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.
February 10, 2014
"That's what you would expect in a growing, vibrant economy."
The week in review...
US: Unrequited Solid—if mixed—data was not enough for financial markets to feel the love from investors. Mon Feb 3 saw the S&P 500 drop 2.3% and volatility jump 16.5% (measured by VIX), on the back of a discouraging report on manufacturing growth from the Institute of Supply Management (ISM) that trimmed forecast expansion much more than expected. But the Fed’s January survey of bank senior loan officers showed a continuing increase in loan demand combined with loosening loan requirements; labor productivity rose at a 3.2% annualized rate in 4Q13 after a 3.6% rate in 2Q13, better than expected—which could convince companies to step up hiring; the net number of companies listed on US stock exchanges increased in 2013 for the first time since before the Internet bubble of the late 1990s; US service sector growth increased its expansion in Dec 2013 for the fourth month running. But employment news was more mixed; a private-sector survey reported 175k new jobs added and Federal figures showed 113k for Jan, both lower than expected. But cuts by retailers and government agencies were more than made up for by new hires for construction firms and manufacturers. Jan’s unemployment rate came in at 6.6%, beating consensus forecasts.
Mexico: What crisis? Moody’s raised the country’s credit rating to “A3” -- four levels above the so-called junk-grade threshold. That's Mexico’s highest level ever and the highest in Latin America after Chile. A major factor: the country's intent to open its energy industry to much-needed foreign investment as soon as this year, according to finance minister Luis Videgaray. But growth remains a concern: growth in commercial loans dropped below 10% from a peak of 16% in 2012, and consumer confidence fell in Jan to its lowest level since April 2010 on consumer tax hikes.
Eurozone: Watchful waiting In announcing that the ECB would keep its base lending rate at 0.25%, President Mario Draghi noted the unexpectedly low 0.7% inflation rate for Jan, well below its 2% goal. With data on the economy inconclusive, he said further action would depend on March’s economic data, when the bank hopes the signs will be more clear.
China: New year blues? Official figures showed service sector growth expanded in Jan at the lowest rate in nearly two years, with the non-manufacturing PMI for Jan falling for the third straight month to 53.4 from 54.6 in Dec. Real estate was to blame, according to the National Bureau of Statistics.
Japan: Wage pressure Base wages adjusted for inflation in 2013 matched 2009’s 16-year low, increasing pressure on Prime Minister Abe’s government to pull the economy into a virtuous cycle of increasing consumption and growth.
Sources: Bloomberg, Reuters, Wall Street Journal, Financial Times, New York Times, Shanghai Daily, XinhuaNet, European Central Bank.
Signs of the times:
Solid Australia retail sales, export boom back steady rates outlook - Reuters
Thailand Farmers Demand Payments for Rice Under Subsidy Program - Wall Street Journal
Italy accuses S&P of not getting ‘la dolce vita’ - Financial Times
Carney Seeks to Keep Low-Rate Outlook as BOE Holds Policy - Bloomberg
...And the week ahead:
GLOBAL ECONOMIC CALENDAR: February 9 – February 15
Europe, UK, Africa, Mideast
Asia Ex Japan & Pac Rim
Switzerland: immigration referendum
Japan: Bank lending
China: monetary aggregates, new loans
India: trade balance
Philippines: industrial production
Uruguay: industrial production
Eurozone: investor confidence
France: industrial production
Italy: industrial production
Norway: consumer prices, producer prices
Switzerland: unemployment rate
UK: retail sales
Japan: Current account, household confidence, economy watchers index
Taiwan: trade balance
Australia: home loans, house prices, business confidence, business survey
Fed Chairman Congressional testimony, small business optimism, wholesale inventories, weekly retail sales, job openings & labor turnover (JOLTs)
Mexico: industrial production
South Africa: unemployment rate
China: trade balance, exports, imports
South Korea: unemployment rate, M2 money supply
New Zealand: electronic retail sales
Mortgage applications, Federal budget, Atlanta Fed inflation expectations
Eurozone: industrial production
France: current account
Switzerland: consumer prices
UK: house prices, inflation
South Africa: retail sales
Japan: Corporate goods prices
India: consumer prices, industrial production, manufacturing output
Australia: employment change, unemployment rate, participation rate
Fed Chairman Congressional testimony, retail sales, initial jobless claims, business inventories, Fed balance sheet, money supply
Canada: new house prices
Brazil: retail sales
Peru: interest rate decision
Argentina: consumer prices
Germany: consumer prices
Switzerland: producer prices
China: consumer prices, producer prices, foreign direct investment
New Zealand: food prices
Industrial production, capacity utilization, import & export prices, consumer sentiment, inflation expectations
Canada: manufacturing sales
France: GDP, nonfarm payrolls
Spain: consumer prices
Russia: trade balance
India: wholesale prices
Singapore: retail sales
Peru: unemployment rate
The S&P 500 Index is an unmanaged index of common stock performance. Please note an investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.
The CBOE Market Volatility Index (VIX) was introduced in 1993 by the Chicago Board Options Exchange (CBOE) to measure the implied volatility of the U.S. equity market. The index is calculated in real time using the Standard and Poor’s 100 Index (OEX) options. The index is calculated by taking a weighted average of the implied volatilities of eight OEX calls and puts having an average time to maturity of 30 days. Please note an investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.
The Institute for Supply Management (ISM) PMI Indexes (formerly the National Association of Purchasing Managers Index) are based on a survey of purchasing executives who buy the raw materials for manufacturing at more than 350 companies. They offer an early reading on the health of the manufacturing and services sectors. Please note an investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.
In general, 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.
The European Central Bank (ECB) is responsible for the monetary system of the European Union (EU) and the euro currency.
The Federal Open Market Committee (FOMC) is the main policy- and decision-making body of the Federal Reserve (Fed) system responsible for promoting economic growth, full employment, stable prices, and a sustainable pattern of international trade and payments.
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 Job Openings and Labor Turnover Survey (JOLTS) is conducted by the US Department of Labor, producing data on job openings, hires, and separations.
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.
Foreign securities are subject to the additional risks of fluctuations in foreign exchange rates, changes in political and economic conditions, foreign taxation, and differences in auditing and financial standards. These risks are magnified in the case of investments in emerging markets.
Fixed income securities are subject to interest rate and credit risk, which is a possibility that the issuer of a security will be unable to make interest payments and repay the principal on its debt. As interest rates rise, the price of fixed income securities falls.
Currencies and commodities contain heightened risk that include market, political, regulatory, and natural conditions and may not be suitable for all investors.
Credit quality is a measurement of a bond issuer's ability to pay interest on the bond in a timely manner; it informs investors of an investment’s credit worthiness, or risk of default. The credit quality ratings provided by ratings agencies such as Standard and Poor’s (S&P), Moody’s Investors Service and/or Fitch Ratings, Ltd. typically range from AAA (highest) to D (lowest). Please see www.standardandpoors.com, www.moodys.com, or www.fitchratings.com for details.
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.