ul HSBC flash manufacturing purchasing managers index (Jul) a UBS For further information please contact CIO analyst Gary Tsang, [email protected], Glenda Yu, [email protected], Patrick Ho, [email protected] First interest rate cut since 2008 8 un-03 un-04 un-05 un-06 un-O7 un-08 un-09 un-10 un-11

rio probabilities are based on qualitative assessment. 10 2 UBS For further information please contact ClO analyst Gary Tsang, [email protected], Glenda Yu, [email protected], Patrick Ho, [email protected] Please see important disclaimer and disclosures at the end of the document. HOUSE_OVERSIGHT_02