Five issues for investors to watch

Nov 13, 2018 | Kristina Hooper

  • In the US, I believe there is significant potential for upside — that’s because there are a few agenda items that the president and Democrats agree on.
  • In China, sales results from the Singles Day retail holiday are a reminder of the resilience of the Chinese economy.
  • I also believe that Italy and the EU will ultimately reach a compromise, but there may be more volatility before then.
  • It has been reported that Reserve Bank of India Governor Urjit Patel may resign at the bank’s next meeting on Nov. 19. 


The midterm results are in, but what do they mean for markets?

Assessing the impact of the US midterm elections on four key areas

  • The results of the US midterms have had an initially supportive effect on US markets.
  • Beyond this initial market response, we think there are important implications to explore for global markets, for various US equity sectors and for major macro themes.
  • In this commentary, we examine four key areas: US politics, fiscal/monetary policy, domestic policy and foreign economic policy.


Anticipating the US midterm results

Nov 6, 2018 | Kristina Hooper

  • Last week brought more inaction on Brexit, pessimism on trade, and a rise in US wage growth.
  • This week, all eyes are on the US midterm election, and which party will take, or keep, control of Congress.
  • Short-term volatility is likely, but what about the long term?


October lives up to its frightening reputation for investors

Oct 30, 2018 | Kristina Hooper

  • Once again, the month of October has been living up to its frightful reputation for wreaking havoc on stock prices.
  • Earnings reports and recent economic data have been largely positive. But I believe markets are looking beyond the third quarter, and that may be one reason for the downward volatility.
  • I don’t believe the episodic downdrafts in stock prices will end until after the November mid-term elections in the US.


Focus on Asia - The Impact of Trade Tensions on the Region

Oct 25, 2018 | John Greenwood

On the Asian side the observable results in the published data are very small to non-existent, but the PMI measure for new export orders – an indicator of future trade volumes -- fell to its lowest level in two years.


Stock market sell-off: The sequel

Five issues rattling global markets

Oct 23, 2018 | Kristina Hooper

  • The US delivers yet another weapon in its trade war with China — one that makes it much more difficult for Chinese businesses to sell smaller items direct to US consumers. 
  • And yet Chinese stocks have rallied at the start of this week on strong words of support from President Xi, similar to Mario Draghi’s statement of support for the euro in 2012.
  • A trade agreement between the EU and the US will not be easy; it is far from a “done deal.”


Market Insights: Global Monthly Outlook - Global equities proved resilient despite of political and trade headwinds October 2018 (covering September 2018)

Oct 19, 2018

Global equity markets ended in positive territory in September despite mounting political, trade and policy headwinds. Markets proved to be resilient in the face of what could be a long conflict between the US and China, following China’s decision to call off planned talks after the latest round of tariffs. However, optimism over earnings and economic growth boosted sentiment and global equity markets reached a seven-month high.  The US equity market also reached its best quarterly performance since 2013. UK and eurozone equities were broadly flat during September. Japan’s equity market ended with solid gains, shrugging off investor’s concerns about the outlook for Chinese economy and escalating trade tensions between the US and China. 


Will the global stock sell-off continue?

Oct 16, 2018 | Kristina Hooper

  • There were two catalysts for last week’s stock market drop — US Federal Reserve (Fed) normalization and trade.
  • These risks have been growing for some time, and so I don’t expect them to go away overnight. Therefore I don’t believe the sell-off is over, although I expect it to be relatively short-lived.
  • Beyond the sell-off, there are four key issues in the coming week that we will need to watch.


US stocks plunge in tech-fueled rout

Yesterday, US stocks plunged in a tech-fueled rout. I examine why we may be in a ‘perfect storm’ for market disruption.
Markets have managed to shake off worries about protectionism and Fed normalization — until yesterday. Is this the start of another February-type sell-off?


Jobs, trade and the economy: What did we learn last week?

Oct 9, 2018 | Kristina Hooper

  • In the US, I think the odds are very good that the USMCA trade agreement will be ratified, even if the House were to switch to a Democratic majority after the November mid-term elections. 
  • In Brazil, I believe the markets will clearly prefer Jair Bolsonaro in the two-way run off for president.
  • In China, the economy has been slowing modestly, but I believe it is a mistaken assumption to believe that this means China will capitulate to the US in a trade war.


Five things to watch in October

Oct 2, 2018 | Kristina Hooper

  • After increasing rates last week, I believe the US Federal Reserve remains undecided about a rate hike in December.
  • I expect the US-China trade war to heat up and create more of an impact in the economic data.
  • Attention is turning to what could happen to companies if a no-deal Brexit takes place next March.
  • Markets may react positively for days to the NAFTA deal, but I believe this is part of an asymmetric reaction to trade developments: Positive developments have caused rallies, while negative developments have barely made a dent in stock prices.


Stocks shrug off rising geopolitical risks

Sep 25, 2018 | Kristina Hooper

  • Last week brought bad news on trade and Brexit, yet stocks globally shrugged off the news and rose higher.
  • Additionally, the yield on the 10-year Treasury bond surpassed the key 3% level.
  • I discuss the various factors behind these trends.


Asian equities an emerging buying opportunity

Key takeaways:

  • We share concerns that the emerging-market sell-off elsewhere may also impact Asia, but believe investors have overlooked areas that support the long-term strong performance of Asian equities
  • We believe investors will soon find bargains in the region given the valuation discount
  • In terms of the most exciting opportunities in the region, we believe China all-share investing is the way forward


Global election preview

Sep 18, 2018 | Kristina Hooper

  • Japan’s Sept. 20 election has important implications for foreign policy and perhaps trade.
  • In Brazil, voters may be poised to take another step away from globalization. 
  • While Americans will not be electing a president in November, their decisions at the voting booth have the potential to impact the current administration.


Trade remains the top concern for global markets

Sep 11, 2018 | Kristina Hooper

  • I firmly believe the trade situation poses a significant risk to the economy and markets.
  • In my view, investors should understand the potential for the trade situation to worsen. 
  • In addition, I worry that the US’ trade policies and sanctions policies will ultimately cause countries to seek out another reserve currency - one that comes with fewer strings attached.


Financial crises in Argentina, Turkey and Venezuela — will there be contagion to East Asia?

Sep 10, 2018 | John Greenwood

Chief Economist John Greenwood analyzes whether East Asia is at risk from the ills of the current crises in Argentina, Turkey and Venezuela.


Seven issues for investors to watch in September

Sep 5, 2018 | Kristina Hooper

  • All in all, I expect the trade situation to get worse before it gets better. And that may impact the economy and markets in a variety of ways.
  • I expect risk premia to rise for Italian sovereign debt in September.
  • In emerging markets, Turkey and Argentina have been coming under particular pressure, but the entire region may be painted with the same brush.


Reading the tea leaves from the central banks

Aug 28, 2018 | Kristina Hooper

• A Fed rate hike in September seems to be in the cards, but there is also continued concern about the impact of trade wars on the US economy.

• It’s rumored that Germany will not nominate Bundesbank Governor Jens Weidmann, widely regarded as a monetary hawk, to replace Mario Draghi next fall as ECB president.

• US stocks set a record. But in my view, we can’t let the euphoria over stocks overshadow what the bond market may be telling us.


Global markets: Five issues to watch

Aug 21, 2018 | Kristina Hooper

  • I believe it is unlikely that the crisis in Turkey will end soon, given the Turkish government’s unwillingness to take the measures necessary to resolve it. 
  • The US and China will meet again to discuss trade, but I don’t expect any accomplishments to come out of the talks. 
  • At the upcoming Jackson Hole symposium, I am most interested to hear Fed Chair Jay Powell speak. I am hopeful he will discuss balance sheet normalization, given that it has created liquidity issues for emerging markets.


What currency pressures in Turkey and other countries may mean for investors

Aug 14, 2018 | Kristina Hooper

Activity in currency markets has more than tripled in the last two decades. Between 2001 and 2016, global turnover in currency markets rose from $1.2 trillion to $5.1 trillion,1 and the geopolitical disruption of the last two years has increased currency activity even further. Last week brought several significant examples of this trend in the UK, China, Iran and — most dramatically — Turkey. Is this a sign of more disruption to come?


Focus on Asia – Trade Tensions

Aug 13, 2018 | John Greenwood

The biggest potential impact is on the economies of Taiwan, Korea and Malaysia. These economies sell goods to China that are used to make products exported to the United States, from automobiles to consumer electronics. Tech components such as computer chips are among the products most vulnerable to a trade war.
US consumers may struggle to find sufficient substitutes to replace the goods that they currently buy from China, at least in the short-term. What's more, to the degree other Asian economies may be able to offer substitutes for Chinese products to the US market, some Asian exporters could benefit from any switch in US demand away from Chinese products.


Four key issues to watch in August

Is it time to worry about a liquidity crisis?

Quarterly Economic Outlook: Short-term disruption unlikely to derail the fundamental factors driving the global business cycle upswing

Jul 27, 2018 | John Greenwood

While markets may be rattled in the short term, recent uncertainties will not stifle the current business cycle upswing



Trade wars: A worldwide web of worry

Tariffs, earnings and politics: What’s moving markets this week?

Six issues driving global markets

Six ways the trade situation deteriorated in the past week

What's in store for markets in the second half?

Central banks take center stage

Trade takes center stage as long-term alliances become strained

Protectionism rears its ugly head again

Is Italy headed for an EU exit?

May 30, 2018 | Kristina Hooper

Italy’s election chaos has roiled the media, but the market reaction has been contained.


Focus on Asia – Volatility in EM currencies

May 24, 2018 | Dr. John Greenwood

A strong USD has historically been negative for EM currencies, especially commodity producers. This is a price effect that will hurt higher cost EM economies, and benefit only those that are price-competitive, which includes some Asian manufacturers. However, provided that the US economy continues to grow (i.e. this is only a rise in US rates and not a downturn in US economic growth), then Asian manufacturing exporters should continue to benefit from volume growth.


What do higher oil prices mean for the stock market?

Market disruption shows no signs of slowing down

Redefining the financial landscape with Belt and Road

Mar 13, 2018

While it may be set to shape the future, the Belt and Road Initiative (Belt and Road) is already changing the world today. Mega projects are underway in Asia, Europe and Africa, generating an influx of fixed investment and creating early efficiency gains.


Why Asia has done well this year?

Dec 8, 2017 | Stuart Parks

2017 has seen Asian equity markets rally largely due to the strength of corporate earnings. At the start of the year, earnings growth expectations for 2017 were low at approximately 10%, but over the course of the year they have been revised up to 20%. The recovery has been helped by a combination of factors such as: solid global economic expansion, a lack of disruption from President Trump, falling bond yields in some Asian markets and a small earnings rerating.


Why diversification may be coming back in style

When we think about our outlook for 2018, we look for themes that can help us reduce risk and boost return potential — and we’re always on the lookout for blind spots that can pose an unexpected threat. The foundation of our process is the development of capital market assumptions — long-term forecasts for the behavior of different asset classes. Our expectations for returns, volatility and correlation serve as guidelines for our long-term, strategic asset allocation decisions. 


Balancing cyclical and structural influences in multi-asset investing

Dec 6, 2017 | David Millar

Despite what has been an incredibly tumultuous, unpredictable and at times unimaginable period for global politics and an initially spluttering return to global growth, central banks appear to have successfully steered markets through the worst, ironing out the kinks and at times acting together to present a semblance of global harmony. Sometimes, markets have appeared to simply ignore events that in less interesting times would have caused a rout. Somehow though, it still doesn’t feel that the aftermath of the financial crisis is fully behind us, nearly 10 years on, and we believe it is vital to consider both cyclical and structural forces in building our economic and market outlook.


Adapting to the withdrawal of monetary stimulus

Bond markets have been in a sweet spot in recent years. Economic growth has been positive, inflation has been relatively benign, volatility and default rates have been low, central bank policy has been accommodative and the demand for income has been high. One of the biggest challenges we as fixed interest investors now face is what happens when one of the central pillars of this supportive environment — the still huge amount of central bank stimulus — is reduced.


Global markets: 10 expectations for 2018

Dec 6, 2017 | Kristina Hooper

2017 was a positive year for the economy and capital markets. The global economy grew at a faster pace than in 2016, and risk assets also rose significantly. However, investors are wondering whether the current environment will continue through 2018. Following are my 10 key expectations for the new year:


2018 growth may moderate, but reforms and innovation bode well for the longer term in China

Dec 1, 2017 | Mike Shiao

Chinese equities caught investors by surprise in 2017 with a strong rally. Contrary to the pessimism over the past few years, investors have turned upbeat toward China, and for good reason: Economic data in general exceeded expectations, and we have seen broad-based earnings growth.


All signs point towards a sustained global expansion

Dec 1, 2017 | John Greenwood

We approach the new year with confidence that the world’s leading economies will continue to display strength and resilience. The US economy is likely to lead from the front, aided by a gathering upturn in the Eurozone and the start of a renewed upswing in global trade. The likely expansion among developed economies should also have a positive impact on the export-oriented, manufacturing economies of East Asia as well as commodity producers in other emerging nations.


Can stability in the region extend Asia's outperformance?

Dec 1, 2017 | Mike Shiao

2017 has been a good year for Asian equities so far, rising 36% and outperforming the rest of the world.1 The strong performance has been supported by steady economic conditions and robust corporate earnings. Yet still, Asia is trading at its lowest price-to-book ratio relative to the S&P 500 Index in 15 years.2


The synchronised economic expansion: How much further to run?

Dec 1, 2017 | Nick Mustoe

The global economy continues its synchronised recovery, as evidenced by robust data across regions. Indeed, all 45 countries tracked by the Organisation for Economic Co-operation are expected to post positive economic growth in 2017 for the first time in 10 years. Even more optimistically, 33 out of 45 countries are seeing accelerating growth. This has boosted international trade and commodity prices, and helped make the global expansion story gradually more self-sustaining. On this basis alone, the prospects for 2018 look positive, with broadbased improvements across the major developed economies and a number of emerging market economies expected to continue.


Plenty of scope for active managers to add value

Dec 1, 2017 | Jeffrey Taylor

Europe is a rich, highly developed part of the world which is home to a vast range of companies. However, on occasion it still seems to struggle to attract attention from serious investors around the world. There’s always a handy excuse: “Why bother when it’s only a play on more interesting parts of the world?” or “There’s never any earnings growth, is there?” or “Don’t the politics make it un-investable?” Wrong.


Asian Insights Q3 2017: Stable politics paving the way for important reforms

Aug 10, 2017 | Asian Investment team

Looking ahead, what will be the next catalysts for growth and increased earnings in Asia? We believe a stable political landscape and acceleration of reforms will be the key drivers for Asian markets.


Stability is the key ahead of China's Communist Party Congress

Aug 1, 2017 | John Greenwood

China has adopted varying policies to maintain the economic momentum and keep everything stable ahead of the 19th National Congress of the Communist Party — sometimes tightening, sometimes easing.


Economic Insights: Quarterly Economic Outlook July 2017

Jul 6, 2017 | John Greenwood

The Trump “reflation rally” that drove equity markets across the developed and emerging world in the four months after the US election has continued but it is more due to the underlying expansion of the US business cycle than to any Trump effect.

Read more

Fed hikes interest rates despite soft inflation

UK voters deliver another election surprise

Market Insights: Global Monthly Outlook - Global markets embraced the first round of French presidential election (July 2017)

May 25, 2017

Markets globally responded positively to the first round of the French presidential election.With monetary policy on hold across the globe, past efforts of loose policies are feeding through to lift growth conditions.


France: A market-friendly result which will help reduce the European risk premium

Apr 26, 2017 | Jeff Taylor

Market-friendly centrist reformer Emmanuel Macron will face far anti-European right-winger Marine Le Pen. Opinion polls have consistently pointed towards something like a 60-64%: 36-40% vote in Macron’s favour. A Macron presidency should also be a lot easier for the Germans to work with constructively.


Market Insights: Dragon Code - China's e-commerce growth

Apr 9, 2017 | Mike Shiao

Donald Trump’s unexpected election win took investors by complete surprise.


The UK triggers Brexit with Article 50. So what happens now?

Market Insights: Global Monthly Outlook - Favoring developed markets over emerging markets March 2017 (covering February 2017)

Mar 20, 2017

February saw global stocks climb to record peaks mid-month, setting a fresh record for the first time since 2015. With central banks expected to remain relatively accommodative, growth conditions should gradually improve.However, the uncertainty over policies and structural matters may keep markets somewhat volatile.


Market Insights: Fed hikes short-term rates for third time in 15 months

Mar 15, 2017

The US Federal Reserve (the Fed) hiked its benchmark short-term interest rate by 25 basis points, as expected. The statement was generally neutral, in our view, with upbeat commentary around the current growth backdrop.

Read more

Market Insights: Global Monthly Outlook - Global equities could benefit from expectations of policy stimulus January 2017 (covering December 2016)

Jan 24, 2017

Improving commodity prices and encouraging core economic data prints helped the MSCI AC World index to rally in December.


Market Insights: 2017 Investment Outlook

Dec 15, 2016

This past year has been marked by a series of macro events that helped shape a dynamic, challenging market environment. The UK’s vote to withdraw from the European Union, oil price volatility, a contentious presidential election in the US and slowing growth in China all contributed to major market moves.

Read more

Market Insights: A tale of two cities by Jeff Taylor

Dec 7, 2016 | Jeff Taylor

Two elections in one weekend are more than enough for any fund manager to cope with, the results coming out of Vienna and Rome being very different.

Read more

Market Insights: Italian Referendum "No" vote suggests eurozone will muddle through

Dec 7, 2016 | Arnab Das

Italians voted Sunday, Dec. 4, to reject changes to their constitution, leading to the resignation of Prime Minister Matteo Renzi and marking a victory for the country’s populist movement. Polls had suggested that Italian voters would reject the referendum on constitutional amendments to reform the Senate by a margin of about 10%. The turnout at 70% and margin of victory at 18% were both higher than expected.

Read more

Market Insights: Global Monthly Outlook - Growth conditions are overcoming the cyclical and structural challenges ahead November 2016 (covering October 2016)

Nov 21, 2016

October’s better thanexpected core economic growth data saw expectations for a December US interest rate hike firm-up among market participants.


Market Insights: Global Monthly Outlook - Global equities are expected to face cyclical and structural challenges October 2016 (covering September 2016)

Oct 23, 2016

For the most part, market uncertainty about the path of global monetary policy dominated trading during the month.


Market Insights: Global Monthly Outlook - Global government bonds poised to benefit from limited inflation risk September 2016 (covering August 2016)

Sep 25, 2016

Global equity markets rose in August as markets surprised investors having rallied strongly to reach new all-time highs on several occasions.


Market Insights: Global Monthly Outlook - Global government bonds are expected to benefit from limited inflation risk August 2016 (covering July 2016)

Aug 30, 2016

Global equity markets for the most part rose in July, as markets participated in the post-EU Referendum equity rally. Investors’ risk-on sentiment was supported by the prospect of global central banks keeping interest rates lower for an extended period, encouraging core economic data releases and a more
confident view of the global economy.


Market Insights: Global Monthly Outlook - Global government bonds are expected to benefit from limited inflation risk July 2016 (covering June 2016)

Jul 6, 2016

With markets completely wrong-footed by the decision of UK voters on 23 June to leave the European Union (EU), the immediate market reaction was extreme. In a classic risk-off move, equities around the world fell, and bond markets – particularly core government bond markets – went up, with yields for 10-year US Treasuries, German Bunds and UK Gilts experiencing historic lows.


Market insights: EU referendum: Our thoughts as the UK decides to leave

Jun 23, 2016

Following the UK’s historic decision to leave the European Union (EU), we share the views from across our economic and investment teams as to how this result might shape their thinking and the investment landscape going forward.


Market insights: Talking Points - Why we expect a China A-shares inclusion in the MSCI Emerging Markets index within the next two years

Jun 19, 2016

Given current market sentiment it is perhaps not surprising that MSCI erred on the side of caution and earlier in the week made the decision not to include China A-shares in its Emerging Markets index. However, we believe a small percentage of inclusion, such as 5%, is highly possible in the next year or two.


Market Insights: Global Monthly Outlook - The global rally was in part supported by US June 2016 (covering May 2016)

Jun 14, 2016

In what appeared to be a recurring theme, gains on most developed equity markets for 2016 were erased by mid-May. However, equity markets did bounce back to pare losses – albeit barely – towards month end, and the MSCI World index turned positive year-todate.


Market Insights: Global Monthly Outlook - Global equities advance at a slow pace May 2016 (covering April 2016)

May 19, 2016

Following a buoyant March, many market participants were bracing themselves for a sharp pullback in April. However, global equity markets in aggregate continued to advance at a slow pace, fuelled by a better-thanexpected corporate earnings season, some positive data coming out of China and higher commodity prices.


Asian Insights: Reform remains the key for growth in Asia Q2 2016

May 18, 2016

At the start of the year, the MSCI Asia ex-Japan index lost as much as 12.9%1 before rebounding to recoup those losses by the end of the first quarter. What drove markets lower were global investors’ fears about three issues: 1) the slowdown in China, 2) the potential repercussions of further US policy tightening and 3) rising deflationary pressures driven by weak commodity prices.


Market Insights: Market views - Nick Mustoe CIO Invesco Perpetual April 2016

May 18, 2016

At the start of the year, the MSCI Asia ex-Japan index lost as much as 12.9%1 before rebounding to recoup those losses by the end of the first quarter. What drove markets lower were global investors’ fears about three issues: 1) the slowdown in China, 2) the potential repercussions of further US policy tightening and 3) rising deflationary pressures driven by weak commodity prices.


Global Insights: Countdown to MSCI China A-Share Inclusion

Whether or not MSCI adds China A-shares to the MSCI Emerging Markets index as part of their next round of updates in June, we believe that implementation of a gradual inclusion process is only a matter of time given China’s central role in the emerging markets.


Economic Insights: Why negative interest rates are not a solution for Japan or the eurozone

May 15, 2016 | John Greenwood

The Bank of Japan (BoJ) has now been conducting quantitative easing (QE) for just over three years, while the European Central Bank (ECB) has been conducting QE for just over one year.

Read more

Investment Insights: Korea’s changing corporate landscape – leading to a healthier market

May 15, 2016

The Korean corporate landscape is gradually changing, with the emergence of more independent businesses, on the back of the diminishing importance of the ‘chaebols’. In our view, this is an important development for the Korean economy and market.

Read more

Market Insights: Global Monthly Outlook - Prefer developed markets over emerging markets April 2016 (covering March 2016)

Apr 29, 2016

Global equity markets regained a lot of ground in March, as investor confidence returned to the market. The new-found optimism came in the wake of further economic stimulus measures announced by the ECB, improving US economic data and some respite from the downward spiral that had plagued oil prices.


Market Insights: Global Monthly Outlook - Positive on US equities - March 2016 (covering February 2016)

Mar 29, 2016

February was a month of two halves for global equity markets with many stocks posting another month of losses, despite a strong rally in the second half of the month.


Market Insights: Global Monthly Outlook - Positive on the relative strength of the US economy February 2016 (covering January 2016)

Feb 24, 2016

Rekindled concerns over global growth and the state of China’s economy, coupled with the fresh lows seen in commodity prices, resulted in one of the worst results for global equity markets recorded in the month of January.


Market Insights: Global Monthly Outlook - Developed market equities look more favorable - January 2016 (covering December 2015)

Jan 27, 2016

Global equity markets were mixed. In the US, equity markets ended the month lower. Eurozone indexes were the most volatile.


Important information

Dec 30, 2015

The above materials have been prepared only for those persons to whom Invesco has provided it for informational purposes only. It is not an offering of a financial product and is not intended for and should not be distributed to retail clients who are resident in jurisdiction where its distribution is not authorized or is unlawful. Circulation, disclosure, or dissemination of all or any part of the above materials to any person without the consent of Invesco is prohibited.


The above materials may contain statements that are not purely historical in nature but are "forward-looking statements," which are based on certain assumptions of future events. Forward-looking statements are based on information available on the date hereof, and Invesco does not assume any duty to update any forward-looking statement. Actual events may differ from those assumed. There can be no assurance that forward-looking statements, including any projected returns, will materialize or that actual market conditions and/or performance results will not be materially different or worse than those presented.


The information in the above materials has been prepared without taking into account any investor’s investment objectives, financial situation or particular needs.  Before acting on the information the investor should consider its appropriateness having regard to their investment objectives, financial situation and needs.


You should note that this information:

  • may contain references to amounts which are not in local currencies;
  • may contain financial information which is not prepared in accordance with the laws or practices of your country of residence;
  • may not address risks associated with investment in foreign currency denominated investments; and
  • does not address local tax issues.

All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed.  Investment involves risk.  Please review all financial material carefully before investing. The opinions expressed are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals.


The distribution and offering of the above materials in certain jurisdictions may be restricted by law.  Persons into whose possession this marketing material may come are required to inform themselves about and to comply with any relevant restrictions. This does not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation.