rights and if you use your right to be classified as a Retail Client we will be unable to provide financial services and products to you as we do not hold the required license to undertake such activities. For Islamic transactions, we are acting under the supervision of our Shariah Supervisory Committee. Relevant information on our Shariah Supervisory Committee is currently available on the Standard Chartered Bank website in the Islamic banking section. For residents of the UAE – Standard Chartered UAE (“SC UAE”) is licensed by the Central Bank of the U.A.E. SC UAE is licensed by Securities and Commodities Authority to practice Promotion Activity. SC UAE does not provide financial analysis or consultation services in or into the UAE within the meaning of UAE Securities and Commodities Authority Decision No. 48/r of 2008 concerning financial consultation and financial analysis. Uganda: Our Investment products and services are distributed by Standard Chartered Bank Uganda Limited, which is licensed by the Capital Markets Authority as an investment adviser. United Kingdom: In the UK, Standard Chartered Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. This communication has been approved by Standard Chartered Bank for the purposes of Section 21 (2) (b) of the United Kingdom’s Financial Services and Markets Act 2000 (“FSMA”) as amended in 2010 and 2012 only. Standard Chartered Bank (trading as Standard Chartered Global Private Bank) is also an authorised financial services provider (license number 45747) in terms of the South African Financial Advisory and Intermediary Services Act, 2002. The Materials have not been prepared in accordance with UK legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research. Vietnam: This document is being distributed in Vietnam by, and is attributable to, Standard Chartered Bank (Vietnam) Limited which is mainly regulated by State Bank of Vietnam (SBV). Recipients in Vietnam should contact Standard Chartered Bank (Vietnam) Limited for any queries regarding any content of this document. Zambia: This document is distributed by Standard Chartered Bank Zambia Plc, a company incorporated in Zambia and registered as a commercial bank and licensed by the Bank of Zambia under the Banking and Financial Services Act Chapter 387 of the Laws of Zambia.