- 投资
- 2022年03月09 日
能源价格冲击：欧洲股票下调至减持
By 投资组合管理及研究部研究团队
- 美国禁止进口俄罗斯石油和天然气；欧洲虽未实施禁运，但承诺减少从俄罗斯进口天然气。
- 针对俄罗斯能源出口的制裁将导致能源价格飙升，从而令全球经济增长陷入下行情境。
- 本行将采取更趋防御性的资产配置策略，下调欧洲股票立场至减持，从而将整体股票持仓下调至中性。本行对亚洲（日本除外）股票维持增持立场，本行认为，此类股票在近期动荡过后将提供更高的风险回报。
美国总统拜登周二（2022年3月8日）宣布，美国将禁止从俄罗斯进口石油和天然气。英国则表示，将在年底前逐步淘汰俄罗斯石油进口。约40%的天然气供应依赖于俄罗斯的欧盟虽然未实施禁运，但宣布计划将在一年内减少三分之二俄罗斯天然气进口量。
明确针对俄罗斯能源出口的制裁将导致能源价格飙升，从而令全球经济增长和风险资产陷入下行情境。本行曾于两日前指出，这种可能性将越来越大（《乌克兰战争：进入下一阶段》）。
严峻的能源价格冲击将拖累全球经济增长；GDP预测下调
乌克兰局势继续恶化，危及全球经济前景。俄乌冲突久拖不决、俄罗斯能源出口的中断以及乌克兰盟友对俄罗斯入侵采取更强硬立场引发的大规模难民潮的可能性，都表明未来数月不确定性将加剧，能源价格将大幅上涨，对俄方的制裁将更为严厉。
因此，全球经济将遭受巨大的油价冲击。这将对本年的宏观经济展望产生重大影响。
第一，石油交易价格将趋近历史极值。本行目前预测，未来数月布兰特原油交易价格区间为每桶110至170美元，本行将最新的3个月预测调整为每桶140美元，远高于年初每桶80美元的水平。
第二，今年全球经济增长将大幅放缓。本行将2022年全球经济增长预期从之前的4.6%下调近一个百分点至3.7%（图表1）。于2021年经历五十年最高水平6.0%的增长后，全球经济从新冠疫情中复苏的速度将大幅放缓。然而，年内重新开放的经济体仍将推动全球经济增长。因此，尽管本行调低预测至3.7%，但仍高于全球经济自1970年代以来3.0%的平均年增长率。所以本行预计，2022年全球经济整体上不会出现衰退。
石油危机导致经济放缓将对那些更依赖能源进口的经济体产生极大影响。
美国的能源自给率高于其他主要经济体，因此受到的影响较小。本行目前预计美国今年的GDP将增长3.8%，而先前的预测为4.2%。虽然油价上涨将对消费造成影响，但页岩油产量增加将部分抵消经济增长受到的拖累。
本行亦预计，中国经济仍将保持弹性，因此本行维持对其2022年增长5.5%的预测。鉴于通胀率仅为0.9%，中国政府应能进一步放宽政策，以坚守中国最新公布的2022年官方GDP增长目标（5.5%左右）。
另一方面，本行预计欧元区、英国、日本、印度、新兴亚洲地区、撒哈拉以南非洲和拉丁美洲都将遭受能源成本大幅上涨的影响。例如，欧盟大约40%的天然气供应从俄罗斯进口。此外，俄罗斯还将受到制裁的巨大影响，其经济年内预计将萎缩10%。
本行最新的GDP预测如图1所示。本行将2022年欧元区的经济增长预测从此前的4.2%下调至目前的3.2%，英国从4.7%下调至3.7%，日本从3.0%下调至2.3%，印度从9.0%下调至8.0%，亚洲四小龙经济体（香港、新加坡、韩国和台湾）从3.3%下调至2.7%，东盟四国（印度尼西亚、马来西亚、泰国和菲律宾）从5.2%下调至4.8%。
第三，由于战争对油价造成冲击，通胀将进一步恶化。因此，本行预计，尽管经济增长放缓，但美联储和英国央行年内仍将稳步加息。本行预计，2022年美联储将加息5次，英国央行将加息4次，到年底，联邦基金利率将分别升至1.25-1.50%，银行利率将升至1.25%，各大央行均希望在未来几年将通胀拉回到2%的目标水平。
相比之下，由于欧元区面临俄罗斯能源出口中断和来自乌克兰的大规模难民涌入，欧洲央行可能仍将谨慎加息。本行预计，尽管目前通胀远高于2%的目标水平，但欧洲央行仅将于2022年底开始上调其-0.50%的存款利率。
第四，美元需求将保持稳定。由于市场动荡引发投资者避险情绪，美元可能会受益于美联储加息和寻求避险的资金流入。例如，欧洲央行的谨慎策略将有助于化解能源价格上涨对欧元区经济增长的负面影响。
最后，债券收益率仍可能持续波动。美联储年内稳步加息可能会进一步拉平美债收益率曲线，导致曲线倒挂风险上升。这或将成为美国经济可能陷入衰退的信号。然而，即便本行下调预期，美国今年的经济增长仍可能保持在3.8%的强劲水平。本行预计，当经济增长转强，通胀逐步缓解，基准10年期美债收益率将随之走高。因此，本行对10年期美债收益率的12个月预测维持在2.35%不变。
简而言之，不确定性上升、能源价格飙升以及对俄罗斯的进一步制裁，将导致今年全球经济增长大幅放缓，加剧通胀，迫使各大央行（尤其是美联储）在经济依然稳步增长的情况下进行加息。美国经济可能继续保持其增长势头，将利好作为避险货币的美元，并拉平收益率曲线，但2022年国债收益率仍将走高。
滞胀担忧和避险情绪将利好短期黄金价格
黄金是能源价格飙升引发的滞胀担忧的受益者。本行认为，由于滞胀风险上升，黄金价格可能会突破历史高点，在3个月内到达2,200美元/盎司（原预测：1,900美元/盎司）。由避险情绪主导的金融市场背景将利好美元，黄金兑欧洲货币可能存在较大的升值空间。本行不认为长期金价将居高不下。基于对全球经济软着陆的假设，本行将12个月黄金价格预测调整至1,900美元/盎司（原预测：1,700美元/盎司），但倘若全球经济衰退风险加剧，本行将对预测作出更大幅上调。
据报道称，欧盟正在考虑大规模发售联合债券，为能源和国防支出提供资金。在此情况下，为应对乌克兰危机对欧洲经济增长造成的直接影响而采取的财政政策将对欧元起到支撑作用。然而，考虑到欧元区对俄罗斯天然气市场的依赖程度较高，欧元仍容易受到俄方天然气供应中断的影响。
由于石油和天然气价格上涨，欧元区对外往来账户不断恶化，加上欧洲央行短期将更趋鸽派，可能将3个月欧元兑美元汇率推至1.05（原预测：1.09）。如果能源风暴得以平复，欧元兑美元仍有走强空间，但欧元复苏的前景可能不足以即刻成为焦点。本行将未来12个月欧元兑美元的汇率预测定为1.09（原预测：1.12）。
转向更趋防御性的立场；将股票持仓下调至中性
本行在资产配置策略中采取更趋防御性的立场，将欧洲股票从中性下调至减持。这将本行的整体股票持仓下调至中性。本行对亚洲（日本除外）股票维持增持立场。本行认为，此类股票在近期动荡过后将提供更高的风险回报。
欧洲处于风暴中心；中国情况相对有利：尽管所有地区都会受到能源价格上涨的影响，但由于严重依赖俄罗斯能源，欧洲正处于风暴中心——这正是欧盟不愿意跟随美国禁止从俄罗斯进口能源的关键原因。
石油和天然气价格上涨对欧洲的影响更为严重，如果能源供应出现严重中断情况，对欧洲经济基本面的冲击将超过其他地区。相比之下，中国受此类冲击的影响较小，因为该国既未像欧洲那样依赖俄罗斯天然气，也未出现美国劳动力市场紧张的情况。此外，与其它主要地区央行的政策轨迹不同，中国人民银行正在采取宽松的货币政策。由于估值较低，本行对亚洲（日本除外）股票维持增持立场，但需要注意的是，中国内地和香港不断上升的新冠病例数可能将短期削弱市场情绪。
本行认为亚洲（日本除外）股票存在更多机会，但也需指出的是，其他地区亦存在不少机会。譬如，持续高企的能源价格将进一步刺激企业向可再生能源的转型，从而利好工业和公用事业板块的若干公司。尽管投资者应该已做好应对价格大幅波动的准备，部分大宗商品相关的公司仍将从能源价格上涨中受益。地区方面，能源自给率较高、储备较充足的国家也能更好地度过能源危机。
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The material is only intended for persons who fulfill the criteria to be classified as “Professional Clients” as defined under the DFSA rules and should not be reviewed, received, provided to or relied upon by any other person. United Arab Emirates (U.A.E): The information contained herein is exclusively addressed to the recipient. The offering of certain products in this document has not been and will not be registered with the Central Bank of United Arab Emirates or Securities & Commodities Authority in the United Arab Emirates. Any products in this document that are being offered or sold do not constitute a public offering or distribution of securities under the applicable laws and regulations of the United Arab Emirates. This document is not intended for circulation or distribution in or into the UAE, other than to persons in the UAE to whom such circulation or distribution is permitted by, or is exempt from the requirements of, the applicable laws and regulations of the United Arab Emirates. The distribution of the information contained herein by the recipient is prohibited. Where applicable, this document relates to securities which are listed outside of the Abu Dhabi Securities Exchange and the Dubai Financial Market. The Bank of Singapore Limited is not authorized to provide investment research regarding securities listed on the exchanges of the United Arab Emirates which are outside of the DIFC. United Kingdom: In the United Kingdom, this document is being made available only to the person or the entity to whom it is directed being persons to whom it may lawfully be directed under applicable laws and regulations of the United Kingdom (such persons are hereinafter referred to as ‘relevant persons’). Accordingly, this document is communicated only to relevant persons. Persons who are not relevant persons must not act on or rely on this document or any of its contents. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. Relevant persons in receipt of this document must not distribute, publish, reproduce, or disclose this document (in whole or in part) to any person who is not a relevant person. United States of America: This product may not be sold or offered within the United States or to U.S. persons.
Brunei: This document has not been delivered to, licensed or permitted by the Autoriti Monetari Brunei Darussalam, the authority as designated under the Brunei Darussalam Securities Markets Order, 2013 and the Banking Order, 2006; nor has it been registered with the Registrar of Companies, Registrar of International Business Companies or the Brunei Darussalam Ministry of Finance. The products mentioned in this document are not registered, licensed or permitted by the Autoriti Monetari Brunei Darussalam or by any other government agency or under any law in Brunei Darussalam. Any offers, acceptances, sales and allotments of the products shall be made outside Brunei Darussalam.
This product may only be offered: (i) in Hong Kong, to qualified Private Banking Customers and Professional Investors (as defined under the Securities and Futures Ordinance); and (ii) in Singapore, to Accredited Investors (as defined under the Securities and Futures Act) and (iii) in the Dubai International Financial Center to Professional Clients (as defined under the Dubai Financial Services Authority rules) only. No other person should act on the contents of this document.
This product may involve derivatives. Do NOT invest in it unless you fully understand and are willing to assume the risks associated with it. If you have any doubt, you should seek independent professional financial, tax and/or legal advice as you deem necessary.
Please carefully read and make sure that you understand all Risk Disclosures, Selling Restrictions, and Disclaimers. This document must be read together with the relevant Prospectus & Offering Documents &/or Key Fact Statement.
Disclaimer
This document is prepared by Bank of Singapore Limited (Co Reg. No.: 197700866R) (the “Bank”), is for information purposes only, and is not, by itself, intended for anyone other than the recipient. It may contain information proprietary to the Bank which may not be reproduced or redistributed in whole or in part without the Bank’s prior consent. It is not an offer or a solicitation to deal in any of the investment products referred to herein or to enter into any legal relations, nor an advice or by itself a recommendation with respect to such investment products. It does not have regard to the specific investment objectives, investment experience, financial situation and the particular needs of any recipient or customer. Customers should exercise caution in relation to any potential investment. Customers should independently evaluate each investment product and consider the suitability of such investment product, taking into account customer’s own specific investment objectives, investment experience, financial situation and/or particular needs. Customers will need to decide on their own as to whether or not the contents of this document are suitable for them. If a customer is in doubt about the contents of this document and/or the suitability of any investment products mentioned in this document for the customer, the customer should obtain independent financial, legal and/or tax advice from its professional advisers as necessary, before proceeding to make any investments.
The Bank, its Affiliates and their respective employees are not in the business of providing, and do not provide, tax, accounting or legal advice to any clients. The material contained herein is prepared for informational purposes and is not intended or written to be used, and cannot be used or relied upon for tax, accounting or legal advice. Any such client is responsible for consulting his/her own independent advisor as to the tax, accounting and legal consequences associated with his/her investments/transactions based on the client’s particular circumstances.
This document and other related documents have not been reviewed by, registered or lodged as a prospectus, information memorandum or profile statement with the Monetary Authority of Singapore nor any regulator in Hong Kong or elsewhere.
This document may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Bank’s prior written consent. This document is not intended for distribution to, publication or use by any person in any jurisdiction outside Singapore, Hong Kong, or such other jurisdiction as the Bank may determine in its absolute discretion, where such distribution, publication or use would be contrary to applicable law or would subject the Bank and its related corporations, connected persons, associated persons and/or affiliates (collectively, “Affiliates”) to any registration, licensing or other requirements within such jurisdiction.
Investments in financial instruments or other products carry significant risk, including the possible loss of the principal amount invested. Financial instruments or other products denominated in a foreign currency are subject to exchange rate fluctuations, which may have an adverse effect on the price or value of an investment in such products. No liability is accepted by the Bank for any loss (whether direct, indirect or consequential) that may arise from any use of the information contained in or derived from this document. Past performance is not a guarantee or indication of future results. Any prices provided in this document (other than those that are identified as being historical) are indicative only and do not represent firm quotes as to either price or size. You should contact your local representative directly if you are interested in buying or selling any financial instrument or other product or pursuing any trading strategy, investment strategy or wealth planning structure that may be mentioned in this document.
While reasonable efforts have been made to ensure that the contents of this document have been obtained or derived from sources believed by the Bank and its Affiliates to be reliable, neither the Bank nor its Affiliates has independently verified the accuracy of such source(s). The Bank and its Affiliates and their respective officers, employees, agents and representatives do not make any express or implied representations, warranties or guarantees as to the accuracy, timeliness or completeness of the information, data or prevailing state of affairs that are mentioned in this document and do not accept any liability for any loss or damage whatsoever, direct or indirect, arising from or in connection with the use of the contents of this document.
The Bank and its Affiliates may have issued other reports, analyses, or other documents expressing views different from the contents hereof and all views expressed in all reports, analyses and documents are subject to change without notice. The Bank and its Affiliates reserve the right to act upon or use the contents hereof at any time, including before its publication herein.
The author of this document may have discussed the information contained therein with others within or outside the Bank and the author and/or such other Bank personnel may have already acted on the basis of this information (including communicating the information contained herein to other customers of the Bank). The Bank, its personnel (including those with whom the author may have consulted in the preparation of this communication), and other customers of the Bank may be long or short the financial instruments or other products referred to in this document, may have acquired such positions at prices and market conditions that are no longer available, and may have interests different from or adverse to your interests. The persons providing the information to you may receive commissions, fees, rebates or other non-monetary benefits from any counterparty, broker, agent or another affiliate of the OCBC Group or any other party in respect of any trades or transactions effected for you including in relation to the investments referred to herein.
Bank of Singapore Limited is a licensed bank regulated by the Monetary Authority of Singapore in Singapore. Bank of Singapore Limited, Hong Kong Branch, is an Authorized Institution as defined in the Banking Ordinance of Hong Kong (Cap 155), regulated by the Hong Kong Monetary Authority in Hong Kong and a Registered Institution as defined in the Securities and Futures Ordinance of Hong Kong (Cap.571) regulated by the Securities and Futures Commission in Hong Kong. Bank of Singapore Limited, its employees and discretionary accounts managed by its Singapore Office may have long or short positions or may be otherwise interested in any of the investment products (including derivatives thereof) referred to in this document and may from time to time dispose of any such investment products. Bank of Singapore Limited forms part of the OCBC Group (being for this purpose Oversea-Chinese Banking Corporation Limited and its subsidiaries, related and affiliated companies). OCBC Group, their respective directors and/or employees (collectively “Related Persons”) may or might have in the future interests in the investment products or the issuers mentioned herein. Such interests include effecting transactions in such investment products, and providing broking, investment banking and other financial services to such issuers. OCBC Group and its Related Persons may also be related to, and receive fees from, providers of such investment products.
Bank of Singapore Limited adheres to a group policy (as revised and updated from time to time) that provides how entities in the OCBC Group manage or eliminate any actual or potential conflicts of interest which may impact the impartiality of research reports issued by any research analyst in the OCBC Group.
Past performance is not always indicative of likely or future results. The value of any investment or income may go down as well as up. All investments involve an element of risk, including capital loss. Customers who are interested to invest in such investment products should read the risk disclosures and governing terms and conditions that are set out in the relevant offering documents.
Dual currency investments, structured deposits and other investment products are not insured by the Singapore Deposit Insurance Corporation or the Hong Kong Deposit Protection Scheme.
Applicable to clients booked and/or managed in the Dubai International Financial Center (DIFC) only: The information contained herein is exclusively addressed to the recipient. The offering of certain products in this document has not been and will not be registered with the Central Bank of United Arab Emirates or Securities & Commodities Authority in the United Arab Emirates. Any products in this document that are being offered or sold do not constitute a public offering or distribution of securities under the applicable laws and regulations of the United Arab Emirates. This document is not intended for circulation or distribution in or into the UAE, other than to persons in the UAE to whom such circulation or distribution is permitted by, or is exempt from the requirements of, the applicable laws and regulations of the United Arab Emirates. The distribution of the information contained herein by the recipient is prohibited. Where applicable, this document relates to securities which are listed outside of the Abu Dhabi Securities Exchange and the Dubai Financial Market. Bank of Singapore Limited is not authorized to provide investment research regarding securities listed on the exchanges of the United Arab Emirates which are outside of the DIFC.
Cross-Border Marketing
Hong Kong SAR: Bank of Singapore Limited is an Authorized Institution as defined in the Banking Ordinance of Hong Kong (Cap 155), regulated by the Hong Kong Monetary Authority in Hong Kong and a Registered Institution as defined in the Securities and Futures Ordinance of Hong Kong (Cap. 571), regulated by the Securities and Futures Commission in Hong Kong. This document is for information only and is not intended for anyone other than the recipient. It has not been reviewed by any regulatory authority in Hong Kong. It is not by itself an offer or a solicitation to deal in any of the financial products referred to herein or to enter into any legal relations, nor an advice or a recommendation with respect to such financial products. It does not have regard to the specific investment objectives, financial situation, investment experience and the particular needs of any recipient or Investor. This document may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Bank’s prior written consent. This document is not intended for distribution to, publication or use by any person in any jurisdiction outside Hong Kong, or such other jurisdiction as the Bank may determine in its absolute discretion, where such distribution, publication or use would be contrary to applicable law or would subject the Bank and its related corporations, connected persons, associated persons and/or affiliates to any registration, licensing or other requirements within such jurisdiction. Indonesia: The offering of the investment product in reliance of this document is not registered under the Indonesian Capital Market Law and its implementing regulations, and is not intended to constitute a public offering of securities under the Indonesian Capital Market Law and its implementing regulations. According, this investment product may not be offered or sold, directly or indirectly, within Indonesia or to citizens (wherever they are domiciled or located), entities or residents, in any manner which constitutes a public offering of securities under the Indonesian Capital Market Law and its implementing regulations. Japan: The information contained in this document is for general reference purposes only. It does not have regard to your specific investment objectives, financial situation, risk tolerance and particular needs. Nothing in this document constitutes an offer to buy or sell or an invitation to offer to buy or sell or a recommendation or a solicitation to buy or sell any securities or investment. We do not have any intention of conducting regulated business in Japan. You acknowledge that nothing in this document constitutes investment or financial advice or any advice of any nature. Malaysia: Bank of Singapore Limited does not hold any licence, registration or approval to carry on any regulated business in Malaysia (including but not limited to any businesses regulated under the Capital Markets & Services Act 2007 of Malaysia), nor does it hold itself out as carrying on or purport to carry on any such business in Malaysia. Any services provided by Bank of Singapore Limited to residents of Malaysia are provided solely on an offshore basis from outside Malaysia, either as a result of “reverse enquiry” on the part of the Malaysian residents or where Bank of Singapore Limited has been retained outside Malaysia to provide such services. As an integral part of the provision of such services from outside Malaysia, Bank of Singapore Limited may from time to time make available to such residents documents and information making reference to capital markets products (for example, in connection with the provision of fund management or investment advisory services outside of Malaysia). Nothing in such documents or information is intended to be construed as or constitute the making available of, or an offer or invitation to subscribe for or purchase any such capital markets product. Myanmar: This document and information herein is made available by Bank of Singapore Limited, which is not licensed or registered under the Financial Institutions Law (Law No. 20/2016) or other Myanmar legislation to carry on, nor do they purport to carry on, any regulated activity in Myanmar. The provision of any products and services by Bank of Singapore Limited shall be solely on an offshore basis. You shall ensure that you have and will continue to be fully compliant with all applicable laws in Myanmar when entering into discussion or contracts with Bank of Singapore Limited. Oman: This document does not constitute a public offer of investment, securities or financial services in the Sultanate of Oman, as contemplated by the Commercial Companies Law of Oman (Royal Decree No. 4/1974), Banking Law of Oman (Royal Decree No. 114/2000) or the Capital Market Law of Oman (Royal Decree No. 80/1998) and the Executive Regulations of the Capital Market Law (Ministerial Decision No. 1/2009) or an offer to sell or the solicitation of any offer to buy non-Omani investment products, securities or financial services and products in the Sultanate of Oman. This document is strictly private and confidential. It is being provided to a limited number of sophisticated investors solely to enable them to decide whether or not to make an offer to invest in financial products mentioned in this document, outside of the Sultanate of Oman, upon the terms and subject to the restrictions set out herein and may not be reproduced or used for any other purpose or provided to any person other than the original recipient. Additionally, this document is not intended to lead to the making of any contract within the territory or under the laws of the Sultanate of Oman. The Capital Market Authority of Oman and the Central Bank of Oman take no responsibility for the accuracy of the statements and information contained in this document or for the performance of the financial products mentioned in this document nor shall they have any liability to any person for damage or loss resulting from reliance on any statement or information contained herein. Russia: The investment products mentioned in this document have not been registered with or approved by the local regulator of any country and are not publicly distributed in Singapore or elsewhere. This document does not constitute or form part of an offer or invitation to the public in any country to subscribe for the products referred to herein. South Korea: The document does not constitute an offer, solicitation or investment advertisement to trade in the investment product referred to in the document. Taiwan: The provision of the information and the offer of the service concerned herewith have not been and will not be registered with the Financial Supervisory Commission of Taiwan pursuant to relevant laws and regulations of Taiwan and may not be provided or offered in Taiwan or in circumstances which requires a prior registration or approval of the Financial Supervisory Commission of Taiwan. No person or entity in Taiwan has been authorised to provide the information and to offer the service in Taiwan. Thailand: Please note that neither Bank of Singapore Limited nor any other entities in the Bank of Singapore Limited’s group maintains any licences, authorisations or registrations in Thailand nor is any of the material and information contained, or the relevant securities or products specified herein approved or registered in Thailand. Interests in the relevant securities or products may not be offered or sold within Thailand. The attached information has been provided at your request for informational purposes only and shall not be copied or redistributed to any other person without the prior consent of Bank of Singapore Limited or its relevant entities and in no way constitutes an offer, solicitation, advertisement or advice of, or in relation to, the relevant securities or products by Bank of Singapore Limited or any other entities in Bank of Singapore Limited’s group in Thailand. The Philippines: The information contained in this document is not intended to constitute a public offering of securities under the Securities Regulation Code of the Philippines. Dubai International Financial Center (DIFC): Bank of Singapore Limited has a branch registered in the Dubai International Financial Centre ("DIFC") which is regulated by the Dubai Financial Services Authority (“DFSA”). Bank of Singapore Limited (DIFC Branch) is not a financial institution licensed in the United Arab Emirates outside of the DIFC and does not undertake banking or financial activities in the United Arab Emirates nor is it licensed to do so outside of the DIFC. This material is provided for information purposes only and it is general information not specific in any way to any particular investor, investor type, strategy, investment need or other financial circumstance. As such this information is not financial advice or a financial promotion, nor is it intended to influence an investor's decision to invest. It is not to be construed as an offer to buy or sell or solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy in any jurisdiction. The material is only intended for persons who fulfill the criteria to be classified as “Professional Clients” as defined under the DFSA rules and should not be reviewed, received, provided to or relied upon by any other person. United Arab Emirates (U.A.E): The information contained herein is exclusively addressed to the recipient. The offering of certain products in this document has not been and will not be registered with the Central Bank of United Arab Emirates or Securities & Commodities Authority in the United Arab Emirates. Any products in this document that are being offered or sold do not constitute a public offering or distribution of securities under the applicable laws and regulations of the United Arab Emirates. This document is not intended for circulation or distribution in or into the UAE, other than to persons in the UAE to whom such circulation or distribution is permitted by, or is exempt from the requirements of, the applicable laws and regulations of the United Arab Emirates. The distribution of the information contained herein by the recipient is prohibited. Where applicable, this document relates to securities which are listed outside of the Abu Dhabi Securities Exchange and the Dubai Financial Market. The Bank of Singapore Limited is not authorized to provide investment research regarding securities listed on the exchanges of the United Arab Emirates which are outside of the DIFC. United Kingdom: In the United Kingdom, this document is being made available only to the person or the entity to whom it is directed being persons to whom it may lawfully be directed under applicable laws and regulations of the United Kingdom (such persons are hereinafter referred to as ‘relevant persons’). Accordingly, this document is communicated only to relevant persons. Persons who are not relevant persons must not act on or rely on this document or any of its contents. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. Relevant persons in receipt of this document must not distribute, publish, reproduce, or disclose this document (in whole or in part) to any person who is not a relevant person. United States of America: This product may not be sold or offered within the United States or to U.S. persons.
Brunei: This document has not been delivered to, licensed or permitted by the Autoriti Monetari Brunei Darussalam, the authority as designated under the Brunei Darussalam Securities Markets Order, 2013 and the Banking Order, 2006; nor has it been registered with the Registrar of Companies, Registrar of International Business Companies or the Brunei Darussalam Ministry of Finance. The products mentioned in this document are not registered, licensed or permitted by the Autoriti Monetari Brunei Darussalam or by any other government agency or under any law in Brunei Darussalam. Any offers, acceptances, sales and allotments of the products shall be made outside Brunei Darussalam.
