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The author of the Market Commentary section of this material is the Head of Global Equities for Northern Trust Securities LLP ("NTS") and is not an Analyst. Opinions expressed may differ from those expressed by other departments of NTS; including our Equity Research Department, and are subject to change without notice. The ideas in this communication were composed by the Northern Trust Securities LLP research team; Paul Moran, Head of Research; Neil Campling, Senior Analyst; Ameet Patel, Senior Analyst; Oliver Sherman, Analyst; Douglas Morton, Head of Asia Research.
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Northern Trust Securities LLP is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Northern Trust Securities LLP is registered in England and Wales No. OC324323.
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All prices are sourced from Bloomberg, S&P Capital IQ and Northern Trust Securities own analysis at the time of writing.
Disclaimer: One or more members of the research team responsible for preparing this report may own a position (or positions) in stocks mentioned above in their personal investment holdings.
Where we refer to 'Buy' we mean +20% upside relative to local index (STOXX Europe 600, S&P 500, MSCI AC Asia Pacific) over a 6-12 month period.
Where we refer to 'Sell' we mean -20% downside relative to local index (STOXX Europe 600, S&P 500, MSCI AC Asia Pacific) over a 6-12 month period.
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