Global Market UpdateJanuary 5, 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

Macro Risk Index – 5 Years

Fixed Income & Credit

10

U.S. Treasury 10 Year Yield

11

UST Yield Curve vs. US BBB Curve vs. US B Curve

Global Equities

13

S&P 500 Index

14

SPX vs. EAFE vs. EM

15

YTD Performance by Sector (S&P500)

Currencies & Commodities

17

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

18

World Currencies vs. U.S. Dollar (Q1 2015 Forecast)

19

Continuous Commodity Index (Equally Weighted)

20

Crude Oil (WTI)

21

Gold

The Economy

23

U.S. Economic Calendar

24

U.S. Leading Economic Indicators

Russia & Greece

26

Greece 5 Year CDS

27

Russia 5 Year CDS