RESEARCH

Weekly Insight
26.12.2022

MARKET OVERVIEW Mixed Week For Equities

Major US indexes were mixed in a generally quiet holiday season trading

week, as hawkish comments from the Fed and other global central banks Economic calendar
over the previous week continued to weigh on markets. The Dow Jones
Industrial Average index recorded a 0.9% gain, while the S&P 500 and the Period Date Expected
Nasdaq Composite indexes dropped 0.2% and 1.9% respectively. In terms
JN Jobless Rate Nov 27.12.23 2.6%
of economic data, the US Commerce Department upped its estimate of
economic growth in the 3rd quarter from 2.9% to 3.2%. The year-on-year JN Job-To-Applicant Ratio Nov 27.12.23 1.4%
rise in the US core personal consumption expenditure index (considered the JN Retail Sales YoY Nov 27.12.23 3.7%
Fed’s preferred inflation gauge) fell to a 4-month low of 4.7%. JP Housing Starts YoY Nov 27.12.23 1.4%
US FHFA House Price Index MoM Oct 27.12.23 -0.8%
In Europe, equities raised amid signs of slowing inflation and an US Wholesale Inventories MoM Nov P 27.12.23 0.4%
improvement in consumer confidence. The pan-European STOXX Europe
JN Industrial Production MoM Nov P 28.12.23 -0.2%
600 index ended the week 0.6% higher. Producer price reports for
November provided more signs that inflation may be waning in Germany, US Pending Home Sales MoM Nov 28.12.23 -1.0%
France and Spain. A german report showed that consumer confidence BR FGV Inflation IGPM MoM Dec 29.12.23 0.5%
improved in December, perhaps reflecting measures to help households Eurozone M3 Money Supply YoY Nov 29.12.23 5.0%
cope with higher energy prices. HK Exports YoY Nov 29.12.23 -16.2%
RU Gold and Forex Reserve Dec 23 29.12.23 Not Avail.
In China, stocks fell as a spike in coronavirus cases weighed on the
US Continuing Claims Dec 17 29.12.23 1713.5k
country’s growth outlook. The Shanghai Composite index sank 3.9% and
the blue chip CSI 300 index fell 3.2%. China’s government stepped up calls US Initial Jobless Claims Dec 24 29.12.23 225.0k
to bolster the economy in 2023 following the prior week’s Central RU CPI YoY Dec P 30.12.23 12.5%
Economic Work Conference, an annual meeting in which officials discuss SP CPI YoY Dec P 30.12.23 6.1%
policy goals for the coming year. US MNI Chicago PMI Dec 30.12.23 40.0

CHART OF THE WEEK Season’s Greetings

The year that is now drawing to a close has brought

markets plenty of challenges. Not exhaustively we
could cite the war in Ukraine, the soaring global
inflation and the central banks aggressive interest rate
hikes making it a brutal year for fixed income and
equity assets.

As we go to print, uncertainties are many as usual with

the shadow of recession looming large in everyone’s
mind and ongoing geopolitical tensions. For the time
being however, it is perhaps a good time to take a
moment to breathe, think and count our blessings as
the year draws to a close.

Collectively, we wish you joyous and happy year end

celebrations filled with love, happiness and prosperity.

CBH Asset Management Weekly Insight 1

 North America

YTD Performances

DEPOSIT GOVERNMENT BONDS CORPORATE BONDS EQUITY USD

1.4% -9.0% -13.8% -17.3% 5.3%

Yield 1W YTD Yield 1W YTD

US 2Y 4.3% -0.2% -3.7% 1-5Y* 5.2% -0.3% -5.5%
Investment
Fixed 10Y 3.7% -1.9% -14.4% 5-10Y* 5.3% -1.4% -13.4%
Grade
Income 10+Y* 5.5% -3.3% -24.5%

Canada 2Y 3.9% -0.4% -2.1% 1-5Y* 9.1% -0.2% -5.5%

10Y 3.2% -2.7% -10.7% High Yield 5-10Y* 8.3% -0.6% -12.4%
10+Y* 7.8% -1.0% -21.3%

Mexico 2Y 10.0% - - Convertible Global * 1.5% -0.4% -18.8%

10Y 8.9% - -
* in $ terms

P/E Last 1W YTD P/E Last 1W YTD

MSCI N. AMERICA 17 3'818 -0.2% -20% Cons. Disc. 25 417 -3.0% -38%
Equities S&P 500 18 3'845 -0.2% -19% Cons.Staples 22 299 1.0% -2%
DOW JONES 18 33'204 0.9% -9% Energy 8 342 4.2% 57%
NASDAQ 25 10'498 -1.9% -33% Financials 14 182 1.4% -15%
TORONTO 12 19'507 0.3% -8% Health Care 17 438 0.7% -4%
MEXICAN IPC 13 50'578 1.9% -5% Industrials 22 375 0.6% -8%
US Large Cap 18 2'527 -0.3% -21% Inf. Technology 22 483 -2.1% -31%
US Small Cap 18 820 0.0% -18% Materials 14 355 0.1% -13%
US Value 14 11'463 0.9% -7% Telecom Serv. 14 52 -0.4% -41%
US Growth 25 13'584 -1.5% -32% Utility 20 209 1.4% -1%

Last 1W YTD Last 1W YTD

1 USD vs EUR 0.9419 -0.3% 7.1% 1 USD vs BRL 5.16 -2.7% -7.4%
Currencies 1 USD vs CHF 0.9332 -0.1% 2.2% 1 USD vs MXN 19.37 -2.1% -5.6%
1 USD vs GBP 0.8304 0.9% 12.3% 1 USD vs NOK 9.89 0.0% 12.2%
1 USD vs JPY 132.91 -2.7% 15.5% 1 USD vs RUB 69.06 6.6% -8.0%
1 USD vs AUD 1.4879 -0.5% 8.1% 1 USD vs SEK 10.53 1.2% 16.3%

US CA MX
GDP (% change Y/Y) 1.9 1.5 4.3
Economic GDP (% change Q/Q) 3.2 0.4 0.9
data Inflation rate (Y/Y) 7.1 2.4 7.8
Unemployment rate (%) 3.7 5.4 3.3
Debt (as % of GDP) 82.3 89.7 54.2
Budget Balance -10.8% -12.5% -2.9%
Rating AA+ AAA BBB+
Central Bank Rate 4.50% 4.25% 10.50%
2Y Government Rate 4.3% 3.9% 10.0%
10Y Government Rate 3.7% 3.2% 8.9%

CBH Asset Management Weekly Insight 2

 Europe

YTD Performances

DEPOSIT GOVERNMENT BONDS CORPORATE BONDS EQUITY EUR

-0.1% -10.1% -14.0% -8.5% -2.4%

Yield 1W YTD Yield 1W YTD

Europe 2Y 2.8% -0.2% -4.7% 1-5Y* 3.9% -0.4% -7.8%
Investment
Fixed 10Y 2.4% -1.6% -18.4% 5-10Y* 4.2% -0.8% -13.2%
Grade
Income 10+Y* 4.3% -2.0% -24.3%
Germany 2Y 2.6% -0.2% -4.6%
10Y 2.4% -1.6% -17.9% 1-5Y* 8.0% -0.4% -10.7%
High Yield 5-10Y* - - -
Switzerland 2Y 1.2% -0.4% -3.8% 10+Y* - - -
10Y 1.5% -1.8% -11.0%
Convertible Global * -0.9% -0.4% -20.3%
United Kingdom 2Y 3.6% -0.3% -3.3%
10Y 3.6% -1.9% -16.9% * in € terms

P/E Last 1W YTD P/E Last 1W YTD

MSCI EUROPE 12 143 0.6% -11% Cons. Disc. 12 185 -1.1% -19%
Equities STOXX 600 12 427 0.6% -12% Cons.Staples 18 280 0.6% -10%
STOXX 50 11 3'817 0.3% -11% Energy 5 156 4.8% 34%
CAC 40 11 6'505 0.8% -9% Financials 10 62 2.3% -6%
DAX 11 13'941 0.3% -12% Health Care 17 246 0.2% -6%
FTSE 100 10 7'473 1.9% 1% Industrials 15 288 0.2% -18%
IBEX 35 10 8'269 1.9% -5% Inf. Technology 22 139 -3.0% -28%
MIB 8 23'878 0.8% -13% Materials 9 314 1.4% -12%
PSI 20 12 5'781 1.6% 4% Telecom Serv. 14 46 0.6% -15%
SMI 18 10'805 0.3% -16% Utility 14 129 0.2% -11%

Last 1W YTD Last 1W YTD

1 EUR vs USD 1.0617 0.3% -6.6% 1 EUR vs BRL 5.48 -2.5% -13.6%
Currencies 1 EUR vs CHF 0.9911 0.3% -4.5% 1 EUR vs MXN 20.57 -1.8% -11.9%
1 EUR vs GBP 0.8811 1.1% 4.7% 1 EUR vs NOK 10.50 0.2% 4.7%
1 EUR vs JPY 141.05 -2.6% 7.8% 1 EUR vs RUB 73.38 7.1% -14.1%
1 EUR vs AUD 1.5798 -0.2% 1.0% 1 EUR vs SEK 11.19 1.4% 8.7%

Europe GE FR IT ES PT UK CH
GDP (% change Y/Y) 2.3 1.2 1.0 2.6 4.4 4.9 1.9 0.5
Economic GDP (% change Q/Q) 0.3 0.4 0.2 0.5 0.1 0.4 -0.3 0.2
data Inflation rate (Y/Y) 10.1 10.0 6.2 11.5 6.8 9.9 10.7 3.0
Unemployment rate (%) 6.0 5.6 7.1 7.8 12.6 5.8 3.7 2.0
Debt (as % of GDP) 94.2 64.1 97.0 131.5 98.4 125.6 87.0 42.8
Budget Balance -3.7% -6.5% -7.2% -6.9% -2.9% -0.5% -0.5%
Rating AAA AA BBB A- BBB AA AAA
Central Bank Rate 2.50% 3.50% 0.50%
2Y Government Rate 2.7% 2.6% 2.7% 3.2% 2.8% 2.6% 3.6% 1.2%
10Y Government Rate 2.4% 2.4% 3.0% 4.5% 3.5% 3.4% 3.6% 1.5%

CBH Asset Management Weekly Insight 3

 Asia

YTD Performances

JAPAN CHINA INDIA SOUTH KOREA ASIA PACIFIC

-8.9% -22.5% 2.7% -22.3% -19.6%

Yield 1W YTD
China 2Y 2.3% - -
Fixed 10Y 2.9% 0.2% 2.7%
Income
Japan 2Y 0.0% 0.0% -0.2%
10Y 0.4% -1.1% -2.9%

India 2Y 6.9% - -
10Y 7.3% - -

Australia 2Y 3.3% -0.2% -2.3%

10Y 3.8% -2.7% -12.6%

P/E Last 1W YTD P/E Last 1W YTD

MSCI ASIA PACIFIC 13 155 -0.7% -20% Cons. Disc. 17 171 -1.4% -23%
Equities NIKKEI 225 14 26'235 -4.7% -9% Cons.Staples 23 222 0.3% -12%
HANG SENG 11 19'593 0.7% -16% Energy 7 419 -1.3% 2%
CSI 300 13 3'828 -3.2% -23% Financials 10 173 2.1% -6%
SENSEX 22 59'845 -2.4% 3% Health Care 25 329 -1.3% -19%
KOSPI 11 2'314 -2.0% -22% Industrials 9 173 -1.7% -20%
S&P/ASX 200 14 7'108 -0.6% -5% Inf. Technology 13 386 -2.7% -34%
Materials 10 282 -1.2% -13%
Telecom Serv. 20 93 0.8% -25%
Utility 50 99 -2.0% -12%

Last 1W YTD Last 1W YTD

1 USD vs AUD 1.4879 -0.5% 8.1% 1 USD vs CNY 6.99 0.2% 10.0%
Currencies 1 USD vs HKD 7.8051 0.3% 0.1% 1 USD vs IDR 15593 0.0% 9.4%
1 USD vs JPY 132.91 -2.7% 15.5% 1 USD vs INR 82.87 0.0% 11.5%
1 USD vs NZD 1.59 1.5% 8.9% 1 USD vs KRW 1281 -2.0% 7.7%
1 USD vs SGD 1.3510 -0.6% 0.1% 1 USD vs MYR 4.42 0.0% 6.2%

CN JP IN AU NZ SK HK SI
GDP (% change Y/Y) 3.9 1.5 6.3 5.9 0.8 3.1 -4.5 4.1
Economic GDP (% change Q/Q) 3.9 -0.2 - 0.6 2.0 0.3 -2.6 1.1
data Inflation rate (Y/Y) 1.6 3.8 5.9 7.3 7.2 5.0 1.8 6.7
Unemployment rate (%) 4.0 2.5 8.5 3.4 3.3 2.9 3.7 2.8
Debt (as % of GDP) 47.8 236.4 70.2 41.6 26.4 39.8 0.1 110.9
Budget Balance -3.8% -5.5% -6.2% -5.3% -3.9% -0.8% -5.5% -1.0%
Rating A+ A+ BBB- AAA AA AA AA+ AAA
Central Bank Rate 1.50% 0.10% 6.25% 3.10% 4.25%
2Y Government Rate 2.4% 0.0% 7.0% 3.3% 4.8% 3.7% 4.1% 3.0%
10Y Government Rate 2.9% 0.5% 7.3% 3.8% 4.4% 3.6% - 2.9%

CBH Asset Management Weekly Insight 4

 Emerging Markets & Other Countries

YTD Performances

BRAZIL RUSSIA ISRAEL EAST EUROPE LATAM

4.7% -39.6% -9.7% -82.8% 3.0%

Last 1W YTD Last 1W YTD

Israel 2Y 3.5% -0.1% -6.2% Chile 2Y 7.6% -0.2% -
Fixed 10Y 3.4% -1.4% -16.4% 10Y 5.3% -0.6% 6.1%
Income
Russia 2Y 7.9% -0.4% 1.6%
10Y 10.5% -0.7% -11.2%

South Africa 2Y 0.0% 0.0% 0.6%

10Y 10.8% 0.3% 5.1%

Brazil 2Y 13.0% 1.8% -

10Y 12.9% 3.5% -4.5%

P/E Last 1W YTD P/E Last 1W YTD

GLOBAL EM 11 955 -0.3% -23% Cons. Disc. 21 541 0.2% -21%

Equities EM LATAM 7 2'194 7.1% 3% Cons.Staples 23 423 1.0% -12%
EM EAST EUROPE 5 32 2.9% -83% Energy 5 390 1.3% -33%
SOUTH AFRICA 10 1'494 2.3% 0% Financials 8 297 0.5% -12%
TEL AVIV 25 8 1'786 -1.9% -10% Health Care 37 700 0.5% -25%
RUSSIAN RTS 964 -7.2% -40% Industrials 8 161 -1.1% -13%
FTSE/JSE AFRICA 11 67'324 0.6% 0% Inf. Technology 12 667 -2.2% -34%
IBOVSPA BRAZIL 6 109'698 6.7% 5% Materials 9 376 -0.2% -19%
Telecom Serv. 21 138 0.9% -29%
Utility 33 206 -2.5% -10%

Last 1W YTD Last 1W YTD

1 USD vs ARS 174.81 1.2% 70.2% 1 USD vs ZAR 17.02 -3.7% 6.8%
Currencies 1 USD vs BRL 5.1620 -2.7% -7.4%
1 USD vs CLP 876.75 -1.1% 2.9%
1 USD vs ILS 3.51 1.4% 13.0%
1 USD vs RUB 69.06 6.6% -8.0%

IL RU SA BZ AR CL
GDP (% change Y/Y) 7.6 -3.7 4.1 3.6 89.4 11.7
Economic GDP (% change Q/Q) 8.5 7.3 2.4 0.4 14.2 -
data Inflation rate (Y/Y) 5.3 12.0 7.4 5.9 48.1 13.3
Unemployment rate (%) 5.4 3.9 32.9 8.2 7.1 8.0
Debt (as % of GDP) 61.0 17.4 52.7 84.0 52.6 23.6
Budget Balance -1.0% -4.4% -4.1%
Rating AA- BBB- BB BB- B A
Central Bank Rate 3.25% 7.50% 7.00% 13.75% 68.44% 11.25%
2Y Government Rate 3.5% 5.7% 6.0% 13.1% 84.7% 7.6%
10Y Government Rate 3.5% 9.5% 9.2% 12.9% 68.5% 5.3%

CBH Asset Management Weekly Insight 5

 Commodities & Others

YTD Performances

GOLD OIL ENERGY INDUSTRIALS AGRICULTURE

-1.7% 15.8% 37.4% -2.8% 14.4%

Last 1W YTD Last 1W YTD

Global Commodity 245 -0.1% 16% Agriculture 149 2.0% 14%
Aggregated Precious metals 463 0.9% -1% Grains 104 1.7% 15%
Indices Energy 91 -3.4% 37% Livestock 51 1.7% 7%
Industrial metals 359 1.5% -3%

Last 1W YTD Last 1W YTD

Gold ($/oz.) 1'798 0.3% -2% WTI Crude ($/bbl.) 80 6.8% 16%
Precious metals Silver ($/oz.) 24 2.2% 2% BRENT Crude ($/bbl.) 84 6.2% 16%
& Energy Platinum ($/t oz.) 1'027 3.3% 6% Natural Gas ($/MMBtu) 5 -23.0% 24%
Palladium ($/t oz.) 1'754 1.9% -8%

Last 1W YTD Last 1W YTD

Steel ($/T.) 661 -2.1% -24% Corn ($/bu.) 666 2.0% 20%
Industrial metals Aluminum ($/mt) 2'362 0.4% -14% Wheat ($/bu.) 776 3.0% 1%
& Agriculture Copper ($/lb.) 381 1.3% -13% Soybean ($/bu.) 1'485 0.1% 18%
Iron Ore ($/mt) 817 -0.8% 41%
Nickel ($/mt) 29'547 4.5% 42%

Last 1W YTD Last 1W YTD

Hedge Funds (in $) 1'367 0.0% -4% S&P Global Timber and Forestry 2'800 -0.4% -19%
Others Hedge Funds (in Eur) 1'034 -0.1% -6% Baltic Dry index 1'515 -3% -32%
US Volatility 21 -8% 21% DJ Equity REIT 2'231 -0.1% -25%
EU Volatility 20 -6% 4% Dollar Index 1'255 -0.7% 7%
Bond Move Index 113 -0.4% 47% EM Currency Index 50 0.6% -5%

CBH Asset Management Weekly Insight 6

 Geographical Presence

CBH is present in Geneva, Zurich, London, Luxembourg, Israel, Hong Kong, Bahamas and Brazil. Due to its
international exposure, it is under the consolidated supervision of the FINMA in Switzerland and its subsidiaries are
supervised by the CSSF in Luxembourg, the FCA in the United Kingdom, the Central Bank of Bahamas, the SFC in
Hong Kong and the CVM in Brazil.

Geneva
Luxemburg
Nassau
London Tel Aviv Hong Kong
Zurich

São Paulo

Rio de Janeiro

Geneva Zurich Luxemburg London Hong Kong

Headquarter Branch Office SICAV Subsidiary Subsidiary

CBH Bank CBH Bank 1618 Investment Funds CBH Wealth UK Limited CBH Asia Limited
Bd Emile-Jaques-Dalcroze 7 Bahnhofstrasse 82 106, route d’Arlon 18 Savile Row, Suite 2001, 20th Floor, K11
P.O. Box P.O. Box 1213 L-8210 Mamer London W1S 3PW, UK ATELIER, 18-24 Salisbury
1211 Geneva 3, CH 8021 Zurich, CH Grand Duché de Road, Tsim Sha Tsui,
Luxembourg cbhbank.com Kowloon, Hong Kong, HK
cbhbank.com cbhbank.com t +44 207 647 1300
t +41 22 839 01 00 t +41 44 218 15 15 1618am.com cbhbank.com
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Subsidiary Asset management Co. Asset management Co. Representative Office

CBH Bahamas Limited 1618 Investimentos 1618 Investimentos CBH Bank

CBH House, East Bay Street Av. Ataulfo de Paiva, RuaIguatemi, 192 Rehov Tuval 40
P.O. Box N-1724 204 Salas 305 a 308 Leblon, ItaimBibi, São Paulo -SP RAMAT GAN, 5252247
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CEP: 22440-033 Brasil
cbhbank.com cbhbank.com
t +1 242 394 61 61 1618investimentos.com t +972 73 793 62 22
t +55 21 3993 6901

CBH Asset Management Weekly Insight 7

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8