-
Mar
2017
PineBridge Investments, Taiwan
2017
-
PAGE 1
I.
II.
III.
-
PAGE 2
+
+
+
+
+
: 2017/3
-
PAGE 3
Bloomberg2017/3/10%
-4.88
-0.62
0.89
1.14
1.20
2.50
2.61
3.20
3.55
3.59
3.87
4.94
5.00
5.02
5.44
5.50
5.93
6.78
6.90
8.30
-8.37
3.52
-0.20
-2.17
1.77
4.05
7.18
2.56
7.13
3.50
1.94
5.61
5.97
3.27
8.67
7.41
8.71
4.20
7.39
8.54
RTS
SET
MSCI
H
Nikkei 225
200
MSCI
500
600
MSCI
MSCI
DAX
BOVESPA
MSCI
-1.41
-0.09
0.13
0.14
0.97
1.30
1.59
2.32
2.34
2.56
2.60
2.91
3.08
3.46
4.12
-2.46
-0.49
-0.25
-0.35
1.00
1.30
1.32
1.92
1.80
2.46
1.53
2.20
2.37
2.85
3.44
-
-
-
-
PAGE 4
GDP 2016 1.6%
2017 2.3%
GDP 2016 6.7% 2017 6.5%
GDP 2016 1.7% 2017 1.5%
Bloomberg*2017/3
GDP* 2016 7.0% 2017 7.3%
GDP 2016 1.0% 2017 1.1%
4
GDP 2016 -2.0%
2017 1.5%
GDP 2016 1.3% 2017 2.1%
-
PAGE 5
10(%)
2017/2
-
PAGE 6
Bloomberg2017/3
45
50
55
60
2014/12 2015/6 2015/12 2016/6 2016/12
45
50
55
60
2014/12 2015/6 2015/12 2016/6 2016/12
40
45
50
55
2014/12 2015/6 2015/12 2016/6 2016/12
35
40
45
50
55
60
2014/12 2015/6 2015/12 2016/6 2016/12
-
PAGE 7
(%)
BofA2017/2
2017(%)
13.3 13.6
10.6
13.3 13.2 11.1
14.9 17
20.3
0
5
10
15
20
25
Factset,2017/2
-
PAGE 8
Bloomberg2017/3
0
10
20
30
40
50
S&
P5
00
6
00
17.88 15.52 12.78
12.6
13.75 15.75 8.35
20.51
26.97 8.22
20.2
13.56 13.02 12.27
-
PAGE 9
Bloomberg2017/3
(bps)
(bps) (bps)
310
345
-
PAGE 10
Bloomberg2017/3 *Bloomberg
2016
2017 *
201612 0.25% 0.50~0.75% 1.00~1.25% 2~3
20163 0.05% 0.00% 0.00% QE (3600)
20161 0.20% -0.10% -0.10%
201510 4.35% 4.35%
201610 0.50% 6.25% 6.25%
10
-
PAGE 11
: EIABloomberg: 2017/3
OPEC
20164047568469082015960OPEC
0
2000
4000
6000
8000
10000
12000
0
500
1000
1500
2000
2500
Jan
/09
Ap
r/0
9
Jul/
09
Oct
/09
Jan
/10
Ap
r/1
0
Jul/
10
Oct
/10
Jan
/11
Ap
r/1
1
Jul/
11
Oct
/11
Jan
/12
Ap
r/1
2
Jul/
12
Oct
/12
Jan
/13
Ap
r/1
3
Jul/
13
Oct
/13
Jan
/14
Ap
r/1
4
Jul/
14
Oct
/14
Jan
/15
Ap
r/1
5
Jul/
15
Oct
/15
Jan
/16
Ap
r/1
6
Jul/
16
Oct
/16
Jan
/17
() ()
-
PAGE 12
: EIABloomberg: 2017/3
OPECOPEC
()
-
PAGE 14
2017Q2
4
GST PPI
(ex:)
2017/3
-
PAGE 15
Bloomberg2017/2
201618.64.8%5%PPIPCE
-
PAGE 16
:2017/2
(%)
3
GDP
31
92
123
3
-
PAGE 17
TPP
1
(Dodd- Frank Act)
Dodd-Frank
* : Bloomberg: 2017/3
-
PAGE 18
BarclaysTax Foundation2017/2
()
3 3
15% 20%
10% (8.75%3.5%)
(2025) 6.9%~8.2% 9.1%
20%~23% 28%
5.4%~6.3% 7.7%
(2025) 4.35.9 2.4~3
-
PAGE 19
ISM55
ISM
PMI
:2017/2Bloomberg2017/2 = 500 = 400
ISM
-
PAGE 20
: 2017/2
++Fed
2017/3
2017/3/9
2017/3/15
2017/3/16
FED
2017/4/23 (5/7)
2017/5/7
Schleswing
Holestein
2017/5/14
Nordrhein
Westfalen
2017/6/11(6/18)
2017/9
Catalonia
2017/10
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PAGE 21
Citi Research2017/2/27
Le pen
Fillion Macron Le pen Hamon
40% 35% 20% 5%
15-
50% 5-
10%
10-20%
() 10-15%
() 5-10% (6)
5-10% ()
-
PAGE 22
Bloomberg2016/12
(GDP saar) 2017
GDP(saar%)
2009 -2.8 -5.4
2010 2.5 -4.2
2011 1.6 -0.1
2012 2.2 1.5
2013 1.7 2.0
2014 2.4 0.3
2015 2.6 1.2
2016 1.6 1.4
2017e 2.1 1.5
% %
-
PAGE 23
Bloomberg2016/12()JP Morgan2016/12/31
()
-
PAGE 24
: ()Goldman Sachs2017/2/17()Bloomberg2017/2/8
+
-
PAGE 25
Bloomberg2017/3
1
(%)
4.2 4.2
4.8 5.1 5.3
6.25 6.25 6.25 6.25 6.25
0
1
2
3
4
5
6
7
Q1_17 Q2_17 Q3_17 Q4_17 Q1_18
CPI
7 6.4
7 7.5 7.7 7.6
0
1
2
3
4
5
6
7
8
9
Q4_16 Q1_17 Q2_17 Q3_17 Q4_17 Q1_18
-
PAGE 26
CEIC, Deutsche Bank2017/2/16
&
&
-
PAGE 27
Bloomberg2016/11/29GDP201674.41
20166.7%20176.5%
(%)
-1.6
4.4
2.2 2 2.3 2.3
-2
-1
0
1
2
3
4
5
2016 2017 2018
PPI CPI
-
PAGE 28
Citi2016/11/29GDP201674.41
201620183034.72016201720182.11.31.3
-
-
PAGE 29
: Bloomberg2017/1
2016GDP6.7%
201717.9%16.7%
-
PAGE 31
2017Q2
FED
/FED
FED
2017/2
-
PAGE 32
: Bloomberg2017/12
FED
% %
-
PAGE 33
: JPMorganBloomberg: 2017/2
20172016
EPS bps
*S&P500 *2017
(10)
-
PAGE 34
: Bloomberg:1997/12~ 2017/2
*
* 3%(20092.5%)
-
PAGE 35
: FED: 2017/1
()
FED
0
0
-
PAGE 36
: BarclaysMorgan Stanley: 2017/1
5.7%
20193.0%
(12)
14%
12%
10%
8%
6%
4%
2%
0%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
200
150
100
50
0 2017 2018 2019 2020 2021 2022 2023 2024
10
-
PAGE 37
Morgan Stanley2017/2
-
PAGE 38
: CitiBloomberg: 2017/2
50 0
PMI
-
PAGE 39
: HSBCBloomberg: 2017/3
FED
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
(%Aum)
()
-
PAGE 40
: Bloomberg: 2017/2
GDP%
CPI%
*MSCI
-
PAGE 41
:HSBC Bloomberg: 2017/2
70%
GDP 70%
0
0
-
PAGE 42
: JPMorganBloomberg: 2017/2
(3) 2.61% 6.43% 5.50%
(5) 3.26% 6.09% 5.08%
bps
-
PAGE 43
PineBridge Investments IP Holding Company Limited
()
101013
10414410 (02)2516-7883
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8026171(A5) (07)335-5898
TR105185
-
PAGE 44
()
Rule 144A
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