Epstein Secrets

2017 to be about the same as the last couple of years. There may be further slowing of China, but India and Indonesia could see growth accelerate, Malaysia and the Philippines could maintain trend growth, and the rest of Asia could see less disappointment. Indeed, our forecast for the next two years as

ted real bond yield, inverted (rhs) -100 -80 -60 -40 -20 0 20 40 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Source: Deutsche Bank Research, Datastream, Bloomberg Finance LP Figure 2: We expect 14% EPS growth in the Euro area in 2016, driven by a cyclical rebound in earnings Euro area EPS growth U

land Romania Russia Saudi Arabia South Africa Turkey Ukraine United Arab Emirates Asia (ex-Japan) China Hong Kong India Indonesia Korea Malaysia Philippines Singapore Sri Lanka EFTA01476183 Taiwan Thailand Vietnam Latin America Argentina Brazil Chile Colombia Mexico Peru Venezu

3.48 12.50 * High inflation regime and controls prevent to have a valid market reference. Source: Deutsche Bank Research, Bloomberg Finance LP, Datastream; as of Dec 07 0.72 7.46 EFTA01476212 9.25 9.29 1.09 1.46 1.49 1.63 27.0 313.1 4.20 334.8 4.32 4.49 73.88 15.7 3.14 25.17 6.96

isis highs. % 700 639 600 500 + 400 300 + 1951 1959 1967 1975 1983 1991 1999 2007 2015 Data through 03 2016. Source: Investment Strategy Group, Datastream. The anemic (but steady) pace of this recovery has fueled a debate about its causes. The theories fall into six categories: e A “hangover” from the

urce: Investment Strategy Group, Emerging Advisors Group, Goldman Sachs Global Investment Research. both China and the US, such as Korea, Taiwan and Malaysia, would be particularly vulnerable. While the net effect of these competing forces is positive in our base case, the risks are tilted to the downside

versification drive introduced by the NTP follows the typical macro template, in our view. We discuss in a later section diversification lessons from Malaysia and Norway and conclude that the NTP contains elements from these successful case studies. In particular, it a) identifies key sectors with relativel

Saudi 12m Fwd PE 27 EM 12m Fwd PE 25 Average 23 eoccccce Average 2.1 1.9 nhs 1.5 1.3 14 09 07 08 09 10 11 12 13 14 15 16 0 10 (12181 8H Source: DataStream, |/B/E/S, Bloomberg, BofA Merrill Lynch Global Source: DataStream, |/B/E/S, Bloomberg, BofA Merrill Lynch Global Research Research Interestingly, no