Last week, as the US state visit to China drew to a close, global trading saw a wave of priced-in profits, with the South Korean stock market even triggering a circuit breaker. A rapid contraction in global risk appetite led to a downward adjustment in precious metals, mirroring global equity markets.

Meanwhile, on the geopolitical front, Iran is currently unable to sell its oil through the Strait of Hormuz. Although the US has withdrawn one long-serving aircraft carrier, it still maintains two carriers alongside its British and French fleets, intending to long-term blockade Iran's shadow fleet. The US, along with its allies including Britain and France, has launched a permanent maritime blockade plan, constructing an encirclement network in the Strait of Hormuz and the Gulf of Oman, directly cutting off Iran's oil export routes by intercepting and seizing "shadow oil tankers."

For precious metals, the contraction in risk appetite led to pressure on silver and gold, as bargain hunters closed their positions after the priced-in profits were realized. Simultaneously, persistently high oil prices pushed up global inflation, further depressing precious metal prices through rising interest rates.

The substantial supply shortage caused by the disruption of Iranian oil supplies has effectively capped any further downside for oil prices.

Last Week's Market Performance Recap:

U.S. stocks retreated from record highs driven by the artificial intelligence (AI) boom before the weekend, as soaring oil prices fueled global inflation concerns, and rising U.S. Treasury yields weighed on risk assets. The Dow Jones Industrial Average fell 537.29 points, or 1.07%, to close at 49,526.17; the S&P 500 fell 92.74 points, or 1.24%, to close at 7,408.50; and the Nasdaq Composite fell 410.08 points, or 1.54%, to close at 26,225.15.

Gold traded under pressure around $4,530 last week, as rising U.S. Treasury yields and a continued strengthening dollar reduced demand for the non-yielding precious metal, although ongoing geopolitical tensions limited further declines.

Silver prices fell more than 8% to $75 per ounce before the weekend, with the silver market experiencing more volatility. At the beginning of the week, the market anticipated silver prices could reach $90/ounce, but the silver market experienced a significant collapse over the past two days. The decline continued for the second consecutive trading day, pressured by concerns about rising US inflation and potential interest rate hikes.

The US dollar index climbed above the 99.30 area, hitting a multi-week high on Friday, as stronger-than-expected US economic data reinforced market expectations that the Federal Reserve might maintain higher interest rates for an extended period. The dollar index has risen for several consecutive days this week, reaching the 99 mark on Friday, driven primarily by inflation data. April retail sales rose 0.5%, indicating that consumer spending remained robust despite high borrowing costs; however, higher Consumer Price Index (CPI) and Producer Price Index (PPI) reports continued to exacerbate inflation concerns.

The euro/dollar fell under pressure from a generally stronger dollar and rising US yields, heading towards the 1.1620 area, putting pressure on the euro. Investors also remained cautious as rising energy costs related to Middle East tensions impacted the outlook for European economic growth. The USD/JPY pair rose to the 158.80 range, a two-week high, supported by stronger-than-expected US inflation data widening the USD/JPY yield spread. The yen partially lost its safe-haven appeal as markets reacted positively to the meeting between President Trump and Chinese leader Xi Jinping.

The GBP/USD pair fell to around 1.3320, a new monthly low, as the pound was pressured by a strong dollar and continued concerns about the stability of Prime Minister Keir Starmer's administration due to UK fiscal and political factors. Meanwhile, the AUD/USD pair weakened to the 0.7150 area, as continued dollar demand offset support from improved market sentiment surrounding the Trump-Xi summit.

WTI crude oil prices remained above $101.30 per barrel last week, as stalled negotiations regarding Iran continued to fuel concerns about a long-term disruption to global energy flows through the Strait of Hormuz. On Friday (May 15), WTI futures showed a clear rebound this week. Oil prices were boosted after Trump's visit to China.

Last week, affected by market anxieties, the total market capitalization of cryptocurrencies fell from $2.74 trillion to $2.42 trillion between April 2nd and April 8th last year. However, the market subsequently showed greater resilience to the impact of related policies, with Bitcoin even reaching an all-time high of $126,080 on October 6th last year. But Trump shocked the market again on October 10th when he threatened to impose 100% tariffs on China, causing the cryptocurrency market to fall sharply again and has not yet fully recovered. Currently, the price of Bitcoin is still more than 35% lower than its all-time high.

In the bond market, long-term US Treasury yields rose to their highest level in a year. Market concerns that continued disruptions to Middle Eastern energy supplies, coupled with high oil prices, will further push up global inflation. Demand for US Treasury bonds has already been hit by inflation concerns this week, with recent bond auction results being weak.

The yield on the 10-year U.S. Treasury note rose 11.6 basis points to 4.576%; the yield on the 30-year Treasury note rose 10.1 basis points to 5.1137%. The yield on the 2-year Treasury note, which is more closely linked to the Federal Reserve's interest rate expectations, rose 8.3 basis points to 4.075%.

Market Outlook for This Week:

This week (May 18-22), global markets will experience a period of concentrated data releases and significant policy events.

From China's economic fundamentals to inflation and employment indicators in Europe and the U.S., from the G7 finance ministers' meeting to policy signals from central banks around the world, and structural market events such as the rollover of crude oil futures contracts, each event could trigger significant asset price volatility.

Investors need to closely monitor core data and policy developments to grasp potential opportunities and risks amidst multiple variables.

Regarding risks this week:

Geopolitical and policy variables require close attention.

Besides core economic data, investors should be wary of five potential risks:

First, escalating geopolitical conflicts, such as the Baltic shipping dispute and the intensifying Russia-EU sanctions game, could boost risk aversion, benefiting safe-haven assets like gold and the US dollar.

Second, speeches by officials from the Federal Reserve and the European Central Bank signaling a policy shift could quickly revise market interest rate expectations, triggering sharp short-term fluctuations in exchange rates and bond markets.

Third, new financial sanctions or trade restrictions introduced at the G7 meeting would suppress global risk asset sentiment.

Fourth, liquidity fluctuations during the crude oil futures contract rollover could lead to short-term oil price volatility.

Fifth, if manufacturing PMIs collectively fall short of expectations, it could trigger concerns about a slowdown in global economic recovery, suppressing the performance of risk assets such as stocks.

This week's conclusion:

The Strait of Hormuz is still awaiting substantive negotiation results and navigation status. Currently, navigation through the strait is marginally improving, while Iran's crude oil storage capacity, even with production cuts, may run out within a month, leading to a complete shutdown.

Therefore, the overall timetable for negotiations is getting closer, and today's gold price decline is mainly due to the realization of positive news leading to a contraction in risk appetite. In the future, the market will continue to focus on marginal geopolitical changes and the adjustment path of the Federal Reserve's monetary and fiscal policies.

Wash to Take the Heavily Divided Federal Reserve, Suffering from Trump's Impact

The US Senate is expected to formally confirm Kevin Warsh as Chairman of the Federal Reserve last week. Currently, domestic inflationary pressures in the US remain high, and the upward trend in prices has not been effectively curbed. However, the Trump administration continues to exert unprecedented political pressure on this century-old central bank, with the core demand being to force the Federal Reserve to start the process of interest rate cuts as soon as possible to meet its political and economic demands.

Although Trump's Republican Party only holds a slim majority in the Senate and does not have absolute dominance, based on current statements from all sides, Warsh's nomination is highly likely to be approved smoothly, successfully succeeding the outgoing Federal Reserve Chairman Jerome Powell and officially taking the helm of the world's most influential central bank.

Wash's Monetary Policy Stance is Not Unchanging

It is worth noting that Warsh's monetary policy stance is not unchanging. In his early career, Warsh was known as a "hawk" with a strong stance on monetary policy, consistently prioritizing inflation control and repeatedly expressing public support for tightening monetary policy and maintaining high interest rates. However, with continued pressure from the Trump administration and his own need to run for Federal Reserve Chairman, Warsh's position has shifted significantly. He has begun to actively align with Trump's core demand for interest rate cuts, gradually leaning towards a more dovish stance.

This incoming Federal Reserve Chairman explicitly pledged during his nomination hearing to implement comprehensive "systemic reforms" of the Fed. He publicly criticized the current Fed's operation for significant flaws, arguing that it is too entangled in political maneuvering, severely eroding its independence, and that excessive transparency in policy decision-making processes limits the flexibility of monetary policy. He advocates for a systemic restructuring of the Fed's communication mechanisms and decision-making framework.

However, Warsh's promise to cut interest rates faces significant practical obstacles. The current US inflation rate remains significantly higher than the Federal Reserve's 2% long-term inflation target, and upward pressure on prices persists. Furthermore, the Trump administration's war in Iraq has further driven up global energy prices, directly leading to a renewed rise in domestic inflation in the US. This makes it difficult for Warsh to persuade members of the Federal Reserve's interest rate-setting committee to reach a consensus and immediately initiate interest rate cuts in the short term.

Warsh is quickly facing attacks from Trump.

This dilemma could quickly draw Warsh into a barrage of criticism from Trump—who has previously launched a sustained and fierce public attack on current Chairman Powell over interest rate decisions, repeatedly accusing him of "inaction" on social media and in public speeches, claiming that his insistence on high interest rates "stifles US economic growth," and even threatening to fire him.

Warsh's biggest challenge is likely dealing with President Trump. The president's lack of respect for the Federal Reserve's independence and his single-minded focus on lowering interest rates will be the most difficult problem Warsh will face upon taking office.

The Impact on the Federal Reserve's Independence

The Trump administration's series of accusations and pressure against Powell have long been seen by the global financial and academic communities as an unprecedented challenge and attack on the Federal Reserve's independence. As a benchmark for global central banks, the Fed's independence has always been a core premise for its monetary policy formulation, and Trump's actions are continuously breaking this long-established precedent.

Prior to this, Trump attempted to remove Federal Reserve Governor Lisa Cook from the Fed's board of directors, citing allegations of mortgage fraud, but this move was widely questioned within the Fed and by the legal community. Currently, the U.S. Supreme Court is making a final ruling on the legality of Trump's dismissal of Cook, a case considered a key precedent for measuring the boundaries between presidential power and the Fed's independence.

The Trump administration's actions of dropping the criminal investigation against Powell and attempting to dismiss Cook are unprecedented in the Fed's 113-year history, severely undermining the institutional foundation of central bank independence.

Economic Challenges

When Warsh took over the Federal Reserve, the world's largest economy was suffering from the combined effects of multiple economic shocks, leaving the foundation for economic recovery very weak. This presented the new Fed chairman with severe economic challenges.

Entering 2026, inflationary pressures intensified again. In April of this year, influenced by the US-led coalition against Iran, global oil prices surged, directly driving up costs in multiple sectors in the US, including energy, transportation, and agriculture, thus pushing up overall price levels. Data shows that the US inflation rate rose to 3.8% year-on-year in April, a new high in nearly three years, further compressing the Fed's room for interest rate cuts.

Besides curbing inflation, ensuring full employment is another core mission of the Federal Reserve. On the surface, the current US unemployment rate is stable at around 4.3%, within a relatively reasonable range. However, behind this stable figure lie deep-seated fluctuations and concerns in the job market.

This situation of "high inflation and weak employment" has put Federal Reserve policymakers in a dilemma: raising interest rates, while effectively curbing persistently high inflation, would further suppress economic growth and exacerbate the sluggish job market; lowering rates, while stimulating economic recovery and boosting employment, would lead to further inflationary pressures, adding to the financial burden on ordinary families.

Furthermore, a special circumstance complicates Warsh's path to governance: after stepping down as Chairman of the Federal Reserve, Powell will become the first former Chairman of the Federal Reserve Board of Governors in over 70 years to remain in office after leaving his previous term. This rare situation has attracted widespread market attention. Powell's continued tenure may influence Warsh's decisions to some extent and could further exacerbate divisions within the Federal Reserve, bringing more uncertainty to Warsh's "systemic reform" plans.

Conclusion:

Another special circumstance complicates Warsh's path to governance: after stepping down as Chairman of the Federal Reserve, Powell will become the first former Chairman of the Federal Reserve Board of Governors in over 70 years to remain in office after leaving his previous term. This rare situation has attracted widespread market attention. Powell's continued tenure may influence Warsh's decision-making to some extent and could further exacerbate divisions within the Federal Reserve, bringing more uncertainty to Warsh's "systemic reform" plan.

Silver prices bucked the trend and rose, with the Chinese market being the core driver of the silver market's performance.

Due to rising demand in Asia and the impetus of geopolitical tensions, silver prices defied the trend and rose despite a strong dollar. Silver prices saw a significant increase. This rise was mainly due to strong physical demand from China and continuous buying momentum in major Asian markets. Currently, China's silver imports have reached a record high, driven by both the enthusiasm of domestic retail investors and the substantial increase in industrial demand for silver from the photovoltaic solar energy industry. These two factors combined to support the market. The Shanghai market's silver premium has remained at a high level for a long time, with a significant price advantage, further attracting international arbitrage funds to continuously flow into the domestic silver market.

Rising silver insurance premiums and continued increases in import volume in the Chinese market have jointly contributed to the continued upward trend of silver prices. Continued active buying by funds on the Shanghai Futures Exchange and the continued openness of import arbitrage windows fully demonstrate the robust fundamentals of Asian real demand, which can completely offset the wait-and-see and cautious sentiment in Western markets.

Silver prices steadily rose; showing exceptional resilience.

Silver prices steadily rose last week, reaching approximately $89.380 during the session. Normally, a stronger dollar coupled with rising US Treasury yields would weaken the investment appeal of non-interest-bearing assets like silver. However, in this round of price increases, substantial physical buying in Asia provided strong support, offsetting the pressure from macroeconomic headwinds. Latest market data shows that silver prices performed exceptionally well during Asian trading hours, with Shanghai spot silver showing a significant premium relative to the London benchmark price, directly highlighting the current imbalance in the global silver supply and demand structure. Strong silver demand is not concentrated solely in the Chinese market; major silver-consuming countries in Asia, such as India, also contributed considerable purchasing power, jointly strengthening the bottom support of the global silver market.

Geopolitical tensions fuel safe-haven buying

Tensions in the Middle East, coupled with various market expectations regarding the Federal Reserve's future monetary policy, have continued to boost market interest in precious metals. The stalemate in US-Iran negotiations, posing a risk of energy supply disruptions, has directly fueled global inflation expectations, prompting many investors to include silver in their safe-haven asset portfolios.

Against this backdrop, silver's safe-haven properties have been continuously activated, with prices showing a steady upward trend. Growing concerns about energy supply chain disruptions have further exacerbated upward pressure on global inflation, driving continued growth in investor appetite for precious metals. In addition, the long-term structural demand for silver from solar photovoltaic, new energy vehicles, and high-end electronics industries continues to solidify silver's long-term investment value as an industrial metal, unaffected by excessive short-term market speculation.

US Inflation and the Impact of Federal Reserve Policy

The latest US inflation data has reinforced market expectations that the Federal Reserve will maintain a tight monetary policy for an extended period. The US Consumer Price Index (CPI) rose 3.8% year-on-year in April, reaching a new high since May 2023; the Producer Price Index (PPI) climbed even higher to 6% year-on-year. High inflation has driven up US Treasury yields, supporting a strong US dollar.

Even facing multiple macroeconomic headwinds such as a stronger dollar and high interest rate expectations, silver has demonstrated remarkable price resilience, fully reflecting the buffering effect of massive physical demand against negative financial factors. Against the backdrop of a generally bearish macroeconomic environment for precious metals, silver's resilience against the trend is particularly prominent, exhibiting independent price action.

Currently, demand in the Chinese market is the core factor driving silver's price movement. In recent weeks, professional institutions and experienced traders on the Shanghai Futures Exchange have consistently bought silver on dips, keeping the domestic silver premium consistently high. Meanwhile, import arbitrage opportunities persist, indicating that the upward driving force of Asian physical demand on silver prices has surpassed the volatility impact of conventional commodity trading systems.

Key Price Levels and Technical Trends

As long as Asian physical buying remains active, the downside potential for silver prices will be significantly limited.

From a bullish perspective, silver's primary upside target is to return to the $87.26-$89.73 range. A successful break above this range would target $90.02, followed by the $91.34-$98.49 pullback range. Bears should watch for a break below the key support level of $84.90. A decisive break below this level would target $84.00 and then $82.12.

Technically, if silver can firmly establish itself above the $90 level, it will open up new upside potential, and market attention will gradually shift to the important psychological level of $100. Key resistance levels: First resistance at $87.26-$89.73, second resistance at $90.02; key support levels: $84.90, $84.00.

Conclusion:

Overall, the current silver market is in a deep interplay between supply and demand fundamentals and negative macroeconomic and financial factors. Strong physical demand in Asia, especially China, has become the most stable and reliable core driver supporting silver prices' resilience and upward trend.

Crude Oil Analysis: Iran Allows Tankers Through, Oil Prices Fall Then Rise

Last week, international oil prices fluctuated. Brent crude futures climbed to a high of $107.13 per barrel before falling back. US spot crude (WTI) was around $97 per barrel during the same period.

Strait Easing + China-US Summit

Behind the oil price volatility were two core events.

First, there were clear signs of easing tensions in the Strait of Hormuz. Iranian state media reported that approximately 30 ships had transited the strait in recent hours; the semi-official Fars News Agency, citing sources, reported that Iran had begun allowing some Chinese ships to pass through. A Chinese supertanker carrying 2 million barrels of Iraqi crude oil passed through the Strait of Hormuz smoothly on Wednesday after being stuck in the Gulf for over two months; a tanker managed by the Japanese refining group Eneos also became the second Japanese vessel to pass through this passage.

Since the outbreak of the Iran-Iraq War in late February, the Strait of Hormuz, a crucial global energy route, has been virtually closed. This development is seen by the market as an important signal of easing tensions.

Secondly, high-level diplomatic relations between China and the US provided political support for the reopening of the strait. The White House stated that US President Trump and Chinese President Xi Jinping agreed during their talks that the Strait of Hormuz must remain open to ensure the free flow of energy. Trump described the talks as "extremely positive and constructive" and announced that he would invite Xi Jinping to visit the White House on September 24. Xi Jinping's side stated that China intends to purchase more US oil to reduce its dependence on the Strait of Hormuz.

This series of diplomatic statements significantly reduced the geopolitical risk premium embedded in recent oil prices, triggering a temporary pullback during the trading session.

Institutional Views

The market generally remains cautious about this easing of tensions.

Market commentators point out that the increased number of vessels allowed passage has a far greater positive impact on market sentiment than on actual supply and demand. "This may help set a ceiling on oil prices in the short term, but it's not an effective way to significantly lower prices." Many are wondering if Iran's decision to allow these vessels passage is an attempt to prevent the balance of negotiations from tipping in their favor.

The International Energy Agency (IEA) stated on Wednesday that global oil supply is expected to decrease by approximately 3.9 million barrels per day this year due to supply disruptions caused by the Middle East conflict, with supply remaining below demand throughout the year.

The most hawkish commentators believe the current market calm is merely an illusion, stating bluntly that "a storm is brewing"—restricted speculative funds, continued depletion of Chinese inventories, rapid decline in US inventories, and tightening product markets—all these factors combined could push Brent crude prices above $150 per barrel.

Conclusion:

The easing of tensions in the Taiwan Strait and the release of diplomatic goodwill have put short-term pressure on oil prices; however, the supply-demand gap remains real, and geopolitical risks are far from over. The market is at a delicate juncture, seemingly calm on the surface but turbulent beneath—the future direction of the Iran negotiations and the sustainability of the Strait of Hormuz will be key variables determining the next move in oil prices.

Starmer suffers a "backstabbing"; how long can the pound hold the 1.34 defense line?

Last week, the pound fell sharply against the dollar to around 1.3395 after Health Secretary Wes Streatine officially resigned and publicly expressed a loss of confidence in Prime Minister Keir Starmer's leadership. This event directly amplified the leadership crisis within the Labour Party. Coupled with the previous setbacks in local elections, political uncertainty pushed up UK government bond yields, and market concerns about the continuity of fiscal policy and the economic growth outlook rapidly intensified.

The rapid escalation of the political crisis directly impacts the pound.

In his resignation letter, Streatine clearly stated that Starmer could not lead the Labour Party to victory in the next general election and called for a leadership debate. This move was not an isolated incident, but rather a concentrated release of discontent within the party after the local elections. Former Deputy Prime Minister Angela Reyner, despite being cleared of allegations by the tax authorities, publicly called on Keir Starmer to "rethink" his stance. Financial markets are always quick to react to such high-level personnel changes: the pound fell rapidly against the dollar after the news broke, as traders focused on the policy uncertainty that a potential leadership shift could bring.

The yield on 10-year UK government bonds recently rose to the 5.05%-5.11% range, a significant increase from last week. Investors are concerned that if a left-wing candidate favoring tax increases and increased spending comes to power, the risk of a widening fiscal deficit will further push up borrowing costs. Amanda Blank, CEO of Aviva, recently stated that frequent changes in government strategy and leadership over the past six years have damaged the UK's international image as a major economy. This lack of continuity directly translates into higher market risk premiums.

As a high-beta currency, the pound is susceptible to selling pressure when risk appetite declines. The current exchange rate level has moved away from previous highs, reflecting that traders are pricing in a potentially longer policy vacuum.

UK Economic Fundamentals and Monetary Policy Transmission

Despite significant political noise, the UK economy has shown resilience. February 2026 saw a 0.5% month-on-month increase in UK GDP, exceeding market expectations, with contributions from the services, manufacturing, and construction sectors. Three-month rolling data also recorded 0.5% growth. Full-year economic growth for 2025 is estimated at around 1.3%, and most forecasting agencies predict growth in the 0.7%-1.4% range for 2026, depending on the external environment and the recovery of domestic demand.

The Bank of England is currently maintaining its policy rate at 3.75%. Inflation is hovering around 3%, above the 2% target, but base effects and energy price trends provide room for a subsequent decline. Chancellor of the Exchequer Rachel Reeves emphasized that avoiding political turmoil is crucial for public service investment and economic growth. However, leadership uncertainty has begun to disrupt business confidence and investment decisions.

Market Impact of Potential Leadership Change Scenario

Currently, potential candidates within the Labour Party include some left-wing representatives and other MPs. Polls indicate that left-wing candidates have a higher probability of winning if a leadership contest is triggered. Traders are primarily focused on the direction of subsequent fiscal and tax policies: more aggressive spending plans could push up the debt trajectory, thus supporting a steeper yield curve, while a more moderate approach could alleviate some pressure.

Historical experience shows that periods of change in British prime ministers are often accompanied by periods of volatility in the pound, especially against the backdrop of global uncertainty. The current external environment, including geopolitical factors and policy divergence among major economies, further amplifies the pound's sensitivity. Businesses are already beginning to feel the real impact of the lack of policy continuity, and long-term investment decisions are becoming more cautious.

The pound's valuation against the dollar has already factored in some risk pricing, but if the crisis continues to escalate or more high-level changes occur, the exchange rate may test lower support levels. Conversely, if the leadership issues are resolved quickly, market risk appetite is expected to partially recover.

Conclusion:

In the short term, the events directly increased the political risk premium, causing the pound to weaken and fall below 1.34. Traders are concerned that the leadership vacuum may delay decision-making and push up borrowing costs. In the medium term, if the new leadership adopts a more expansionary fiscal policy, it could further suppress the pound's performance; conversely, if policy continuity is maintained, volatility may gradually subside. The core issue lies in the market's repricing of fiscal discipline and economic growth expectations.

Overview of Important Overseas Economic Events and Matters This Week:

Monday (May 18): US May NAHB Housing Market Index; G7 Finance Ministers and Central Bank Governors Meeting, to be held until May 19

Tuesday (May 19): Japan's First Quarter Seasonally Adjusted Annualized Real GDP (Preliminary) (%); Australia's ANZ Consumer Confidence Index for the week ending May 17; UK March Unemployment Rate - by ILO Standard (%); Eurozone March Seasonally Adjusted Trade Balance (EUR billion); US ADP Employment Change for the week ending May 2 (thousands); Reserve Bank of Australia Releases Minutes of its May Monetary Policy Meeting

Wednesday (May 20): UK April CPI YoY (%); UK April Retail Price Index YoY (%); Eurozone April Harmonized CPI YoY - Final Unadjusted (%); US EIA Crude Oil Inventory Change (in thousands of barrels) for the week ending May 15

Thursday (May 21): Australia's April seasonally adjusted unemployment rate (%); Australia's April employment change (in thousands); US April building permits month-on-month preliminary reading (%); US April building permits month-on-month preliminary reading (%); US May SPGI Manufacturing PMI preliminary reading; Eurozone May consumer confidence index preliminary reading; Federal Reserve releases monetary policy meeting minutes

Friday (May 22): UK May GfK Consumer Confidence Index; Japan's April national CPI year-on-year rate (%); UK April seasonally adjusted retail sales month-on-month rate (%); US May University of Michigan Consumer Sentiment Index final reading

Disclaimer: The information contained herein (1) is proprietary to BCR and/or its content providers; (2) may not be copied or distributed; (3) is not warranted to be accurate, complete or timely; and, (4) does not constitute advice or a recommendation by BCR or its content providers in respect of the investment in financial instruments. Neither BCR or its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.