This marketing communication is produced by the Trading and Sales division of Banque Pictet & Cie SA (hereafter “Pictet”), a Swiss bank under the supervision of the Swiss Financial Market Supervisory Authority FINMA. This document is not a product of any Pictet financial research unit therefore it is not subject to the “Directives on the Independence of Financial Research” of the Swiss Bankers Association. This marketing communication has not been prepared in accordance with the legal and regulatory requirements to promote the independence of research.

This document is not an investment advice . The information, tools and material presented in this document are not to be considered as an offer or solicitation to buy, sell or subscribe any securities or other financial instruments. In researching the past market history of prices and trading volumes, the persons who prepared this document (hereafter the “authors”) apply special technical methods and formulas to identify and project price trends, including technical analysis.

This document does not constitute the investment policy of Pictet and/or the investment policy of Pictet Canada L.P, Bank Pictet & Cie (Asia) Ltd, Pictet & Cie (Europe) AG, London Branch or Pictet & Cie (Europe) AG Luxembourg Branch, (hereafter collectively “affiliates”) but merely the different assumptions, views and analytical methods of the authors. Pictet and/or any of its affiliates may have issued other documents that are inconsistent with, and reach different conclusions from the information and opinions presented in this document. 

The value and income of any of the securities or financial instrument mentioned in this document can fall as well rise. Indeed, they may be affected by many factors. Past performance should not be taken as an indication or guarantee of future performance and no representation or warranty, expressed or implied, is made by Pictet and/or any of its affiliates regarding future performance. Pictet and/or any of its affiliates accept no liability for any loss or damage arising from the use of this document.

In accordance with the responsible investment policies of Pictet, securities or other financial instruments issued by companies deriving income from controversial weapons (threshold >=0%; including anti-personnel mines, cluster weapons, biological & chemical weapons, and nuclear weapons, as they cause indiscriminate effects, cause undue harm and are incapable of distinguishing between civilian and military targets) and thermal coal extraction (threshold >=25%, as it is more carbon intensive than other fossil fuels and is easily substitutable from an energy generation perspective) will be automatically omitted from this marketing communication. Depending on the evolution of the responsible investment policies of Pictet, further restrictions might apply.

Information and opinions contained in this document may be subject to frequent changes and are set for indicative purpose only. Pictet and/or any of its affiliates have no obligation to update, modify or amend this document or to otherwise notify a reader thereof in the event that any matter stated herein becomes inaccurate. Information and opinions presented by Pictet have been obtained from sources believed to be reliable, and, although all reasonable care has been taken, Pictet and/or any of its affiliates are not able to make any representations as to its accuracy or completeness. Information usually attributed to a unique specific source is quoted whenever such source is available. Otherwise, the information may have been gathered from public news dissemination services.

It does not take into account the specific investment objectives, the financial situation and the particular needs of any person who may receive this report and invest in any financial instrument. Therefore, investors should seek financial advice regarding the suitability of investing in any securities or investment strategies discussed in this report. Pictet and/or any of its affiliates make no representation and give no advice in respect of any tax, legal or accounting matters in any applicable jurisdiction.

This document may contain a series of trading tips, the reader should note that the model portfolio (if any) set out in this document is not a portfolio management product, it may not be updated and Pictet and/or any of its affiliates may discontinue the publication or distribution of the model portfolio at any time. The reader should not replicate part or all of, or rely on, the model portfolio to construct its own investment portfolio.

The trademarks, logos and images set out in this document are used only for the purpose of this publication.

Any index used in this document is the intellectual property of its relevant owner (hereafter "the owner"). The owner has not been involved in any way in the creation of any reportedinformation and does not give any warranty and excludes any liability whatsoever (whether in negligence or otherwise) – including without limitation for the accuracy, adequateness, correctness, completeness, timeliness, and fitness for any purpose – with respect to any reported information or in relation to any errors, omissions or interruptions in the relevant index or its data. 

Any dissemination or further distribution of any such information pertaining to the owner is prohibited. 

Please click on the following link in order to read the vendor-disclaimer of each index used in our publication: pts.pictet.com/vendor-disclosure.

A part of the compensation of the authors may be, directly or indirectly, related to the specific performance of recommendations or views expressed in this document. Authors are also paid a salary plus bonus based on the overall revenue generated by Pictet which may include a portion generated by the Trading and Sales division. Pictet, its affiliates or any of its employees are not subject to the prohibition on dealing in any financial instrument mentioned at any time before this document is distributed. For the companies mentioned in this document Pictet, its affiliates, or any of its employees involved and not involved in the preparation of this document may from time to time have long/short positions or holdings in the securities or other related investments. Nevertheless, the position of Pictet or any of its affiliates does not exceed the threshold of 0.5 percent of the total issued share capital of the issuer. Otherwise, a statement to that effect will be disclosed. The authors responsible for this document, nor any related household members, are not officers, nor directors, nor advisory board members of any covered company. Pictet, its affiliates or any of its employees may use the above mentioned strategy for their own activity. Pictet or any of its affiliates did not, for any company mentioned in this document: (a) Manage or co-manage a public offering in the past 12 months, (b) Participate in any issues of securities in the last 3 years. Pictet, any of its affiliates or authors have not received compensation from any covered company in the last 12 months and do not expect to receive or intend to seek compensation for investment banking services in the next 3 months. Pictet may act from time to time as a market maker for any security mentioned in this document.

Pictet and its affiliates provide a vast array of financial services other than investment banking. The reader should assume that Pictet and its affiliates receive compensation for those services. Moreover, the companies mentioned in this document could currently be or could have been during the last 12 months a client of Pictet or any of its affiliates. The sales and trading department of Pictet is engaged in selling and trading in securities which relates to this document. Pictet, its affiliates and its authors adhere to professional standards and abide by a formal code of ethics that puts the interests of its client ahead of their own. Pictet is not aware of any other possible conflict of interest, not already disclosed above, that may affect the objectivity of this document.

This document is not directed at, or intended for distribution to, or publication for use by, any person or entity that is citizen or resident of, or located in, any locality, state or other jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or would subject Pictet or any of its affiliates to licensing or other requirements within such jurisdiction. This document is directed to persons having professional experience in matters relating to investments. Services referred herein are not available to retail clients. This communication shall only be read and used by the person to whom they are addressed, any form of transmission is strictly prohibited. Pictet and/or any of its affiliates are not liable for the use  or exploitation of this communication. No liability whatsoever will be incurred by Pictet and/or any of its affiliates.

In the USA and in Canada: In the United States, distribution by Pictet is permitted as provided by the exemption under article 15a-6 of the Securities Exchange Act of 1934, and is intended exclusively for major US institutional investors, as defined by the same article. All major US institutional investors may effect a transaction in accordance with the above mentioned article with Pictet Overseas Inc., a US registered broker-dealer.

Please click on the following link in order to read full disclosure information for distribution from Pictet Overseas or from Pictet Canada: Pictet Overseas Inc. & Pictet Canada L.P. disclosure information: pts.pictet.com/disclosure-canada-and-overseas.

In the UK: This document is distributed by Bank Pictet & Cie (Europe) AG, London Branch. Pictet London Branch is a branch of Bank Pictet & Cie (Europe) AG. 

Bank Pictet & Cie (Europe) AG is a credit institution incorporated in Germany and registered with the Handelsregister, the German Commercial Register under the no. HRB 131080. Its head office is at Neue Mainzer Str. 1, 60311 Frankfurt am Main, Germany. Bank Pictet & Cie (Europe) AG is authorised and regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht, the German Federal Financial Supervisory Authority (BaFIN). 

Pictet London Branch is registered as a UK establishment with Companies House (establishment number BR016925) and its UK establishment office address is Stratton House, 6th Floor, 5 Stratton Street, London W1J 8LA. Authorised by the Prudential Regulation Authority (PRA) and subject to regulation by the Financial Conduct Authority (FCA) and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.

This document has not been prepared in accordance with legal requirements designed to promote the independence of research. It has to be considered as non-independent research and a marketing communication. This document may constitute an investment recommendation under the UK version of European Union Market Abuse Directive (2014/57/EU) and the UK version of the European Union Market Abuse Regulation (Regulation 596/2014). This document is intended only for UK Clients who meet the UK version of The Markets in Instruments Directive (MiFID) client categorisation requirements of Professional clients or Eligible counterparties. This material is not intended for Retail Clients.

In Luxembourg and the European Economic Area: This document is distributed by Bank Pictet & Cie (Europe) AG, a credit institution incorporated under German law with head office Neue Mainzer Str. 1, 60311 Frankfurt am Main, Germany, authorised and regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht, the German Federal Financial Supervisory Authority (BaFIN), through its branch. Bank Pictet & Cie (Europe) AG, succursale de Luxembourg, is authorised and regulated by the BaFin and is subject to limited regulation by the Luxembourg Financial Authority, Commission de Surveillance du Secteur Financier (CSSF);

- Bank Pictet & Cie (Europe) AG, succursale de Paris, is authorised and regulated by the BaFin and is subject to limited regulation by the ACPR (Autorité de Contrôle Prudentiel et de Résolution) and the AMF (Autorité des Marchés Financiers);Bank Pictet & Cie (Europe) AG, succursale italiana, is authorised and regulated by the BaFin and is subject to limited regulation by the Consob (Commissione Nazionale per le Società e la Borsa);

- Bank Pictet & Cie (Europe) AG, sucursal en España, is authorised and regulated by the BaFin and is subject to limited regulation by the Bank of Spain and CNMV (Comisión Nacional del Mercado de Valores);

- Bank Pictet & Cie (Europe) AG, succursale de Monaco, is authorised and regulated by the BaFin and is subject to limited regulation by the Commission for the CCAF (Control of Financial Activities). 

- Bank Pictet & Cie (Europe) AG, succursale de Monaco, is authorised and regulated by the BaFin and is subject to limited regulation by the Commission for the CCAF (Control of Financial Activities). 

This document has not been prepared in accordance with legal requirements designed to promote the independence of research. It has to be considered as non-independent research and a marketing communication. This document may constitute an investment recommendation under the European Union Market Abuse Directive (2014/57/EU) and the European Union Market Abuse Regulation (Regulation 596/2014). This document is intended only for Luxembourg and EEA Clients who meet The Markets in Instruments Directive (MiFID) client categorisation requirements of Professional clients or Eligible counterparties. This material is not intended for Retail Clients.

In Singapore: This document is distributed by the Pictet Trading & Sales department of Bank Pictet & Cie (Asia) Ltd (“BPCAL”) in Singapore, and is not directed to, or intended for distribution, publication to or use by, persons who are not accredited investors, expert investors or institutional investors as defined in section 4A of the Securities and Futures Act (Cap. 289 of Singapore) (“SFA”) or any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or would subject BPCAL and any of its affiliates or related corporations to any prospectus or registration requirements. BPCAL has obtained an exemption from the Monetary Authority of Singapore (“MAS”) under section 100(2) of the Financial Advisers Act (“FAA”) for the provision of financial advisory services to High Net Worth Individuals (as defined in the MAS Guidelines on Exemption for Specialized Units Serving High Net Worth Individuals FAA-G07) (the “Exemption”) and is exempted from the requirements of sections 25, 27, 28 and 36 of the FAA, the MAS Notice on Recommendations on Investment Products (FAA-N16), MAS Notice on Appointment and Use of Introducers by Financial Advisers (FAA-N02), MAS Notice on Information to Clients and Product Information Disclosure (FAA-N03) and MAS Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers (FAA-N13). Please contact BPCAL in Singapore in respect of any matters arising from or in connection with this document. 

This document is only meant as a marketing tool and is not a product of any independent financial research unit. The information, tools and material presented in this document are provided for information purposes only and are not to be used or considered as an offer, an invitation to offer or solicitation to buy, sell or subscribe for any securities, commodities, derivatives, (in respect of Singapore only) futures, or other financial instruments (collectively referred to as “Investments”) or to enter into any legal relations, nor as advice or recommendation with respect to any Investments. 

This document contains a series of trading tips. The model portfolio set out in this document is not a portfolio management product, it may not be updated and BPCAL  may discontinue the publication of the model portfolio at any time. An investor should not replicate part or all of, or rely on the model portfolio to construct its own investment portfolio. 

Please click on the following link in order to read full disclosure information for distribution from Bank Pictet & Cie (Asia) Ltd: Bank Pictet & Cie (Asia) Ltd (“BPCAL”): pts.pictet.com/disclosure-asia.