Chart 3: Equity stresses fell by the most last week Chart 4: Among regions, Japan & US stresses declined the most 0.1 0.05 0.03 0.01 0.10 0.02 0.0 — 04 002 0.00 — -0.2 , -0.10 -0.05 os 0.13 -0.4 -0.20 -0.5 06 -0.30 tf 0.40 -0.8 -0.9 -0.50 Commodities Credit FX Rates Equities EM Europe US Japan mLatest stress (02-Jun-17) | = Change in stress mLatest stress (02-Jun-17) | = Change in stress Source: BofA Merrill Lynch Global Research. 1wk change (26-May-17 to 2-Jun-17). Source: BofA Merrill Lynch Global Research. 1wk change (26-May-17 to 2-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 mm Stessfal mw Latest stress (02-Jun-17) = Change in stress ms Stress rise af , 100% ; 02 0.06 0.05 0.03 0.00 E 90% 426% 33% goo 0.0 — wn = 80% 78% 72% 04 -0.01 9j-0.02 03 > : g 70% 63% 61% 61% 61% 59% 0.6 iS ° 0.8 a 60% : < -1.0 2 50% 1.2 Ss 8 8 ERRE ELE BE S ae _ 4 Oo © Fs 52 28 DGRw G 2 s $ $s a a s % 3S 8 £2 oO a a aa B 2H O fo) a > >< > ) (Ss) a & = P ecb fF B55 KR Br -s 5 S a S > Q 2 z = 678 85 $597 2 8B RB 2 GT — « og a om Ww — aa = () o 3S ro) Source: BofA Merrill Lynch Global Research. * %-ile of weekly move in stress vs all historical weekly Source: BofA Merrill Lynch Global Research. 1wk change (26-May-17 to 2-Jun-17). moves (earliest 3-Jan-00). Bar colours represent rise (red) or fall (green) in stress. 1wk change (26- May-17 to 2-Jun-17). forint a Global Equity Volatility Insights |06 June 2017.3 HOUSE_OVERSIGHT_023577