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has_children"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/about/sustainability/" target="_self" >Sustainability</a><div class="sub-menu-lv-1"><div class="sub-menu-content-container"> <div class="card__content"> <button type="button" class="sub-menu__back-button">About us</button> <div class="card__text"> <h3 class="card__heading"> Sustainability </h3> </div> </div> </div><ul class="sub-menu"><li data-label="192290" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/about/sustainability/" target="_self" >Our approach</a></li><li data-label="211418" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/about/sustainability/responsible-business-practices/" target="_self" >Responsible business practices</a></li><li data-label="159367" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/about/sustainability/responsible-business-practices/our-net-zero-roadmap/" target="_self" >Our net zero roadmap</a></li><li data-label="120592" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/about/sustainability/position-statements/" target="_self" >Position statements</a></li><li data-label="211421" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/about/sustainability/sustainability-library/" target="_self" >Disclosures and frameworks</a></li><li data-label="211416" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/about/sustainability/bespoke-sustainable-finance-solutions/" target="_self" >Bespoke sustainable finance solutions</a></li><li data-label="211417" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/about/sustainability/innovation-in-service-of-our-markets/" target="_self" >Innovation in service of our markets</a></li><li data-label="174995" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/country-popup/online/" target="_self" data-toggle-country-popups="1" data-country-popups-id="19629">Online banking</a></li> <li data-label="private-banking-online" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://pvm.standardchartered.com/pvb/index.html#/login" target="_self" >Private banking online</a></li> <li data-label="straight2bank-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://s2b.standardchartered.com/" target="_self" >Straight2Bank</a></li> <li data-label="local-site-and-online-banking" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/our-locations/" target="_self" data-toggle-locations="1">Local sites</a></li> <li data-label="contact-us-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="/en/contact-us/" target="_self" >Contact us</a></li> </ul></div></li><li data-label="129804" class="main-menu__item has_children"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/about/innovation/" target="_self" >Innovation</a><div class="sub-menu-lv-1"><div class="sub-menu-content-container"> <div class="card__content"> <button type="button" class="sub-menu__back-button">About us</button> <div class="card__text"> <h3 class="card__heading"> Innovation </h3> </div> </div> </div><ul class="sub-menu"><li data-label="156301" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/about/innovation/" target="_self" >Our approach</a></li><li data-label="132594" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/about/innovation/sc-ventures/" target="_self" >Ventures</a></li><li data-label="174995" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/country-popup/online/" target="_self" data-toggle-country-popups="1" data-country-popups-id="19629">Online banking</a></li> <li data-label="private-banking-online" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://pvm.standardchartered.com/pvb/index.html#/login" target="_self" >Private banking online</a></li> <li data-label="straight2bank-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://s2b.standardchartered.com/" target="_self" >Straight2Bank</a></li> <li data-label="local-site-and-online-banking" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/our-locations/" target="_self" data-toggle-locations="1">Local sites</a></li> <li data-label="contact-us-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="/en/contact-us/" target="_self" >Contact us</a></li> </ul></div></li><li data-label="151931" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/investors/financial-results/" target="_self" >Our financial results</a></li><li data-label="174995" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/country-popup/online/" target="_self" data-toggle-country-popups="1" data-country-popups-id="19629">Online banking</a></li> <li data-label="private-banking-online" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://pvm.standardchartered.com/pvb/index.html#/login" target="_self" >Private banking online</a></li> <li data-label="straight2bank-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://s2b.standardchartered.com/" target="_self" >Straight2Bank</a></li> <li data-label="local-site-and-online-banking" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/our-locations/" target="_self" data-toggle-locations="1">Local sites</a></li> <li data-label="contact-us-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="/en/contact-us/" target="_self" >Contact us</a></li> </ul></div></li><li data-label="corporate-commercial-and-institutional-banking" class="main-menu__item has_children"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/corporate-investment-banking/" target="_self" >Corporate & Investment</a><div class="sub-menu-lv-0"><div class="sub-menu-content-container"> <div class="card__content"> <button type="button" class="sub-menu__back-button">Home</button> <div class="card__text"> <h3 class="card__heading"> Corporate & Investment Banking </h3> </div> <p class="card__description">We support large corporations, development organisations, governments, banks and investors to access cross-border trade and investment opportunities in the world’s most dynamic markets.</p> <div class="card__cta"> <div class="wp-block-buttons"> <div class="wp-block-button"> <a href="/en/corporate-investment-banking/" tabindex="0" class="wp-block-button__link">Learn more</a> </div> </div> </div> </div> </div><ul class="sub-menu"><li data-label="151928" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/corporate-investment-banking/" target="_self" >Corporate & Investment Banking</a></li><li data-label="120567" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/corporate-investment-banking/financial-markets/" target="_self" >Financial Markets</a></li><li data-label="121200" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/corporate-investment-banking/transaction-banking/" target="_self" >Transaction Banking</a></li><li data-label="194365" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/corporate-investment-banking/islamic-banking/" target="_self" >Islamic banking</a></li><li data-label="139777" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/corporate-investment-banking/news-and-views/" target="_self" >News and views</a></li><li data-label="139776" class="main-menu__item has_children"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/corporate-investment-banking/events/" target="_self" >Events</a><div class="sub-menu-lv-1"><div class="sub-menu-content-container"> <div class="card__content"> <button type="button" class="sub-menu__back-button">Corporate & Investment</button> <div class="card__text"> <h3 class="card__heading"> Events </h3> </div> </div> </div><ul class="sub-menu"><li data-label="213979" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/corporate-investment-banking/events/sibos/" target="_self" >Sibos</a></li><li data-label="174995" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/country-popup/online/" target="_self" data-toggle-country-popups="1" data-country-popups-id="19629">Online banking</a></li> <li data-label="private-banking-online" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://pvm.standardchartered.com/pvb/index.html#/login" target="_self" >Private banking online</a></li> <li data-label="straight2bank-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://s2b.standardchartered.com/" target="_self" >Straight2Bank</a></li> <li data-label="local-site-and-online-banking" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/our-locations/" target="_self" data-toggle-locations="1">Local sites</a></li> <li data-label="contact-us-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="/en/contact-us/" target="_self" >Contact us</a></li> </ul></div></li><li data-label="174995" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/country-popup/online/" target="_self" data-toggle-country-popups="1" data-country-popups-id="19629">Online banking</a></li> <li data-label="private-banking-online" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://pvm.standardchartered.com/pvb/index.html#/login" target="_self" >Private banking online</a></li> <li data-label="straight2bank-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://s2b.standardchartered.com/" target="_self" >Straight2Bank</a></li> <li data-label="local-site-and-online-banking" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/our-locations/" target="_self" data-toggle-locations="1">Local sites</a></li> <li data-label="contact-us-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="/en/contact-us/" target="_self" >Contact us</a></li> </ul></div></li><li data-label="137893" class="main-menu__item has_children is_active"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/wealth-retail-banking/" target="_self" >Wealth & Retail</a><div class="sub-menu-lv-0"><div class="sub-menu-content-container"> <div class="card__content"> <button type="button" class="sub-menu__back-button">Home</button> <div class="card__text"> <h3 class="card__heading"> Wealth & Retail Banking </h3> </div> <p class="card__description">We serve the local and international banking needs of affluent clients across the full wealth continuum via Private, Priority and Personal Banking, as well as Small and Medium Enterprises.</p> <div class="card__cta"> <div class="wp-block-buttons"> <div class="wp-block-button"> <a href="/en/wealth-retail-banking/" tabindex="0" class="wp-block-button__link">Learn more</a> </div> </div> </div> </div> </div><ul class="sub-menu"><li data-label="120560" class="main-menu__item has_children"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/wealth-retail-banking/international-banking/" target="_self" >International Banking</a><div class="sub-menu-lv-1"><div class="sub-menu-content-container"> <div class="card__content"> <button type="button" class="sub-menu__back-button">Wealth & Retail</button> <div class="card__text"> <h3 class="card__heading"> International Banking </h3> </div> </div> </div><ul class="sub-menu"><li data-label="197389" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/wealth-retail-banking/international-banking/international-investments/" target="_self" >International investments</a></li><li data-label="197391" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/wealth-retail-banking/international-banking/moving-overseas/" target="_self" >Moving overseas</a></li><li data-label="197390" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/wealth-retail-banking/international-banking/international-mortgages/" target="_self" >International mortgages</a></li><li data-label="197397" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/wealth-retail-banking/international-banking/transfer-money/" target="_self" >Transfer money</a></li><li data-label="174995" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/country-popup/online/" target="_self" data-toggle-country-popups="1" data-country-popups-id="19629">Online banking</a></li> <li data-label="private-banking-online" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://pvm.standardchartered.com/pvb/index.html#/login" target="_self" >Private banking online</a></li> <li data-label="straight2bank-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://s2b.standardchartered.com/" target="_self" >Straight2Bank</a></li> <li data-label="local-site-and-online-banking" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/our-locations/" target="_self" data-toggle-locations="1">Local sites</a></li> <li data-label="contact-us-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="/en/contact-us/" target="_self" >Contact us</a></li> </ul></div></li><li data-label="120565" class="main-menu__item has_children"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/wealth-retail-banking/private-banking/" target="_self" >Global Private Banking</a><div class="sub-menu-lv-1"><div class="sub-menu-content-container"> <div class="card__content"> <button type="button" class="sub-menu__back-button">Wealth & Retail</button> <div class="card__text"> <h3 class="card__heading"> Global Private Banking </h3> </div> </div> </div><ul class="sub-menu"><li data-label="179144" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/wealth-retail-banking/private-banking/contact-us/" target="_self" >Contact us</a></li><li data-label="179146" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/wealth-retail-banking/private-banking/international/" target="_self" >International</a></li><li data-label="179148" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/wealth-retail-banking/private-banking/legacy-planning/" target="_self" >Legacy Planning</a></li><li data-label="179149" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/wealth-retail-banking/private-banking/private-bank-app/" target="_self" >Private Bank App</a></li><li data-label="179150" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/wealth-retail-banking/private-banking/resources/" target="_self" >Resources</a></li><li data-label="179151" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/wealth-retail-banking/private-banking/wealth-solutions/" target="_self" >Wealth solutions</a></li><li data-label="179145" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/wealth-retail-banking/private-banking/interconnected/" target="_self" >Interconnected</a></li><li data-label="174995" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/country-popup/online/" target="_self" data-toggle-country-popups="1" data-country-popups-id="19629">Online banking</a></li> <li data-label="private-banking-online" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://pvm.standardchartered.com/pvb/index.html#/login" target="_self" >Private banking online</a></li> <li data-label="straight2bank-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://s2b.standardchartered.com/" target="_self" >Straight2Bank</a></li> <li data-label="local-site-and-online-banking" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/our-locations/" target="_self" data-toggle-locations="1">Local sites</a></li> <li data-label="contact-us-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="/en/contact-us/" target="_self" >Contact us</a></li> </ul></div></li><li data-label="190924" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/wealth-retail-banking/priority-private/" target="_self" >Priority Private</a></li><li data-label="202386" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/wealth-retail-banking/priority-banking/" target="_self" >Priority Banking</a></li><li data-label="139780" class="main-menu__item has_children is_active"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/wealth-retail-banking/wealth-solutions/" target="_self" >Wealth Solutions</a><div class="sub-menu-lv-1"><div class="sub-menu-content-container"> <div class="card__content"> <button type="button" class="sub-menu__back-button">Wealth & Retail</button> <div class="card__text"> <h3 class="card__heading"> Wealth Solutions </h3> </div> </div> </div><ul class="sub-menu"><li data-label="197393" class="main-menu__item is_active is_current"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/wealth-retail-banking/wealth-solutions/wealth-insights/" target="_self" >Wealth insights</a></li><li data-label="197394" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/wealth-retail-banking/wealth-solutions/sc-wealth-select/" target="_self" >SC Wealth Select</a></li><li data-label="197395" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/wealth-retail-banking/wealth-solutions/signature-cio-funds/" target="_self" >Signature CIO Funds</a></li><li data-label="197396" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/wealth-retail-banking/sustainable-investing/" target="_self" >Sustainable investing</a></li><li data-label="174995" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/country-popup/online/" target="_self" data-toggle-country-popups="1" data-country-popups-id="19629">Online banking</a></li> <li data-label="private-banking-online" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://pvm.standardchartered.com/pvb/index.html#/login" target="_self" >Private banking online</a></li> <li data-label="straight2bank-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://s2b.standardchartered.com/" target="_self" >Straight2Bank</a></li> <li data-label="local-site-and-online-banking" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/our-locations/" target="_self" data-toggle-locations="1">Local sites</a></li> <li data-label="contact-us-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="/en/contact-us/" target="_self" >Contact us</a></li> </ul></div></li><li data-label="199042" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/wealth-retail-banking/sme-banking/" target="_self" >SME Banking</a></li><li data-label="194555" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/wealth-retail-banking/islamic-banking/" target="_self" >Islamic banking</a></li><li data-label="174995" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/country-popup/online/" target="_self" data-toggle-country-popups="1" data-country-popups-id="19629">Online banking</a></li> <li data-label="private-banking-online" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://pvm.standardchartered.com/pvb/index.html#/login" target="_self" >Private banking online</a></li> <li data-label="straight2bank-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://s2b.standardchartered.com/" target="_self" >Straight2Bank</a></li> <li data-label="local-site-and-online-banking" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/our-locations/" target="_self" data-toggle-locations="1">Local sites</a></li> <li data-label="contact-us-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="/en/contact-us/" target="_self" >Contact us</a></li> </ul></div></li><li data-label="ventures" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/about/innovation/sc-ventures/" target="_self" >Ventures</a></li><li data-label="investors" class="main-menu__item has_children"><a tabindex="0" class="main-menu__link" href="#" target="_self" >Investors</a><div class="sub-menu-lv-0"><div class="sub-menu-content-container"> <div class="card__content"> <button type="button" class="sub-menu__back-button">Home</button> <div class="card__text"> <h3 class="card__heading"> Serving our investor community </h3> </div> <p class="card__description">Stay updated on our latest financial and performance information, news, upcoming investor events and more</p> <div class="card__cta"> <div class="wp-block-buttons"> <div class="wp-block-button"> <a href="/en/investors/" tabindex="0" class="wp-block-button__link">Investors hub</a> </div> </div> </div> </div> </div><ul class="sub-menu"><li data-label="120550" class="main-menu__item has_children"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/investors/financial-results/" target="_self" >Financial results</a><div class="sub-menu-lv-1"><div class="sub-menu-content-container"> <div class="card__content"> <button type="button" class="sub-menu__back-button">Investors</button> <div class="card__text"> <h3 class="card__heading"> Financial results </h3> </div> </div> </div><ul class="sub-menu"><li data-label="144734" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/investors/financial-results/" target="_self" >Latest results</a></li><li data-label="139368" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/investors/financial-results/subsidiaries-financial-results/" target="_self" >Subsidiaries financial results</a></li><li data-label="210177" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/investors/consensus/" target="_self" >Consensus</a></li><li data-label="174995" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/country-popup/online/" target="_self" data-toggle-country-popups="1" data-country-popups-id="19629">Online banking</a></li> <li data-label="private-banking-online" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://pvm.standardchartered.com/pvb/index.html#/login" target="_self" >Private banking online</a></li> <li data-label="straight2bank-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://s2b.standardchartered.com/" target="_self" >Straight2Bank</a></li> <li data-label="local-site-and-online-banking" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/our-locations/" target="_self" data-toggle-locations="1">Local sites</a></li> <li data-label="contact-us-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="/en/contact-us/" target="_self" >Contact us</a></li> </ul></div></li><li data-label="120555" class="main-menu__item has_children"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/investors/events-and-presentations/" target="_self" >Investor events</a><div class="sub-menu-lv-1"><div class="sub-menu-content-container"> <div class="card__content"> <button type="button" class="sub-menu__back-button">Investors</button> <div class="card__text"> <h3 class="card__heading"> Investor events </h3> </div> </div> </div><ul class="sub-menu"><li data-label="145422" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/investors/events-and-presentations/" target="_self" >Events and presentations</a></li><li data-label="agm" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/investors/events-and-presentations/#agm" target="_self" >AGM</a></li><li data-label="174995" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/country-popup/online/" target="_self" data-toggle-country-popups="1" data-country-popups-id="19629">Online banking</a></li> <li data-label="private-banking-online" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://pvm.standardchartered.com/pvb/index.html#/login" target="_self" >Private banking online</a></li> <li data-label="straight2bank-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://s2b.standardchartered.com/" target="_self" >Straight2Bank</a></li> <li data-label="local-site-and-online-banking" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/our-locations/" target="_self" data-toggle-locations="1">Local sites</a></li> <li data-label="contact-us-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="/en/contact-us/" target="_self" >Contact us</a></li> </ul></div></li><li data-label="120549" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/investors/credit-ratings-fixed-income/" target="_self" >Credit ratings & fixed income</a></li><li data-label="120548" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/investors/shareholder-information/" target="_self" >Shareholder information</a></li><li data-label="174995" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/country-popup/online/" target="_self" data-toggle-country-popups="1" data-country-popups-id="19629">Online banking</a></li> <li data-label="private-banking-online" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://pvm.standardchartered.com/pvb/index.html#/login" target="_self" >Private banking online</a></li> <li data-label="straight2bank-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://s2b.standardchartered.com/" target="_self" >Straight2Bank</a></li> <li data-label="local-site-and-online-banking" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/our-locations/" target="_self" data-toggle-locations="1">Local sites</a></li> <li data-label="contact-us-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="/en/contact-us/" target="_self" >Contact us</a></li> </ul></div></li><li data-label="120535" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/news/" target="_self" >Insights</a></li><li data-label="120544" class="main-menu__item has_children"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/media/" target="_self" >Media</a><div class="sub-menu-lv-0"><div class="sub-menu-content-container"> <div class="card__content"> <button type="button" class="sub-menu__back-button">Home</button> <div class="card__text"> <h3 class="card__heading"> Media resources </h3> </div> <p class="card__description">Our latest press releases, media contacts and image library</p> <div class="card__cta"> <div class="wp-block-buttons"> <div class="wp-block-button"> <a href="/en/media/" tabindex="0" class="wp-block-button__link">Learn more</a> </div> </div> </div> </div> </div><ul class="sub-menu"><li data-label="156145" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/media/press-releases/" target="_self" >Press releases</a></li><li data-label="120545" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/media/media-contacts/" target="_self" >Media contacts</a></li><li data-label="120546" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/media/asset-library/" target="_self" >Assets library</a></li><li data-label="174995" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/country-popup/online/" target="_self" data-toggle-country-popups="1" data-country-popups-id="19629">Online banking</a></li> <li data-label="private-banking-online" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://pvm.standardchartered.com/pvb/index.html#/login" target="_self" >Private banking online</a></li> <li data-label="straight2bank-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://s2b.standardchartered.com/" target="_self" >Straight2Bank</a></li> <li data-label="local-site-and-online-banking" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/our-locations/" target="_self" data-toggle-locations="1">Local sites</a></li> <li data-label="contact-us-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="/en/contact-us/" target="_self" >Contact us</a></li> </ul></div></li><li data-label="working-for-us" class="main-menu__item has_children"><a tabindex="0" class="main-menu__link" href="#" target="_self" >Careers</a><div class="sub-menu-lv-0"><div class="sub-menu-content-container"> <div class="card__content"> <button type="button" class="sub-menu__back-button">Home</button> <div class="card__text"> <h3 class="card__heading"> Global careers </h3> </div> <p class="card__description">If you’re looking for a career with purpose and want to work for a bank making a difference, we’d love to hear from you.</p> <div class="card__cta"> <div class="wp-block-buttons"> <div class="wp-block-button"> <a href="/en/global-careers/" tabindex="0" class="wp-block-button__link">Learn more</a> </div> </div> </div> </div> </div><ul class="sub-menu"><li data-label="120661" class="main-menu__item has_children"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/global-careers/early-careers/" target="_self" >Early Careers</a><div class="sub-menu-lv-1"><div class="sub-menu-content-container"> <div class="card__content"> <button type="button" class="sub-menu__back-button">Careers</button> <div class="card__text"> <h3 class="card__heading"> Early Careers </h3> </div> </div> </div><ul class="sub-menu"><li data-label="our-programmes" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://sc.com/en/global-careers/early-careers/our-programmes/" target="_self" >Our programmes</a></li><li data-label="where-you-can-join-us" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://sc.com/en/global-careers/early-careers/local-programmes-for-students/" target="_self" >Where you can join us</a></li><li data-label="application-zone" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://sc.com/en/global-careers/early-careers/apply/" target="_self" >Application zone</a></li><li data-label="event-search" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://sc.com/en/global-careers/early-careers/events/" target="_self" >Event search</a></li><li data-label="job-search-3" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://jobs.standardchartered.com/content/Search-Result-Page/?employment_type=early_careers&utm_source=careersite" target="_self" >Job search</a></li><li data-label="join-our-talent-network-4" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://flows.beamery.eu/sc/tn-early-careers-registration" target="_self" >Join our Talent Network</a></li><li data-label="174995" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/country-popup/online/" target="_self" data-toggle-country-popups="1" data-country-popups-id="19629">Online banking</a></li> <li data-label="private-banking-online" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://pvm.standardchartered.com/pvb/index.html#/login" target="_self" >Private banking online</a></li> <li data-label="straight2bank-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://s2b.standardchartered.com/" target="_self" >Straight2Bank</a></li> <li data-label="local-site-and-online-banking" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/our-locations/" target="_self" data-toggle-locations="1">Local sites</a></li> <li data-label="contact-us-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="/en/contact-us/" target="_self" >Contact us</a></li> </ul></div></li><li data-label="120659" class="main-menu__item has_children"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/global-careers/experienced-hire/" target="_self" >Experienced Careers</a><div class="sub-menu-lv-1"><div class="sub-menu-content-container"> <div class="card__content"> <button type="button" class="sub-menu__back-button">Careers</button> <div class="card__text"> <h3 class="card__heading"> Experienced Careers </h3> </div> </div> </div><ul class="sub-menu"><li data-label="160192" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/global-careers/experienced-hire/spotlight-career-opportunities/" target="_self" >Spotlight career opportunities</a></li><li data-label="140036" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/global-careers/experienced-hire/hiring-process/" target="_self" >How to apply</a></li><li data-label="our-business-areas" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://sc.com/en/global-careers/business-areas/" target="_self" >Our business areas</a></li><li data-label="job-search-4" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://jobs.standardchartered.com/content/Search-Result-Page/?employment_type=professional_hires&utm_source=careersite" target="_self" >Job search</a></li><li data-label="join-our-talent-network-3" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://flows.beamery.eu/sc/tn-lateral-registration" target="_self" >Join our Talent Network</a></li><li data-label="174995" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/country-popup/online/" target="_self" data-toggle-country-popups="1" data-country-popups-id="19629">Online banking</a></li> <li data-label="private-banking-online" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://pvm.standardchartered.com/pvb/index.html#/login" target="_self" >Private banking online</a></li> <li data-label="straight2bank-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://s2b.standardchartered.com/" target="_self" >Straight2Bank</a></li> <li data-label="local-site-and-online-banking" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/our-locations/" target="_self" data-toggle-locations="1">Local sites</a></li> <li data-label="contact-us-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="/en/contact-us/" target="_self" >Contact us</a></li> </ul></div></li><li data-label="140047" class="main-menu__item has_children"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/global-careers/business-areas/" target="_self" >Our business areas</a><div class="sub-menu-lv-1"><div class="sub-menu-content-container"> <div class="card__content"> <button type="button" class="sub-menu__back-button">Careers</button> <div class="card__text"> <h3 class="card__heading"> Our business areas </h3> </div> </div> </div><ul class="sub-menu"><li data-label="corporate-commercial-and-institutional-banking-2" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://sc.com/en/global-careers/business-areas/corporate-commercial-and-institutional-banking-ccib/" target="_self" >Corporate and Investment Banking</a></li><li data-label="consumer-private-and-business-banking" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://sc.com/en/global-careers/business-areas/careers-in-consumer-private-and-business-banking-cpbb/" target="_self" >Wealth and Retail banking</a></li><li data-label="internal-audit" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://sc.com/en/global-careers/business-areas/group-internal-audit/" target="_self" >Internal Audit</a></li><li data-label="transformation-technology-and-operations" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://sc.com/en/global-careers/business-areas/technology-and-innovation/" target="_self" >Technology and Operations</a></li><li data-label="find-out-more" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://sc.com/en/global-careers/business-areas/" target="_self" >Find out more</a></li><li data-label="174995" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/country-popup/online/" target="_self" data-toggle-country-popups="1" data-country-popups-id="19629">Online banking</a></li> <li data-label="private-banking-online" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://pvm.standardchartered.com/pvb/index.html#/login" target="_self" >Private banking online</a></li> <li data-label="straight2bank-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://s2b.standardchartered.com/" target="_self" >Straight2Bank</a></li> <li data-label="local-site-and-online-banking" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/our-locations/" target="_self" data-toggle-locations="1">Local sites</a></li> <li data-label="contact-us-2" class="main-menu__item mobile-only eyebrow-menu-item"><a tabindex="0" class="main-menu__link" href="/en/contact-us/" target="_self" >Contact us</a></li> </ul></div></li><li data-label="about-us" class="main-menu__item has_children"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/global-careers/about-us/" target="_self" >About us</a><div class="sub-menu-lv-1"><div class="sub-menu-content-container"> <div class="card__content"> <button type="button" class="sub-menu__back-button">Careers</button> <div class="card__text"> <h3 class="card__heading"> About us </h3> </div> </div> </div><ul class="sub-menu"><li data-label="our-culture-and-values" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://www.sc.com/en/global-careers/about-us/culture-values-and-purpose/" target="_self" >Our culture and values</a></li><li data-label="diversity-and-inclusion" class="main-menu__item"><a tabindex="0" class="main-menu__link" href="https://sc.com/en/global-careers/about-us/diversity-and-inclusion/" target="_self" >Diversity and inclusion</a></li><li data-label="life-at-standard-chartered" class="main-menu__item"><a tabindex="0" class="main-menu__link" 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class="title-and-subtitle__title">We are where you are</h2><p class="title-and-subtitle__subtitle"></p></header><div class="scca-block__content-section-block-container"> <ul class="wp-block-scca-content-card-container scca-block__content-section-content-card-container"> <li class="wp-block-scca-card-product-service card product-service has-background-color has-white-background-color has-grey-color"><div class="card__image"><img decoding="async" alt="Facebook logo" src="https://av.sc.com/corp-en/nr/content/images/Facebook_Logo_2023.png" /></div><div class="card__content"><div class="card__text"><h4 class="card__heading"><a class="card__link">Daily SC Wealth Insights</a></h4><p class="card__description"></p></div> <div class="wp-block-button is-style-icon-external-link"><a class="wp-block-button__link wp-element-button" href="https://www.facebook.com/SCWealthInsights/" target="_blank" rel="noreferrer noopener">Read today’s</a></div> </div></li> <li 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class="card__content"><div class="card__text"><h4 class="card__heading"><a class="card__link">SC Wealth Insights</a></h4><p class="card__description"></p></div> <div class="wp-block-button is-style-icon-video"><a class="wp-block-button__link wp-element-button" href="https://www.youtube.com/@SCWealthInsights" target="_blank" rel="noreferrer noopener">Watch now</a></div> </div></li> </ul> </div></div></div> <h2 class="wp-block-heading">CIO office multi-asset class views at a glance</h2> <div class="wp-block-scca-accordion scca-block__accordion scca-block__accordion-hide-first-element"> <details class="wp-block-scca-accordion-item scca-block__accordion-item"><summary class="accordion-item__title">Equity</summary><div class="accordion-item__content"> <p class="wp-block-paragraph"><strong><span style="color: #008000">Δ</span></strong> <span style="color: #000000">Overweight     </span><strong><span style="color: #ff0000">∇</span></strong> Underweight    <strong><span style="color: #ff9900">—</span></strong> Neutral</p> <p class="wp-block-paragraph"><strong>Equity – at a glance     <strong><span style="color: #ff9900">—</span></strong></strong></p> <p class="wp-block-paragraph">27 SEPTEMBER 2024</p> <ul class="wp-block-list"> <li><strong>We retain a core holding (Neutral) on global equities</strong> and expect them to perform in line with bonds and outperform cash. <strong>We are Overweight US equities,</strong> underpinned by our expectation that Fed rate cuts will achieve a soft-landing for the US economy. We expect US outperformance to be driven by its accelerating earnings growth heading in 2025. A cooling labour market and the US elections in November are near-term risks to the market.<br></li> <li><strong>We see UK equities as a core holding (Neutral)</strong> with an attractive dividend yield and valuation discount, alongside improving economic data. UK equities offer a defensive sector composition but the lack of growth sectors could limit outperformance. We are <strong>Underweight Europe ex-UK equities</strong> amid a deteriorating earnings outlook, despite cheap valuations.<br></li> <li>Asia ex-Japan equities are a core holding (Neutral). <strong>Within the region, we are Overweight India equities</strong>, supported by rapid economic growth and robust net inflows from foreign investors. China equities are a core holding (Neutral) for us with ongoing policy easing measures likely to help moderate concerns about economic growth in China. <strong>We downgrade South Korea equities to Underweight</strong> as price momentum has been poor amid market concerns about its significant exposure to weak demand for memory semiconductor chips. Japan equities are a core holding (Neutral). We are encouraged by improving share buybacks and the reflationary environment, although the transition to a new prime minister could result in some uncertainty.</li> </ul> <p class="wp-block-paragraph"><strong>North America equities – Preferred holding     <span style="color: #008000">Δ</span></strong></p> <p class="wp-block-paragraph">27 SEPTEMBER 2024</p> <p class="wp-block-paragraph">The bullish case:</p> <ul class="wp-block-list"> <li>Tailwinds from a soft-landing scenario</li> <li>Broadening earnings growth</li> <li>Technology sector propelling performance</li> </ul> <p class="wp-block-paragraph">The bearish case:</p> <ul class="wp-block-list"> <li>Overconcentration on Magnificent 7</li> <li>Macro uncertainties: e.g., US election</li> <li>Expensive valuations. Elevated positioning</li> </ul> <p class="wp-block-paragraph"><strong>Europe ex-UK equities – Less Preferred holding<strong>     <strong><span style="color: #ff0000">∇</span></strong></strong></strong></p> <p class="wp-block-paragraph">27 SEPTEMBER 2024</p> <p class="wp-block-paragraph">The bullish case:</p> <ul class="wp-block-list"> <li>Appealing corporates’ buyback & dividend</li> <li>Cheap valuations</li> <li>Loosening policies from the ECB</li> </ul> <p class="wp-block-paragraph">The bearish case:</p> <ul class="wp-block-list"> <li>Deteriorating earnings outlook</li> <li>Increasing geopolitical tensions</li> <li>Slump in economic sentiment</li> </ul> <p class="wp-block-paragraph"><strong>UK equities – Core holding     <strong><span style="color: #ff0000"><strong><span style="color: #ff9900">—</span></strong></span></strong></strong></p> <p class="wp-block-paragraph">27 SEPTEMBER 2024</p> <p class="wp-block-paragraph">The bullish case:</p> <ul class="wp-block-list"> <li>High dividend yield; Cheap valuations</li> <li>Relatively defensive sectors</li> <li>Recovery in economic data</li> </ul> <p class="wp-block-paragraph">The bearish case:</p> <ul class="wp-block-list"> <li>Weak earnings growth expected in 2024</li> <li>Light in growth sectors</li> <li>Economic rebound may not sustain</li> </ul> <p class="wp-block-paragraph"><strong>Japan Equities – Core holding     <strong><span style="color: #008000"><strong><span style="color: #ff9900">—</span></strong></span></strong></strong></p> <p class="wp-block-paragraph">27 SEPTEMBER 2024</p> <p class="wp-block-paragraph">The bullish case:</p> <ul class="wp-block-list"> <li>Rising share buybacks and dividends</li> <li>Rising ROE from corporate reforms</li> <li>Further improvement in earnings outlook</li> </ul> <p class="wp-block-paragraph">The bearish case:</p> <ul class="wp-block-list"> <li>Foreign net inflows decelerating</li> <li>Rebound in JPY to hurt company earnings</li> <li>Exposed to global cyclical slowdown</li> </ul> <p class="wp-block-paragraph"><strong>Asia ex-Japan equities – Core holding     <span style="color: #ff9900">—</span></strong></p> <p class="wp-block-paragraph">27 SEPTEMBER 2024</p> <p class="wp-block-paragraph">The bullish case:</p> <ul class="wp-block-list"> <li>China’s fiscal and monetary stimulus</li> <li>Higher EPS growth projected in 2024</li> <li>Attractive valuations; Low positioning</li> </ul> <p class="wp-block-paragraph">The bearish case:</p> <ul class="wp-block-list"> <li>Soft survey data and economic activities</li> <li>Lack of confidence from investors</li> <li>Intensification of geopolitical tensions</li> </ul> </div></details> <details class="wp-block-scca-accordion-item scca-block__accordion-item"><summary class="accordion-item__title">Bonds</summary><div class="accordion-item__content"> <p class="wp-block-paragraph"><strong><span style="color: #008000">Δ</span></strong> Overweight     <strong><strong><span style="color: #ff0000">∇</span></strong></strong> Underweight    <strong><span style="color: #ff9900">—</span></strong> Neutral</p> <p class="wp-block-paragraph"><strong>Bonds – at a glance     <span style="color: #ff9900">—</span></strong></p> <p class="wp-block-paragraph">27 SEPTEMBER 2024</p> <ul class="wp-block-list"> <li><strong>We maintain a balanced allocation between government bonds (rates) and corporate/Emerging Market bonds (credits).</strong> We anticipate the Fed will further cut rates over the next 12 months, providing potential for capital gains from softer yields.<br></li> <li><strong>Developed Market (DM) Investment Grade (IG) government bonds remain a core holding (Neutral).</strong> We expect the US 10-year government bond yield to be range-bound between 3.50-3.75%, albeit with a rise towards 4% possible in the short term.<br></li> <li><strong>DM IG corporate bonds are now a core holding (Neutral) alongside DM High Yield (HY) corporate bonds.</strong> Although yield premiums are tight from a historical perspective, strong fundamentals and our expectation of a US soft-landing support their valuations, in our view.<br></li> <li><strong>EM USD government bonds are reduced to a core holding (Neutral) alongside EM local currency government bonds. </strong>Rising geopolitical risks ahead of the US election, and the risk of falling industrial commodity prices, are balanced bysupportive fiscal and external fundamentals and fair valuations relative to history.<br></li> <li><strong>We maintain a core holding (Neutral) view on Asia USD bonds</strong>, with a balanced view between Asia IG and HY.<br></li> </ul> <p class="wp-block-paragraph"><strong>Developed Market Investment Grade government bonds – Core holding<strong>     <strong><strong><span style="color: #ff9900">—</span></strong></strong></strong></strong></p> <p class="wp-block-paragraph">27 SEPTEMBER 2024</p> <p class="wp-block-paragraph">The bullish case:</p> <ul class="wp-block-list"> <li>DM central banks’ pivot</li> <li>Attractive yield compared to own history</li> </ul> <p class="wp-block-paragraph">The bearish case:</p> <ul class="wp-block-list"> <li>A shorter than expected loosening cycle</li> <li>Unfavourable supply-demand balance</li> </ul> <p class="wp-block-paragraph"><strong>Developed Market Investment Grade corporate bonds – Less Preferred holding     <strong><strong><span style="color: #ff9900"><strong><strong><span style="color: #008000"><strong><strong><span style="color: #ff9900"><strong><strong><span style="color: #ff0000">∇</span></strong></strong></span></strong></strong></span></strong></strong></span></strong></strong></strong></p> <p class="wp-block-paragraph">27 SEPTEMBER 2024</p> <p class="wp-block-paragraph">The bullish case:</p> <ul class="wp-block-list"> <li>High rate sensitivity (long duration) a positive from falling interest rates</li> <li>Attractive yield compared to own history</li> </ul> <p class="wp-block-paragraph">The bearish case:</p> <ul class="wp-block-list"> <li>Relatively tight yield premium</li> <li>Weakening credit fundamentals</li> </ul> <p class="wp-block-paragraph"><strong>Developed Market High Yield corporate bonds – Core holding     <strong><span style="color: #ff0000"><strong><strong><strong><span style="color: #ff9900">—</span></strong></strong></strong></span></strong></strong></p> <p class="wp-block-paragraph">27 SEPTEMBER 2024</p> <p class="wp-block-paragraph">The bullish case:</p> <ul class="wp-block-list"> <li>Lower interest rate eases refinancing pressure</li> <li>Attractive yield on offer</li> </ul> <p class="wp-block-paragraph">The bearish case:</p> <ul class="wp-block-list"> <li>Rating downgrade risk</li> <li>Default risks</li> </ul> <p class="wp-block-paragraph"><strong>Emerging Market USD government bonds – Preferred holding<strong>     <strong><span style="color: #008000"><strong><strong><span style="color: #ff9900"><strong><strong><span style="color: #008000">Δ</span></strong></strong></span></strong></strong></span></strong></strong></strong></p> <p class="wp-block-paragraph">27 SEPTEMBER 2024</p> <p class="wp-block-paragraph">The bullish case:</p> <ul class="wp-block-list"> <li>High rate sensitivity (long duration) a positive from falling interest rates</li> <li>Stronger commodity prices</li> </ul> <p class="wp-block-paragraph">The bearish case:</p> <ul class="wp-block-list"> <li>Commodity price disinflation</li> <li>Geopolitical risk amid US election</li> </ul> <p class="wp-block-paragraph"><strong>Emerging Market Local currency government bonds – Core holding     <strong><span style="color: #008000"><strong><strong><span style="color: #ff9900"><strong><strong><span style="color: #ff0000"><strong><strong><span style="color: #ff0000"><strong><strong><strong><span style="color: #ff9900">—</span></strong></strong></strong></span></strong></strong></span></strong></strong></span></strong></strong></span></strong></strong></p> <p class="wp-block-paragraph">27 SEPTEMBER 2024</p> <p class="wp-block-paragraph">The bullish case:</p> <ul class="wp-block-list"> <li>Supportive EM currency outlook</li> <li>High EM monetary policy flexibility</li> </ul> <p class="wp-block-paragraph">The bearish case:</p> <ul class="wp-block-list"> <li>Unfavourable yield differentials with DM</li> <li>Rate cut expectation is in the price</li> </ul> <p class="wp-block-paragraph"><strong>Asia USD bonds – Core holding    <strong><span style="color: #ff9900">—</span></strong></strong></p> <p class="wp-block-paragraph">27 SEPTEMBER 2024</p> <p class="wp-block-paragraph">The bullish case:</p> <ul class="wp-block-list"> <li>Regional growth well-supported</li> <li>Rising investor positioning</li> </ul> <p class="wp-block-paragraph">The bearish case:</p> <ul class="wp-block-list"> <li>Soft China economic growth outlook</li> <li>Defaults or bond restructuring risk</li> </ul> </div></details> <details class="wp-block-scca-accordion-item scca-block__accordion-item"><summary class="accordion-item__title">Commodities</summary><div class="accordion-item__content"> <p class="wp-block-paragraph"><strong><strong><span style="color: #008000">Δ</span></strong></strong> Overweight     <strong><strong><span style="color: #ff0000">∇</span></strong></strong> Underweight    <strong><strong><span style="color: #ff9900">—</span></strong></strong> Neutral</p> <p class="wp-block-paragraph"><strong>Commodities – at a glance</strong></p> <p class="wp-block-paragraph">27 SEPTEMBER 2024</p> <ul class="wp-block-list"> <li><strong>We raise our 3- and 12-month gold price forecast to USD 2,600/oz and USD 2,800/oz,</strong> <strong>respectively, </strong>while retaininggold as an Overweight relative to equities, bonds and cash. Gold prices charged higher to new all-time highs in September as the Fed commenced its rate cutting cycle with a jumbo 50bps cut. While expectations of Fed and other central bank rate cuts may be largely priced into the market, they could still provide some boost to gold prices when implemented. Consequently, global gold ETF inflows would also enjoy an uplift. Robust official sector purchases have been a strong anchor of demand in the recent years. The latest Q2 data continued to reflect that – central bank purchases in the first half of this year are the largest since the turn of the century. Given the structural nature of central banks’ demand, we see that sustaining heading into 2025.<br></li> <li><strong>We lower our 12-month WTI oil forecast to USD 70/bbl </strong>on rising growth and supply risks. Crude oil prices slumped this month, driven by growing demand concerns amid a slew of soft data and pessimistic outlook. Concurrently, positioning has declined to a near-record short. While our base case is not a recession, we believe the global economy could cool further, weighing on oil demand. The demand-supply balance is likely to turn to a surplus, especially as the OPEC+ begins its recently delayed tapering plan in December. Reports of Saudi Arabia shifting from targeting price to market share is also an upside risk to supply. In the near term, we see WTI oil trading at around USD 70/bbl, albeit with some volatility. Firstly, the extreme bearish oil position is prone to a reversal. Secondly, geopolitical tensions, particularly in the Middle East, could escalate. Thirdly, the new agreement between rival Libyan factions to appoint a new central bank governor may see more than 500kb/d of supply returning to market.<br></li> </ul> <p class="wp-block-paragraph"><strong><strong>Gold      <strong><strong><span style="color: #ff9900">—</span></strong></strong></strong></strong></p> <p class="wp-block-paragraph">27 SEPTEMBER 2024</p> <p class="wp-block-paragraph">The bullish case:</p> <ul class="wp-block-list"> <li>A normalisation in Fed rates</li> <li>Escalation of geopolitical tensions</li> <li>Safe-haven bids</li> <li>Reserve diversification for central banks</li> <li>Strong central bank and physical demand</li> <li>USD weakness</li> <li>ETF inflows</li> </ul> <p class="wp-block-paragraph">The bearish case:</p> <ul class="wp-block-list"> <li>Rising real yields increase opportunity costs of holding gold</li> <li>Geopolitical risk premium tends to be short-lived</li> <li>USD strength</li> <li>Risk-on sentiment</li> <li>Demanding valuations</li> <li>Stretched bullish positioning</li> </ul> <p class="wp-block-paragraph"><strong>Crude Oil</strong></p> <p class="wp-block-paragraph">27 SEPTEMBER 2024</p> <p class="wp-block-paragraph">The bullish case:</p> <ul class="wp-block-list"> <li>Resilient global economies</li> <li>Supply disruptions</li> <li>Geopolitical risk premium</li> <li>Low inventories</li> <li>US shale underinvestment</li> <li>US SPR refill</li> <li>Extreme bearish positioning</li> </ul> <p class="wp-block-paragraph">The bearish case:</p> <ul class="wp-block-list"> <li>Tight monetary policies; growth slowdown</li> <li>Redirection of Russian oil flows</li> <li>Significant global spare capacity</li> <li>OPEC+ supply hikes and discipline</li> <li>Lower demand from energy transition</li> <li>Elevated non-OPEC supply</li> </ul> </div></details> <details class="wp-block-scca-accordion-item scca-block__accordion-item"><summary class="accordion-item__title">Alternatives</summary><div class="accordion-item__content"> <p class="wp-block-paragraph"><strong><strong><span style="color: #008000">Δ</span></strong></strong> Overweight     <strong><strong><span style="color: #ff0000">∇</span></strong></strong> Underweight    <strong><strong><span style="color: #ff9900">—</span></strong></strong> Neutral</p> <p class="wp-block-paragraph"><strong>Alternatives at a glance     <strong><span style="color: #ff9900">—</span></strong></strong></p> <p class="wp-block-paragraph">27 SEPTEMBER 2024</p> <p class="wp-block-paragraph">The bullish case:</p> <ul class="wp-block-list"> <li>Diversifier characteristics</li> </ul> <p class="wp-block-paragraph">The bearish case:</p> <ul class="wp-block-list"> <li>Equity, corporate bond volatility</li> </ul> </div></details> <details class="wp-block-scca-accordion-item scca-block__accordion-item"><summary class="accordion-item__title">Multi-Asset</summary><div class="accordion-item__content"> <p class="wp-block-paragraph"><strong><strong><span style="color: #008000">Δ</span></strong></strong> Overweight     <strong><strong><span style="color: #ff0000">∇</span></strong></strong> Underweight    <strong><span style="color: #ff9900">—</span></strong> Neutral</p> <p class="wp-block-paragraph"><strong>Multi-Asset – at a glance</strong></p> <p class="wp-block-paragraph">27 SEPTEMBER 2024</p> <ul class="wp-block-list"> <li><strong>Our Multi-Asset Income (MAI) strategy has delivered strong returns of 5.8% over the most recent three months ended 26 September 2024. </strong>Returns picked up since the start of the third quarter on the back of Fed’s easing expectations, driving a broad-based rally in both bond and equity markets. The performance of high-dividend equities caught up, after languishing for much of the year behind global equities, as investors grew more confident of a soft-landing to broaden out from tech-heavy global equities into high-dividend equities. Our MAI model now yields c.5.8%, dipping below the 6% mark for the first time this year.<br></li> <li><strong>MAI yield down slightly (5.6% as of 31 August 2024)</strong>, but total return prospects still compelling against cash. The Fed’s recent outsized 50bps cut should help the case for a US economic soft-landing, benefitting dividend equities and rate-sensitive assets such as infrastructure equities, REITs and bonds within the MAI strategy. Historically, easing cycles during soft-landing episodes tend to be supportive of both credit and bonds. The MAI strategy, with an almost 60% allocation to rate sensitive assets, is well-positioned to benefit from the Fed easing cycle. With cash yields likely to continue declining (see page 9), income strategies can offer an attractive alternative given their better return and yield potential.</li> </ul> </div></details> </div> <div class="scca-block__content-section variant-products-and-services has-light-grey-background-color has-grey-color"><div class="scca-block__content-section-background has-background-color has-light-grey-background-color has-grey-color full-background" style="background-image:none"></div><div class="wp-block-scca-content-section scca-block__content-section-block layout-type-products-and-services has-grey-color has-grey-color has-text-color"><header class="scca-block__content-section-headline"><h2 class="title-and-subtitle__title">Read more insights</h2><p class="title-and-subtitle__subtitle"></p></header><div class="scca-block__content-section-block-container"> <ul class="wp-block-scca-content-card-container scca-block__content-section-content-card-container"> <li 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Private banking activities may be carried out internationally by different legal entities and affiliates within the Standard Chartered Group (each an “SC Group Entity”) according to local regulatory requirements. Not all products and services are provided by all branches, subsidiaries and affiliates within the Standard Chartered Group. Some of the SC Group Entities only act as representatives of Standard Chartered Private Bank and may not be able to offer products and services or offer advice to clients. ESG data has been provided by Morningstar and Sustainalytics. Refer to the Morningstar website under Sustainable Investing and the Sustainalytics website under ESG Risk Ratings for more information. The information is as at the date of publication based on data provided and may be subject to change.</p> <p class="wp-block-paragraph">Copyright © 2023, Accounting Research & Analytics, LLC d/b/a CFRA (and its affiliates, as applicable). 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The time horizon of this opinion is dependent on prevailing market conditions and there is no planned frequency for updates to the opinion. This opinion is not independent of Standard Chartered Group’s trading strategies or positions. Standard Chartered Group and/or its affiliates or its respective officers, directors, employee benefit programmes or employees, including persons involved in the preparation or issuance of this document may at any time, to the extent permitted by applicable law and/or regulation, be long or short any securities or financial instruments referred to in this document or have material interest in any such securities or related investments. Therefore, it is possible, and you should assume, that Standard Chartered Group has a material interest in one or more of the financial instruments mentioned herein. Please refer to our Standard Chartered website under Regulatory disclosures for more detailed disclosures, including past opinions/ recommendations in the last 12 months and conflict of interests, as well as disclaimers. A covering strategist may have a financial interest in the debt or equity securities of this company/issuer. This document must not be forwarded or otherwise made available to any other person without the express written consent of Standard Chartered Group.</p> <p class="wp-block-paragraph"><strong>Country/Market Specific Disclosures</strong></p> <p class="wp-block-paragraph">Botswana: This document is being distributed in Botswana by, and is attributable to, Standard Chartered Bank Botswana Limited which is a financial institution licensed under the Section 6 of the Banking Act CAP 46.04 and is listed in the Botswana Stock Exchange. Brunei Darussalam: This document is being distributed in Brunei Darussalam by, and is attributable to, Standard Chartered Bank (Brunei Branch) | Registration Number RFC/61 and Standard Chartered Securities (B) Sdn Bhd | Registration Number RC20001003. Standard Chartered Bank is incorporated in England with limited liability by Royal Charter 1853 Reference Number ZC18 and Standard Chartered Securities (B) Sdn Bhd, which is a limited liability company registered with the Registry of Companies with Registration Number RC20001003 and licensed by Brunei Darussalam Central Bank as a Capital Markets Service License Holder with License Number AMBD/R/CMU/S3-CL and authorised to conduct Islamic investment business through an Islamic window.</p> <p class="wp-block-paragraph">China Mainland: This document is being distributed in China by, and is attributable to, Standard Chartered Bank (China) Limited which is mainly regulated by China Banking and Insurance Regulatory Commission (CBIRC), State Administration of Foreign Exchange (SAFE), and People’s Bank of China (PBOC).</p> <p class="wp-block-paragraph">Hong Kong: In Hong Kong, this document, except for any portion advising on or facilitating any decision on futures contracts trading, is distributed by Standard Chartered Bank (Hong Kong) Limited (“SCBHK”), a subsidiary of Standard Chartered PLC. SCBHK has its registered address at 32/F, Standard Chartered Bank Building, 4-4A Des Voeux Road Central, Hong Kong and is regulated by the Hong Kong Monetary Authority and registered with the Securities and Futures Commission (“SFC”) to carry on Type 1 (dealing in securities), Type 4 (advising on securities), Type 6 (advising on corporate finance) and Type 9 (asset management) regulated activity under the Securities and Futures Ordinance (Cap. 571) (“SFO”) (CE No. AJI614). The contents of this document have not been reviewed by any regulatory authority in Hong Kong and you are advised to exercise caution in relation to any offer set out herein. If you are in doubt about any of the contents of this document, you should obtain independent professional advice. Any product named herein may not be offered or sold in Hong Kong by means of any document at any time other than to “professional investors” as defined in the SFO and any rules made under that ordinance. In addition, this document may not be issued or possessed for the purposes of issue, whether in Hong Kong or elsewhere, and any interests may not be disposed of, to any person unless such person is outside Hong Kong or is a “professional investor” as defined in the SFO and any rules made under that ordinance, or as otherwise may be permitted by that ordinance. In Hong Kong, Standard Chartered Private Bank is the private banking division of Standard Chartered Bank (Hong Kong) Limited, a subsidiary of Standard Chartered PLC.</p> <p class="wp-block-paragraph">Ghana: Standard Chartered Bank Ghana Limited accepts no liability and will not be liable for any loss or damage arising directly or indirectly (including special, incidental or consequential loss or damage) from your use of these documents. Past performance is not indicative of future results and no representation or warranty is made regarding future performance. You should seek advice from a financial adviser on the suitability of an investment for you, taking into account these factors before making a commitment to invest in an investment. To unsubscribe from receiving further updates, please send an email to feedback.ghana@sc.com. Please do not reply to this email. Call our Priority Banking on 0302610750 for any questions or service queries. You are advised not to send any confidential and/or important information to the Bank via e-mail, as the Bank makes no representations or warranties as to the security or accuracy of any information transmitted via e-mail. The Bank shall not be responsible for any loss or damage suffered by you arising from your decision to use e-mail to communicate with the Bank.</p> <p class="wp-block-paragraph">India: This document is being distributed in India by Standard Chartered Bank in its capacity as a distributor of mutual funds and referrer of any other third party financial products. Standard Chartered Bank does not offer any ‘Investment Advice’ as defined in the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 or otherwise. Services/products related securities business offered by Standard Charted Bank are not intended for any person, who is a resident of any jurisdiction, the laws of which imposes prohibition on soliciting the securities business in that jurisdiction without going through the registration requirements and/or prohibit the use of any information contained in this document.</p> <p class="wp-block-paragraph">Indonesia: This document is being distributed in Indonesia by Standard Chartered Bank, Indonesia branch, which is a financial institution licensed, registered and supervised by Otoritas Jasa Keuangan (Financial Service Authority).</p> <p class="wp-block-paragraph">Jersey: In Jersey, Standard Chartered Private Bank is the Registered Business Name of the Jersey Branch of Standard Chartered Bank. The Jersey Branch of Standard Chartered Bank is regulated by the Jersey Financial Services Commission. Copies of the latest audited accounts of Standard Chartered Bank are available from its principal place of business in Jersey: PO Box 80, 15 Castle Street, St Helier, Jersey JE4 8PT. Standard Chartered Bank is incorporated in England with limited liability by Royal Charter in 1853 Reference Number ZC 18. The Principal Office of the Company is situated in England at 1 Basinghall Avenue, London, EC2V 5DD. Standard Chartered Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. The Jersey Branch of Standard Chartered Bank is also an authorised financial services provider under license number 44946 issued by the Financial Sector Conduct Authority of the Republic of South Africa. Jersey is not part of the United Kingdom and all business transacted with Standard Chartered Bank, Jersey Branch and other SC Group Entity outside of the United Kingdom, are not subject to some or any of the investor protection and compensation schemes available under United Kingdom law.</p> <p class="wp-block-paragraph">Kenya: This document is being distributed in Kenya by, and is attributable to Standard Chartered Bank Kenya Limited. Investment Products and Services are distributed by Standard Chartered Investment Services Limited, a wholly owned subsidiary of Standard Chartered Bank Kenya Limited (Standard Chartered Bank/the Bank) that is licensed by the Capital Markets Authority as a Fund Manager. Standard Chartered Bank Kenya Limited is regulated by the Central Bank of Kenya.</p> <p class="wp-block-paragraph">Malaysia: This document is being distributed in Malaysia by Standard Chartered Bank Malaysia Berhad. Recipients in Malaysia should contact Standard Chartered Bank Malaysia Berhad in relation to any matters arising from, or in connection with, this document.</p> <p class="wp-block-paragraph">Nigeria: This document is being distributed in Nigeria by Standard Chartered Bank Nigeria Limited (“the Bank”), a bank duly licensed and regulated by the Central Bank of Nigeria. The Bank accepts no liability for any loss or damage arising directly or indirectly (including special, incidental or consequential loss or damage) from your use of these documents. You should seek advice from a financial adviser on the suitability of an investment for you, taking into account these factors before making a commitment to invest in an investment. To unsubscribe from receiving further updates, please send an email to clientcare.ng@sc.com requesting to be removed from our mailing list. Please do not reply to this email. Call our Priority Banking on 01-2772514 for any questions or service queries. The Bank shall not be responsible for any loss or damage arising from your decision to send confidential and/or important information to the Bank via e-mail, as the Bank makes no representations or warranties as to the security or accuracy of any information transmitted via e-mail.</p> <p class="wp-block-paragraph">Pakistan: This document is being distributed in Pakistan by, and attributable to Standard Chartered Bank (Pakistan) Limited having its registered office at PO Box 5556, I.I Chundrigar Road Karachi, which is a banking company registered with State Bank of Pakistan under Banking Companies Ordinance 1962 and is also having licensed issued by Securities & Exchange Commission of Pakistan for Security Advisors. Standard Chartered Bank (Pakistan) Limited acts as a distributor of mutual funds and referrer of other third-party financial products.</p> <p class="wp-block-paragraph">Singapore: This document is being distributed in Singapore by, and is attributable to, Standard Chartered Bank (Singapore) Limited (Registration No. 201224747C/ GST Group Registration No. MR-8500053-0, “SCBSL”). Recipients in Singapore should contact SCBSL in relation to any matters arising from, or in connection with, this document. SCBSL is an indirect wholly owned subsidiary of Standard Chartered Bank and is licensed to conduct banking business in Singapore under the Singapore Banking Act, 1970. Standard Chartered Private Bank is the private banking division of SCBSL. IN RELATION TO ANY SECURITY OR SECURITIES-BASED DERIVATIVES CONTRACT REFERRED TO IN THIS DOCUMENT, THIS DOCUMENT, TOGETHER WITH THE ISSUER DOCUMENTATION, SHALL BE DEEMED AN INFORMATION MEMORANDUM (AS DEFINED IN SECTION 275 OF THE SECURITIES AND FUTURES ACT, 2001 (“SFA”)). THIS DOCUMENT IS INTENDED FOR DISTRIBUTION TO ACCREDITED INVESTORS, AS DEFINED IN SECTION 4A(1)(a) OF THE SFA, OR ON THE BASIS THAT THE SECURITY OR SECURITIES-BASED DERIVATIVES CONTRACT MAY ONLY BE ACQUIRED AT A CONSIDERATION OF NOT LESS THAN S$200,000 (OR ITS EQUIVALENT IN A FOREIGN CURRENCY) FOR EACH TRANSACTION. Further, in relation to any security or securities-based derivatives contract, neither this document nor the Issuer Documentation has been registered as a prospectus with the Monetary Authority of Singapore under the SFA. Accordingly, this document and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the product may not be circulated or distributed, nor may the product be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons other than a relevant person pursuant to section 275(1) of the SFA, or any person pursuant to section 275(1A) of the SFA, and in accordance with the conditions specified in section 275 of the SFA, or pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. In relation to any collective investment schemes referred to in this document, this document is for general information purposes only and is not an offering document or prospectus (as defined in the SFA). This document is not, nor is it intended to be (i) an offer or solicitation of an offer to buy or sell any capital markets product; or (ii) an advertisement of an offer or intended offer of any capital markets product. Deposit Insurance Scheme: Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured. This advertisement has not been reviewed by the Monetary Authority of Singapore.</p> <p class="wp-block-paragraph">Taiwan: Standard Chartered Bank (“SCB”) or Standard Chartered Bank (Taiwan) Limited (“SCB (Taiwan)”) may be involved in the financial instruments contained herein or other related financial instruments. The author of this document may have discussed the information contained herein with other employees or agents of SCB or SCB (Taiwan). The author and the above-mentioned employees of SCB or SCB (Taiwan) may have taken related actions in respect of the information involved (including communication with customers of SCB or SCB (Taiwan) as to the information contained herein). The opinions contained in this document may change, or differ from the opinions of employees of SCB or SCB (Taiwan). SCB and SCB (Taiwan) will not provide any notice of any changes to or differences between the above-mentioned opinions. This document may cover companies with which SCB or SCB (Taiwan) seeks to do business at times and issuers of financial instruments. Therefore, investors should understand that the information contained herein may serve as specific purposes as a result of conflict of interests of SCB or SCB (Taiwan). SCB, SCB (Taiwan), the employees (including those who have discussions with the author) or customers of SCB or SCB (Taiwan) may have an interest in the products, related financial instruments or related derivative financial products contained herein; invest in those products at various prices and on different market conditions; have different or conflicting interests in those products. The potential impacts include market makers’ related activities, such as dealing, investment, acting as agents, or performing financial or consulting services in relation to any of the products referred to in this document.</p> <p class="wp-block-paragraph">UAE: DIFC – Standard Chartered Bank is incorporated in England with limited liability by Royal Charter 1853 Reference Number ZC18.The Principal Office of the Company is situated in England at 1 Basinghall Avenue, London, EC2V 5DD. Standard Chartered Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Standard Chartered Bank, Dubai International Financial Centre having its offices at Dubai International Financial Centre, Building 1, Gate Precinct, P.O. Box 999, Dubai, UAE is a branch of Standard Chartered Bank and is regulated by the Dubai Financial Services Authority (“DFSA”). This document is intended for use only by Professional Clients and is not directed at Retail Clients as defined by the DFSA Rulebook. In the DIFC we are authorised to provide financial services only to clients who qualify as Professional Clients and Market Counterparties and not to Retail Clients. As a Professional Client you will not be given the higher retail client protection and compensation rights and if you use your right to be classified as a Retail Client we will be unable to provide financial services and products to you as we do not hold the required license to undertake such activities. For Islamic transactions, we are acting under the supervision of our Shariah Supervisory Committee. Relevant information on our Shariah Supervisory Committee is currently available on the Standard Chartered Bank website in the Islamic banking section For residents of the UAE – Standard Chartered Bank UAE does not provide financial analysis or consultation services in or into the UAE within the meaning of UAE Securities and Commodities Authority Decision No. 48/r of 2008 concerning financial consultation and financial analysis.</p> <p class="wp-block-paragraph">Uganda: Our Investment products and services are distributed by Standard Chartered Bank Uganda Limited, which is licensed by the Capital Markets Authority as an investment adviser.</p> <p class="wp-block-paragraph">United Kingdom: Standard Chartered Bank is incorporated in England with limited liability by Royal Charter 1853 Reference Number ZC18. The Principal Office of the Company is situated in England at 1 Basinghall Avenue, London, EC2V 5DD. Standard Chartered Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Standard Chartered Bank (trading as Standard Chartered Private Bank) is an authorised financial services provider (license number 45747) in terms of the South African Financial Advisory and Intermediary Services Act, 2002.</p> <p class="wp-block-paragraph">Vietnam: This document is being distributed in Vietnam by, and is attributable to, Standard Chartered Bank (Vietnam) Limited which is mainly regulated by State Bank of Vietnam (SBV). Recipients in Vietnam should contact Standard Chartered Bank (Vietnam) Limited for any queries regarding any content of this document.</p> <p class="wp-block-paragraph">Zambia: This document is distributed by Standard Chartered Bank Zambia Plc, a company incorporated in Zambia and registered as a commercial bank and licensed by the Bank of Zambia under the Banking and Financial Services Act Chapter 387 of the Laws of Zambia.</p> </div></details> </div> <div class="wp-block-buttons is-style-buttons-primary-sticky"> <div class="wp-block-button is-style-icon-default"><a class="wp-block-button__link wp-element-button" href="/en/wealth-retail-banking/private-banking/contact-us/">Contact us</a></div> </div> <div class="wp-block-scca-banner scca-block__banner alignfull"><div class="banner__content"><h2>See how we can help</h2><p>Get in touch with us, or search for more specific information</p><div class="buttons wp-block-buttons is-style-buttons-primary is-content-justification-center"> <div 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