Investor Presentaiton
8 Emerging Risk Factors
Heightened geopolitical uncertainty across multiple fronts
Israel-Hamas conflict & potential spillover into broader Middle East region
Russia-Ukraine war
■China-Taiwan potential escalation
▸ Financial system stability risks
BOJ policy normalization & resulting effect on global yields
Dislocated commercial real estate capital markets
▸ Impact of higher long-end yields on bank balance sheets and corporate
refinancings (higher cost of capital, increased default risk)
Risk of a U.S. government shutdown
► Slowing global economic growth
China's economic growth momentum has stalled, with potential contagion risk from an
overleveraged real estate sector
■Weakness in European manufacturing sector
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