Charts to WatchGlobal Market Update

January 12, 2015

Global Clients…Global Portfolios

disclosure: The opinions expressed in this Charts to Watch report are those of the author. The materials and commentary are strictly informational and should be used for research use only. This bulletin is not intended to provide investing or other advice or guidance with respect to the matters addressed in the bulletin. All relevant facts, including individual circumstances, need to be considered by the reader to arrive at investment conclusions that comply with matters addressed in this bulletin. Charts and information used in this report are sourced from Bloomberg.

Financial Conditions

5

Developed Markets – Month to Date

6

Emerging Markets – Month to Date

7

Global Financial Stress Index – 5 Years

8

Marco Risk Index – 5 Years

9

The VIX Index (S&P 500 Implied Volatility)

Fixed Income & Credit

11

U.S. Treasury 10 Year Yield

12

Yield Curves: Treasuries, Investment Grade, & High Yield

13

Yield Curves: US, Germany, Italy, & Spain

14

Investment Grade Credit Spread (BBB – 10 Yr. UST Yield)

15

High Yield Credit Spreads (HY – 10 Yr. UST Yield)

16

Emerging Market Bond Spreads

17

Relative Bond Spreads

Global Equities

19

MSCI All Country World Index – USD

20

S&P 500 Index

21

MSCI EAFE (Europe, Australia, Far East) Index – USD

22

MSCI Emerging Markets Index – USD

23

SPX vs. EAFE vs. EM

24

Trend Analysis by Sector (S&P500)

25

Performance by Sector (S&P500)

The Economy

27

Last week’s Economic Calendar

28

Next week’s Economic Calendar

29

Fed’s 5 Year Forward Breakeven (Inflation Expectations)

30

U.S. Economic Watch – Leading Economic Indicators

31

U.S. Economic Watch – Leading Economic Indicators

32

U.S. Economic Watch – Housing Market

33

U.S. Economic Watch – Housing Market

Currencies & Commodities

35

World Currencies vs. U.S. Dollar (6 Month Spot Returns)

36

World Currencies vs. U.S. Dollar (Spot Forecast: Q2 2015)

37

US Dollar $

38

Euro €

39

Japanese Yen ¥

40

Russian Ruble

41

Mexican Peso

42

Global Commodity Prices

43

Continuous Commodity Index – 5 Years

44

Gold Prices – 5 Years

45

Crude Oil Prices – 5 Years

46

High Grade Copper – 5 Years