Stocks suffered yesterday as the reopening trade took a hit. We could look to surging cases in India for a sense of alarm or unease, whilst tensions around the Ukraine and Russia are arguably adding a dullness to trade. But a technical pullback from aggressively overbought positioning seems to be more of a factor. I don’t think that the macro picture has altered much since Friday; US 10 year yields are subdued around 1.55-1.60%. Earnings are coming in better than expected or at least in line, and clearing a very high bar in the process. But investors seem content to park gains for the moment and reassess. It’s all about the E bit of the PE ratio now as we can no longer rely on optimistic margin expansion driven by the Fed – it’s all in already. True, travel stocks were badly affected – it looks more and more that international travel is several months behind where we thought it might have been at this stage. The fact that the US State Department plans to slap “do not travel” advisories on 80% countries underlined the way in which vaccines are only going to deliver a true return to normal once the world is inoculated. Earnings are by and large very strong but that’s already been discounted by a stock market that hit a record high last Friday. Similar story for the DAX. The FTSE has a longer path to travel hit its all-time highs again but this only offers hope for progress.

How markets respond over the coming weeks will depend a lot on the vaccine programme and the path of new cases, as well as signals from central banks. The ECB meeting tomorrow carries some degree of risk for markets, particularly if the GC or Lagarde offers any hints of hawkishness – it’s too easy to underestimate the strength of the hawks and the ECB’s willingness to exit pandemic emergency mode before the Fed. The euro will have a free pass to rise if markets think the ECB will exit PEPP before it runs its full course. Bank of Canada rate decision is due today and the Bank of England governor Andrew Bailey is speaking later this morning.

Fiscal stimulus remains a crucial support but this has largely been priced in – albeit not entirely, particularly in Europe. And this morning the German constitutional court dismissed a legal challenge to ratify the EU recovery fund. So a year on we may be about to see if the long awaited funds can be dispersed. Very little, very late. In comparison with the US it’s paltry. Nevertheless, if we are looking at stock market sectors and markets then the fact is that retail sales growth of almost 10% in the US shows that the US bazooka creates a lot of spillover for the global economy, including Europe.

On Wall Street, the Dow declined by 256 points, its worst day in a month, while the S&P 500 dropped 0.7% and the Nasdaq fell 0.9%, respectively. The Vix closed above 18 after hitting a 14-month low last week. Not exactly elevated, but on the way up. In Europe, the FTSE 100 fell 2% to under 6,900, while the DAX dropped 1.55%. This morning we are seeing something of a bounce with the FTSE 100 up 0.5% in the first 30 minutes of the session, but there is a lot of ground to make up and gains so far look a little tentative. We continue to see the churn – IAG back up today after a drubbing yesterday, JustEat is down over 4%. PensionBee didn’t buzz on its first day with shares flat in early trade. At least it is doing better than Deliveroo, which is steady today at 244p, down from its IPO price 390p. Having tried to consolidate pensions in the past, I am sure anything that actually makes it easier is sure to be in demand. But the market is a little wary of new IPOs at this stage in the cycle.

Total football, total shambles: Shares in Juventus and Manchester Utd fell as the wheels came off the ESL quicker than you can shout ‘sack the owners’. It’s been a total debacle for the clubs – investors may be cautious about investing in football teams; they usually are. Whilst the ‘big’ six English clubs have pulled out, the Italian and Spanish teams are still committed on paper – I wonder how long they can eke this out. Juventus shares tumbled 10% in early trade on Wednesday, taking the stock back almost to where it was closed on Friday as traders saw blood. After dropping 6% yesterday and a further 2% after hours, Man Utd stock is also back to where it was before the weekend bombshell.

Netflix stumbled after hours, plunging 9% after missing on net subscriber adds and offering soft Q2 guidance. Netflix added 4m new customers in the first quarter, short of the 6m expected. Management guided just for just 1m net adds in Q2 and warned of ongoing uncertainty due to the pandemic. The company - and the Street - seem to have overestimated the continuity of demand from a record breaking 2020. Still it’s position looks strong even if sequential growth rate is slowing, which was always to be expected anyways. Revenues jumped 24% from the same quarter a year ago to $7.2m. Earnings were up by $1bn from last year to $1.7bn because of production delays lowering costs, but also the significant revenue jump.

On the data front, UK inflation came in at 0.7%, a little lighter than expected but notably up from 0.4% in February as base effects from the pandemic start to enter the data. Higher fuel and clothing costs were the chief drivers of the increase.

Sterling pulled back as the dollar made gains following Monday’s move lower. After touching 1.40 in early trade yesterday, GBPUSD trades pretty steady to start the session at 1.3920, testing the old resistance of the top of the Apr 6th outside daily candle. As explained earlier, Monday’s sharp move way beyond the top Bollinger called for a pullback, which we have seen. Momentum remains with the bulls just but could swing if it turns under 1.39. As long as this holds we ought to see a return to the 1.40 area and break out may be forthcoming. EURUSD trades lighter at 1.20250, whilst USDJPY dropped further under 108 to its lowest since early March.

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RISK DISCLOSURE STATEMENT In consideration of Safecap Limited (“Safecap”) agreeing to enter into over-the-counter (“OTC”) contracts for differences (“CFDs”) and spot foreign exchange contracts (“Spot FX Contracts”) with the undersigned (hereinafter referred to as the “Customer”, “you”, “your”), Customer acknowledges, understands and agrees that: 1. Trading Is Very Speculative and Risky. Trading CFDs and Spot FX Contracts is highly speculative and is suitable only for those customers who (a) understand and are willing to assume the economic, legal and other risks involved, and (b) are financially able to assume losses significantly in excess of margin or deposits. Neither CFDs nor Spot FX Contracts are appropriate investments for retirement funds. 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Safecap has the right to liquidate any or all open positions whenever the minimum margin requirement is not maintained and this may result in Customer’s CFDs or Spot FX Contracts being closed at a loss for which you will be liable. 4. Cash Settlement. CFD and Spot FX Contracts can only be settled in cash. 5. Conflicts of Interest. Safecap is the counterparty to all Transactions entered into under the Customer Agreement and, as such, Safecap’s interests may be in conflict with yours. Our conflicts of interest policy is available at Safecap website. 6. OTC Transactions. When trading CFDs or Spot FX Contracts with us, such Transactions will not be executed on a recognized or designated investment exchange and are known as OTC transactions. All positions entered into with us must be closed with us and cannot be closed with any other entity. OTC transactions may involve greater risk than investing in on-exchange contracts because there is no exchange market on which to close out an open position. It may be impossible to liquidate an existing position, to assess the value of the position arising from an OTC transaction or to assess the exposure to risk. Bid Prices and Ask Prices need not be quoted by us, based on best execution policies applicable in the market. There is no central clearing and no guarantee by any other party of Safecap’s payment obligations to the Customer. Customer must look only to Safecap for performance of all contracts in Customer’s Account and for return of any Margin or collateral. 7. CFDs and Spot FX Contracts. Trading CFDs and Spot FX Contracts carries a high degree of risk. The gearing or leverage often obtainable in such trading means that a relatively small market movement can lead to a proportionately much larger movement in the value of your liability. You should be aware of the implications of this, in particular, the Margin requirements. 8. Prices, Margin And Valuations Are Set By Safecap And May Be Different From Prices Reported Elsewhere. Safecap will provide prices to be used in trading, valuation of Customer positions and determination of Margin requirements in accordance with its Trading Policies and Procedures and Market Information Sheets. The performance of your CFD or Spot FX Contract will depend on the prices set by Safecap and market fluctuations in the underlying asset to which your contract relates. Our prices for a given market are calculated by reference to the price of the relevant underlying asset which we obtain from third party external reference sources or exchanges. For our Spot FX Contracts, we obtain price data from wholesale market participants. 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Where the CFD or Spot FX Contract is settled in a currency other than your base currency, the value of your return may be affected by its conversion into the base currency. 12. One Click Trading And Immediate Execution. Safecap’s Online Trading System provide immediate transmission of Customer’s Order once Customer enters the notional amount and clicks “Buy/Sell.” This means that there is no opportunity to review the Order after clicking “Buy/Sell” and Market Orders cannot be cancelled. This feature may be different from other trading systems you have used. Customer should utilize the Demo Trading System to become familiar with the Online Trading System before actually trading online with Safecap. Customer acknowledges and agrees that by using Safecap’s Online Trading System, Customer agrees to the one-click system and accepts the risk of this immediate transmission feature. 13. Telephone Orders And Immediate Execution. 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The generic market recommendations provided by Safecap are based solely on the judgment of Safecap’s personnel and should be considered as such. Customer acknowledges that it enters into any Transactions relying on its own judgment. Any market recommendations provided are generic only and may or may not be consistent with the market positions or intentions of Safecap and/or its affiliates. The generic market recommendations of Safecap are based upon information believed to be reliable, but Safecap cannot and does not guarantee the accuracy or completeness thereof or represent that following such generic recommendations will reduce or eliminate the risk inherent in trading CFDS and/or Spot FX Contracts. 16. No Guarantees Of Profit. There are no guarantees of profit nor of avoiding losses when trading CFDs and Spot FX Contracts. Customer has received no such guarantees from Safecap or from any of its representatives. Customer is aware of the risks inherent in trading CFDs and Spot FX Contracts and is financially able to bear such risks and withstand any losses incurred. 17. Customer May Not Be Able To Close Open Positions. Due to market conditions which may cause any unusual market price fluctuations, or other circumstances Safecap may be unable to close out Customer’s position at the price specified by Customer and Customer agrees that Safecap will bear no liability for a failure to do so. 18. Internet Trading. When Customer trades online (via the internet), Safecap shall not be liable for any claims, losses, damages, costs or expenses, caused, directly or indirectly, by any malfunction or failure of any transmission, communication system, computer facility or trading software, whether belonging to Safecap, Customer, any exchange or any settlement or clearing system. 19. Telephone Orders. 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These prevailing market prices will be the prices, which are ultimately reflected on the Customer statements. This may or may not adversely affect the Customer’s realized and unrealized gains and losses. 21. Compensation. Safecap participates in the Investor Compensation Fund for clients of Investment Firms regulated in the Republic of Cyprus. Customers will be entitled to compensation under the Investor Compensation Fund where we are unable to meet our duties and obligations arising from your claim. Any compensation provided to you by the Investor Compensation Fund shall not exceed twenty thousand Euro (20.000). This applies to your aggregate claims against us. TRADING POLICIES AND PROCEDURES 1. INTRODUCTION Safecap’s Trading Policies and Procedures are an integral part of your Customer Agreement. It is your responsibility to carefully read these Trading Policies and Procedures and to inform Safecap of any questions or objections that you may have regarding them before entering each and every Transaction. You agree, represent, warrant and certify that you understand and accept Safecap’s Trading Policies and Procedures, as set forth here and as may be amended from time to time by Safecap, in its sole discretion, and you agree to comply with Safecap’s Trading Policies and Procedures. Terms capitalized in these Trading Policies and Procedures are defined in the Glossary as found on Safecap website. 2. TRADING HOURS All references to Safecap’s hours of trading are in Greenwich Mean Time (“GMT”) using 24-hour format. Safecap normally provides access for trading CFDs and Spot FX Contracts via the Website from 21:00 GMT on Sunday to 21:00 GMT on Friday. Please refer to our “Instruments Table” for additional information. Safecap reserves the right to suspend or modify its trading hours at any time and on such an event will inform Customers in advance on a best efforts basis of any changes in its trading hours. Following submission of an Order, it is the sole responsibility of Customer to remain available for Order and Fill confirmations, and other communications regarding Customer’s Account until all open Orders are completed. Thereafter, Customer must monitor Customer’s Account frequently when Customer has Open Positions in the Account. 3. BEST EXECUTION 1. Safecap is authorized and regulated by Cyprus Securities and Exchange Commission. We are required to take all reasonable steps to obtain the best possible result when executing client Orders. We are required to have an execution policy and to provide our clients with appropriate information in relation to our execution policy. Where you place Orders with us, the execution factors that we consider and their relative importance is as set out below: 1. Price. The relative importance we attach is “high”. 2. Speed. The relative importance we attach is “high”. 3. Likelihood of execution and settlement. The relative importance we attach is “high”. 4. Size. The relative importance we attach is “high”. 2. We are the principal to every Order you place with us and therefore we are the only execution venue. 4. ORDERS 1. Orders Placement. All Orders must be placed through the Safecap Online Trading System or by telephone to the Safecap Trading Desk. Telephone Orders are accepted in the sole discretion of Safecap. 2. Types of Orders Accepted. Some of the types of Orders Safecap accepts include, but are not limited to: 1. Good till Canceled (“GTC”) - An Order (other than a Market Order), that by its terms is effective until filled or canceled by Customer. GTC Orders do not automatically cancel at the end of the Business Day on which they are placed. 2. Limit - An Order (other than a Market Order) to buy or sell the identified market at a specified price. A Limit Order to buy generally will be executed when the Ask Price equals or falls below the Bid Price that you specify in the Limit Order. A Limit Order to sell generally will be executed when the Bid Price equals or exceeds the As Price that you specify in the Limit Order. 3. Market - An Order to buy or sell the identified market at the current market price that Safecap provides either via the Online Trading System or over the telephone through one of the dealers. An Order to buy is executed at the current market Ask Price and an Order to sell is executed at the current market Bid Price. 4. One Cancels the Other (“OCO”)- An Order that is linked to another Order. If one of the Orders is executed, the other will be automatically cancelled. 5. Stop Loss - A Stop Loss Order is an instruction to buy or sell a market at a price which is worse than the opening price of an open position (or worse than the prevailing price when applying the Stop Loss Order to an already open position). It can be used to help protect against losses. Please note that because of market gapping, the best available price that may be achieved could be materially different to the price set on the Stop Loss Order and as such, Stop Loss Orders are not guaranteed to take effect at the price for which they are set. 6. Trailing Stop - A Trailing Stop is the same as a Stop Loss Order with the only difference being that, instead of setting a price at which the Order is activated, the Trailing Stop Order is activated at a fixed distance from the market price. For example, if Customer has purchased a long open position and the market Ask Price increases, the Trailing Stop price will also increase and will trail behind the market Ask Price at the fixed distance set by Customer. If the market Ask Price then decreases, the Trailing Stop price will remain fixed at its last position and if the market Ask Price reaches the Trailing Stop price, the Order will be executed. Please note that because of market gapping, the best available price that may be achieved could be materially different to the price set on the Trailing Stop Order and as such, Trailing Stop Orders are not guaranteed to take effect at the fixed distance for which they are set. 3. One Click Order Entry/One Click Execution of Market Orders. 1. Electronic Order entry for Market Orders equals Order execution. To enter an online Order, Customer must access the Markets window, then click on “BUY/SELL” for the relevant market. A new window will appear in which the Customer enters the price and lot size. The Order is filled shortly after the Customer hits the OK button provided the Customer has sufficient funds in his Account. Orders may fail for several reasons including changing dealer prices, insufficient margin, unspecified lot size or unanticipated technical difficulties. 2. One-Click Trading. To use one-click trading, Customer must go to the “Settings” menu and choose “View and Edit”. Customer should check the “One-Click Trading” box. To enter an online Order with one-click trading, the Customer must access the Markets window and enter the price and lot size. The Order is filled shortly after the Customer clicks the BUY/SELL button provided the Customer has sufficient funds in his Account. Orders may fail for several reasons including changing dealer prices, insufficient margin, unspecified lot size or unanticipated technical difficulties. One-Click Trading can also be used when closing positions. 3. Immediate Execution of Orders Through the Safecap Trading Desk. Orders executed over the telephone with the Safecap Trading Desk are completed when the Safecap telephone operator says “deal” or “done.” At that point Customer has bought or sold and cannot cancel the Order. When placing Orders through the Safecap Trading Desk, Customer acknowledges and agrees to such immediate execution and accepts the risk of trading in this way. 4. Order Cancellation. Non-Market Orders may be cancelled via the Safecap Online Trading System. However, there is no guarantee that Customer will be able to cancel an Order before it has been executed and Safecap shall have no liability for any claims, losses, damages, costs or expenses, including legal fees, arising directly or indirectly out of the failure of such Order to be cancelled. 4. Terms of Acceptance for Orders - It is Customer’s sole responsibility to clearly indicate the terms of an Order when entered, whether it is a Market Order, Limit Order, Stop Loss Order or any other type of Order, including the relevant price and lot size. Customer acknowledges and agrees that, despite our best efforts, the price at which execution occurs may be materially different to the price specified in your Order. This may result from sudden price movements in the underlying market that are beyond our control. Safecap shall have no liability for failure to execute Orders. Safecap shall have the right, but not the obligation, to reject any Order in whole or in part prior to execution, or to cancel any Order, where Customer’s Account contains Margin that is insufficient to support the entire Order or where such Order is illegal or otherwise improper. 5. Confirmation of Execution - Transactions executed online will be confirmed online in the Open Positions window and Deal Blotter in the dealing console, which is updated online as each Transaction is executed. Telephone Orders are confirmed orally and online in the Deal Blotter and Open Positions window immediately once the Order is executed. Confirmation of execution and statements of Accounts for Customer shall be deemed correct, conclusive and binding upon Customer if not objected to immediately by email if Orders were placed through Safecap’s Online Trading System or by telephone to the Safecap Trading Desk if Orders were placed by telephone, and such objection must be confirmed in writing within five (5) days after the day on which such objection was first raised. In cases where the prevailing market represents prices different from the prices posted by Safecap, Safecap will attempt, on a best efforts basis and in good faith, to execute Market Orders on or close to the prevailing market prices. This may or may not adversely affect Customer’s Realized and Unrealized Gains and Losses. 5. CUSTOMER ACCOUNTS AND INITIAL DEPOSITS 1. Documents. Before you can place an Order with Safecap, you must read and accept the Customer Agreement, including the Risk Disclosure Statement and these Trading Policies and Procedures and all applicable addenda, you must deposit sufficient clear funds in your Account and your Customer Registration Form and all accompanying documents must be approved by Safecap. Upon the approval of your registration, you will be notified by e-mail. Safecap may, in its sole discretion, request that in addition to online acceptance of the Customer Agreement, Customer must complete and submit any signed documents so required by Safecap, including but not limited to the Customer Agreement and Risk Disclosure Statement. 2. Currency of Accounts. All Account balances will be calculated and reported only in U.S. Dollars. 6. MARGIN REQUIREMENTS Customer shall provide and maintain Margin in accordance with the terms of the Customer Agreement to secure Customer’s obligations to Safecap. Margin includes Required Margin for Open Positions, which is based on (i) the Opening Margin Requirement; (ii) the Minimum Margin Requirement; (iii) the market value of Open Positions; and (iv) any additional amount as Safecap, in its sole discretion, believes is prudent to require. Customer must maintain the Minimum Margin Requirement on their Open Positions at all times. Safecap has the right to liquidate any or all Open Positions whenever the Minimum Margin Requirement is not maintained. 7. MARGIN CALLS Safecap maintains the right to liquidate Customer positions as set out above and is under no obligation to make calls for margin. However, Customer will receive an automatic margin call notification when logged in to the Online Trading System if the Account Equity in the Online Trading System equals to or falls below 100% of the minimum margin needed to open the position(s) held (the minimum margin needed to open position(s) is referred to in the Online Trading System as ‘Used Margin’). In addition, Safecap may contact Customer and request that Customer deposit additional Collateral to secure Customer’s obligations to Safecap. Any call for additional margin without exercising the rights to liquidate Customer positions shall not be deemed precedent for future calls act as a waiver of liquidation rights by Safecap. Safecap may allow the Customer to maintain Open Positions even if the Customer has not met one or more Margin payment which is/ are due, in Safecap’s sole discretion and upon approval by the Risk Committee. 8. LIQUIDATION LEVEL Subject to all additional rights of Safecap under the Customer Agreement, in the event that the liquid funds in the Customer Account should, at any time equal or fall below 20% of the Used Margin for Customer’s Account in the aggregate, Safecap will have the right but not the obligation to close any part of or all of Customer’s Open Positions. Any failure by Safecap to enforce its rights hereunder shall not be deemed as a waiver of such rights by Safecap. Safecap may contact the Customer via the means designated by the Customer to make a call for Margin in order to secure Customer’s obligations to Safecap but is not obliged to do so. Any call for Margin without exercising the rights to liquidate Customer positions shall not be deemed a precedent for future conduct and Safecap maintains the right to liquidate Customer Positions without calling Margin. 9. WITHDRAWALS Payments from a Customer Account require a withdrawal request form signed by all required account holders and submitted in writing to Safecap. The withdrawal process requires a minimum of three (3) Business Days from receipt of the withdrawal request to the issuance of payment. Safecap will transfer any funds owing to you to your nominated bank account. Only funds owing to you and not being utilized for margin purposes or any other obligations to Safecap may be withdrawn. If a withdrawal request is for funds in excess of those funds that are available for withdrawal, Safecap will not comply with the request and the Customer will be notified accordingly. I / WE HAVE READ, UNDERSTOOD AND AGREE TO THE RISK DISCLOSURE STATEMENT AND THE TRADING POLICIES AND PROCEDURES SET OUT ABOVE

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