S&P 500 Index: 1-Month Return Analysis

Inefficiency assessment (4/5)

In the next 12 months, repatriation of Personal Luxury will stay, while experiences will fuel travelling

Corporate Bond Market Update HY Corporate 318 315 453 405

APAC ex-Japan equities: Performance drivers

Respondents indicate an increase in use of personal cars for both work/study and non-work/non-study travel How frequently do you now travel for

Leverage exposure and risk-weighted assets CRD4, in € bn, period end

Winners are more active in M&A The average number and value of M&A deals since the beginning of 2019

SP’s revenue diversification coupled with flexible capital allocation results in stable performance through the cycle