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Update

May13,202404:00AMGMT

GlobalMacroStrategy|Global

GlobalFXPositioning:New

ShortJPYPositions

IntheweekendingFriday,May10,optionspricingdataindicatethatinvestorsaddedlongNOK(versusEUR)andNZDpositions,andincreasedshortJPYandAUD

positions.Inthefuturesmarket,USDshortswereaddedagainstJPYandGBP,whileinvestorsincreasedshortUSD(DXY)andCHFintheweekendingTuesday,May

7Exhibit4.Overall,optionsdatasuggestthattacticalinvestorsarelongAUD,whilebeingshortSEK(versusEUR)andJPY.Positioninginthefuturesmarketremains

longEURandisshortCADandAUD.

Exhibit1:

Source:DTCC,Bloomberg,MorganStanleyResearch;Note:Usingoptionsthatweretradedinthepastthreemonthsandexpireinthe

comingonemonth.Notionalsaredelta-adjusted.DataasofFriday,May10.Formethodology,see

AssessingFXPositioningwith

CurrencyOptions.

Exhibit2:

Source:DTCC,Bloomberg,MorganStanleyResearch;Note:Usingoptionsthatweretradedinthepastthreemonthsandexpireinthe

comingonemonth.Notionalsaredelta-adjusted.DataasofFriday,May10.Formethodology,see

AssessingFXPositioningwith

CurrencyOptions.

MorganStanley&Co.LLC

ZoeKStrauss

Strategist

+1212761-0407

Zoe.Strauss@

AndrewMWatrous

Strategist

+1212761-5287

Andrew.Watrous@

MorganStanley&Co.Internationalplc+

DavidS.Adams,CFA

Strategist

+44207425-3518

David.S.Adams@

WantingLow

Strategist

+44207425-6841

Wanting.Low@

DominicJKrummenacher

Strategist

+44207425-9781

Dominic.Krummenacher@

MorganStanleydoesandseekstodobusinesswith

companiescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanley

Research.InvestorsshouldconsiderMorganStanley

Researchasonlyasinglefactorinmakingtheirinvestmentdecision.

Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.

+=Analystsemployedbynon-U.S.affiliatesarenotregisteredwithFINRA,maynotbeassociatedpersonsofthememberandmaynotbesubjecttoFINRArestrictionson

communicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.

Goshortthreehighest

G10crosses

Golongthree

lowestG10

80

70

60

Update

OptionsdatasuggestthatUSDpositioningisclosetoneutral,whiledatafromthe

futuresmarketpointtolongUSDpositioning(

Exhibit7).AUD/USDisthepreferred

shortandUSD/CADthepreferredlongfromourshort-term(weekly)contrarianstrategymodel(

Exhibit

8

).

Exhibit7:

Source:DTCC,Bloomberg,Macrobond,MorganStanleyResearch;OptionsdataasofFriday,May10;FuturesdataasofTuesday,May7.Note:Usingoptionsthatwere

tradedinthepastthreemonthsandexpireinthecomingonemonth.Notionalsare

deltaadjusted.Formethodology,see

AssessingFXPositioningwithCurrencyOptions.

Exhibit8:

100

90

crosses

50

40

30

20

10

0

AUD/USD

EUR/JPY

EUR/SEK

EUR/GBP

USD/NOK

NZD/USD

EUR/USD

EUR/NOK

GBP/USD

USD/CHF

EUR/CHF

USD/JPY

USD/CAD

1ypercentileofG10crosses

Source:MorganStanleyResearch;DataasofFriday,May10.Formethodology,see

AssessingFXPositioningwithCurrencyOptions.

SpeculativeUSD(DXY)futurespositioningwasreducedto35.3%ofopeninterestintheweekendingTuesday,May10(from42.3%intheweekbefore;

Exhibit

9)

.Intheweek

endingFriday,May10,USDsawthelargestimprovementintheDailySentimentIndex.SentimentonJPYandAUDdeterioratedthemostintheG10(

Exhibit1

0

).

Exhibit9:

Exhibit10:

45

SpeculativeNetUSDPositioning(USDbn)

35

LongUSD

25

15

5

-5

-15

-25

-35

ShortUSD

-45

Jan-20Jan-21Jan-22Jan-23Jan-24

GBPCAD

EURAUD

JPYCHF

NZDTotal

Source:Bloomberg,MorganStanleyResearch;DataasofTuesday,May7.Adjustedto

USDamountbasedonrolling2-yearaveragespotprice.

Source:,MorganStanleyResearch

MorganStanleyResearch3

4

Morganstanley

RESEARCH

Update

DisclosureSection

TheinformationandopinionsinMorganStanleyResearchwerepreparedoraredisseminatedbyMorganStanley&Co.LLCand/orMorganStanleyC.T.V.M.S.A.and/orMorganStanleyMéxico,CasadeBolsa,S.A.deC.V.and/orMorganStanleyCanadaLimitedand/orMorganStanley&Co.Internationalplcand/orMorganStanleyEuropeS.E.and/orRMBMorganStanleyProprietaryLimitedand/orMorganStanleyMUFGSecuritiesCo.,Ltd.and/orMorganStanleyCapitalGroupJapanCo.,Ltd.and/orMorganStanleyAsiaLimitedand/orMorganStanleyAsia(Singapore)Pte.(Registrationnumber199206298Z)and/orMorganStanleyAsia(Singapore)SecuritiesPteLtd(Registrationnumber200008434H),regulatedbytheMonetaryAuthorityofSingapore(whichacceptslegalresponsibilityforitscontentsandshouldbecontactedwithrespecttoanymattersarisingfrom,orinconnectionwith,MorganStanleyResearch)and/orMorganStanleyTaiwanLimitedand/orMorganStanley&CoInternationalplc,SeoulBranch,and/orMorganStanleyAustraliaLimited(A.B.N.67003734576,holderofAustralianfinancialserviceslicenseNo.233742,whichacceptsresponsibilityforitscontents),and/orMorganStanleyWealthManagementAustraliaPtyLtd(A.B.N.19009145555,holderofAustralianfinancialserviceslicenseNo.240813,whichacceptsresponsibilityforitscontents),and/orMorganStanleyIndiaCompanyPrivateLimitedhavingCorporateIdentificationNo(CIN)U22990MH1998PTC115305,regulatedbytheSecuritiesandExchangeBoardofIndia(“SEBI”)andholderoflicensesasaResearchAnalyst(SEBIRegistrationNo.INH000001105),StockBroker(SEBIStockBrokerRegistrationNo.INZ000244438),MerchantBanker(SEBIRegistrationNo.INM000011203),anddepositoryparticipantwithNationalSecuritiesDepositoryLimited(SEBIRegistrationNo.IN-DP-NSDL-567-2021)havingregisteredofficeat18thFloor,Tower2,OneWorldCenter,Plot-841,JupiterTextileMillCompound,SenapatiBapatMarg,LowerParel,Mumbai400013,IndiaTelephoneno.+91-22-61181000;ComplianceOfficerDetails:Mr.TejarshiHardas,Tel.No.:+91-22-61181000orEmail:tejarshi.hardas@;Grievanceofficerdetails:Mr.TejarshiHardas,Tel.No.:+91-22-61181000orEmail:msic-compliance@whichacceptstheresponsibilityforitscontentsandshouldbecontactedwithrespecttoanymattersarisingfrom,orinconnectionwith,MorganStanleyResearch,andtheiraffiliates(collectively,"MorganStanley").

Forimportantdisclosures,stockpricechartsandequityratinghistoriesregardingcompaniesthatarethesubjectofthisreport,pleaseseetheMorganStanleyResearchDisclosureWebsiteat/researchdisclosures,orcontactyourinvestmentrepresentativeorMorganStanleyResearchat1585Broadway,(Attention:ResearchManagement),NewYork,NY,10036USA.

Forvaluationmethodologyandrisksassociatedwithanyrecommendation,ratingorpricetargetreferencedinthisresearchreport,pleasecontacttheClientSupportTeamasfollows:US/Canada+1800303-2495;HongKong+8522848-5999;LatinAmerica+1718754-5444(U.S.);London+44(0)20-7425-8169;Singapore+656834-6860;Sydney+61(0)2-9770-1505;Tokyo+81(0)3-6836-9000.AlternativelyyoumaycontactyourinvestmentrepresentativeorMorganStanleyResearchat1585Broadway,(Attention:ResearchManagement),NewYork,NY10036USA.

AnalystCertification

Thefollowinganalystsherebycertifythattheirviewsaboutthecompaniesandtheirsecuritiesdiscussedinthisreportareaccuratelyexpressedandthattheyhavenotreceivedandwillnotreceivedirectorindirectcompensationinexchangeforexpressingspecificrecommendationsorviewsinthisreport:DavidS.Adams,CFA;DominicJKrummenacher;WantingLow;ZoeKStrauss;AndrewMWatrous.

.

GlobalResearchConflictManagementPolicy

MorganStanleyResearchhasbeenpublishedinaccordancewithourconflictmanagementpolicy,whichisavailableat/institutional/research/conflictpolicies.APortugueseversionofthepolicycanbefoundat.br

ImportantRegulatoryDisclosuresonSubjectCompanies

TheequityresearchanalystsorstrategistsprincipallyresponsibleforthepreparationofMorganStanleyResearchhavereceivedcompensationbaseduponvariousfactors,includingqualityofresearch,investorclientfeedback,stockpicking,competitivefactors,firmrevenuesandoverallinvestmentbankingrevenues.EquityResearchanalysts'orstrategists'compensationisnotlinkedtoinvestmentbankingorcapitalmarketstransactionsperformedbyMorganStanleyortheprofitabilityorrevenuesofparticulartradingdesks.

MorganStanleyanditsaffiliatesdobusinessthatrelatestocompanies/instrumentscoveredinMorganStanleyResearch,includingmarketmaking,providingliquidity,fundmanagement,commercialbanking,extensionofcredit,investmentservicesandinvestmentbanking.MorganStanleysellstoandbuysfromcustomersthesecurities/instrumentsofcompaniescoveredinMorganStanleyResearchonaprincipalbasis.MorganStanleymayhaveapositioninthedebtoftheCompanyorinstrumentsdiscussedinthisreport.MorganStanleytradesormaytradeasprincipalinthedebtsecurities(orinrelatedderivatives)thatarethesubjectofthedebtresearchreport.

Certaindisclosureslistedabovearealsoforcompliancewithapplicableregulationsinnon-USjurisdictions.

STOCKRATINGS

MorganStanleyusesarelativeratingsystemusingtermssuchasOverweight,Equal-weight,Not-RatedorUnderweight(seedefinitionsbelow).MorganStanleydoesnotassignratingsofBuy,HoldorSelltothestockswecover.Overweight,Equal-weight,Not-RatedandUnderweightarenottheequivalentofbuy,holdandsell.InvestorsshouldcarefullyreadthedefinitionsofallratingsusedinMorganStanleyResearch.Inaddition,sinceMorganStanleyResearchcontainsmorecompleteinformationconcerningtheanalyst'sviews,investorsshouldcarefullyreadMorganStanleyResearch,initsentirety,andnotinferthecontentsfromtheratingalone.Inanycase,ratings(orresearch)shouldnotbeusedorrelieduponasinvestmentadvice.Aninvestor'sdecisiontobuyorsellastockshoulddependonindividualcircumstances(suchastheinvestor'sexistingholdings)andotherconsiderations.

GlobalStockRatingsDistribution

(asofApril30,2024)

TheStockRatingsdescribedbelowapplytoMorganStanley'sFundamentalEquityResearchanddonotapplytoDebtResearchproducedbytheFirm.

Fordisclosurepurposesonly(inaccordancewithFINRArequirements),weincludethecategoryheadingsofBuy,Hold,andSellalongsideourratingsofOverweight,Equal-weight,Not-RatedandUnderweight.MorganStanleydoesnotassignratingsofBuy,HoldorSelltothestockswecover.Overweight,Equal-weight,Not-RatedandUnderweightarenottheequivalentofbuy,hold,andsellbutrepresentrecommendedrelativeweightings(seedefinitionsbelow).Tosatisfyregulatoryrequirements,wecorrespondOverweight,ourmostpositivestockrating,withabuyrecommendation;wecorrespondEqual-weightandNot-RatedtoholdandUnderweighttosellrecommendations,respectively.

Morganstanley

RESEARCH

Update

CoverageUniverse

InvestmentBankingClients(IBC)

OtherMaterialInvestmentServices

Clients(MISC)

StockRating

Category

Overweight/Buy

Equal-weight/Hold

Not-Rated/Hold

Underweight/Sell

Total

Count

1456

1746

2

606

3,810

%ofTotal

38%

46%

0%

16%

Count

343

336

0

70

749

%ofTotalIBC

46%

45%

0%

9%

%ofRating

Category

24%

19%

0%

12%

Count

645

725

1

221

%ofTotalOther

MISC

41%

46%

0%

14%

1592

DataincludecommonstockandADRscurrentlyassignedratings.InvestmentBankingClientsarecompaniesfromwhomMorganStanleyreceivedinvestmentbankingcompensationinthelast12months.Duetoroundingoffofdecimals,thepercentagesprovidedinthe"%oftotal"columnmaynotadduptoexactly100percent.

AnalystStockRatings

Overweight(OorOver)-Thestock'stotalreturnisexpectedtoexceedthetotalreturnoftherelevantcountryMSCIIndexortheaveragetotalreturnoftheanalyst'sindustry(orindustryteam's)coverageuniverse,onarisk-adjustedbasisoverthenext12-18months.

Equal-weight(EorEqual)-Thestock'stotalreturnisexpectedtobeinlinewiththetotalreturnoftherelevantcountryMSCIIndexortheaveragetotalreturnoftheanalyst'sindustry(orindustryteam's)coverageuniverse,onarisk-adjustedbasisoverthenext12-18months.

Not-Rated(NR)-Currentlytheanalystdoesnothaveadequateconvictionaboutthestock'stotalreturnrelativetotherelevantcountryMSCIIndexortheaveragetotalreturnoftheanalyst'sindustry(orindustryteam's)coverageuniverse,onarisk-adjustedbasis,overthenext12-18months.

Underweight(UorUnder)-Thestock'stotalreturnisexpectedtobebelowthetotalreturnoftherelevantcountryMSCIIndexortheaveragetotalreturnoftheanalyst'sindustry(orindustryteam's)coverageuniverse,onarisk-adjustedbasis,overthenext12-18months.

Unlessotherwisespecified,thetimeframeforpricetargetsincludedinMorganStanleyResearchis12to18months.

AnalystIndustryViews

Attractive(A):Theanalystexpectstheperformanceofhisorherindustrycoverageuniverseoverthenext12-18monthstobeattractivevs.therelevantbroadmarketbenchmark,asindicatedbelow.

In-Line(I):Theanalystexpectstheperformanceofhisorherindustrycoverageuniverseoverthenext12-18monthstobeinlinewiththerelevantbroadmarketbenchmark,asindicatedbelow.Cautious(C):Theanalystviewstheperformanceofhisorherindustrycoverageuniverseoverthenext12-18monthswithcautionvs.therelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachregionareasfollows:NorthAmerica-S&P500;LatinAmerica-relevantMSCIcountryindexorMSCILatinAmericaIndex;Europe-MSCIEurope;Japan-TOPIX;Asia-relevantMSCIcountryindexorMSCIsub-regionalindexorMSCIACAsiaPacificexJapanIndex.

ImportantDisclosuresforMorganStanleySmithBarneyLLC&E*TRADESecuritiesLLCCustomers

ImportantdisclosuresregardingtherelationshipbetweenthecompaniesthatarethesubjectofMorganStanleyResearchandMorganStanleySmithBarneyLLCorMorganStanleyoranyoftheiraffiliates,areavailableontheMorganStanleyWealthManagementdisclosurewebsiteat/online/researchdisclosures.ForMorganStanleyspecificdisclosures,youmayreferto/researchdisclosures.

EachMorganStanleyresearchreportisreviewedandapprovedonbehalfofMorganStanleySmithBarneyLLCandE*TRADESecuritiesLLC.ThisreviewandapprovalisconductedbythesamepersonwhoreviewstheresearchreportonbehalfofMorganStanley.Thiscouldcreateaconflictofinterest.

OtherImportantDisclosures

MorganStanleyResearchpolicyistoupdateresearchreportsasandwhentheResearchAnalystandResearchManagementdeemappropriate,basedondevelopmentswiththeissuer,thesector,orthemarketthatmayhaveamaterialimpactontheresearchviewsoropinionsstatedtherein.Inaddition,certainResearchpublicationsareintendedtobeupdatedonaregularperiodicbasis(weekly/monthly/quarterly/annual)andwillordinarilybeupdatedwiththatfrequency,unlesstheResearchAnalystandResearchManagementdeterminethatadifferentpublicationscheduleisappropriatebasedoncurrentconditions.

MorganStanleyisnotactingasamunicipaladvisorandtheopinionsorviewscontainedhereinarenotintendedtobe,anddonotconstitute,advicewithinthemeaningofSection975oftheDodd-FrankWallStreetReformandConsumerProtectionAct.

MorganStanleyproducesanequityresearchproductcalleda"TacticalIdea."Viewscontainedina"TacticalIdea"onaparticularstockmaybecontrarytotherecommendationsorviewsexpressedinresearchonthesamestock.Thismaybetheresultofdifferingtimehorizons,methodologies,marketevents,orotherfactors.Forallresearchavailableonaparticularstock,pleasecontactyoursalesrepresentativeorgotoMatrixat

/matrix

.

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/matrix

.

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).Byaccessingand/orusingMorganStanleyResearch,youareindicatingthatyouhavereadandagreetobeboundbyourTermsofUse(

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).InadditionyouconsenttoMorganStanleyprocessingyourpersonaldataandusingcookiesinaccordancewithourPrivacyPolicyandourGlobalCookiesPolicy(

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IfyoudonotagreetoourTermsofUseand/orifyoudonotwishtoprovideyourconsenttoMorganStanleyprocessingyourpersonaldataorusingcookiespleasedonotaccessourresearch.MorganStanleyResearchdoesnotprovideindividuallytailoredinvestmentadvice.MorganStanleyResearchhasbeenpreparedwithoutregardtothecircumstancesandobjectivesofthosewhoreceiveit.MorganStanleyrecommendsthatinvestorsindependentlyevaluateparticularinvestmentsandstrategies,andencouragesinvestorstoseektheadviceofafinancialadviser.Theappropriatenessofaninvestmentorstrategywilldependonaninvestor'scircumstancesandobjectives.Thesecurities,instruments,orstrategiesdiscussedinMorganStanleyResearch

MorganStanleyResearch5

6

Morganstanley

RESEARCH

Update

maynotbesuitableforallinvestors,andcertaininvestorsmaynotbeeligibletopurchaseorparticipateinsomeorallofthem.MorganStanleyResearchisnotanoffertobuyorsellorthesolicitationofanoffertobuyorsellanysecurity/instrumentortoparticipateinanyparticulartradingstrategy.Thevalueofandincomefromyourinvestmentsmayvarybecauseofchangesininterestrates,foreignexchangerates,defaultrates,prepaymentrates,securities/instrumentsprices,marketindexes,operationalorfinancialconditionsofcompaniesorotherfactors.Theremaybetimelimitationsontheexerciseofoptionsorotherrightsinsecurities/instrumentstransactions.Pastperformanceisnotnecessarilyaguidetofutureperformance.Estimatesoffutureperformancearebasedonassumptionsthatmaynotberealized.Ifprovided,andunlessotherwisestated,theclosingpriceonthecoverpageisthatoftheprimaryexchangeforthesubjectcompany'ssecurities/instruments.

Thefixedincomeresearchanalysts,strategistsoreconomistsprincipallyresponsibleforthepreparationofMorganStanleyResearchhavereceivedcompensationbaseduponvariousfactors,includingquality,accuracyandvalueofresearch,firmprofitabilityorrevenues(whichincludefixedincometradingandcapitalmarketsprofitabilityorrevenues),clientfeedbackandcompetitivefactors.FixedIncomeResearchanalysts',strategists'oreconomists'compensationisnotlinkedtoinvestmentbankingorcapitalmarketstransactionsperformedbyMorganStanleyortheprofitabilityorrevenuesofparticulartradingdesks.

The"ImportantRegulatoryDisclosuresonSubjectCompanies"sectioninMorganStanleyResearchlistsallcompaniesmentionedwhereMorganStanleyowns1%ormoreofaclassofcommonequitysecuritiesofthecompanies.ForallothercompaniesmentionedinMorganStanleyResearch,MorganStanleymayhaveaninvestmentoflessthan1%insecurities/instrumentsorderivativesofsecurities/instrumentsofcompaniesandmaytradetheminwaysdifferentfromthosediscussedinMorganStanleyResearch.EmployeesofMorganStanleynotinvolvedinthepreparationofMorganStanleyResearchmayhaveinvestmentsinsecurities/instrumentsorderivativesofsecurities/instrumentsofcompaniesmentionedandmaytradetheminwaysdifferentfromthosediscussedinMorganStanleyResearch.DerivativesmaybeissuedbyMorganStanleyorassociatedpersons.

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MorganStanleyResearchpersonnelmayparticipateincompanyeventssuchassitevisitsandaregenerallyprohibitedfromacceptingpaymentbythecompanyofassociatedexpensesunlesspre-approvedbyauthorizedmembersofResearchmanagement.

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