高盛-全球PMI跟蹤 Global PMI Monitor Output Prices Increase in DMs 09052024

5September2024|4:08PMEDT

GlobalPMIMonitor:OutputPricesIncreaseinDMs

nGlobaltrends:

oTheglobalcompositePMIroseby0.3ptinAugustto52.8;the

manufacturingcomponentfellby-0.2ptto49.5whiletheservicescomponentroseby+0.5ptto53.8.

oManufacturingoutputpricePMIsrosesharplyinmostDMsinAugust,abreakfromlong-termdisin?ationtrends.

nMajoreconomy-leveltrends:

oThemanufacturingPMIfellby-0.7ptintheUS(avg.ISM/S&PGlobal)to47.5andby-0.1ptintheEuroareato45.8,butroseby+0.1ptinChina(avg.Caixin/NBS)to49.7.

oTheservicesPMIroseby+0.4ptintheUS(avg.ISM/S&PGlobal)to53.6andby+1.1ptintheEuroareato52.9,butfellby-0.2ptinChina(avg.

Caixin/NBS)to50.9.

nCountry-leveltrends:

oThecompositePMIroseinFrance(+3.9ptto53.1),Australia(+1.8ptto51.7),andtheUK(+1.0ptto53.8),butfellinBrazil(-3.1ptto52.9),

Germany(-0.7ptto48.4),andSaudiArabia(-0.6ptto58.1).

nActivitycomponents:

_

oTheglobalforward-lookingPMIcomponentswereroughlyunchangedformanufacturing(orders-to-inventoriesratio?atat0.98)butfellforservices(servicesfutureactivity-0.4ptto63.4).

oTheglobalemploymentPMIcomponentsfellby-0.3ptformanufacturingto49.7andby-1.7ptforservicesto50.0.

nIn?ation-relatedcomponents:

oManufacturingsuppliers’deliverytimeslengthenedataslowerpace(+0.3ptto49.6)inAugust.

JanHatzius

+1(212)902-0394|jan.hatzius@GoldmanSachs&Co.LLC

JosephBriggs

+1(212)902-2163|

joseph.briggs@

GoldmanSachs&Co.LLC

GiovanniPierdomenico

+44(20)7051-6807|

giovanni.pierdomenico@GoldmanSachsInternational

SarahDong

+1(212)357-9741|sarah.dong@GoldmanSachs&Co.LLC

oGlobalmanufacturinginputpricePMIsfellby-0.2ptto55.0whileoutputpricePMIsroseby+0.3ptto51.7.

oGlobalservicesinputpricePMIsfellby-0.6ptto57.1andby-0.5ptto52.5foroutputpricePMIs.

Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegAC

certi?cationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto/research/hedge.html.

GoldmanSachsGlobalPMIMonitor

Exhibit1:ManufacturingOutputPricePMIsRoseSharplyinMostDMsinAugust,ABreakFromLong-TermDisin?ationTrends

Source:S&PGlobal,Haver,GoldmanSachsGlobalInvestmentResearch

_

5September20242

GoldmanSachsGlobalPMIMonitor

OutputPricesIncreaseinDMs

GlobalTrends

Exhibit2:TheGlobalCompositePMIRoseby0.3ptinAugustto52.8;theManufacturingComponentFellby

-0.2ptto49.5WhiletheServicesComponentRoseby+0.5ptto53.8

Source:S&PGlobal,Haver,GoldmanSachsGlobalInvestmentResearch

MajorEconomy-LevelTrends

Exhibit3:TheManufacturingPMIFellby-0.7ptintheUS(avg.ISM/S&PGlobal)to47.5andby-0.1ptintheEuroAreato45.8,butRoseby+0.1ptinChina(avg.Caixin/NBS)to49.7

_

Source:S&PGlobal,Haver,GoldmanSachsGlobalInvestmentResearch

5September20243

GoldmanSachsGlobalPMIMonitor

Exhibit4:TheServicesPMIRoseby+0.4ptintheUS(avg.ISM/S&PGlobal)to53.6andby+1.1ptintheEuro

Areato52.9,butFellby-0.2ptinChina(avg.Caixin/NBS)to50.9

Source:S&PGlobal,Haver,GoldmanSachsGlobalInvestmentResearch

Region-LevelTrends

Exhibit5:TheCompositePMIRoseinFrance(+3.9ptto53.1),Australia(+1.8ptto51.7),andtheUK(+1.0ptto

53.8),butFellinBrazil(-3.1ptto52.9),Germany(-0.7ptto48.4),andSaudiArabia(-0.6ptto58.1)

60

58

56

LatestPMI(Index)

54

52

_

50

48

46

-2

NorthAmerica

UAE

SaudiArabia

India

UK

USJapanFrance

Australia

RussiaEuroArea

GermanyMainlandChinaCanada

SouthAfrica

-101234

MonthlyChangeinPMI(Indexpoints)

WesternEuropeAsiaPacificLatAmCEEMEA

RoundmarkersareCompositePMIs,squaremarkersareManufacturingPMIs.WeplotcountriesinourGScoveragewithaglobalGrossValueAdded

(GVA)weightofatleast0.5%,andthatareastandarddeviationawayfromthecross-countrymeanineitherthePMIlevelorthePMIchange,aswelltheG7andBRICseconomies.USPMIisanaverageofS&PGlobalandISMCompositePMIs.ChinaPMIisanaverageofCaixinandof?cialNBSCompositePMI.

Source:S&PGlobal,Haver,GoldmanSachsGlobalInvestmentResearch

5September20244

GoldmanSachsGlobalPMIMonitor

Exhibit6:Ona3-MonthBasis,ChangesinCompositePMIHaveBeenMixedAcrossMajorEconomies,butHasRisenby+4.2ptsto53.1inFrance

60

58

56

LatestPMI(Index)

54

52

50

48

46

-4

UAE

SaudiArabia

India

UK

Spain

Brazil

Japan

US

Russia

EuroArea

Indonesia

-3

Mexico

-2

MainlandChina

SouthAfrica

-1

Canada

01

Thailand

2

France

Poland

345

PMI,Change3MonthsAgo(Indexpoints)

NorthAmericaWesternEuropeAsiaPacificLatAmCEEMEA

RoundmarkersareCompositePMIs,squaremarkersareManufacturingPMIs.WeplotcountriesinourGScoveragewithaglobalGrossValueAdded

(GVA)weightofatleast0.5%,andthatareastandarddeviationawayfromthecross-countrymeanineitherthePMIlevelorthePMIchange,aswelltheG7andBRICseconomies.USPMIisanaverageofS&PGlobalandISMCompositePMIs.ChinaPMIisanaverageofCaixinandof?cialNBSCompositePMI.

Source:S&PGlobal,Haver,GoldmanSachsGlobalInvestmentResearch

Exhibit7:TheGlobalForward-LookingPMIComponentsWereRoughlyUnchangedforManufacturing(Orders-to-InventoriesRatioFlatat0.98)butFellforServices(ServicesFutureActivity-0.4ptto63.4)

_

Source:S&PGlobal,Haver,GoldmanSachsGlobalInvestmentResearch

5September20245

GoldmanSachsGlobalPMIMonitor

Exhibit8:TheGlobalEmploymentPMIComponentsFellby-0.3ptforManufacturingto49.7andby-1.7ptforServicesto50.0

Source:S&PGlobal,Haver,GoldmanSachsGlobalInvestmentResearch

In?ation-RelatedComponents

Exhibit9:ManufacturingSuppliers’DeliveryTimesLengthenedataSlowerPace(+0.3ptto49.6)inAugust

_

Source:S&PGlobal,Haver,GoldmanSachsGlobalInvestmentResearch

5September20246

GoldmanSachsGlobalPMIMonitor

Exhibit10:ManufacturingSuppliers’DeliveryTimesLengthenedinRussia(-1.9ptto42.7)andCanada(-0.8ptto46.5)butImprovedintheUS(+1.4ptto51.4)andJapan(+0.6ptto50.4)

41

LatestMfg.PMISuppliers'Delivery

Russia

43

Times,Inverted(Index)

longerdeliverytimes

45

UK

Canada

47

Brazil

49

MainlandChina

Japan

India

51

US

EuroArea

53

3210-1-2-3

Mfg.PMISuppliers'DeliveryTimes,MonthlyChange,Inverted(Indexpoints)

NorthAmericaWesternEuropeAsiaPacificLatAmCEEMEA

WeplotcountriesinourGScoveragewithaglobalGVAweightofatleast0.5%,andthatareastandarddeviationawayfromthecross-countrymeanineitherthesuppliers’deliverytimesleveloritschange,aswelltheG7andBRICseconomies.ChinaPMIisanaverageoftheMarkitandtheNBSof?cialsuppliers’deliverytimescomponents.

Source:S&PGlobal,Haver,GoldmanSachsGlobalInvestmentResearch

Exhibit11:Ona3-MonthBasis,ManufacturingSuppliers’DeliveryTimesHaveEasedintheUSandJapanbutMadeLessProgressorLengthenedElsewhere

41

LatestMfg.PMISuppliers'Delivery

43

Times,Inverted(Index)

45

47

49

_

51

53

55

UK

Brazil

Japan

US

Canada

MainlandChina

India

Russia

longerdeliverytimes

Poland

EuroArea

3210-1-2-3-4-5-6-7-8

Mfg.PMISuppliers'DeliveryTimes,Changefrom3MonthsAgo,Inverted(Indexpoints)

NorthAmericaWesternEuropeAsiaPacificLatAmCEEMEA

WeplotcountriesinourGScoveragewithaglobalGVAweightofatleast0.5%,andthatareastandarddeviationawayfromthecross-countrymeanineitherthesuppliers’deliverytimesleveloritschange,aswelltheG7andBRICseconomies.ChinaPMIisanaverageoftheMarkitandtheNBSof?cialsuppliers’deliverytimescomponents.

Source:S&PGlobal,Haver,GoldmanSachsGlobalInvestmentResearch

5September20247

GoldmanSachsGlobalPMIMonitor

Exhibit12:GlobalManufacturingInputPricePMIsFellby-0.2ptto55.0WhileOutputPricePMIsRoseby+0.3ptto51.7

Source:S&PGlobal,Haver,GoldmanSachsGlobalInvestmentResearch

Exhibit13:GlobalServicesInputPricePMIsFellby-0.6ptto57.1andby-0.5ptto52.5ForOutputPricePMIs

_

Source:S&PGlobal,Haver,GoldmanSachsGlobalInvestmentResearch

AnalysisofPMIsFromOurEconomicsTeam

nUSA:ISMServicesinLineWithExpectations;S&PGlobalServicesPMIRevisedUp,September5

nUSA:ISMManufacturingSlightlyBelowExpectations;ConstructionSpendingMissesbutPriorMonthsRevisedSharplyHigher,September3

nChina:CaixinservicesPMIfellinAugust,September4

nChina:CaixinmanufacturingPMIroseinAugust,September2

nChina:Of?cialmanufacturingPMIfellinAugust,August31

5September20248

GoldmanSachsGlobalPMIMonitor

nMexico:FirmerAugustManufacturingBusinessSentimentandPMIsAverage;SoftNon-ManufacturingPMI,September3

nBrazil:SofterManufacturingandServicesPMIinAug;IntensifyingInputPricePressures,September4

nCEEMEA:WeakerCAIsandPMIs,WithRussiaandTurkeySlowingandtheCEEAccelerating,September5

nEurope:AugustFlashPMIs—PersistentStrengthintheUK,OlympicsBoostintheEuroArea,August22

_

5September20249

GoldmanSachsGlobalPMIMonitor

DisclosureAppendix

RegAC

We,JanHatzius,JosephBriggs,GiovanniPierdomenicoandSarahDong,herebycertifythatalloftheviewsexpressedinthisreportaccuratelyre?ectourpersonalviews,whichhavenotbeenin?uencedbyconsiderationsofthe?rm’sbusinessorclientrelationships.

Unlessotherwisestated,theindividualslistedonthecoverpageofthisreportareanalystsinGoldmanSachs’GlobalInvestmentResearchdivision.

Disclosures

Regulatorydisclosures

DisclosuresrequiredbyUnitedStateslawsandregulations

Seecompany-speci?cregulatorydisclosuresaboveforanyofthefollowingdisclosuresrequiredastocompaniesreferredtointhisreport:managerorco-managerinapendingtransaction;1%orotherownership;compensationforcertainservices;typesofclientrelationships;managed/co-managedpublicofferingsinpriorperiods;directorships;forequitysecurities,marketmakingand/orspecialistrole.GoldmanSachstradesormaytradeasa

principalindebtsecurities(orinrelatedderivatives)ofissuersdiscussedinthisreport.

Thefollowingareadditionalrequireddisclosures:Ownershipandmaterialcon?ictsofinterest:GoldmanSachspolicyprohibitsitsanalysts,professionalsreportingtoanalystsandmembersoftheirhouseholdsfromowningsecuritiesofanycompanyintheanalyst’sareaofcoverage.

Analystcompensation:Analystsarepaidinpartbasedonthepro?tabilityofGoldmanSachs,whichincludesinvestmentbankingrevenues.Analyst

asof?cerordirector:GoldmanSachspolicygenerallyprohibitsitsanalysts,personsreportingtoanalystsormembersoftheirhouseholdsfromservingasanof?cer,directororadvisorofanycompanyintheanalyst’sareaofcoverage.Non-U.S.Analysts:Non-U.S.analystsmaynotbe

associatedpersonsofGoldmanSachs&Co.LLCandthereforemaynotbesubjecttoFINRARule2241orFINRARule2242restrictionsoncommunicationswithsubjectcompany,publicappearancesandtradingsecuritiesheldbytheanalysts.

AdditionaldisclosuresrequiredunderthelawsandregulationsofjurisdictionsotherthantheUnitedStates

Thefollowingdisclosuresarethoserequiredbythejurisdictionindicated,excepttotheextentalreadymadeabovepursuanttoUnitedStateslawsandregulations.Australia:GoldmanSachsAustraliaPtyLtdanditsaf?liatesarenotauthoriseddeposit-takinginstitutions(asthattermisde?nedinthe

BankingAct1959(Cth))inAustraliaanddonotprovidebankingservices,norcarryonabankingbusiness,inAustralia.Thisresearch,andanyaccesstoit,isintendedonlyfor“wholesaleclients”withinthemeaningoftheAustralianCorporationsAct,unlessotherwiseagreedbyGoldmanSachs.In

producingresearchreports,membersofGlobalInvestmentResearchofGoldmanSachsAustraliamayattendsitevisitsandothermeetingshostedbythecompaniesandotherentitieswhicharethesubjectofitsresearchreports.InsomeinstancesthecostsofsuchsitevisitsormeetingsmaybemetinpartorinwholebytheissuersconcernedifGoldmanSachsAustraliaconsidersitisappropriateandreasonableinthespeci?ccircumstancesrelatingtothesitevisitormeeting.Totheextentthatthecontentsofthisdocumentcontainsany?nancialproductadvice,itisgeneraladviceonlyandhas

beenpreparedbyGoldmanSachswithouttakingintoaccountaclient’sobjectives,?nancialsituationorneeds.Aclientshould,beforeactingonany

suchadvice,considertheappropriatenessoftheadvicehavingregardtotheclient’sownobjectives,?nancialsituationandneeds.Acopyofcertain

GoldmanSachsAustraliaandNewZealanddisclosureofinterestsandacopyofGoldmanSachs’AustralianSell-SideResearchIndependencePolicy

Statementareavailableat:

/disclosures/australia-new-zealand/index.html

.Brazil:DisclosureinformationinrelationtoCVMResolutionn.20isavailableat

/worldwide/brazil/area/gir/index.html.Where

applicable,theBrazil-registeredanalystprimarilyresponsibleforthecontentofthisresearchreport,asde?nedinArticle20ofCVMResolutionn.20,isthe?rstauthornamedatthebeginningofthisreport,unlessindicatedotherwiseattheendofthetext.Canada:Thisinformationisbeingprovidedtoyouforinformationpurposesonlyandisnot,andundernocircumstancesshouldbeconstruedas,anadvertisement,offeringorsolicitationbyGoldmanSachs&Co.LLCforpurchasersof

securitiesinCanadatotradeinanyCanadiansecurity.GoldmanSachs&Co.LLCisnotregisteredasadealerinanyjurisdictioninCanadaunder

applicableCanadiansecuritieslawsandgenerallyisnotpermittedtotradeinCanadiansecuritiesandmaybeprohibitedfromsellingcertainsecuritiesandproductsincertainjurisdictionsinCanada.IfyouwishtotradeinanyCanadiansecuritiesorotherproductsinCanadapleasecontactGoldman

SachsCanadaInc.,anaf?liateofTheGoldmanSachsGroupInc.,oranotherregisteredCanadiandealer.HongKong:Furtherinformationonthe

securitiesofcoveredcompaniesreferredtointhisresearchmaybeobtainedonrequestfromGoldmanSachs(Asia)L.L.C.India:FurtherinformationonthesubjectcompanyorcompaniesreferredtointhisresearchmaybeobtainedfromGoldmanSachs(India)SecuritiesPrivateLimited,Research

_

Analyst-SEBIRegistrationNumberINH000001493,951-A,RationalHouse,AppasahebMaratheMarg,Prabhadevi,Mumbai400025,India,CorporateIdentityNumberU74140MH2006FTC160634,Phone+912266169000,Fax+912266169001.GoldmanSachsmaybene?ciallyown1%ormoreofthesecurities(assuchtermisde?nedinclause2(h)theIndianSecuritiesContracts(Regulation)Act,1956)ofthesubjectcompanyorcompanies

referredtointhisresearchreport.Investmentinsecuritiesmarketaresubjecttomarketrisks.Readalltherelateddocumentscarefullybefore

investing.RegistrationgrantedbySEBIandcerti?cationfromNISMinnowayguaranteeperformanceoftheintermediaryorprovideanyassuranceofreturnstoinvestors.GoldmanSachs(India)SecuritiesPrivateLimitedInvestorGrievanceE-mail:india-client-support@.ComplianceOf?cer:AnilRajput|Tel:+912266169000|Email:anil.m.rajput@.Japan:Seebelow.Korea:Thisresearch,andanyaccesstoit,isintendedonlyfor

“professionalinvestors”withinthemeaningoftheFinancialServicesandCapitalMarketsAct,unlessotherwiseagreedbyGoldmanSachs.Further

informationonthesubjectcompanyorcompaniesreferredtointhisresearchmaybeobtainedfromGoldmanSachs(Asia)L.L.C.,SeoulBranch.NewZealand:GoldmanSachsNewZealandLimitedanditsaf?liatesareneither“registeredbanks”nor“deposittakers”(asde?nedintheReserveBankofNewZealandAct1989)inNewZealand.Thisresearch,andanyaccesstoit,isintendedfor“wholesaleclients”(asde?nedintheFinancialAdvisersAct2008)unlessotherwiseagreedbyGoldmanSachs.AcopyofcertainGoldmanSachsAustraliaandNewZealanddisclosureofinterestsisavailableat:

/disclosures/australia-new-zealand/index.html

.Russia:ResearchreportsdistributedintheRussianFederationarenotadvertisingasde?nedintheRussianlegislation,butareinformationandanalysisnothavingproductpromotionastheirmainpurposeanddonot

provideappraisalwithinthemeaningoftheRussianlegislationonappraisalactivity.Researchreportsdonotconstituteapersonalizedinvestmentrecommendationasde?nedinRussianlawsandregulations,arenotaddressedtoaspeci?cclient,andarepreparedwithoutanalyzingthe?nancial

circumstances,investmentpro?lesorriskpro?lesofclients.GoldmanSachsassumesnoresponsibilityforanyinvestmentdecisionsthatmaybetakenbyaclientoranyotherpersonbasedonthisresearchreport.Singapore:GoldmanSachs(Singapore)Pte.(CompanyNumber:198602165W),whichisregulatedbytheMonetaryAuthorityofSingapore,acceptslegalresponsibilityforthisresearch,andshouldbecontactedwithrespecttoanymatters

arisingfrom,orinconnectionwith,thisresearch.Taiwan:Thismaterialisforreferenceonlyandmustnotbereprintedwithoutpermission.Investorsshouldcarefullyconsidertheirowninvestmentrisk.Investmentresultsaretheresponsibilityoftheindividualinvestor.UnitedKingdom:PersonswhowouldbecategorizedasretailclientsintheUnitedKingdom,assuchtermisde?nedintherulesoftheFinancialConductAuthority,shouldreadthis

researchinconjunctionwithpriorGoldmanSachsresearchonthecoveredcompaniesreferredtohereinandshouldrefertotheriskwarningsthathavebeensenttothembyGoldmanSachsInternational.Acopyoftheseriskswarnings,andaglossaryofcertain?nancialtermsusedinthisreport,are

availablefromGoldmanSachsInternationalonrequest.

EuropeanUnionandUnitedKingdom:DisclosureinformationinrelationtoArticle6(2)oftheEuropeanCommissionDelegatedRegulation(EU)(2016/958)supplementingRegulation(EU)No596/2014oftheEuropeanParliamentandoftheCouncil(includingasthatDelegatedRegulationis

5September202410

GoldmanSachsGlobalPMIMonitor

implementedintoUnitedKingdomdomesticlawandregulationfollowingtheUnitedKingdom’sdeparturefromtheEuropeanUnionandtheEuropeanEconomicArea)withregardtoregulatorytechnicalstandardsforthetechnicalarrangementsforobjectivepresentationofinvestment

recommendationsorotherinformationrecommendingorsuggestinganinvestmentstrategyandfordisclosureofparticularinterestsorindicationsofcon?ictsofinterestisavailableat

/disclosures/europeanpolicy.html

whichstatestheEuropeanPolicyforManagingCon?ictsof

InterestinConnectionwithInvestmentResearch.

Japan:GoldmanSachsJapanCo.,Ltd.isaFinancialInstrumentDealerregisteredwiththeKantoFinancialBureauunderregistrationnumberKinsho69,andamemberofJapanSecuritiesDealersAssociation,FinancialFuturesAssociationofJapanTypeIIFinancialInstrumentsFirmsAssociation,The

InvestmentTrustsAssociation,Japan,andJapanInvestmentAdvisersAssociation.Salesandpurchaseofequitiesaresubjecttocommission

pre-determinedwithclientsplusconsumptiontax.Seecompany-speci?cdisclosuresastoanyapplicabledisclosuresrequiredbyJapanesestockexchanges,theJapaneseSecuritiesDealersAssociationortheJapaneseSecuritiesFinanceCompany.

Globalproduct;distributingentities

GoldmanSachsGlobalInvestmentResearchproducesanddistributesresearchproductsforclientsofGoldmanSachsonaglobalbasis.AnalystsbasedinGoldmanSachsof?cesaroundtheworldproduceresearchonindustriesandcompanies,andresearchonmacroeconomics,currencies,commoditiesandportfoliostrategy.ThisresearchisdisseminatedinAustraliabyGoldmanSachsAustraliaPtyLtd(ABN21006797897);inBrazilbyGoldmanSachsdoBrasilCorretoradeTítuloseValoresMobiliáriosS.A.;PublicCommunicationChannelGoldmanSachsBrazil:08007275764and/or

contatogoldmanbrasil@.AvailableWeekdays(exceptholidays),from9amto6pm.CanaldeComunica??ocomoPúblicoGoldmanSachsBrasil:08007275764e/oucontatogoldmanbrasil@.Horáriodefuncionamento:segunda-feiraàsexta-feira(excetoferiados),das9hàs18h;inCanada

byGoldmanSachs&Co.LLC;inHongKongbyGoldmanSachs(Asia)L.L.C.;inIndiabyGoldmanSachs(India)SecuritiesPrivateLtd.;inJapanby

GoldmanSachsJapanCo.,Ltd.;intheRepublicofKoreabyGoldmanSachs(Asia)L.L.C.,SeoulBranch;inNewZealandbyGoldmanSachsNew

ZealandLimited;inRussiabyOOOGoldmanSachs;inSingaporebyGoldmanSachs(Singapore)Pte.(CompanyNumber:198602165W);andinthe

UnitedStatesofAmericabyGoldmanSachs&Co.LLC.GoldmanSachsInternationalhasapprovedthisresearchinconnectionwithitsdistributionintheUnitedKingdom.

GoldmanSachsInternational(“GSI”),authorisedbythePrudentialRegulationAuthority(“PRA”)andregulatedbytheFinancialConductAuthority(“FCA”)andthePRA,hasapprovedthisresearchinconnectionwithitsdistributionintheUnitedKingdom.

EuropeanEconomicArea:GSI,authorisedbythePRAandregulatedbytheFCAandthePRA,disseminatesresearchinthefollowingjurisdictionswithintheEuropeanEconomicArea:theGrandDuchyofLuxembourg,Italy,theKingdomofBelgium,theKingdomofDenmark,theKingdomof

Norway,theRepublicofFinlandandtheRepublicofIreland;GSI-SuccursaledeParis(Parisbranch)whichisauthorisedbytheFrenchAutoritéde

contr?leprudentieletderesolution(“ACPR”)andregulatedbytheAutoritédecontr?leprudentieletderesolutionandtheAutoritédesmarches

?nanciers(“AMF”)disseminatesresearchinFrance;GSI-SucursalenEspa?a(Madridbranch)authorizedinSpainbytheComisiónNacionaldel

MercadodeValoresdisseminatesresearchintheKingdomofSp