Slide 1ABC Global Research Global Research - Commodities Perspectives on the bullion market April 2013 James Steel Analyst HSBC Securities (USA) Inc. +1 212 525 3117 [email protected]…

1. Natural Resources & EnergyGlobal Metals & Mining abc Global ResearchMetals unmoved by macro cloudsMetals QuarterlyMacroeconomic concerns, driven by sovereign debt…

 Stranded assets are those that lose value or turn into liabilities before the end of their expected economic life. In the context of fossil fuels, this means those…

abc Global Research � Around the world, governments have allocated more than USD430bn in fiscal stimulus to key climate change investment themes. China and the US lead…

abc Global Research � Around the world, governments have allocated more than USD430bn in fiscal stimulus to key climate change investment themes. China and the US lead…

abc Global Research  We identify four country-specific and three global drivers of EM spreads  Continued US recovery is expected to benefit EM in general, defying the…

abc Global Research  We highlight 10 key risks for 2014 and explain their investment implications  Each of these risks provide a plausible challenge to the consensus…

abc Global Research MSCI rebalances its global equities indices on a regular basis in February, May, August and November. The Semi-Annual Index Reviews (SAIRs) which take…

Slide 1 ABC Global Research Asian Economics Paul Bloxham Chief Economist (Australia and New Zealand) HSBC Bank Australia Limited +61 (2) 9255 2635 [email protected]@hsbc.com.au…

abc Global Research  2013 Asian hotel RevPAR performance has been sluggish  YTD 2014, growth has been improving for HK, Singapore, Tokyo and KL; China continues to…