Intro
What’s happening to People
Health contagion Gaining time
Real economyruns contagion
Scenario: V vs. L
Intro
What’s happening to People
Health contagion Gaining time
Real economy Supply chains Hoarding
Intro
What’s happening to People
Health contagion Gaining time
Real economy Supply chains Hoarding
Financial markets Financial runs contagion
Intro
What’s happening to People
Health contagion Gaining time
Real economy Supply chains Hoarding
Financial markets Financial runs contagion
Intro
What’s happening to People
Health contagion Gaining time
Real economy Supply chains Hoarding
Financial markets Financial runs contagion
Q: What’s the difference btw. economic hoarding vs. financial run?
Hoarding food vs. hoarding money – collapse of system
Intro
What’s happening to People
Health contagion Gaining time
Real economy Supply chains Hoarding
Financial markets Financial runs contagion
Q: What’s the difference btw. economic hoarding vs. financial run?
Hoarding food vs. hoarding money – collapse of system A: Central bank can print money (at no cost), but not food
Shocks and Amplification
Nature of the initial economic shock Temporary vs. permanent (V, U, L-shaped) Supply vs. demand (1970s) Aggregate vs. idiosyncratic (finance) …
Nature of amplification/feedback effects/spirals/non-linearities Risk-on to risk-off Flight-to-safety (safe asset = good friend indeed)
Multiple equilibria
Financial Markets
Stock market
Financial Markets
Stock market Credit/Funding Markets – Who funds gov./businesses/HH? Via capital markets & shadow banks
Gov. / Corporate bonds (long-run) Commercial paper (short-run) Repo market = collateralized lending Money market funds
Financial Markets
Stock market Credit/Funding Markets – Who funds gov./businesses/HH? Via capital markets & shadow banks
Gov. / Corporate bonds (long-run) Commercial paper (short-run) Repo market = collateralized lending Money market funds+ Market making (step between buyer and seller of assets)
Financial Markets
Stock market Credit/Funding Markets – Who funds gov./businesses/HH? Via capital markets & shadow banks
Gov. / Corporate bonds (long-run) Commercial paper (short-run) Repo market = collateralized lending Money market funds+ Market making (step between buyer and seller of assets)
Via banks Loans Interbank market
Financial Markets
Stock market Credit/Funding Markets – Who funds gov./businesses/HH? Via capital markets & shadow banks
Gov. / Corporate bonds (long-run) Commercial paper (short-run) Repo market = collateralized lending Money market funds+ Market making (step between buyer and seller of assets)
Via banks Loans Interbank market
Foreign Exchange (FX) Market Currencies International capital flows - Flight-to-safety (risk-off)
Questions
Do financial markets overact … or simply react/correct? Does it matter? Why (not)? Should central bank care? About Stock market? Credit/funding markets? Market making (US Treasury)?
Should government restore funding by by-passing financial sector? Loan: COVID-19 Liquidity Life Line Proposal (Europe)
Exploit that tax authorities can enforce payment as an add-on to taxes
Gift: $1000-Check/Helicopter money (US/Hong Kong)
https://scholar.princeton.edu/sites/default/files/markus/files/covid_liquiditylifeline.pdf
COVID-19 and Global Financial Markets
Torsten Slok, Ph.D.Chief Economist
Managing Director60 Wall Street
New York, New York 10005Tel: 212 250 2155
March 2020
DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 066/04/2019.
Deutsche Bank
Research
Deutsche Bank Research 1Torsten Slok, [email protected] +1 212 250-2155 March 2020
1. Before the virus2. The virus3. Financial market reaction to the virus4. Fed and ECB reaction5. Fiscal policy reaction6. Macroeconomic implications
Outline
Deutsche Bank Research 2Torsten Slok, [email protected] +1 212 250-2155 March 2020
Before the virus
Deutsche Bank Research 3Torsten Slok, [email protected] +1 212 250-2155 March 2020
Number of months U.S. economy in recession
0
10
20
30
40
50
60
70
80
9017
80s
1790
s18
00s
1810
s18
20s
1830
s18
40s
1850
s18
60s
1870
s18
80s
1890
s19
00s
1910
s19
20s
1930
s19
40s
1950
s19
60s
1970
s19
80s
1990
s20
00s
2010
s
#
0
10
20
30
40
50
60
70
80
90#
US: Since 1776 we have never before had a decade without a recession
Source: NBER, Wikipedia, DB Global Research
Deutsche Bank Research 4Torsten Slok, [email protected] +1 212 250-2155 March 2020
Global sectoral debt as % of GDP
0255075
100125150175200225250275300325
1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
%
0255075100125150175200225250275300325
%Households Non-fin corporates Government Financial Corporates
Global debt as a share of GDP
Source: IIF Global Debt Monitor, DB Global Research
Deutsche Bank Research 5Torsten Slok, [email protected] +1 212 250-2155 March 2020
The virus
Deutsche Bank Research 6Torsten Slok, [email protected] +1 212 250-2155 March 2020Source: Johns Hopkins University, DB Global Research
The second derivative is key for markets
Last Updated: 3/19/2020
0
10000
20000
30000
40000
50000
60000
70000
80000
90000
0
10000
20000
30000
40000
50000
60000
70000
80000
90000
0 1 2 3 4 5 6 7 8 9 101112131415161718192021222324252627282930313233343536373839404142434445464748495051525354555657585960
# of cases# of cases
Number of days since confirmed cases exceeded 100
Cumulative Confirmed Coronavirus [COVID-19] CasesChina China ex Hubei South Korea ItalyFrance Germany Japan IranSpain US United Kingdom SwitzerlandDenmark
Deutsche Bank Research 7Torsten Slok, [email protected] +1 212 250-2155 March 2020Source: Johns Hopkins University, DB Global Research
The second derivative matters for markets
Last Updated: 3/18/2020
0
500
1000
1500
2000
2500
3000
3500
0
500
1000
1500
2000
2500
3000
3500
0 1 2 3 4 5 6 7 8 9 101112131415161718192021222324252627282930313233343536373839404142434445464748495051525354555657585960
# of cases# of cases
Number of days since death cases exceeded "zero"
Cumulative deaths in Coronavirus [COVID-19] CasesChina China ex Hubei South Korea ItalyFrance Germany Japan IranSpain US UK
Deutsche Bank Research 8Torsten Slok, [email protected] +1 212 250-2155 March 2020
Financial market reaction to the virus
Deutsche Bank Research 9Torsten Slok, [email protected] +1 212 250-2155 March 2020
US financial stress somewhat above 2011 levels
Source: OFR, Bloomberg Finance LP, Haver Analytics, DB Global Research
-14
-12
-10
-8
-6
-4
-2
0
2-7.5
0.0
7.5
15.0
22.5
30.0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
IndexIndex Financial stress in the United States
OFR Financial Stress Index (0=Average Stress Level) (ls)Bloomberg United States Financial Conditions Index (Inverted axis,rs)
Latest obs:March 19, 2020
Deutsche Bank Research 10Torsten Slok, [email protected] +1 212 250-2155 March 2020Source: Bloomberg Finance LP, DB Global Research
Global stock markets have lost $25trn over the past month
0
10
20
30
40
50
60
70
80
90
100
0
10
20
30
40
50
60
70
80
90
100
07 08 09 10 11 12 13 14 15 16 17 18 19 20
$, tn$, tn Bloomberg world exchange market capitalization
Deutsche Bank Research 11Torsten Slok, [email protected] +1 212 250-2155 March 2020
Number of days it took for S&P500 to enter bear market
0
50
100
150
200
250
300
350
Feb 82 Oct 57 Jan 70 Mar 01 Nov 73 Jul 08 Aug 66 May 62 Oct 87 Oct 29 Mar 20
# days
0
50
100
150
200
250
300
350
# days
Source: S&P, Bloomberg Finance LP, DB Global Research
Note: A bear market is when the index falls 20% from an all-time high in the last 52 weeks
15 days: Fastest 20% correction in the S&P500 on record
Deutsche Bank Research 12Torsten Slok, [email protected] +1 212 250-2155 March 2020
Rates and equity vol at 2008/2009 levels
Source: CBOE, WSJ, Haver Analytics, DB Global Research
0
10
20
30
40
50
60
70
80
90
0
3
6
9
12
15
03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20
IndexIndex 10yr treasury note VIX (ls) VIX (rs)
Deutsche Bank Research 13Torsten Slok, [email protected] +1 212 250-2155 March 2020Source: Bloomberg Finance LP, DB Global Research
The number of circuit breakers
0
1
2
3
4
5
6
7
8
9
0
1
2
3
4
5
6
7
8
9
1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 2020
# number# number Number of times S&P 500 fell 7% and hit a circuit breaker
Deutsche Bank Research 14Torsten Slok, [email protected] +1 212 250-2155 March 2020
Signs of stress in funding markets
Source: Bloomberg Finance LP, DB Global Research
-140
-120
-100
-80
-60
-40
-20
0
20
0
50
100
150
200
250
300
350
400
08 09 10 11 12 13 14 15 16 17 18 19 20
bpsbps LIBOR-OIS spread (ls) FRA-OIS spread (ls) EURUSD swap basis (rs)
Deutsche Bank Research 15Torsten Slok, [email protected] +1 212 250-2155 March 2020Source: Bloomberg Finance LP, DB Global Research
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
07 08 09 10 11 12 13 14 15 16 17 18 19 20
pptsppts
Fin CP-OIS Non-fin CP - OIS
Commercial paper markets
Deutsche Bank Research 16Torsten Slok, [email protected] +1 212 250-2155 March 2020
Yields on Investment grade and High yield corporate bonds
Source: Bloomberg Finance LP, DB Global Research
0
5
10
15
20
25
0
5
10
15
20
25
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20
%% Bloomberg Barclays indices' yield to worst
IG HY
Deutsche Bank Research 17Torsten Slok, [email protected] +1 212 250-2155 March 2020Source: Bloomberg Finance LP, DB Global Research
0
2
4
6
8
10
12
14
16
18
20
0
2
4
6
8
10
12
14
16
18
20
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
%% Bloomberg Barclays OAS for United States
IG HY
IG and HY spread
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43564435640
43565435650
43566435660
43567435670
43570435700
43571435710
43572435720
43573435730
43574435740
43577435770
43578435780
43579435790
43580435800
43581435810
43584435840
43585435850
43586435860
43587435870
43588435880
43591435910
43592435920
43593435930
43594435940
43595435950
43598435980
43599435990
43600436000
43601436010
43602436020
43605436050
43606436060
43607436070
43608436080
43609436090
43612436120
43613436130
43614436140
43615436150
43616436160
43619436190
43620436200
43621436210
43622436220
43623436230
43626436260
43627436270
43628436280
43629436290
43630436300
43633436330
43634436340
43635436350
43636436360
43637436370
43640436400
43641436410
43642436420
43643436430
43644436440
43647436470
43648436480
43649436490
43650436500
43651436510
43654436540
43655436550
43656436560
43657436570
43658436580
43661436610
43662436620
43663436630
43664436640
43665436650
43668436680
43669436690
43670436700
43671436710
43672436720
43675436750
43676436760
43677436770
43678436780
43679436790
43682436820
43683436830
43684436840
43685436850
43686436860
43689436890
43690436900
43691436910
43692436920
43693436930
43696436960
43697436970
43698436980
43699436990
43700437000
43703437030
43704437040
43705437050
43706437060
43707437070
43710437100
43711437110
43712437120
43713437130
43714437140
43717437170
43718437180
43719437190
43720437200
43721437210
43724437240
43725437250
43726437260
43727437270
43728437280
43731437310
43732437320
43733437330
43734437340
43735437350
43738437380
43739437390
43740437400
43741437410
43742437420
43745437450
43746437460
43747437470
43748437480
43749437490
43752437520
43753437530
43754437540
43755437550
43756437560
43759437590
43760437600
43761437610
43762437620
43763437630
43766437660
43767437670
43768437680
43769437690
43770437700
43773437730
43774437740
43775437750
43776437760
43777437770
43780437800
43781437810
43782437820
43783437830
43784437840
43787437870
43788437880
43789437890
43790437900
43791437910
43794437940
43795437950
43796437960
43797437970
43798437980
43801438010
43802438020
43803438030
43804438040
43805438050
43808438080
43809438090
43810438100
43811438110
43812438120
43815438150
43816438160
43817438170
43818438180
43819438190
43822438220
43823438230
43824438240
43825438250
43826438260
43829438290
43830438300
43831438310
43832438320
43833438330
43836438360
43837438370
43838438380
43839438390
43840438400
43843438430
43844438440
43845438450
43846438460
43847438470
43850438500
43851438510
43852438520
43853438530
43854438540
43857438570
43858438580
43859438590
43860438600
43861438610
43864438640
43865438650
43866438660
43867438670
43868438680
43871438710
43872438720
43873438730
43874438740
43875438750
43878438780
43879438790
43880438800
43881438810
43882438820
43885438850
43886438860
43887438870
43888438880
43889438890
43892438920
43893438930
43894438940
43895438950
43896438960
43899438990
43900439000
43901439010
43902439020
43903439030
43906439060
43907439070
43908439080
IG
HY
%
%
Bloomberg Barclays OAS for United States
0.88
2.77
0.88
2.77
0.88
2.82
0.88
2.8
0.88
2.78
0.88
2.76
0.87
2.74
0.87
2.68
0.86
2.67
0.86
2.67
0.86
2.66
0.86
2.61
0.85
2.62
0.85
2.59
0.85
2.59
0.85
2.55
0.84
2.54
0.84
2.48
0.84
2.5
0.84
2.49
0.85
2.53
0.86
2.58
0.85
2.54
0.85
2.55
0.85
2.56
0.84
2.56
0.84
2.54
0.83
2.54
0.83
2.49
0.84
2.48
0.84
2.47
0.84
2.51
0.83
2.5
0.83
2.48
0.83
2.48
0.83
2.48
0.82
2.45
0.82
2.41
0.82
2.47
0.83
2.5
0.85
2.7
0.85
2.66
0.86
2.71
0.87
2.79
0.88
2.87
0.87
2.84
0.88
2.81
0.87
2.74
0.87
2.65
0.87
2.7
0.88
2.82
0.9
2.85
0.9
2.8
0.91
2.81
0.9
2.78
0.91
2.81
0.91
2.83
0.9
2.75
0.9
2.72
0.9
2.75
0.9
2.75
0.91
2.78
0.91
2.76
0.92
2.75
0.92
2.76
0.92
2.74
0.93
2.78
0.92
2.76
0.92
2.76
0.92
2.7
0.91
2.71
0.9
2.7
0.9
2.69
0.91
2.66
0.91
2.64
0.91
2.68
0.91
2.68
0.91
2.67
0.91
2.64
0.91
2.65
0.91
2.66
0.91
2.63
0.91
2.59
0.92
2.59
0.92
2.66
0.92
2.66
0.92
2.64
0.91
2.59
0.91
2.61
0.91
2.61
0.91
2.61
0.91
2.56
0.91
2.57
0.91
2.55
0.91
2.47
0.91
2.46
0.9
2.46
0.9
2.42
0.9
2.37
0.9
2.38
0.9
2.33
0.9
2.33
0.9
2.33
0.9
2.33
0.9
2.33
0.9
2.33
0.9
2.35
0.9
2.38
0.91
2.34
0.9
2.37
0.91
2.34
0.92
2.39
0.92
2.42
0.93
2.46
0.94
2.46
0.94
2.44
0.94
2.48
0.93
2.45
0.93
2.47
0.93
2.49
0.93
2.56
0.93
2.55
0.95
2.62
0.96
2.66
0.96
2.79
0.97
2.77
0.98
2.88
0.97
2.85
0.97
2.92
0.98
2.95
0.98
2.92
0.98
2.92
0.98
2.86
0.98
2.83
0.98
2.88
0.99
3.06
1
3.11
1
3.03
0.99
2.99
1.01
3.03
1.02
3.01
1.03
3.17
1.03
3.17
1.05
3.33
1.06
3.42
1.07
3.58
1.09
3.67
1.15
4.09
1.19
4.24
1.24
4.22
1.26
4.13
1.27
4.16
1.26
4.09
1.26
4.14
1.27
4.18
1.27
4.1
1.22
3.83
1.24
3.94
1.26
4.01
1.26
3.98
1.27
4.06
1.35
4.24
1.44
4.49
1.39
4.45
1.41
4.47
1.4
4.52
1.4
4.4
1.37
4.33
1.38
4.28
1.38
4.3
1.39
4.43
1.39
4.43
1.42
4.48
1.45
4.42
1.45
4.42
1.46
4.4
1.47
4.47
1.48
4.42
1.52
4.58
1.53
4.65
1.54
4.59
1.55
4.53
1.54
4.41
1.57
4.42
1.56
4.38
1.55
4.33
1.5
4.17
1.49
4.09
1.44
4.03
1.43
3.97
1.45
4.02
1.44
4
1.45
4.03
1.45
4.05
1.46
4.03
1.45
4.04
1.43
4.01
1.41
3.98
1.38
3.86
1.38
3.86
1.38
3.82
1.36
3.78
1.35
3.71
1.34
3.69
1.32
3.7
1.33
3.79
1.35
3.95
1.38
4.1
1.39
4.24
1.44
4.28
1.42
4.23
1.44
4.31
1.44
4.29
1.44
4.29
1.43
4.29
1.43
4.31
1.43
4.21
1.46
4.38
1.51
4.5
1.55
4.53
1.54
4.51
1.57
4.62
1.6
4.76
1.63
4.87
1.63
4.87
1.65
4.93
1.65
4.9
1.7
5.13
1.73
5.23
1.75
5.46
1.77
5.57
1.79
5.74
1.79
5.74
1.79
5.7
1.79
5.83
1.81
5.79
1.83
5.65
1.87
5.64
1.93
5.56
1.96
5.63
2
5.71
2.02
5.68
2
5.55
2.05
5.45
2.03
5.39
2.02
5.51
2.02
5.44
2.02
5.41
1.98
5.36
1.99
5.44
1.99
5.52
2
5.56
1.99
5.63
1.98
5.53
1.97
5.51
1.97
5.51
1.97
5.45
1.97
5.55
1.97
5.64
1.98
5.69
1.98
5.69
1.99
5.84
2
5.91
2.02
6.09
2.04
6.17
2.06
6.23
2.11
6.45
2.11
6.36
2.09
6.41
2.12
6.42
2.14
6.48
2.16
6.56
2.17
6.72
2.19
6.78
2.19
6.78
2.3
7.13
2.29
7.21
2.25
6.85
2.22
6.72
2.23
6.76
2.21
6.6
2.21
6.56
2.26
6.68
2.26
6.7
2.25
6.66
2.25
6.8
2.27
6.84
2.28
6.85
2.29
7
2.3
7.11
2.31
7.11
2.32
7.11
2.31
7.01
2.34
7.09
2.34
7.09
2.35
7.01
2.36
6.99
2.36
7.09
2.36
7.09
2.36
6.93
2.37
6.93
2.37
6.93
2.39
7.12
2.47
7.45
2.52
7.48
2.55
7.45
2.59
7.36
2.63
7.47
2.7
7.6
2.73
7.74
2.74
7.6
2.77
7.79
2.83
7.93
2.93
8.06
2.98
8.31
2.98
8.12
2.92
8.07
2.96
8.13
2.96
8.13
2.9
7.79
2.84
7.67
2.86
7.69
2.84
7.63
2.85
7.68
2.89
7.81
2.85
7.6
2.81
7.42
2.77
7.33
2.73
7.31
2.67
7.11
2.66
7.16
2.69
7.33
2.71
7.33
2.72
7.38
2.73
7.31
2.72
7.29
2.69
7.1
2.66
7.01
2.61
6.8
2.57
6.78
2.56
6.71
2.55
6.69
2.54
6.55
2.51
6.47
2.5
6.49
2.47
6.52
2.44
6.53
2.42
6.46
2.35
6.29
2.34
6.29
2.36
6.34
2.36
6.35
2.38
6.47
2.4
6.53
2.4
6.53
2.4
6.37
2.39
6.3
2.35
6.35
2.34
6.29
2.33
6.26
2.35
6.34
2.36
6.3
2.38
6.23
2.4
6.35
2.4
6.35
2.41
6.35
2.39
6.25
2.38
6.2
2.35
6.22
2.37
6.33
2.39
6.45
2.39
6.46
2.38
6.19
2.39
6.26
2.37
6.15
2.36
6.05
2.37
6.13
2.37
6.06
2.36
6.02
2.36
6.04
2.37
6.06
2.37
6.19
2.38
6.18
2.42
6.36
2.44
6.42
2.48
6.67
2.49
6.67
2.54
6.89
2.63
7.05
2.65
7.08
2.67
7.19
2.67
7.29
2.68
7.36
2.68
7.36
2.7
7.47
2.7
7.58
2.7
7.52
2.71
7.6
2.72
7.58
2.72
7.63
2.77
7.81
2.82
7.76
2.83
7.54
2.86
7.41
2.87
7.33
2.87
7.34
2.84
7.2
2.83
7.39
2.83
7.36
2.85
7.56
2.85
7.58
2.85
7.56
2.88
7.67
2.89
7.81
2.88
7.83
2.87
7.8
2.87
7.73
2.88
7.85
2.88
7.84
2.88
7.76
2.89
7.8
2.89
7.77
2.91
7.83
2.95
7.83
2.96
7.88
3
7.94
3.01
8
3.02
8.01
3.02
7.96
3.03
8.03
3.03
8.02
3.04
8.04
3.05
7.98
3.04
7.94
3.04
7.94
3.07
8.03
3.08
8.11
3.09
8.18
3.12
8.18
3.08
8.08
3.12
8.16
3.16
8.18
3.23
8.23
3.27
8.15
3.7
8.7
3.53
9.55
3.88
9.33
4.03
9.51
3.85
8.82
3.69
8.79
3.75
9.01
3.79
9.26
3.9
9.46
4.17
9.78
4.26
10.19
4.41
10.2
4.49
10.35
4.59
11.04
4.6
11.22
4.74
11.99
4.81
12.18
4.98
12.38
5.06
12.77
5.24
13.95
5.24
13.95
5.12
13.21
5.36
13.76
5.44
14.23
5.6
14.46
5.63
14.34
5.61
14.43
5.6
14.58
5.61
14.8
5.7
15.06
5.71
15.17
5.67
15.05
5.69
14.79
5.66
14.59
5.75
14.79
5.8
14.93
5.77
14.86
5.61
14.79
5.6
14.92
5.59
15.03
5.46
15.1
5.46
15.1
5.5
15.52
5.52
15.69
5.58
15.91
5.62
16.14
5.68
16.61
5.75
17.24
5.91
18.03
6.04
18.39
5.99
18.29
6.02
18.4
6.05
18.36
6.05
18.36
6.07
18.33
6.13
18.63
6.14
18.58
6.18
18.78
6.16
19.03
6.13
19.17
6.12
19.07
6.09
19.02
6.05
19.07
6.09
19.34
6.1
19.64
6.07
19.63
6.08
19.71
5.97
19.53
5.89
19.26
5.82
18.99
5.75
18.75
5.73
18.4
5.69
18.29
5.69
18.29
5.69
18.03
5.67
17.75
5.6
17.01
5.55
16.62
5.55
16.62
5.55
16.41
5.52
16
5.39
15.31
5.23
15.05
5.2
15.35
5.21
15.3
5.18
15.3
5.21
15.4
5.18
15.53
5.16
15.58
5.15
15.4
5.15
15.4
5.13
15.46
5.1
15.29
5.11
15.26
5.1
15.27
5.05
15.25
5
15.26
4.9
14.91
4.85
14.7
4.81
14.76
4.83
14.81
4.82
14.7
4.85
14.54
4.85
14.45
4.84
14.37
4.78
14.28
4.74
14.33
4.72
14.39
4.73
14.51
4.71
14.45
4.71
14.45
4.72
14.68
4.83
14.78
4.85
14.76
4.93
14.98
4.98
15.02
5.02
15.35
5.03
15.27
5.04
15.27
5.05
15.44
5.11
15.81
5.15
16.1
5.24
16.21
5.3
16.53
5.33
16.62
5.42
16.84
5.38
16.68
5.43
16.42
5.47
16.35
5.49
16.12
5.48
15.83
5.46
15.76
5.46
16.14
5.45
15.91
5.46
15.89
5.43
15.7
5.46
15.63
5.42
15.44
5.43
15.29
5.4
15
5.44
15.16
5.43
15.14
5.43
15.17
5.38
14.83
5.32
14.55
5.26
14.56
5.24
14.57
5.23
14.51
5.19
14.34
5.19
14.34
5.09
14.28
4.99
13.99
4.96
13.9
4.9
13.53
4.83
13.1
4.8
13.21
4.84
13.31
4.83
13.17
4.79
13.14
4.73
12.92
4.67
13.02
4.63
12.94
4.59
12.65
4.39
12.19
4.4
12.08
4.35
11.93
4.28
11.81
4.22
11.65
4.14
11.24
4.07
11.12
4.07
11.27
4.07
11.32
4.1
11.52
4.14
11.64
4.08
11.6
4.02
11.64
3.94
11.51
3.87
11.29
3.84
11.15
3.82
10.99
3.82
10.99
3.78
10.94
3.7
10.75
3.63
10.62
3.52
10.67
3.43
10.32
3.31
9.98
3.29
9.94
3.28
9.81
3.25
9.41
3.25
9.32
3.22
9.32
3.15
9.18
3.11
9.18
3.07
9.17
3.04
9.22
3.03
9.28
3.07
9.49
3.09
9.48
3.07
9.49
3.07
9.44
3.08
9.56
3.09
9.51
3.1
9.59
3.11
9.62
3.1
9.57
3.06
9.45
3.05
9.4
3.05
9.44
3.05
9.44
3.05
9.53
3.05
9.53
3.05
9.74
3.04
9.64
3.05
9.8
3.04
9.8
3.03
9.69
2.97
9.48
2.97
9.5
2.91
9.36
2.84
9.31
2.79
9.26
2.77
9.1
2.74
8.84
2.72
8.75
2