PRU-110 COVER v1.ai.pdf

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棓熟汤
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1 PRUMarket Watch (incorporated and registered in England and Wales)

2 Global Overview The US corporate earnings season kicked off early January with initial mixed fourth-quarter results from a major bank draining some of the optimism. Both housing demand and prices have been trending higher, boosted by a slowly improving labour market, historically low mortgage rates and fewer distressed properties on the market. Stock valuations look attractive with -mth forward P/E ratio at lower end of historical range. Q data (including Purchasing Manager Index) showed signs of improvement in the eurozone economy while tensions in the sovereign debt market have eased after ECB outlined plans to buy government debt. There has been speculation that the ECB may offer banks a new round of long-term loans or further cut its benchmark interest rate in the Q to boost growth. Despite continued uncertainty and ongoing debt problems, broad Euro region equity averages had a positive returns year-to-date. Investors cheered after Japan's conservatives swept back to power in national elections, with promises of a fix for the economy and tougher diplomacy in a territorial spat with China. The Bank of Japan is also under pressure from the new government to further ease monetary policy target to help the ailing economy. Companies that are attractively valued relative to their trend earnings potential offer compelling opportunities. Most of Asia Pacific ex-japan equity markets finished higher as the US Federal Reserve stepped up monetary easing and economic data showed that China s growth is stabilizing. Most currencies in the Asia Pacific ex-japan region ended weaker against the US dollar in December. In Asia, there were signs of a bottoming-out in manufacturing activity, although the latest export data remained mixed. All sectors ended the month with positive returns led by industrials and materials. The economy slowed in Q on the weakest consumer demand in ½ years and tighter government spending, validating the central bank s decision to cut interest rates. Unemployment rate unexpectedly fell in Nov as the labour market continued to be underpinned by hiring in the mining industry. Asia Overview China s equity market ended higher, buoyed by data showing that economic growth is stabilizing in China, albeit at a modest pace and expectations that reforms will gain traction under the new political leadership. China s annual policy-setting conference mentioned that the government will maintain a prudent monetary policy and a pro-active fiscal policy in 0. The consumer price index rose.0% in November from a year earlier as food costs increased. Favorable Chinese economic data and further quantitative easing by the US Federal Reserve propped up the Hong Kong equity market. Headline inflation was in line with expectations as the consumer price index increased.7% year-on-year in October. On the property front, Hong Kong s government plans to supply land in the coming quarter for the construction of apartments in a bid to cool the territory s hot property market.

3 The approval of foreign direct investment in multi-brand retail, coupled with the banking amendment bill and companies bill by the Indian Parliament provided support to the equity market. Higher industrial output in Oct and lower inflation in Nov surprised the market positively. The central bank kept the benchmark rates and cash reserve ratio unchanged in Dec but hinted towards a softer monetary policy with signs of easing inflation. All sectors ended with positive returns led by telecommunications, energy and consumer staples. Inflation rose in Nov by.% year-on-year, but it continued to be in line with the full-year target of -% for this year. On the political front, Mahathir Mohamad, Malaysia s longest serving ex-leader, will hit the campaign trail to help Prime Minister Najib Razak s ruling coalition win the forthcoming general election. Singapore's economy grew more vigorously than foreseen in the last three months of 0, avoiding an expected recession, as gross domestic product (GDP) data for previous quarters was revised downwards. The Singapore market is currently trading slightly below its historical average but is also expected to show the lowest earnings growth in the region. The newly elected President, a chaebol supporter, has removed the uncertainties surrounding the chaebol reforms (as proposed by the opposition earlier), underpinning market sentiment. Financial authorities lowered ceilings on banks foreign exchange forward positions to rein in the appreciation of the Korean Won. Exports unexpectedly fell in Dec from a year earlier, on the back of subdued global demand and a stronger Won. Investors lauded the improving macroeconomic environment and the credit rating outlook upgrade by Standard & Poor s, possibly a prelude to an investment grade status. The central bank kept its benchmark rate at a record low amid benign inflation. President Benigno Aquino signed into law the sin tax bill, raising taxes on tobacco and alcohol; the move is expected to help to generate revenues. Positive economic data, a more stable political backdrop and prospects of higher government spending buoyed the market. GDP is likely to expand.8% in 0, marginally more than the Bank of Thailand s (BOT) earlier forecast of.7% due to stronger-than-expected domestic consumption. BOT kept its policy interest rate unchanged, saying the current policy rate remained accommodative and conducive to growth. Inflation eased for a second consecutive month, prompting the central bank to keep its policy rate at a record low. Indonesia reported a trade deficit of $78 million in November as imports surged while exports dropped for an eighth consecutive month. The Rupiah continued to depreciate against the US dollar, making it one of the worst performing currencies in the region in 0. Investment involves risks. Past performance is not indicative of future performance. Please refer to the Product Brochure and the Summary Information for Investment Funds for further information, including fees and charges. The above information is for reference only. Any opinion or information contained in this document is made on a general basis and should not to be relied upon by the reader as advice. Individual country or domicile may have restriction on specific investment instruments, reader is recommended to seek independent professional tax and/or legal advice before making any investment decision. Some of the information included in this material have been prepared with the assistance of Prudential Asset Management (Hong Kong) Limited, and/or its associates. The Prudential Assurance Company Limited reserves the right to make changes and corrections to its opinions expressed in this document at any time, without any notice. Any unauthorized disclosure, use or dissemination of this document, either in whole or in part, is prohibited and this document should not be reproduced, copied, or made available to others. This document is issued by The Prudential Assurance Company Limited (incorporated and registered in England and Wales). MKTX/SA00(0/)

PRUlink smart wealth builderprulinkwealth builderprulinkwealth builderpruretirement extra, PRUkid extra, PRUlink optimiser plus, PRUlink assurance plus, PRUlink assurance, PRUlink investlife,

4 PRUlink smart wealth builderprulinkwealth builderprulinkwealth builderpruretirement extra, PRUkid extra, PRUlink optimiser plus, PRUlink assurance plus, PRUlink assurance, PRUlink investlife, PRUflexilifePRUflexilifePRUlink maxisavingsprulink maxisavings () You are not investing in the underlying assets or reference funds of the investment choices. You do not have any rights or ownership over these underlying investments. Performance Summary of Investment Choices Asset Class Money Market Bonds Risk Level USD Bond Fund Eastspring Investments - US High Investment Grade Bond Fund USB Global Fund Eastspring Investments - World Value Fund GEF 70% Eastspring Investments - World Value Fund+ Global Growth Fund 0% Eastspring Investments - Asian Fund GGF Global PRUlink Investec GSF Global Strategic Fund Investec GSF Global Strategic Fund IGS PRUlink M&G Global Basics Fund* M&G Global Basics Fund MGB * PRUlink Templeton Global Income Fund Templeton Global Income Fund TGI PRUlink Fidelity America Fund Fidelity Funds - America Fund Developed FAF Countries PRUlink Fidelity European Growth Fund Fidelity Funds - European Growth Fund** FEF ** Pacific (ex-japan) Fund Eastspring Investments - Asian Fund PEF PRUlink Allianz Total Return Asian Fund Allianz Global Investors Fund - Allianz Total Return Asian ATR Asia PRUlink JF ASEAN Fund* JF ASEAN Fund JAS * PRUlink Templeton Asian Growth Fund* Templeton Asian Growth Fund * TAG Prudential Investment Choices -year Annualised Performance of Prudential Investment Choices Volatility Bid Price/ Reference Fund Launch Offer Cumulative Performance (%) Net Asset Name Code Value per unit Price Prudential Date Investment Reference (USD) (USD) YTD Fund year years years Choices months Money (US$) Fund Not applicable N/A N/A MMF PRUlink Eastspring Investments Asian Local Bond Fund* Eastspring Investments - Asian Local Bond Fund * ALB PRUlink Fidelity International Bond Fund Fidelity Funds - International Bond Fund FBF PRUlink Fidelity US High Yield Fund Fidelity Funds - US High Yield Fund FHY PRUlink Invesco Global High Income Fund* Invesco Funds Series - Invesco Global High Income Fund IHI Schroder International Selection Fund - Hong Kong PRUlink Schroder Hong Kong Dollar Bond Fund SHB Dollar Bond PRUlink Templeton Global Total Return Fund* TTR *

5 Portfolio Fund PRUlink Allianz Global Agricultural Trends Fund* AAT * PRUlink Baring Global Resources Fund Baring Global Resources Fund BGR Sector / PRUlink BlackRock New Energy Fund* BlackRock New Energy Fund BNE Special Topic * PRUlink BlackRock World Gold Fund* BlackRock World Gold Fund BWG * PRUlink BlackRock World Mining Fund* BlackRock World Mining Fund BWM * PRUlink Invesco Asia Infrastructure Fund Invesco Asia Infrastructure Fund IAI PRUlink Investec GSF Global Energy Fund* IGE * Dragon Growth Fund Eastspring Investments - Greater China Fund DGF PRUlink Baring Hong Kong China Fund Baring Hong Kong China Fund BHC PRUlink China Fund BOCHK China Fund Greater CHE China / China PRUlink Eastspring Investments China Fund* * ICE PRUlink First State China Focus Fund* * First State China Focus Fund* FCF * PRUlink Schroder Hong Kong Fund* SHK * PRUlink Value Partners Classic Fund* Value Partners Classic Fund* * VCF * PRUlink Eastspring Investments India Fund Eastspring Investments - India Fund INF PRUlink Eastspring Investments Indonesia Fund* Eastspring Investments - Indonesia Fund IDO * Emerging PRUlink Fidelity Emerging Europe Middle East and Africa Fund* Fidelity Funds - Emerging Europe, Middle East and Africa Fund FEA Markets * PRUlink Fidelity Latin America Fund Fidelity Latin America Fund FLA PRUlink JPM Emerging Markets Fund* JPM Emerging Markets Fund * JEM PRUlink Schroder BRIC Fund* Schroder BRIC Fund * SBR PRUlink Templeton Emerging Markets FundTempleton Emerging Markets Fund TEM PRUmanaged Steady Fund BOCHK Conservative Growth Fun MSF PRUmanaged Balanced Fund BOCHK Balanced Growth Fund MBF PRUmanaged Growth Fund BOCHK Aggressive Growth Fund MGF PRUlink Baring Asia Balanced Fund Baring Asia Balanced Fund BAB PRUlink BlackRock Global Allocation Fund* BlackRock Global Allocation Fund * BGA Source: The Prudential Assurance Company Limited & Morningstar database. Figures are in USD and dividends are reinvested as of December, 0. () The risk level, in the range of to, is assigned based on the volatility of the related Prudential investment choices and the nature of investments. The figure is provided by The Prudential Assurance Company Limited which will be reviewed at least once per annum and is for reference only. Generally speaking, the higher the number, the greater the risk. () -year annualised volatility is represented by the annualised standard deviation based on the monthly rates of return over the past years. The higher the percentage (i.e. standard deviation), the greater the volatility and the greater the risk. () Performance for related Prudential investment choices with no historical data of the specified period will not be shown. () months cumulative performance will not be shown for the respective Prudential investment choices with less than year history. () Annualised yield is an annual rate of return calculated based on the current rate of return of the underlying investment compounded on a weekly basis, less management fee. The annualised yield does not represent the rate of return or performance of your investment-linked insurance scheme. * The respective Prudential investment choices / reference funds have less than years history and have not been included for calculation of volatility. ** The respective reference fund is denominated in EURO. Performance of the related Prudential investment choices may be different from the reference fund due to exchange rate fluctuation. * **

6 Asset Class Money Market Bonds Global Developed Countries Money (US$) Fund PRUlink Eastspring Investments Asian Local Bond Fund PRUlink Fidelity International Bond Fund PRUlink Fidelity US High Yield Fund PRUlink Invesco Global High Income Fund PRUlink Schroder Hong Kong Dollar Bond Fund PRUlink Templeton Global Total Return Fund USD Bond Fund Global Fund MMF FBF FHY USB GEF Global Growth Fund GGF PRUlink Investec GSF Global Strategic Fund IGS PRUlink M&G Global Basics Fund MGB PRUlink Templeton Global Income Fund TGI PRUlink Fidelity America Fund FAF PRUlink Fidelity European Growth Fund FEF Pacific (ex-japan) Fund PEF PRUlink Allianz Total Return Asian Fund ATR PRUlink JF ASEAN Fund JAS PRUlink Templeton Asian Growth Fund TAG PRUlink Allianz Global Agricultural Trends Fund AAT PRUlink Baring Global Resources Fund BGR Asia Prudential Investment Choices Name Calendar Year Performance Code PRUlink BlackRock New Energy Fund Sector / BNE Special Topic PRUlink BlackRock World Gold Fund BWG PRUlink BlackRock World Mining Fund BWM PRUlink Invesco Asia Infrastructure Fund IAI PRUlink Investec GSF Global Energy Fund IGE ALB IHI SHB TTR Asset Class Greater China / China Emerging Markets Portfolio Fund Prudential Investment Choices Name Dragon Growth Fund PRUlink Baring Hong Kong China Fund PRUlink China Fund PRUlink Eastspring Investments China Fund Code Calendar Year Performance DGF BHC CHE ICE PRUlink First State China Focus Fund FCF PRUlink Schroder Hong Kong Fund SHK PRUlink Value Partners Classic Fund VCF PRUlink Eastspring Investments India Fund INF PRUlink Eastspring Investments Indonesia Fund IDO PRUlink Fidelity Emerging Europe Middle East and Africa Fund FEA PRUlink Fidelity Latin America Fund FLA PRUlink JPM Emerging Markets Fund JEM PRUlink Schroder BRIC Fund SBR PRUlink Templeton Emerging Markets Fund TEM PRUmanaged Steady Fund MSF PRUmanaged Balanced Fund MBF PRUmanaged Growth Fund MGF PRUlink Baring Asia Balanced Fund BAB PRUlink BlackRock Global Allocation Fund BGA Source: The Prudential Assurance Company Limited & Morningstar database. Figures are in USD and dividends arereinvested as of December, 0. () Performance for related Prudential investment choices with no historical data of the specified period will not be shown. # Performance is calculated since launch date to the end of the calendar year. Investment involves risks. Past performance is not indicative of future performance. Please refer to the Product Brochure and the Summary Information for Investment Funds for further information, including fees and charges. #

PRU-208_cover_v3.ai

PRU-208_cover_v3.ai PRUMarket Watch 0 January 0 Prudential Hong Kong Limited (A member of Prudential plc group) US US equities fell in December in line with the global sell-offs over Greece s political uncertainty and the