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TMBA2018 11 19
GDP FED
(1)Q3 GDP Q2 0.2%
(2) Powell
Fed (3)
OPEC (4)
(5)
(6)
(16 ) STOXX600 0.2% DAX 0.11%% FTSE100
0.34% CAC 0.17%
(16 ) 0.49%S&P500 0.22%Nasdaq 0.15%
(16 )
225 0.57%Nvidia
BDI
BDI147010207/24177442.50%
2502105715301453
1051969
6.77% 11.74% 8.43%
10.52% OPEC+
12 150 /
KD
0.63% 2.49%
ETF SPDR
Gold Shares11/13 0.84
11/16
11/16 0.369%
GDP
2.1%
2018/12/3() TMBA TMBA TMBA http://tmba.tw RSS TMBA FaceBook http://www.facebook.com/TMBA.tw?fref=ts
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TMBA TMBA All Rights Reserved
2
Nasdaq Equity- US N O O 4
S&P500 Equity- US N O O 5
Equity- US N O O 6
2000 Equity- US N O O 7
100 Equity- Europe N O N 8
MSCI () Equity- Europe N O N 9
225 Equity- Asia N O O 10
KOSPI Equity- Asia O N N 11
Equity- Asia N O O 12
Equity- Asia U N N 13
Equity- Asia N N N 14
JCI Emerging Market U N N 15
Emerging Market N O O 16
RTS Emerging Market N N O 17
Emerging Market N N O 18
BDI Natural Resources N N U 19
Natural Resources O N U 20
Natural Resources O O N 21
S&P REITs Real Estate N N U 22
10
10
Sovereign Bond
Sovereign Bond
N
O
U
N
U
U
23
24
Currency N N U 25
Currency N N O 26
Currency N N O 27
Currency O N U 28
Currency U N N 29
Currency O U U 30
O N U
TMBA
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3
30%
10%A
20%
15%
15%
10% 0%
TMBA
2018.11.4-2018.11.16
DM
EM
2018.11.19-2018.11.30
DM
EM
2018.11.19-2018.11.30
EM
DM
MSCI
20%
()
15%
2000
20%
RTS
15%
15%
225
15%
MSCI
20%
()
15%
2000
20%
RTS
15%
15%
225
15%
TMBA
TMBA
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4
K
V-5-i
2008 K
2016 V
V-3
1 V-3
V-5
1.: 111022.212.92010
0.1%94.1%
82.
11/30~12/1 G20
107,200
G20
6,962 8,200 6,600 9,200
TMBA
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5
K
V-4
V-5-i
2008 K
III
2016
IV V
1.0.8%
3.7%
(MCD)(PG)(WMT)
(TGT)(SBUX)eMarketer
111215.8%2011
16.6%1,237.3
2,650 3,000 2,500 3,200
S&P 500 G20
TMBA
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6
K
V-5-i
2008 K
2016
IV
V 2017
V-3
1.: 100.3%CPI0.2%
2.4%0.1%
2.6%3%
G20
24,000 27,000 23,000 29,800
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K
2000 11/16
1527.53
2000
V-5-ii
2008 K
V-1 16
VI
V
2000
(1)10
0.8%(2)
1,460 1,750 1,350 1,875
2000 2000 TMBA
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8
K
100
11/16 7013.88
0.64%
V-2-
c
2008 K
100
7.18%
V
1)18Q3GDP1.5%(1.2%)90.2%(-0.1%)
-97.31(-117.24)ILO4.1%(4%)-0.5%(
-0.4%)2)
3)13
21
Rabb61012
May3204)
6,900 7,600 6,600 8,100
100 TMBA
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9
K
MSCI ()
3.89%
V-5-ii
2008 K
MSCI ()
6.18%
V
ECB
1)18Q3GDP1.7%(1.7%)90.8%(1.8%)PPI
4.5%(4.3%)-0.3%(1.1%)103.3%(
3.3%)CPI2.2%(2.1%)11ZEW-22(-19.4)2)
IMF
3)GDP1.9%
2%Draghi
4)
120.25 147.82 108.83 161.67
MSCI () TMBA
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10
K
225
21,680.34
2.56% V-5-iii
KD RSI
-1.2%
2008 K
2.65%
V-5-iii
22511/160.57%21,680.34(1)
GDP-1.2%-1%
9-7%
12.6%(2)7
201910
21,000 24,400 20,000 24,400
225 GDP TMBA
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11
K
KOSPI
2,092.4
0.3%
V-4 KD
RSI
2008 K
6.88%
V-4
KOSPI11/160.21%2,092.4
(1)103.9%4.1%
2.8%2.5%20192.9%2.3%
(2)
GDP
2,000 2,300 1,800 2,500
KOSPI TMBA
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12
K
97,97.09
0.33%
KD RSI
2008 K
8.33
I
V-4
11/160.3%97,97.09
(1)11/165.396.43
37,120(2)11
GDPGDP
(3)
9,500 10,500 9,000 11,000
TMBA
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13
K
11/16
10583.77,
-9.85%
-1.38%
C-4-c
6
4
2008 K
2008
2015
2016
C-4
(1)Fed12Powell
(2)Fed
IMF
(3)
10%(4)Q3GDP
G20
9,600 11,000 9,200 12,500
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14
K
11/16
2679.11
-18.99%
3.09%
C-3-iv
2,673
2008 K
2008
2015
C-3 A
(1)1021.4%(14.3%)15.6%(
14.5%)
; 106,970(,)7,288()M2
8%(8.3%)M12.7%(4%)(2)
MPA
(3)
2,500 2,691 2,400 2,800
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15
K
V-3
12 FED
2008 K
V
(1):9YOY4.8%(:6.1%)6%(:5.75%)(2):
FedBI
(3):
1/1
(4)11
Q35.17%
DM
5,370 6,330 5,050 6,705
JCI TMBA
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16
K
b
2008 K
V
(1): 10YOY3.31%(:3.7%)(2): (a)iphone
Nokia(b)VISA
15%(c)
11/19(3)2019
33,050 38,300 30,000 42,600
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17
K
RTS
2
2008 K
RTS
2008
5 2011
2016
5
3
RTS1.41%5.52%
(1)103.5%(3.4%)3.1%(2.8%)PMI51.3(50)
10.71%
(2)6.77%8.43%
(3)
968 1,245 607 1,400
RTS TMBA
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18
K
V-3
2008 K
V
(1):10PMI50.5(:47.3)10YOY4.56(:4.53)9
YOY0.1%(:4%) (2): (a)
50%(b)
(3)
BolsonaroGDP7 %
81,550 89,000 79,500 90,700
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19
K
BDI 11/15 1020
BDI
BDI
A-4
2008 K
V
BDI 2014
BDI
BDI147010207/24177442.50%
(1)25021057
(2)15301453
(3)1051969
950 1,200 9,00 1,350
BDI BDI TMBA
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20
K
2017/06
5 OPEC+
12 150
2008 K
2009
5 2016
5
4
(1)(EIA) 11/9 EIA 1027(320578.3)
20172(2)(a). 27.12%55.69
(b). 50/OPEC+
11/1112150/(3)
API11/9879(783)Baker Hughes
11/92888(4)
40 75 30 80
9.12%
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21
K
6
1,200
2008 K
2012 5
Fed
5
(1)ETF SPDR Gold Shares 11/ 13
COT(2)
(3)(a). 0.24%1.64%
(b). 102.1%(2.2%)Fed11(c). 10PMI55.7(55.6)
(4)
1,000 1,300 700 1,400
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22
K
S&P REITs 11/16
311.43
S&P Reits
REITs
2008 K
b
(1)(a)11/16154.36% (b)11/1630
4.94% (2)
13%
10
86%188%2000Fed
PowellFed
280 320 230 325
S&P REITs : S&P Reits TMBA
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23
K
10
11/16 3.06 %
2008 K
10
08
11~12
(1) 302009
303.4
(2)2
Fed10
300(3)
2.9% 3.25% 2.7% 3.75%
10 TMBA
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24
K
10 11/15
0.36
ECB
2008 K
10
08 11~12
18
18
0.2%~1.0%
1)18Q3GDP1.1%(2.3%)90.3%(2.5%)
0.2%(-0.3%)184(172)10CPI2.5%(
2.5%)PMI53.1(54.1)11ZEW-24.1(-24.7)2)
Q3GDP
3)613
2.4%214)
0.2% 1.0% -0.1% 1.4%
10 TMBA
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25
K
11/15 97.1
B 2
88.5
2008 K
2008
2016
97
2.00%~2.25%9PCE YOY: 2.0%9CPI YOY: 2.2%12/19/2018
(1)10ISMPMI60.3
PMI54.854.9(2)10CPI2.1%FED
2% (3)0.8%
(4)9FOMC
2%
94.0 98.0 91.0 99.0
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26
K
EUR/USD 11/16
1.1412
II 2018
2008 K
2010 C
X
(A,B,C)
17
1Q
ECB
(Deposit Facility):-0.4%10CPI YOY: 2.2%10CPI YOY: 1.1%9(IHS Markit)
52.7(54.1):12/13/2018
(1)3Q GDP10CPI8
GDP1.9%(2)10PMI
53.1PMI53.7(4)ZEW
-22(5)
2%
1.13 1.15 1.05 1.2
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27
K
GBP/USD 11/16
1.2825
II
2008 K
2010 C
X 2013
(A,B,C)
2009
1.2
(Repo):0.75%10CPI YOY: 2.4%(2.4%)CPI YOY:2.1%(1.9%)10
51.1(53.6)54.3(53.5)3Q18GDP YOY:1.5%
:12/20/2018
(1)3Q GDP YOY1.5%
(2)3Q4.1%
103.2%()(3)
1.26 1.32 1.2 1.4
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28
K
AUD/USD 11/16
0.7331 I-2
I-3
I-4
60
I-4
2008 K
I-4
O/N Cash1.5%3Q18 CPI YoY1.9%3Q18 CPI QoQ 0.4%2018/12/4
(1)11/6RBA1.5%2711/9 RBA4Q18
GDP YoY3.5%4Q192.25%2Q204.75%
(2)11/13NAB12 15
11/143QYoY 2.3%2.10%
(3)11/155.00%5.00%5.10%32,800 20,000
7,80065.6%65.5%
0.717 0.733 0.711 0.737
: RBA TMBA
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29
K
USD/CNY 11/16
6.94
6.63%; USD/CNH
11/16 6.92,
6.24
Fed
11/7
3 1
100
2008 K
2016 IMF
SDR
()
1.50%4.35%MLF3.3% ; 10CPIYoY2.5%
(1)10CPI2.5%PPI3.3%(3.6%)CPIPPI
(2)103.053(3.087)
(3)
(4)11/166.9377USD/CNY-0.27%
USD/CNH-0.4%Fed6.97
6.9-6.977
6.8 7.0 6.6 7.2
:
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30
K
USD/JPY 11/16
112.83
III-1
2008 K
BOJ
BOJ 11/13
GDP
19 9
BOJ-0.1%9CPI YoY 1.0%2018/12/20
(1)11/143QGDP QoQ -1.20%3.00%-1.00%QoQ
-0.3%QoQ -0.9%4Q GDP
(2)11/14
(3)11/5PMI 52.450.2
MoMPMI
BOJ11/5 BOJ
112.40 114.10 112.19 114.63
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31
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