98953 For more information, visit http://www.worldbank.org/prospects Taking Stock  Improvement in U.S. labor market slowed in March. Nonfarm payrolls rose by a seasonally adjusted 126,000 jobs in March, well below the expected 245,000 and down from 264,000 in February and from an average of 324,000 in the final three months of 2014. Earlier, data showed that jobless claims in U.S. fell by 20,000 to a seasonally adjusted 268,000 in the week ended March 28 (Figure 1), the lowest weekly level since the period ended January 24 and the second-lowest in at least a year. The four-week moving average of claims, which smoothes volatility, dropped by 14,750 to 285,550.  ECB announced plans to make QE bonds available for lending . The European Central Bank announced plans on Thursday to make government bonds bought under its quantitative easing program available for lending. As part of a plan to keep its debt-purchase program from distorting bond markets, the ECB introduced a ‘securities lending’ framework that includes a fixed borrowing term of one week with an option to roll over any loan three times, and set limits on the amount of bonds that can be borrowed.  Greece failed to strike a deal with its creditors. Earlier this week Greece, the European Union and the International Monetary Fund failed to reach an agreement that would unlock more aid for Greece. Creditors were not convinced about the viability of the government’s reform plan. Without a deal with creditors, Greece faces the prospect of being unable to make its next payment due to the IMF on April 9 (EUR 450 million).  Oil price volatility. In a volatile week, oil prices remained broadly flat from last Friday. They gained 3-4 percent on Wednesday, as talks on Iran’s nuclear activities continued past a preliminary deadline and the U.S. Energy Information Adminstration announced the first weekly drop in domestic oil production, but fell back on Thursday (Figure 2). They weakened further on Friday following the announcement of a nuclear deal with Iran. FIGURE 1 U.S. jobless claims fell sharply in the week ended FIGURE 2 Oil prices reversed Wednesday's sharp gains March 28 Weekly jobless claims, thousands US$ per barrel 380 75 70 Brent 360 WTI 340 65 320 60 300 55 280 50 260 45 240 40 Jun-14 Dec-13 Mar-14 Sep-14 Mar-15 Dec-14 Jan-15 Mar-15 Mar-15 Dec-14 Dec-14 Dec-14 Jan-15 Feb-15 Feb-15 Source: Haver Analytics. Source: World Bank. Produced by DECPG (Eung Ju Kim, Gerard Kambou and Xinghao Gong). Number 257 | April 3, 2015 Weekly Insight: Impact of Lower Oil Prices on Activity and Inflation1 Significant oil price declines have historically been followed by fluctuations in activity and inflation in many countries. Empirical evidence suggests that the effects of oil prices on activity and inflation depend on the underlying source and direction of changes in prices. Also, the impact has declined over time.  The impact of oil price changes on activity depends critically on their source . Oil supply shocks would be expected to generate an independent impact on activity. In contrast, oil demand shocks would themselves be the outcome of changing real activity. Oil price changes driven by supply shocks are often associated with significant changes in global output and income shifts between oil exporters and importers. Changes in prices driven by demand shocks, on the other hand, tend to lead to weaker and, in some cases, insignificant effects. Furthermore, the failure of the 1986 oil price collapse to produce an economic boom (Figure 3) suggested an asymmetric impact of oil price movements on activity. Compared to an oil price hike, oil price declines tend to have a smaller impact on activity. Such an asymmetric effect may result from costly factor reallocation, uncertainty, and an asymmetric monetary policy response.  Oil price changes and inflation have been positively correlated. Oil price declines have been followed by temporary falls in global inflation (Figure 4). Although the decline in inflation has been quite pronounced in high-income countries, the impact across countries has varied significantly, reflecting the importance of oil in consumer baskets, offsetting exchange rate developments, the stance of monetary policy, the extent of fuel subsidies and other price regulations. Estimation results indicate that the pass-through to headline inflation is modest in most cases. Country-specific circumstances influence the impact of oil prices on domestic inflation. For example, in economies that import large volumes of oil, currency appreciation (depreciation) would reinforce (mitigate) the deflationary impact of the oil price decline. In countries where the government subsidizes household energy consumption, the pass-through of global oil prices to local energy prices may be dampened.  The impact of oil prices on activity and inflation has fallen over time. Studies applied to the U.S. show that a 10 percent oil price spike would reduce output by almost 3 percent below the baseline over four quarters in 1949-80 but less than 1 percent in a sample that extends to 2005. Oil prices contributed substantially to U.S. inflation before 1981, but since that time the pass-through has been much smaller2. Similar results have been found for other advanced and emerging market economies. The reasons for the declining impact of oil prices on the economy include structural changes such as falling energy-intensity of activity and more flexible labor markets. In addition, stronger monetary policy frameworks have reduced the impact of oil price shocks by better anchoring inflation expectations. FIGURE 3 Global GDP growth around significant oil price declines FIGURE 4 Global CPI inflation around significant oil price declines Year-on-year, in percent Year-on-year, in percent Current Current 1985-86 1985-86 Average of other episodes Average of other episodes 5 5 4 4 3 3 2 1 2 0 1 -8 -6 -4 -2 0 2 4 6 8 -8 -6 -4 -2 0 2 4 6 8 quarters quarters Sources: Bloomberg, Central Bank Rates, IMF, Haver Analytics, FRB of St. Louis, World Bank. Note: Time “0” is the quarter of the trough in significant oil price decline episodes (30 percent drop over a seven -month period which is the shaded region.). “-8” corresponds to 8 quarters (2 years) before the trough and “8” corresponds to 8 quarters after. 1 Based on Baffes, J., A. Kose, F. Ohnsorge, and M. Stocker. 2015. Policy Research Note. PRN/15/01. World Bank. Washington DC. 2 Hamilton, J. 2005. “Oil and the Macroeconomy.” In The New Palgrave Dictionary of Economics, ed. By S. Durlauf and L. Blume, (London: MacMillan, 2006, 2nd ed). Produced by DECPG (Tianli Zhao, Gerard Kambou and Xinghao Gong). Number 257 | April 3, 2015 Major Data Releases Fri, 27 Mar - Thu, 2 Apr 2015 Upcoming releases: Fri, 3 Apr - Thu, 9 Apr 2015 Country Date Indicator Period Actual Forecast Previous Country Date Indicator Period Previous US 3/27/2015 GDP (Y/Y) Q4 2.4% 2.3% 2.7% United States 4/3/2015 Unemployment Rate MAR 5.5% Turkey 3/31/2015 GDP (Y/Y) Q4 2.4% 2.6% 1.8% Brazil 4/6/2015 PMI Composite MAR 51.3 Germany 3/31/2015 Unemployment Rate FEB 4.8% 6.5% 4.8% Philippines 4/6/2015 Core CPI (Y/Y) MAR 2.5% UK 3/31/2015 GDP (Y/Y) Q4 3.0% 2.7% 2.8% Australia 4/7/2015 Unemployment Rate MAR 6.3% Brazil 4/1/2015 Industrial Production (Y/Y) APR -9.1% -9.2% -5.2% Germany 4/9/2015 Industrial Production (Y/Y) FEB 0.9% Thailand 4/1/2015 CPI (Y/Y) MAR -0.4% -0.6% -0.5% Czech Republic 4/9/2015 Unemployment Rate MAR 7.5% Economic Developments indicators expressed as %ch y/y, except Industrial Production quarterly figures are %ch q/q, annualized 2014 2014 2015 2010 2011 2012 2013 Q1 Q2 Q3 Q4 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Industrial Production, S.A. World 8.8 4.7 3.1 2.5 3.8 2.1 2.3 4.1 3.8 3.6 3.5 3.4 3.4 2.5 3.4 3.1 2.8 3.3 2.7 - High Income Countries 7.7 2.9 1.1 0.6 3.2 -0.1 0.2 3.6 3.0 2.8 2.2 2.2 2.3 1.0 1.7 1.7 1.4 2.0 1.8 - Developing Countries 10.9 7.9 6.3 5.5 4.6 5.4 5.5 5.0 4.9 4.8 5.5 5.4 4.9 4.8 6.0 5.1 5.0 5.4 4.1 4.34 East Asia and Pacific 14.2 11.3 9.0 8.9 4.6 8.0 6.8 8.6 7.5 7.9 8.2 8.6 7.8 6.6 7.7 7.1 6.6 7.3 6.4 6.4 East Asia x. China 8.9 0.7 4.1 4.7 -1.6 7.9 4.4 6.1 0.7 2.6 4.0 4.7 1.1 4.6 5.8 4.4 3.5 4.5 4.0 - Europe and Central Asia 10.9 13.1 8.9 2.2 5.5 1.9 1.3 -1.1 4.3 4.2 6.6 3.6 3.9 2.3 2.8 2.5 2.0 1.2 -0.3 - Latin America and Caribbean 5.9 2.5 -0.1 0.9 1.1 -2.7 -0.6 -2.5 1.5 -2.3 -1.1 -2.8 -1.7 -1.2 -1.6 -0.9 -1.7 -1.0 -2.4 - Middle East and N. Africa 2.1 -8.4 5.6 -6.8 16.5 2.8 28.3 -3.6 -9.0 -8.8 -7.0 -4.1 -1.8 10.1 17.5 11.0 12.5 7.5 -0.4 - South Asia 9.3 5.5 1.1 1.7 6.9 5.7 2.0 -3.6 0.1 4.2 5.3 4.5 1.9 2.5 3.9 -0.9 4.8 4.0 3.6 - Sub-Saharan Africa 4.6 3.5 3.3 0.9 -2.9 -0.9 -4.6 10.3 -0.7 -0.1 -2.5 0.0 -8.3 0.6 7.8 1.9 -0.9 0.0 -1.3 - Inflation, S.A. 1 High Income Countries 1.7 2.8 2.0 1.5 1.4 2.0 1.8 1.5 1.5 2.0 2.0 2.0 1.8 1.7 1.7 1.7 1.5 1.2 0.9 1.0 Developing Countries 5.8 7.5 6.5 7.5 7.5 7.7 7.9 7.8 7.5 7.5 7.9 7.7 7.9 8.0 7.8 7.7 7.7 8.1 7.6 7.8 East Asia and Pacific 3.4 5.6 2.8 3.0 2.9 2.9 2.5 2.2 3.0 2.5 3.1 3.0 2.8 2.5 2.2 2.1 2.2 2.3 1.5 2.0 Europe and Central Asia 7.3 8.2 8.7 6.2 5.8 7.4 7.9 8.1 6.2 7.0 7.6 7.5 7.7 8.0 8.0 8.2 8.4 7.8 7.6 8.2 Latin America and Caribbean 6.4 7.5 6.7 9.8 12.5 13.9 15.5 16.9 12.9 13.6 13.9 14.2 14.9 15.5 16.0 16.3 16.6 17.7 17.2 17.0 Middle East and N. Africa 7.0 12.0 13.8 19.2 13.2 9.7 10.1 10.8 11.3 10.1 9.9 9.2 9.9 10.2 10.2 10.6 10.6 11.3 10.4 - South Asia 10.3 9.8 9.4 10.1 8.1 7.8 6.7 4.2 8.1 8.4 8.1 6.8 7.3 6.9 5.8 4.8 3.5 4.4 5.1 5.1 Sub-Saharan Africa 7.5 10.1 11.3 8.2 8.8 9.5 9.6 7.6 8.8 9.0 9.5 10.0 9.9 10.0 8.8 7.5 7.8 7.5 6.9 6.7 1 Inflation is calculated as the GDP-weighted average for all groups. Trade and Finance indicators expressed as %ch y/y, except International Reserves are %ch p/p and trade quarterly figures are %ch q/q, annualized 2014 2015 2010 2011 2012 2013 Q1 Q2 Q3 Q4 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Exports, Nominal, US$, S.A. World 21.9 19.2 0.2 2.0 -2.6 5.0 2.3 -14.6 2.9 3.0 4.2 3.7 6.1 1.1 2.9 -1.1 -4.2 -3.1 -9.8 - High Income Countries 19.4 18.6 -1.1 1.3 0.5 3.0 -1.8 -17.8 5.3 3.8 4.3 2.8 5.5 -0.1 1.2 -2.7 -5.7 -4.8 -11.5 - Developing Countries 28.4 20.7 3.2 3.6 -9.1 9.6 12.0 -7.3 -2.4 1.1 4.1 5.6 7.6 4.0 6.7 2.7 -0.9 0.8 -6.2 12.1 East Asia and Pacific 30.8 19.7 6.1 6.2 -12.0 14.1 22.0 3.2 -4.1 2.1 5.2 7.6 11.3 8.2 12.8 8.5 3.5 6.3 -3.3 31.2 Europe and Central Asia 15.5 20.3 -0.1 -0.3 7.8 -4.9 -6.4 -26.1 8.9 3.2 6.6 5.4 6.0 -3.8 -1.0 -5.9 -8.6 -10.2 -11.5 - Latin America and Caribbean 28.4 23.3 1.7 0.5 -9.6 8.7 3.1 -25.9 -3.0 -0.8 0.9 1.7 5.5 -0.8 -0.4 -4.5 -9.1 -7.1 -9.0 -13.9 Middle East and N. Africa 24.3 15.1 2.1 - - - - - - - - - - - - - - - - - South Asia 34.3 31.6 -1.8 6.2 -9.5 3.1 7.3 -3.6 1.1 3.6 9.0 9.1 -0.6 0.4 -1.8 -7.0 5.7 -0.9 -9.5 -13.0 Sub-Saharan Africa 32.7 19.1 -2.9 0.2 -7.2 2.3 -17.3 -30.3 -7.9 -10.4 -8.2 -4.1 -8.7 -7.2 -7.6 -9.3 -17.1 -15.5 - - Imports, Nominal, US$, S.A. World 25.6 23.5 6.9 6.0 -8.9 2.6 0.3 -12.8 -2.0 0.7 -4.1 0.5 3.6 -1.4 -2.3 -7.5 -5.0 -2.3 -20.0 - High Income Countries 17.9 17.8 -1.0 0.3 4.1 1.2 -2.6 -19.7 7.6 4.4 4.2 6.4 5.5 0.3 2.0 -3.5 -5.8 -4.8 -14.4 - Developing Countries 35.6 29.9 14.9 11.0 -18.5 3.9 2.8 -6.7 -9.2 -2.2 -10.5 -4.2 2.0 -2.7 -5.8 -10.6 -4.3 -0.2 -24.6 -21.7 East Asia and Pacific 37.3 24.2 5.5 5.8 2.5 -14.1 15.5 -8.9 -10.4 -2.1 -3.8 3.5 -2.7 -0.9 6.8 3.2 -5.3 -3.6 -17.7 -19.0 Europe and Central Asia 20.6 27.1 -0.2 2.9 -12.0 -6.3 -5.8 -8.7 -0.6 -6.0 -2.3 0.1 -7.2 -4.2 -4.5 -7.5 -8.1 -9.2 -16.6 - Latin America and Caribbean 29.0 22.5 3.8 3.0 3.0 -3.1 6.5 -7.4 2.7 -4.9 -2.4 2.4 -0.8 -1.9 7.6 -4.4 0.1 3.4 -8.5 - Middle East and N. Africa 15.0 18.0 9.8 - - - - - - - - - - - - - - - - - South Asia 33.9 31.4 4.0 -4.0 15.4 3.3 36.8 -14.3 2.2 -9.5 -10.1 8.7 4.2 7.0 22.9 6.9 21.7 -2.2 -11.5 -12.9 Sub-Saharan Africa 39.1 33.8 21.9 15.4 -27.6 11.8 -2.6 - -11.3 -1.2 -13.6 -7.7 4.3 -4.1 -12.0 -16.1 -5.5 - - - International Reserves, US$ High Income Countries 10.2 11.3 9.2 3.6 0.8 0.7 -1.8 -1.5 0.3 0.0 0.3 0.5 -0.4 0.0 -1.3 -0.6 0.0 -0.9 0.3 -0.7 Developing Countries 15.6 10.5 5.2 8.2 1.8 1.5 -1.9 -1.7 0.7 1.0 0.1 0.4 -0.2 -0.1 -1.7 -0.7 -0.3 -0.7 - - East Asia and Pacific 19.3 11.9 4.5 12.2 3.0 1.2 -2.5 -1.4 0.8 0.9 0.1 0.3 -0.5 0.1 -2.1 -0.8 -0.3 -0.4 - - Europe and Central Asia 9.3 5.5 7.8 3.6 -2.9 3.4 -1.7 -7.2 0.6 1.6 0.7 1.0 -1.1 1.1 -1.7 -2.0 -1.1 -4.3 -0.9 -1.8 Latin America and Caribbean 16.2 16.3 8.4 -1.1 0.2 3.4 1.2 -1.2 0.1 1.6 0.6 1.2 1.1 0.0 0.1 -0.1 0.7 -1.8 0.5 -0.3 Middle East and N. Africa 6.1 3.0 5.9 3.0 -1.9 -2.2 -3.8 -3.2 -0.8 -0.8 -0.9 -0.6 -0.4 -1.1 -2.3 -0.2 -1.0 -2.1 - - South Asia 6.1 -0.9 0.4 -0.2 3.8 5.6 -0.6 2.0 3.3 2.9 1.1 1.5 1.3 -0.4 -1.4 0.5 -0.3 1.9 2.2 3.3 Produced DECPG byby Produced (Trang DECPG Nguyen, (Trang Gerard Nguyen, Kambou Gerard and Kambou Xinghao and Gong). Xinghao Gong). Number Number256 257 | April 27, | March 2015 3, 2015 Financial Markets 1 2013 2014 2014 2015 MRV Chg since 2010 2011 2012 2013 Q4 Q1 Q2 Q3 Q4 Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Sep-12 '08 3 Interest rates and LIBOR (%) U.S. Fed Funds Effective 0.18 0.10 0.14 0.11 0.09 0.07 0.09 0.09 0.10 0.10 0.09 0.09 0.09 0.09 0.09 0.12 0.12 0.11 0.11 0.06 -2.04 ECB repo 1.00 1.25 0.88 0.55 0.35 0.25 0.22 0.11 0.05 0.16 0.15 0.12 0.05 0.05 0.05 0.05 0.05 0.05 0.00 0.05 -4.20 US$ LIBOR 3-months 0.34 0.34 0.43 0.27 0.24 0.24 0.23 0.23 0.24 0.23 0.23 0.24 0.23 0.23 0.23 0.25 0.25 0.26 0.27 0.27 -2.55 EURIBOR 3-months 0.75 1.34 0.49 0.15 0.20 0.27 0.27 0.13 0.00 0.21 0.17 0.16 0.06 0.06 0.06 0.00 0.00 0.00 0.00 0.06 -4.89 US 10-yr Treasury yield 3.20 2.77 1.78 2.33 2.73 2.75 2.61 2.49 2.27 2.59 2.52 2.43 2.51 2.32 2.30 2.19 1.94 1.96 2.04 1.96 -1.76 German Bund, 10 yr 2.78 2.65 1.57 1.63 1.79 1.68 1.43 1.07 0.77 1.35 1.20 1.02 1.00 0.87 0.79 0.64 0.45 0.35 0.27 0.17 -4.02 Spreads (basis points) JP Morgan Emerging Markets 301 341 342 319 342 352 300 301 367 282 282 310 312 349 350 402 443 420 411 408 51 Asia 206 218 216 219 237 231 197 195 202 189 195 202 187 207 193 206 233 215 208 215 -81 Europe 247 301 320 267 290 301 265 262 319 236 244 274 270 295 293 368 417 396 384 370 57 Latin America & Caribbean 360 404 393 379 409 429 360 366 471 343 336 373 390 443 455 516 560 531 521 515 127 Middle East 342 366 449 435 428 408 376 369 398 360 372 379 358 395 388 411 452 452 443 460 -38 Africa 274 364 337 322 338 332 287 280 319 278 278 292 270 307 306 343 385 364 371 370 370 Stock Indices (end of period) 2 Global (MSCI) 331 300 340 409 409 411 429 417 417 429 423 432 417 419 426 417 410 432 425 425 32.7 High-Income ($ Index) 1280 1183 1339 1661 1661 1674 1743 1698 1710 1743 1714 1749 1698 1708 1740 1710 1678 1773 1741 1738 35.5 United States (S&P-500) 1258 1258 1426 1848 1848 1872 1960 1981 2059 1960 1931 2003 1981 2018 2068 2059 1995 2105 2068 2060 64.6 Euro Area (S&P-350$) 1124 1005 1143 1339 1339 1361 1401 1411 1401 1401 1380 1404 1411 1382 1425 1401 1502 1603 1624 1629 41.0 Japan (Nikkei-225) 10229 8455 10395 16291 16291 14828 15454 16174 0 15454 15621 15425 16174 16756 17460 0 17674 18798 19207 19035 55.8 Developing Markets (MSCI) 1151 916 1055 1003 1003 995 1051 1005 956 1051 1066 1088 1005 1016 1005 956 962 990 975 983 14.9 EM Asia 468 379 447 446 446 444 472 460 457 472 485 489 460 467 467 457 468 479 481 482 47.1 EM Europe 529 395 473 438 438 409 435 374 297 435 403 399 374 369 353 297 286 313 302 307 -39.6 EM Europe & Middle East 450 336 402 372 372 348 360 321 257 360 340 337 321 314 303 257 247 269 258 261 -36.2 EM Latin America & Caribbean 4614 3602 3798 3201 3201 3194 3370 3171 2728 3370 3399 3664 3171 3158 3008 2728 2555 2654 2451 2520 -28.7 Exchange Rates (LCU / USD) High Income Euro Area 0.76 0.72 0.78 0.75 0.73 0.73 0.73 0.76 0.80 0.74 0.74 0.75 0.78 0.79 0.80 0.81 0.86 0.88 0.92 0.93 32.1 Japan 87.76 79.74 79.85 97.61 100.51 102.78 102.14 104.04 114.60 102.07 101.75 102.98 107.39 108.02 116.40 119.37 118.37 118.71 120.30 119.58 10.8 Developing Brazil 1.76 1.67 1.95 2.16 2.28 2.37 2.23 2.28 2.55 2.23 2.22 2.27 2.34 2.45 2.55 2.65 2.64 2.82 3.15 3.16 77.7 China 6.77 6.46 6.31 6.15 6.09 6.10 6.23 6.16 6.15 6.23 6.20 6.15 6.14 6.13 6.13 6.19 6.22 6.25 6.24 6.20 -9.4 Egypt 5.63 5.94 6.07 6.87 6.89 6.96 7.07 7.15 7.15 7.15 7.15 7.15 7.15 7.15 7.15 7.15 7.27 7.59 7.60 7.58 39.8 India 45.73 46.67 53.41 58.55 62.00 61.79 59.90 60.65 62.03 59.76 60.06 61.01 60.87 61.50 61.79 62.80 62.20 62.07 62.49 62.50 36.7 Russia 30.37 29.41 31.06 31.86 32.56 35.07 34.96 36.31 48.02 34.37 34.75 36.17 38.01 40.96 46.27 56.83 64.43 64.13 60.31 57.55 125.4 South Africa 7.32 7.26 8.21 9.65 10.16 10.86 10.54 10.77 11.23 10.68 10.66 10.66 10.99 11.06 11.10 11.52 11.57 11.58 12.09 11.99 50.1 Memo: USA nominal effective rate 100.19 98.53 102.00 104.77 106.31 108.34 108.69 110.58 114.06 109.32 109.44 110.62 111.68 112.67 113.83 115.69 117.78 119.40 121.44 121.35 26.7 1 MRV = Most Recent Value. 2 MSCI Indices for Asia, Africa, and Europe and C. Asia, for 2008 are calculated from February-December, due to data availability. 3 Change expressed in levels for interest rates and spreads; percent change for stock market and exchange rates. Commodity Prices 2013 2014 2014 MRV Chg since 2010 2011 2012 2013 Q4 Q1 Q2 Q3 Q4 Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Sep-12 '08 3 1 Oil price, $/b, nominal 79 104 105 104 105 104 106 100 75 108 105 100 96 86 77 61 48 55 53 53 -45.8 Non - Oil Index 2 .. 97 85 79 75 76 78 73 70 76 75 74 71 70 71 69 66 65 0 64 .. Food Index 2 .. 99 97 89 85 86 89 75 74 86 79 76 72 72 75 75 73 72 70 69 .. 3 Metals and Minerals Index 103 117 99 94 92 88 87 89 83 87 90 90 87 84 84 80 75 74 76 76 -26.9 Baltic Dry Index 4 2755 1545 916 1215 1876 1375 983 948 1103 912 796 948 1101 1096 1332 881 727 539 576 596 -87.6 1 Simple average of Brent, Dubai and WTI. 2 Base Date = Jan 3, 2011 due to data availability. The Index component combination in the Weekly tables differs from that of the Pink Sheet. 3 Base Date = Jan 4, 2010 due to data availability. The Index component combination in the Weekly tables differs from that of the Pink Sheet. 4 Base Date = May 1, 1985 Produced by DECPG (Trang Nguyen, Gerard Kambou and Xinghao Gong). Produced by DECPG (Trang Nguyen, Gerard Kambou and Xinghao Gong). Number 257 | April 3, 2015 Number 257 | April 3, 2015