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Chart 3: Stress in commodities fell the most last week (driven by a drop Chart 4: EM and the US are the least stressed GFSI regions globally in crude oil vol) while stress in equities rose marginally (led by equity 0.02 skew) 0.05 0.02 02 0.00 — , -0.05 0.0 -0.10 5% -0.15 ~ -0.20 -0.4 -0.25 06 -0.30 ~ 0.35 -0.8 -0.40 40 EM Europe Japan US Equities Credit Rates FX Commodities mLatest stress (16-Jun-17) | © Change in stress mLatest stress (16-Jun-17) | © Change in stress Source: BofA Merrill Lynch Global Research. 1wk change (9-Jun-17 to 16-Jun-17). Source: BofA Merrill Lynch Global Research. 1wk change (9-Jun-17 to 16-Jun-17). Chart 5: Top 10 movers in stress (1-week abs chg %-ile vs history*) Chart 6: Global volatility & credit spread stress in the GFSI me Stress fall mLatest stress (16-Jun-17) = Change in stress gam Stress rise _ 100% 792% 3 0.01 0.01 o : 2 90% 83% 82% 82% 81% 80% 799 79% 77% 0.2 ~ 80% 679% -0.4 g 5 -0.6 2 ° -1.0 ‘am 50% -1.2 3 a oS S 2 a Ss fom = 6B 6 S §oS S> § SBE 14 @ - © YY GS5e S565 F $520 2) 3 2 3S x S s (ep) 2) res a CAE a > a > = > > 2 > @% 2f& SSa > EVES ro) rs) 1 fo) a 6 ARO >2 aM A OwD Pad ry i= R = Sx f£ 3 Am 8BULOGDXD SF GP 225 > fe oO £ = Rs) = - ° a a so] [aa] Oo se8 = = > {o) & fo) i § 8 & 5 5S uma§ Lu (os) ow 2 3 a ro) < ro) € Oo Source: BofA Merrill Lynch Global Research. * %-ile of weekly mave in stress vs all historical weekly Source: BofA Merrill Lynch Global Research. 1wk change (9-Jun-17 to 16-Jun-17). moves (earliest 3-Jan-00). Bar colours represent rise (red) or fall (green) in stress. 1wk change (9-Jun- 17 to 16-Jun-17). Bankof America . dee docs z Global Equity Volatility Insights | 20 June 2017 Merrill Lynch quity plnsrents | 28) a HOUSE_OVERSIGHT_014974