4 September2026
Weekly Market View
Rising risk of a Fed rate hike
Fed Chair Warsh has raised the chance of a rate hike this year, potentially as early as this month if August payrolls remain resilient and if there is no clear sign of disinflation.
However, we see little scope for multiple hikes, given our view that disinflation is likely to continue into next year as the impact of tariffs and high oil prices fades.
Thus, any such ‘defensive’ rate hike is likely to be neutral for equity and bond markets, which are already partly anticipating one.
We would adopt a ‘buy on dips’ strategy for equities on any seasonal or pre-election volatility spike amid a robust earnings outlook.
In bonds, we gradually extend the maturity profile to 3-7 years, preferring corporate credit, as yields in this segment have risen to attractive levels. In FX, AUD is our preferred currency amid rising global rates as markets underestimate the scope of further RBA rate hikes.
Is it time to take profit in Taiwan equities?
Do you expect the US 30-year bond yield to break above its 20-year high of 5.4%?
Which currencies stand to benefit the most from hawkish central banks?
Charts of the week: Contained bond volatility, robust earnings
As long as US bond market volatility remains contained, the equity rally is likely to continue amid robust earnings growth
S&P500 index, US bond market volatility (inverted)
Consensus estimates for S&P500 earnings and revenue growth
Source: Bloomberg, LSEG I/B/E/S, Standard Chartered
Editorial
Rising risk of a Fed rate hike
Strategy summary: Fed Chair Warsh has raised the chance of a rate hike this year, potentially as early as this month if August payrolls remain resilient and if there is no clear sign of disinflation. However, we see little scope for multiple hikes, given our view that disinflation is likely to continue into next year as the impact of tariffs and high oil prices fade. Thus, any such ‘defensive’ rate hike is likely to be neutral for equity and bond markets which are already partly anticipating one.
We would adopt a ‘buy on dips’ strategy for equities on any seasonal or pre-election volatility spike amid a robust earnings outlook. In bonds, we gradually extend the maturity profile to 3-7 years as yields in this segment have risen to attractive levels.
Setting the stage for a Fed hike: At Jackson Hole, Fed Chair Warsh opened the door to a potential rate hike, noting that rates are not restrictive, employment remains near full and underlying inflation is still elevated. We see just over 50% chance of a rate hike, potentially on 16 September, if key US data before then are supportive – specifically, if August payrolls are positive, unemployment stays near 4.1% and core inflation is at least 0.2% m/m. If these conditions are met, not hiking could trigger another long-end bond selloff and undermine Warsh’s credibility. Meanwhile, a rate hike under these conditions is likely to have limited market impact, as money markets are already pricing over 50% chance of September hike.
Alternative scenario: Conversely, another month of negative payrolls in August or core inflation cooling below 0.2% m/m would allow neutral-to-dovish Fed members to push back against a rate hike this month. In that case, December would be the next stop for reassessment; a rate hike in October, weeks before the November mid-term elections, is unlikely.
Little scope for multiple hikes: Even if the Fed delivers a ‘defensive’ hike this year, we see little scope for further increases as US inflation should ease towards the 2% target next year when tariff and oil-price effects fade. New York Fed President Williams and Governor Waller’s refusal to pre-commit
to a September or a future hike underscores the disinflationary outlook. Also, multiple rate rises could prove counterproductive by lifting already record US government borrowing costs as the Treasury continues to shorten maturities of its bond issues.
Gradually extend maturity in bonds: The latest rise in short-to-medium term bond yields is thus an opportunity to gradually extend maturities in bonds, given our outlook for disinflation and limited upside for policy rates. We extend our preferred maturity bucket to 3-7 years from 3-5 years. We continue to prefer corporate bonds, where we are comfortable in going down to BB-rated USD-denominated credit, which offer 6.5-7.5% yield.
Buying any September dip in equities. Rising bond yields, seasonal weakness in September and pre-midterm election blues are potential near-term headwinds for equities. However, equities have historically held up well despite higher bond yields as long as bond volatility is contained and growth resilient.
In fact, history suggests taking advantage of any weakness in September to build long-term exposure as underlying earnings growth prospects remain solid (20%-plus S&P500 EPS growth expected in Q3 and Q4). For instance, over the past 15 years, buying the S&P 500 index at its September low has generated an average return of 11.4% over the subsequent six months. If we focus only on years when September ended in negative territory, the average six-month return rises to 15.1%.
ECB to hike again next week. While a Fed rate hike remains a toss-up, the ECB is highly likely to hike 25bps to 2.5% next week. Euro area Q2 GDP expanded an above-trend 0.4% q/q, as the region weathered the energy shock better than feared. The momentum has carried into Q3. August headline inflation climbed to a near-three-year-high of 3.3% y/y on energy prices, although core inflation eased to 2.4% as second-round effects remain absent. With no progress seen in resolving the Middle East conflict, the case for ECB taking further pre-emptive action has risen. We remain focused on whether President Lagarde pushes back against market expectations of further rate hikes.
— Rajat Bhattacharya and Sundeep Gantori
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: Robust US services PMI, easing Euro area core consumer inflation, China’s ongoing plan to boost consumption
(-) factors: Cooling US job market, hawkish Fed, geopolitical tensions
US ISM manufacturing new orders PMI missed market forecasts while the services new orders beat estimates
US ISM manufacturing and services new orders PMIs
We expect the ECB to hike next week after Euro area headline consumer inflation rose to 3.3% y/y, although core inflation came in below estimates
Euro area headline and core consumer price inflation
China’s manufacturing and non-manufacturing PMIs remained in contraction territory in August
China manufacturing and non-manufacturing PMI
Top client questions
Following Fed Chair Warsh’s debut keynote address at Jackson Hole, do you expect a Fed rate hike this month?
Our view: We have raised our probability of a September Fed rate hike following Fed Chair Warsh’s Jackson Hole speech, as we believe the bar for keeping rates unchanged is now high.
Rationale: The Fed’s price-stability mandate will be put to the test at its 16 September meeting. Fed Chair Warsh is expected to demonstrate his inflation-fighting resolve, consistent with his Jackson Hole remarks that summer’s encouraging inflation readings were insufficient to confirm a structural disinflationary trend, reaffirming the central bank’s focus on delivering price stability. Warsh’s comments lead us to believe that the bar for leaving rates unchanged is now high. A hold would likely require a major labour market deterioration and a materially softer inflation print in incoming data releases; in-line data would not be interpreted as dovish.
However, in our view, a rate hike would not mark the start of a sustained tightening cycle, as we expect disinflationary pressures and labour market weakness to persist. This view is also reflected in the US bond yield curve’s reaction to Warsh’s remarks. The curve bear-flattened, with short-term yields rising more than long-term yields. As yields in the sub-10-year segment have moved higher relative to those in other parts of the curve, we suggest corporate bond investors to take advantage of the move by extending duration from the 3-5-year bucket to the 3-7-year bucket. We believe this segment is short enough to avoid the volatility and crowded positioning at the long end, yet long enough to benefit if the Fed remains on hold, given the short end of the curve is pricing in a hike.
— Ray Heung, Senior Investment Strategist
Long-end yields rose less than short-end post Fed Chair Warsh’s Jackson Hole comments
US government bond yield curve (%)
Would the US 30-year government bond yield break above its 20-year high of 5.4%?
Our view: We believe the US 30-year government bond yield is unlikely to remain above 5.4% sustainably in the short term. However, we expect US long-end bond yields to stay elevated and the US 30-year bond yield to range between 5.25% and 5.50% over the next 12 months.
Rationale: In the near term, with the US Treasury’s long-end bond buyback programme in place, we expect temporary moves above 5.4%, but these are unlikely to be sustained.
In the longer term, the effectiveness of the buyback programme is questionable given structural headwinds – a deteriorating US fiscal trajectory, waning foreign demand, AI-driven corporate supply and sticky inflation amplified by the Middle East conflict – which argue for yields remaining elevated even if the buyback programme limits the most acute spikes.
— Ray Heung, Senior Investment Strategist
We expect the US 30-year government bond yield to range between 5.00% and 5.25% over the next three months
US 30-year government bond yield
Top client questions (cont’d)
Taiwan is one of the few tech-heavy equity markets that recovered the ground lost in July. Is it time to take profit or add?
Our view: We remain constructive on Taiwan and continue to view it as an attractive Opportunistic idea.
Rationale: The MSCI Taiwan Index rebounded by 4.5% in August after declining 3.9% in July, in TWD terms. Recent guidance from hyperscalers indicates that AI infrastructure spending remains resilient, with few signs of a slowdown. Taiwan remains a key beneficiary of the AI infrastructure buildout through its leadership in semiconductor manufacturing and the AI hardware ecosystem. Beyond foundries, many Taiwan companies are critical suppliers of printed circuit boards, liquid cooling and networking solutions, all of which benefit from rising AI hardware complexity and deployment.
Although investors have raised concerns around circular financing, we view this largely as a reflection of AI’s capital-intensive nature, in which incumbent technology firms provide funding and strategic support to ecosystem partners to accelerate product development and capacity expansion. While MSCI Taiwan’s price-to-earnings (P/E) ratio remains above its five-year average, valuations have moderated from June’s peak following the recent correction. This is supported by a stronger growth outlook (2025-28E compound annual growth rate of 40.4% vs. 5.0% in 2021-25). As such, we remain constructive on Taiwan and its pivotal role in the global AI manufacturing ecosystem.
— Ryan Goh, Investment Strategist
MSCI Taiwan’s valuations have moderated from the June peak
MSCI Taiwan Index 12-month forward P/E ratio
Amid rising commodity prices, do you see any opportunities within energy and commodity equities?
Our view: We favour maintaining energy and commodity sector allocations closer to long term strategic benchmark weights rather than taking a significant Overweight position.
Rationale: While there may be selective opportunities within the energy sector amid rising commodity prices, we favour maintaining allocations closer to strategic benchmark weights rather than taking a significant Overweight position. The binary nature of the near-term oil price outlook and any changes in geopolitical relations can create significant volatility. We also expect oil prices to ease towards USD 70/bbl over the next 12 months as transit conditions normalise, alongside a sizeable supply surplus expected in 2027. While investors should not ignore energy stocks from a portfolio construction perspective, we continue to favour sectors where earnings visibility is stronger, such as technology and financials. We also take a more selective approach within materials, with gold reinstated to Overweight as the price outlook has notably improved alongside a sharp pullback in the USD. We have raised our three- and 12-month gold price targets to USD 4,750/oz and USD 5,000/oz, respectively.
— Cindy Lam, CFA, Senior Investment Strategist
The S&P500 Energy Sector Index has seen substantial upgrades to 2026 earnings forecasts, creating a high base for 2027
Consensus earnings growth projections for the S&P500 Energy Sector Index as of April, July and August 2026
Top client questions (cont’d)
Which currencies stand to benefit the most as more central banks adopt a hawkish stance?
Our view: The AUD appears best placed to benefit from further hawkish repricing, as additional RBA tightening remains only partly priced in. JPY upside risks have increased, but markets have already discounted substantial BoJ tightening, limiting the scope for a fresh policy surprise. The EUR retains some policy support, while NZD upside looks more limited following the RBNZ’s less hawkish forward guidance.
Rationale: Currencies typically benefit most when central banks tighten more than markets expect. For Australia, Bloomberg pricing implies only around 12.7bps of additional RBA tightening, leaving greater scope for AUD upside if inflation or activity data prompt a more hawkish RBA path.
For the JPY, recent hawkish repricing and official resistance to excessive weakness are supportive. However, with substantial BoJ tightening already priced in, further sustained gains would require a faster or larger tightening path than currently discounted.
The EUR would similarly need stronger guidance on further tightening to extend gains, while NZD upside looks more limited after the RBNZ’s projected rate path proved shallower than expected.
— Iris Yuen, Investment Strategist
AUD/USD upside risks remain
AUD/USD and technicals
How does the outcome of the recent G20 Finance Ministers and Central Bank Governors meeting affect your oil outlook?
Our View: The lack of a diplomatic breakthrough at the recent G20 meeting suggests geopolitical risk premia will persist. As geopolitics remains the dominant driver of crude oil prices, we expect West Texas Intermediate (WTI) oil to trade towards the upper end of our USD 70-90/bbl range in the near term.
Rationale: The recent G20 finance track produced no movement towards conflict de-escalation in the Middle East. Instead, the emphasis shifted towards tighter financial and economic pressure on Iran. While this reduces the risk of an extended military campaign, it points to a more prolonged period of supply uncertainty.
Market estimates put total Gulf flows near 9.5 mb/d – around 50% of the pre-conflict norm – supported by alternative routing and reported ‘dark transits’, which are helping offset some supply disruptions. However, declining inventory buffers should keep WTI supported around USD 90/bbl. Given China is a key buyer of Iranian crude, the Trump-Xi summit later this month is the next major event to watch, as any shift in China’s stance towards US pressure on Iran could materially affect export flows and oil prices.
— Anthony Naab, CFA, Investment Strategist
WTI remains supported near the upper end of our USD 70-90/bbl forecast range
WTI price, forecast range
Market performance summary*
*Performance in USD terms unless otherwise stated, 2026 YTD performance from 31 December 2025 to 3 September 2026; 1-week period: 27 August 2026 to 3 September 2026
Our 12-month asset class views at a glance
Economic and market calendar
The S&P500 has next interim resistance at 7,839
Technical indicators for key markets as of 3 Sep close
Investor diversity has normalised across asset classes
Our proprietary market diversity indicators as of 3 Sep close
Disclosure
This document is confidential and may also be privileged. If you are not the intended recipient, please destroy all copies and notify the sender immediately. This document is being distributed for general information only and is subject to the relevant disclaimers available at our Standard Chartered website under Regulatory disclosures. It is not and does not constitute research material, independent research, an offer, recommendation or solicitation to enter into any transaction or adopt any hedging, trading or investment strategy, in relation to any securities or other financial instruments. This document is for general evaluation only. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person or class of persons and it has not been prepared for any particular person or class of persons. You should not rely on any contents of this document in making any investment decisions. Before making any investment, you should carefully read the relevant offering documents and seek independent legal, tax and regulatory advice. In particular, we recommend you to seek advice regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs, before you make a commitment to purchase the investment product. Opinions, projections and estimates are solely those of SC at the date of this document and subject to change without notice. Past performance is not indicative of future results and no representation or warranty is made regarding future performance. The value of investments, and the income from them, can go down as well as up, and you may not recover the amount of your original investment. You are not certain to make a profit and may lose money. Any forecast contained herein as to likely future movements in rates or prices or likely future events or occurrences constitutes an opinion only and is not indicative of actual future movements in rates or prices or actual future events or occurrences (as the case may be). This document must not be forwarded or otherwise made available to any other person without the express written consent of the Standard Chartered Group (as defined below). 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 PLC, the ultimate parent company of Standard Chartered Bank, together with its subsidiaries and affiliates (including each branch or representative office), form the Standard Chartered Group. Standard Chartered Global Private Bank is the private banking division of Standard Chartered. Private banking activities may be carried out internationally by different legal entities and affiliates within the Standard Chartered Group (each an “SC Group Entity”) according to local regulatory requirements. Not all products and services are provided by all branches, subsidiaries and affiliates within the Standard Chartered Group. Some of the SC Group Entities only act as representatives of Standard Chartered Global Private Bank and may not be able to offer products and services or offer advice to clients.
Copyright © 2026, Accounting Research & Analytics, LLC d/b/a CFRA (and its affiliates, as applicable). Reproduction of content provided by CFRA in any form is prohibited except with the prior written permission of CFRA. CFRA content is not investment advice and a reference to or observation concerning a security or investment provided in the CFRA SERVICES is not a recommendation to buy, sell or hold such investment or security or make any other investment decisions. The CFRA content contains opinions of CFRA based upon publicly-available information that CFRA believes to be reliable and the opinions are subject to change without notice. This analysis has not been submitted to, nor received approval from, the United States Securities and Exchange Commission or any other regulatory body. While CFRA exercised due care in compiling this analysis, CFRA, ITS THIRD-PARTY SUPPLIERS, AND ALL RELATED ENTITIES SPECIFICALLY DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, to the full extent permitted by law, regarding the accuracy, completeness, or usefulness of this information and assumes no liability with respect to the consequences of relying on this information for investment or other purposes. No content provided by CFRA (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of CFRA, and such content shall not be used for any unlawful or unauthorized purposes. CFRA and any third-party providers, as well as their directors, officers, shareholders, employees or agents do not guarantee the accuracy, completeness, timeliness or availability of such content. In no event shall CFRA, its affiliates, or their third-party suppliers be liable for any direct, indirect, special, or consequential damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with a subscriber’s, subscriber’s customer’s, or other’s use of CFRA’s content.
Market Abuse Regulation (MAR) Disclaimer
Banking activities may be carried out internationally by different branches, subsidiaries and affiliates within the Standard Chartered Group according to local regulatory requirements. Opinions may contain outright “buy”, “sell”, “hold” or other opinions. The time horizon of this opinion is dependent on prevailing market conditions and there is no planned frequency for updates to the opinion. This opinion is not independent of Standard Chartered Group’s trading strategies or positions. Standard Chartered Group and/or its affiliates or its respective officers, directors, employee benefit programmes or employees, including persons involved in the preparation or issuance of this document may at any time, to the extent permitted by applicable law and/or regulation, be long or short any securities or financial instruments referred to in this document or have material interest in any such securities or related investments. Therefore, it is possible, and you should assume, that Standard Chartered Group has a material interest in one or more of the financial instruments mentioned herein. Please refer to our Standard Chartered website under Regulatory disclosures for more detailed disclosures, including past opinions/ recommendations in the last 12 months and conflict of interests, as well as disclaimers. A covering strategist may have a financial interest in the debt or equity securities of this company/issuer. All covering strategist are licensed to provide investment recommendations under Monetary Authority of Singapore or Hong Kong Monetary Authority. This document must not be forwarded or otherwise made available to any other person without the express written consent of Standard Chartered Group.
Sustainable Investments
Any ESG data used or referred to has been provided by Morningstar, Sustainalytics, MSCI or Bloomberg. Refer to 1) Morningstar website under Sustainable Investing, 2) Sustainalytics website under ESG Risk Ratings, 3) MCSI website under ESG Business Involvement Screening Research and 4) Bloomberg green, social & sustainability bonds guide for more information. The ESG data is as at the date of publication based on data provided, is for informational purpose only and is not warranted to be complete, timely, accurate or suitable for a particular purpose, and it may be subject to change. The ESG data providers may not provide data coverage of all companies or securities in our Sustainable Investment Universe or Fund Select funds. As a result, a small subset of companies or securities will not be in scope for exclusionary screening. Sustainable Investments (SI): This refers to funds that have been classified as ‘ESG Intentional Investments – Overall’ by Morningstar. SI funds have explicitly stated in their prospectus and regulatory filings that they either incorporate ESG factors into the investment process or have a thematic focus on the environment, gender diversity, low carbon, renewable energy, water or community development. For equity, it refers to shares/stocks issued by companies with Sustainalytics ESG Risk Rating of Low/Negligible. For bonds, it refers to debt instruments issued by issuers with Sustainalytics ESG Risk Rating of Low/Negligible, and/or those being certified green, social, sustainable bonds by Bloomberg. For structured products, it refers to products that are issued by any issuer who has a Sustainable Finance framework that aligns with Standard Chartered’s Green and Sustainable Product Framework, with underlying assets that are part of the Sustainable Investment universe or separately approved by Standard Chartered’s Sustainable Finance Governance Committee. Sustainalytics ESG risk ratings shown are factual and are not an indicator that the product is classified or marketed as “green”, “sustainable” or similar under any particular classification system or framework.
Shariah (“Shariah Compliant or Shariah Compliance”)
For any reason to enter only into transactions which comply or are consistent with the principles of the Shariah, the client certifies that he/she/it has made his /her/its own investigation into and satisfied itself as to the Shariah compliance of the Islamic security and all necessary action to confirm that the Islamic security is Shariah compliant has been taken (including the obtaining of a fatwa, where required) and the Client will not claim any dispute on the grounds of any lack of Shariah compliance of these investments. The Client has not relied on Standard Chartered Group or any written declaration, fatwa, opinion or other documents prepared by, on behalf or at the request of Standard Chartered Group for the purposes of a determination or confirmation that these instruments are Shariah compliant.
Country/Market Specific Disclosures
Bahrain: This document is being distributed in Bahrain by Standard Chartered Bank, Bahrain Branch, having its address at P.O. 29, Manama, Kingdom of Bahrain, is a branch of Standard Chartered Bank and is licensed by the Central Bank of Bahrain as a conventional retail bank. Botswana: This document is being distributed in Botswana by, and is attributable to, Standard Chartered Bank Botswana Limited which is a financial institution licensed under the Section 6 of the Banking Act CAP 46.04 and is listed in the Botswana Stock Exchange. Brunei Darussalam: This document is being distributed in Brunei Darussalam by, and is attributable to, Standard Chartered Bank (Brunei Branch) | Registration Number RFC/61 and Standard Chartered Securities (B) Sdn Bhd | Registration Number RC20001003. Standard Chartered Bank is incorporated in England with limited liability by Royal Charter 1853 Reference Number ZC18. Standard Chartered Securities (B) Sdn Bhd is a limited liability company registered with the Registry of Companies with Registration Number RC20001003 and licensed by Brunei Darussalam Central Bank as a Capital Markets Service License Holder with License Number BDCB/R/CMU/S3-CL and it is authorised to conduct Islamic investment business through an Islamic window. China Mainland: This document is being distributed in China by, and is attributable to, Standard Chartered Bank (China) Limited which is mainly regulated by National Financial Regulatory Administration (NFRA), State Administration of Foreign Exchange (SAFE), and People’s Bank of China (PBOC). Hong Kong: In Hong Kong, this document, except for any portion advising on or facilitating any decision on futures contracts trading, is distributed by Standard Chartered Bank (Hong Kong) Limited (“SCBHK”), a subsidiary of Standard Chartered PLC. SCBHK has its registered address at 32/F, Standard Chartered Bank Building, 4-4A Des Voeux Road Central, Hong Kong and is regulated by the Hong Kong Monetary Authority and registered with the Securities and Futures Commission (“SFC”) to carry on Type 1 (dealing in securities), Type 4 (advising on securities), Type 6 (advising on corporate finance) and Type 9 (asset management) regulated activity under the Securities and Futures Ordinance (Cap. 571) (“SFO”) (CE No. AJI614). The contents of this document have not been reviewed by any regulatory authority in Hong Kong and you are advised to exercise caution in relation to any offer set out herein. If you are in doubt about any of the contents of this document, you should obtain independent professional advice. Any product named herein may not be offered or sold in Hong Kong by means of any document at any time other than to “professional investors” as defined in the SFO and any rules made under that ordinance. In addition, this document may not be issued or possessed for the purposes of issue, whether in Hong Kong or elsewhere, and any interests may not be disposed of, to any person unless such person is outside Hong Kong or is a “professional investor” as defined in the SFO and any rules made under that ordinance, or as otherwise may be permitted by that ordinance. In Hong Kong, Standard Chartered Global Private Bank is the private banking division of SCBHK, a subsidiary of Standard Chartered PLC. Ghana: Standard Chartered Bank Ghana Limited accepts no liability and will not be liable for any loss or damage arising directly or indirectly (including special, incidental or consequential loss or damage) from your use of these documents. Past performance is not indicative of future results and no representation or warranty is made regarding future performance. You should seek advice from a financial adviser on the suitability of an investment for you, taking into account these factors before making a commitment to invest in an investment. To unsubscribe from receiving further updates, please send an email to feedback.ghana@sc.com. Please do not reply to this email. Call our Priority Banking on 0302610750 for any questions or service queries. You are advised not to send any confidential and/or important information to Standard Chartered via e-mail, as Standard Chartered makes no representations or warranties as to the security or accuracy of any information transmitted via e-mail. Standard Chartered shall not be responsible for any loss or damage suffered by you arising from your decision to use e-mail to communicate with the Bank. India: This document is being distributed in India by Standard Chartered in its capacity as a distributor of mutual funds and referrer of any other third party financial products. Standard Chartered does not offer any ‘Investment Advice’ as defined in the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 or otherwise. Services/products related securities business offered by Standard Charted are not intended for any person, who is a resident of any jurisdiction, the laws of which imposes prohibition on soliciting the securities business in that jurisdiction without going through the registration requirements and/or prohibit the use of any information contained in this document. Indonesia: This document is being distributed in Indonesia by Standard Chartered Bank, Indonesia branch, which is a financial institution licensed and supervised by Otoritas Jasa Keuangan (Financial Service Authority) and Bank Indonesia. Jersey: In Jersey, Standard Chartered Global Private Bank is the Registered Business Name of the Jersey Branch of Standard Chartered Bank. 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. Nigeria: This document is being distributed in Nigeria by Standard Chartered Bank Nigeria Limited (SCB Nigeria), a bank duly licensed and regulated by the Central Bank of Nigeria. SCB Nigeria accepts no liability for any loss or damage arising directly or indirectly (including special, incidental or consequential loss or damage) from your use of these documents. You should seek advice from a financial adviser on the suitability of an investment for you, taking into account these factors before making a commitment to invest in an investment. To unsubscribe from receiving further updates, please send an email to clientcare.ng@sc.com requesting to be removed from our mailing list. Please do not reply to this email. Call our Priority Banking on 02 012772514 for any questions or service queries. SCB Nigeria shall not be responsible for any loss or damage arising from your decision to send confidential and/or important information to Standard Chartered via e-mail. 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.