GTLM WEBSITE USER AGREEMENT
Please read carefully the terms and conditions below before proceeding to access
and use this website. By accepting these Terms, you confirm that you agree to be
bound by and comply with these Terms in your access and use of this website.
The content on this site is only for distributors or professional investors unless
you are based in the United States of America – please read section 1.4. If you are
a member of the public outside of the United please leave this website immediately.
I confirm that I have read and accept the terms and conditions of using this website.
By pressing 'accept' below, I also consent to the setting of cookies on this machine
to remember my site preferences and track user activity.
1.0 A brief introduction about this website
This website is for information only and does not constitute an invitation to the
public to invest. Forward-looking statements are subject to uncertainties that could
cause actual developments and results to differ materially from the expectations
expressed. This information has been prepared from sources believed reliable but
the accuracy and completeness of the information cannot be guaranteed and is not
a complete summary or statement of all available data. Individual securities mentioned
are intended as examples and are not intended as buy or sell recommendations. Information
and opinions expressed by either Legg Mason or its affiliates are current as at
the date indicated, are subject to change without notice, and do not
take into account the particular investment objectives, financial situation or needs
of individual investors. The information on this website is confidential and proprietary
and may not be used other than by the intended user. Neither Legg Mason nor any
officer or employee of Legg Mason accepts any liability whatsoever for any loss
arising from any use of this website or its contents. Documents may not be reproduced,
distributed or published without prior written permission from Legg Mason. Distribution
of this document may be restricted in certain jurisdictions. Any persons coming
into possession of this document should seek advice for details of, and observe
such restrictions (if any).
1.1 Who is the operator of this website?
website is owned and operated byLegg Mason & Co, which is a wholly owned subsidiary of
Legg Mason, Inc. ("Legg Mason") a U.S.-based financial services holding
company whose shares are listed and traded on the New York Stock Exchange, Inc.
General terms and conditions of using this website
1.2 What do I need to know about the accuracy of information contained within this
warranty is made in respect to the information contained in this website. Legg Mason & Co
believes that the information contained and opinions expressed in this site are
accurate at the date of publication. Although Legg Mason & Co shall use all reasonable
endeavours to ensure that the information contained on this website
is accurate and kept up to date, it cannot be held responsible for any losses or
damage incurred as a result of using any out of date
or superseded information on this website.
1.3 Does this website offer financial advice?
No. Nothing contained within this website should be construed as the giving of investment
advice or recommendations.
performance is not a guide to future returns. The value of investments and any income
from them is not guaranteed and may fall as well as rise and the investor may not
get back the original investment. Exchange rate movements could also increase or
decrease the value of underlying investments.
1.4 Is the information on this website available only to "US Persons?"
on this website is only for distribution in the jurisdictions listed
Investors in Europe:
The documents on this website are for
use by Professional Clients and Eligible Counterparties in EU and EEA countries.
In Switzerland these documents are only for use by Qualified Investors.
It is not aimed at, or for use by, Retail Clients in any European jurisdictions.
Investors in Hong Kong,
Korea, Taiwan and Singapore:
The documents on this website are for
use only in respectively Hong Kong, Korea, Singapore and Taiwan. It is not intended
for, nor should it be distributed to, any member of the public in Hong Kong, Korea,
Singapore and Taiwan.
Investors in the Americas:
This document is provided by Legg Mason Investor Services LLC, a
U.S. registered Broker-Dealer, which may include Legg Mason International - Americas
Offshore. Legg Mason Investor Services, LLC, Member FINRA/SIPC, and all entities
mentioned are subsidiaries of Legg Mason, Inc.
Investors in Canada:
This document is provided by Legg Mason Canada Inc. Address: 220
Bay Street, 4th Floor, Toronto, ON M5J 2W4. Legg Mason
Canada Inc. is affiliated with the Legg Mason companies mentioned above through
common control and ownership by Legg Mason, Inc.
Investors in Australia:
The contents on the website are proprietary and confidential and
intended solely for the use of Legg Mason and the clients or prospective clients
to whom it has been delivered. It is not to be reproduced or distributed to any
other person except to the client’s professional advisers.
1.5 Does this website include content from third-party providers other than Legg
Mason and its affiliated companies?
Through this website, you may have access to market data such as
white papers, brochures, interviews, videos, and general market
or economic commentaries.Legg Mason may
obtain this information from third parties who are independent of Legg Mason. Even
though the sources of the information provided on this website are believed to be
reliable, Legg Mason is not responsible for, and makes no warranty with respect
to the contents, accuracy, completeness, timeliness, suitability, or reliability
of the information.
1.6 Important information about liability
Limitations of liability - Legg Mason & Co makes no
warranty or representation that the website can be accessed at all times. The website
may, without notice, be temporarily unavailable or restricted for administrative
or other reasons.
You agree to indemnify and to keep Legg Mason & Co
(including its affiliated or associated companies) and their officers, directors,
employees and agents fully and effectively indemnified against any action, cost,
claim, injury, loss, damage, proceeding or expense (including but not limited to any
legal fees, costs and expenses whatsoever and howsoever arising, including in respect
of any third party claim, on a full indemnity basis) occasioned by or arising directly
or indirectly from or related to:
(i) your access to and/or
use if the Legg Mason & Co website and /or any other third person or entity’s use
of the website and/or:
(ii) any breach or non-observance
of any of these terms and conditions by you and/or any other third party and/or:
(iii) the operation, use
or supply of information by you to a third party provided in breach of any of your
obligations under these Terms and Conditions.
If you transmit any communication through this website
to Legg Mason & Co directly or through any third-party internet or other service
provider, you shall be responsible and liable for any omissions or failures that
may be made while transmitting or receiving communications using this website. This
website is not designed for the transmission of time sensitive instructions - this
means that if you use this website to transmit time sensitive instructions, you
will be responsible and liable for any loss that may arise, and you
trasmit such time sensitive information at your own risk.
1.7 Intellectual property
Unless otherwise indicated, Legg Mason & Co owns the copyright
and any other intellectual property rights subsisting anywhere in the world to the
information on this website. For the avoidance of doubt, all contents of this website
including but not limited to the text, graphics, links and sounds are the copyright
of Legg Mason & Co You may not copy, reproduce, duplicate, modify, adopt or lend,
sell, disseminate or otherwise transfer, in whole or in part, any of the information,
contained in this website, except for the purpose of accessing the site and producing print-outs
for your own personal use.
In relation to any information or material which you submit to Legg Mason & Co using
this website you hereby grant to Legg Mason & Co a worldwide royalty-free perpetual
license of the copyright and all other intellectual property rights in such information
and materials for any purpose it deems including, without limitation, the copying,
transmission, distribution and publication thereof unless restricted by applicable
We do not recommend or endorse and accept no responsibility
for the content of any website not operated by Legg Mason & Co which you may visit
by following a link from this website. No other website, without the prior written
permission of Legg Mason & Co, is authorised to link
to any part of this website.
You agree that Legg Mason & Co shall not be under any
obligation of confidentiality to you regarding any such information or materials
submitted to it using this website unless agreed otherwise in a separate direct
contract between you and Legg Mason & Co or required by law.
You acknowledge that the contents of the foregoing
provisions of these terms and conditions shall not limit any specific provisions
which may be set out in the individual terms and conditions of particular products
and services offered through this website.
2.0 Changes to content within the website
reserve the right, in our sole discretion, to change, modify, add or remove portions
of these Terms at any time without notice to website users. Similarly, we reserve
the right, in our sole discretion, to change, modify, add or remove the content
of this website. You must check these Terms periodically for changes. Any changes,
modifications, or additions to, or deletions from these Terms shall be effective
upon posting on this website. If you access this website after we post changes to
the Terms, you accept the Terms as changed.
privacy is very important to Legg Mason & Co. To the extent any information you provide
or which we obtain from this website constitutes personal data, we have set procedures
for the use of that information.
restricted by applicable law, you agree that any and all personal information/data
relating to you collected by Legg Mason & Co from this website from time to time may
be used and disclosed for such purposes and to such persons as may be in accordance
be accessed by clicking here. You consent to the processing by Legg Mason & Co of
the personal data submitted by you through the website and/or created in the course
of the business relationship with Legg Mason & Co, and to the transmission of such personal
data to other companies within the Legg Mason Group (by the internet or otherwise)
for purposes connected with marketing and customer administration. If you do not
wish your information to be used in this way, you should advise Legg Mason & Co
by e-mail or in writing.
Legg Mason & Co
from certain pages of the websites. A cookie is a file that is stored on the hard
disk of a computer by the web browser on a computer. It contains information sent
Firstly it does so to direct users to the correct portion of the website, i.e. to
the area most appropriate for their user needs, and to the correct language version
of their site in the case of sites with multiple languages. Secondly, cookies are
used to gain basic information on users such as whether they are unique or regular
users. The former type of cookie will expire after 30 days after the end of the
user’s session whereas the latter will remain unless they are deleted by the user.
however, this may prevent access to parts of
Legg Mason & Co
may terminate this Agreement, your access to or use of this website and/or any such
sites at any time or notice with or without cause.
Legg Mason & Co
reserves the right in its discretion to modify and/or change without restriction
and without prior warning or notice any information or material contained in these
terms and conditions or otherwise any applicable terms and conditions to relevant
products and/or services available in or on this website. Continued use of the website
by you shall be deemed to indicate your continued consent to any such new, modified,
deleted or amended terms and conditions.
Disclaimer: You are about to leave the Legg Mason Global Thought Leadership website and will be taken to Legg Mason Investor Services, LLC's ("LMIS") website. By accepting, you are consenting to being directed to the LMIS website for individual investors. LMIS is a FINRA registered broker-dealer.
November 17, 2014
"As you know, I have never mentioned dissolving parliament"
The week in review...
Employment: Take this job and… The most notable feature of September's Job Openings ("JOLTS") report – after the mildly positive headline figure of 4.7 mn openings at the end of the month – was the change in "separations" from jobs. The "quits" rate increased (to 2.0%), while the "discharges" rate remained the same (at 1.2%). Quits are generally voluntary and initiated by the employee, so the increase from 2.5 mn in Aug to 2.8 mn in Sept (the highest level since April 2008), is seen as a possible sign of employees' improving optimism about finding work.
Wages: Supply and demand As the demand for employees rises, so do the prospects for improving wages. In September, the number of unemployed looking for work was about twice the number of available jobs – less than thrilling for job seekers, but still a distinct improvement from July 2009, when the figure was close to seven. Manufacturing is still showing a ratio of greater than two to one, but the gap is closing in the retail and leisure/hospitality sectors. And in professional and business services, the ratio was just one unemployed worker per opening. A year ago, the ratio was two to one. Wages in this last category: up 2.4% in 3Q14 vs. the year-ago quarter.
Japan: Taxing politics Hoping to muster parliamentary support for a second increase in consumption taxes scheduled for October 2015, Prime Minister Abe is gently raising the subject of a snap election. The economy took a big hit after the first tax increase last April – annualized GDP for 2Q dropped -7.1%. Public unhappiness over the tax has become a major political liability for Abe's party, despite a 25% rise in Japan's Nikkei stock index this year(as of 11/13/2014), highs not seen for seven years. Etsuro Honda, a member of Abe's inner circle, appears to agree, saying, "Next time we raise the tax, we need to be more careful".
India: Perfect timing on fuel policy Prime Minister Narendra Modi's economic reform program included a promise to curb the government subsidy of fuel prices which cost taxpayers 1.6 trillion rupees ($23 bn) over the last fiscal year. After a move last month to deregulate diesel prices entirely, Modi this week raised taxes on both gasoline (petrol) and diesel – perhaps counting on this year's record drop in oil prices to soften the blow.
Russia: Tough sledding ahead GDP growth slowed in 3Q, to a 0.7% annual rate from 0.8% in 2Q according to a preliminary government estimate. Still, that was enough to beat the more pessimistic 0.3% consensus, largely due to stronger-than-expected results in agriculture; September's 17% rise in production vs. the year-ago month is seen as a harbinger of a record harvest season. But the Central Bank of Russia estimates next year's overall growth at close to zero as sanctions, a plummeting ruble (down 29.5% since the beginning of 2014), and declining oil prices take their toll.
Signs of the times:
Retail Sales in U.S. Showed Broad-Based Gain in October – Bloomberg
Spain Outshines Euro Area as Draghi Morality Tale Echoes – Bloomberg
Japan Consumer Mood Worsens to Six-month Low in October – Reuters
US set to export more oil condensate – Financial Times
Sources: Bloomberg, Wall Street Journal, Financial Times, New York Times.
...And the week ahead:
GLOBAL ECONOMIC CALENDAR: Nov 16–22, 2014
Europe, UK, Africa, Mideast
Japan, Asia Ex Japan & Pac Rim
Poland: local elections
ECB: settled covered bond purchases
China/HK: stock exchange link opens
Philippines: overseas remittances
Producer prices, capital flows
Germany: investor confidence
Ukraine: industrial production
China: property prices
Fed minutes of Oct 28-29 meeting, housing starts, building permits
Brazil: inflation, unemployment
Russia: industrial production
Japan: parliamentary elections called (tentative), Bank of Japan monetary policy statement
Existing home sales, jobless claims, leading indicators
Eurozone: mfg, services PMIs
UK: retail sales
China: mfg PMI
Japan: trade balance
UK: public finances
Russia: retail sales, unemployment
The Job Openings and Labor Turnover Survey (JOLTS) is conducted by the US Department of Labor, producing data on job openings, hires, and separations.
Gross Domestic Product (GDP) is an economic statistic which measures the market value of all final goods and services produced within a country in a given period of time.
The Nikkei-225 Stock Average Index (Nikkei) is a price-weighted average of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange. Please note an investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.
Purchasing Managers Indexes (PMI) measure the manufacturing and services sectors in an economy, based on survey data collected from a representative panel of manufacturing and services firms. PMI greater than 50 indicated economic expansion; below 50, contraction.
Unless otherwise specified, all uses of the symbol "$" refer to US dollars.
The opinions and views expressed herein, as well as references to individual companies or securities, are not intended to be relied upon as a prediction or forecast of actual future events or performance, or a guarantee of future results, or recommendations to buy, hold or sell, or investment advice.
Past performance is not a guarantee of future results.
All investments involve risk, including possible loss of principal.
Please note an investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.
International investments are subject to special risks including currency fluctuations, social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets.
Commodities and currencies contain heightened risk that include market, political, regulatory, and natural conditions and may not be suitable for all investors.
This material is for information only and does not constitute an invitation to the public to invest in any funds, securities, strategies or other products. You should be aware that the investment opportunities described should normally be regarded as longer term investments and they may not be suitable for everyone. The value of investments and the income from them can go down as well as up and investors may not get back the amounts originally invested, and can be affected by changes in interest rates, in exchange rates, general market conditions, political, social and economic developments and other variable factors. Past performance is no guide to future returns and may not be repeated. Investment involves risks including but not limited to, possible delays in payments and loss of income or capital. Neither Legg Mason nor any of its affiliates guarantees any rate of return or the return of capital invested.
Please note that an investor cannot invest directly in an index. Forward-looking statements are subject to uncertainties that could cause actual developments and results to differ materially from the expectations expressed. This information has been prepared from sources believed reliable but the accuracy and completeness of the information cannot be guaranteed and is not a complete summary or statement of all available data. Individual securities mentioned are intended as examples of portfolio holdings and are not intended as buy or sell recommendations. Information and opinions expressed by either Legg Mason or its affiliates are current as at the date indicated, are subject to change without notice, and do not take into account the particular investment objectives, financial situation or needs of individual investors.
The opinions and views expressed herein are not intended to be relied upon as a prediction or forecast of actual future events or performance, or a guarantee of future results, or investment advice. The information in this material is confidential and proprietary and may not be used other than by the intended user. Neither Legg Mason or its affiliates or any of their officer or employee of Legg Mason accepts any liability whatsoever for any loss arising from any use of this material or its contents. This material may not be reproduced, distributed or published without prior written permission from Legg Mason. Distribution of this material may be restricted in certain jurisdictions. Any persons coming into possession of this material should seek advice for details of, and observe such restrictions (if any).
This material may have been prepared by an advisor or entity affiliated with an entity mentioned below through common control and ownership by Legg Mason, Inc.
This material is only for distribution in those countries and to those recipients listed.
All investors in the UK, professional clients and eligible counterparties in EU and EEA countries ex UK and Qualified Investors in Switzerland:
Issued and approved by Legg Mason Investments (Europe) Limited, registered office 201 Bishopsgate, London EC2M 3AB. Registered in England and Wales, Company No. 1732037. Authorized and regulated by the Financial Conduct Authority. Client Services +44 (0)207 070 7444.
All Investors in Hong Kong and Singapore:
This material is provided by Legg Mason Asset Management Hong Kong Limited in Hong Kong and Legg Mason Asset Management Singapore Pte. Limited (Registration Number (UEN): 200007942R) in Singapore.
This material has not been reviewed by any regulatory authority in Hong Kong or Singapore.
Qualified domestic institutional investors in the People's Republic of China (PRC), Distributors and existing investors in Korea and Distributors in Taiwan:
This material is provided by Legg Mason Asset Management Hong Kong Limited to eligible recipients in the PRC and Korea and by Legg Mason Investments (Taiwan) Limited (Registration Number: (98) Jin Guan Tou Gu Xin Zi Di 001; Address: Suite E, 55F, Taipei 101 Tower, 7, Xin Yi Road, Section 5, Taipei 110, Taiwan, R.O.C.; Tel: (886) 2-8722 1666) in Taiwan. Legg Mason Investments (Taiwan) Limited operates and manages its business independently.
This material has not been reviewed by any regulatory authority in the PRC, Korea or Taiwan.
All Investors in the Americas:
This material is provided by Legg Mason Investor Services LLC, a U.S. registered Broker-Dealer, which may include Legg Mason International - Americas Offshore. Legg Mason Investor Services, LLC, Member FINRA/SIPC, and all entities mentioned are subsidiaries of Legg Mason, Inc.
All Investors in Canada:
This material is provided by Legg Mason Canada Inc. Address: 220 Bay Street, 4th Floor, Toronto, ON M5J 2W4. Legg Mason Canada Inc. is affiliated with the Legg Mason companies mentioned above through common control and ownership by Legg Mason, Inc.
All Investors in Australia:
This material is issued by Legg Mason Asset Management Australia Limited (ABN 76 004 835 839, AFSL 204827) ("Legg Mason"). The contents are proprietary and confidential and intended solely for the use of Legg Mason and the clients or prospective clients to whom it has been delivered. It is not to be reproduced or distributed to any other person except to the client's professional advisers.