Epstein Secrets

countries with severe capital controls based on IMF indicators (Algeria, Angola, China, Malaysia, Tunisia, Cote d'Ivoire. India. Morocco, Pakistan, Philippines, Sri Lanka, Swaziland. Tanzania, Togo, Ukraine, and Uzbekistan), we find that bitcoin is more volatile than these currencies (Chart 7). However, it

balances point to deficits of 210 kbd in 2017 and 90 kbd in 2018. We lower our WTI forecasts to average $47 this year and $50.bbl next year. We cut Brent to $50 this year and $52bbl in 2018. We now beleve oil stays in contango by yearend. but see a WTI forward anchor al $45.50 and S5 backwardation by

4.6 Korea 3.0 38 40 3.6 3.8 21 t 4.7 4.0 4.0 IA 1.6 t 2.3 2.9 Malaysia 4.7 55 5.1 7.6 3.3 Ill 5.5 5.5 50 30 3.3 3.5 5.2 Philippines 7.2 6.0 6.4 6.1 4.9 LA 5.7 5.7 65 3.5 4.0 3.6 3.8 Ssigapore 3.9 4.4 SA 69 2.3 91 4.9 6.6 49 2.0 3.0 2.3 2.3 Taiwan 2.1

ll as weaker supply growth, largely in Iraq and Libya. • Recent reports of a peace agreement in Libya between the rebels and the government caused Brent to fall by around 5%. We think a quick and full recovery in production is unlikely and we also think overall production capacity is now lower due t

2A -OA India 6.5 5.6 6.0 6.1 5.3 Indonesia 6.5 5/ 3.5 4.7 t ILO 1 Korea 3.6 2.3 3.2 3.5 1.1 Malaysia 5.1 LOT 3.71' 5.8 51 Philippines 3.8 5.3 35 121 01 Singapore 4.9 11 1 2.5 1 9.51 417 Taman 4.0 1.2 3.4 1.6 2.2 Thafazd 0.1 5.8 21 50.8 131 Africa/Middle East

rporates (CEMBI) 10.1% 9.5% 13.1% 21.0% 16.4% 15.4% Quarterly Averages Commodities Current 1204 1301 1302 1303 GSCI Index YID Return' Brent (Sibbl) 110 105 112 105 120 Energy -3.7% Gold (Stoz) 1733 1725 1750 1775 Precious Metals 8.7% Copper IS/metric ton) 7629 8300 8500

ercent of the U.S. POPULATION The vast majority of th= POPULATION has roots in North America -- particularly Mexico and Central America. China, the Philippines, Korea a=d Vietnam are among the top 10 countries of origin for the Asian illegal immigrant population, which has remained stable at 1.3 million --

sed." Siluanov said the ruble is oversold and its current exchange rate would correlate to=the oil price of $60 per barrel. The global price of oil, Brent, traded around =70 a barrel on Tuesday. Russia's economic stability is important for the region.=lt is a major trading partner for Western Europe, s

2.2 3.01 1.1 02 15 2.51 4.0 4.5 4.5t 2.4 1.74 2.44 3.0 4 Malaysia 5.1 5.3 5.1 6.3 3.6 6,5 5.0 4.5 4.5 5.0 1.7 1.2 2.3 2.6 Philippines 3.8 6.4 4.8 5.0 52 43 t 4.5 4.9 t 5.3 t 5.3 t 2.9 2.3 2.3 2.9 Singapore 4.9 1.2 1 2.3 0.5 -5.9 1.8 1 6.1 t 1.6 4.1 6.1 5.3

make the largest gain with close to 14%, closely followed by base metals and precious metals with 12% and 9% respectively. Our oil strategists see Brent at $120/bbl by year end, driven by higher demand as the global economy should improve sequentially towards the end of 2013. Agriculture prices are

on the supply crunch failing to materialize and demand from=the stainless steel market evaporating. Nickel ore supplies are also returning from the Philippines as the rainy s=ason ends, adding further supply pressure. Chinese NPI producers are=cutting production, selling stocks or attempting to secure loan

fficial commented that a deal was 'closer and closer'. This optimism about an ag=eement, at least on some points, weighed heavily on oil today with Brent d=opping 2.5%. In my opinion, even if the talks end positively with agreemen= on key points, the deal has been softened enough compared to what was

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 assumes such a path. W

hen modelled OPEC production of 32.4 mmb/d matches our calculated call on OPEC (i.e., the volume required from OPEC It o balance demand). Oil at a Brent price of USD45/bbl is below the 2016 national budget breakeven level for all of the ten countries assessed by our EMEA macro team, and also below t

997; equities expensive 31 Malaysia — low-beta but fundamentally without merit 33 Thailand — tempting only to a tactical contrarian 34 Philippines — superior fundamentals more than priced in 35 LATIN AMERICA 37 Brazil — cheap but fundamentals continue to deteriorate 37 Mexico —

re 70). Turkey along with India has the highest sensitivity to lower oil prices of any of the global equity markets in our view (Figure 71), so if Brent does finally move to a lower level in 2014, that would provide additional justification to overweight the market. Political factors have clearly e

as of 2-Jun-17 Source: BofA Merrill Lynch Global Research. Data from 2-Jan-12 to 2-Jun-17 Foreign inflows into Korea, Taiwan, India, Indonesia, the Philippines, and Malaysia Notable trends and dislocations (Asia) Asian equity markets saw modest gains last week, led by Japan’s NKY index, which increased 2.5

0/110% corridor variance Buy NKY Jun17-Jun18 18,500 strike FVA Long Russell 2000 vs. short S&P 500 Dec-18 var spread Buy 1x Jun17 64 call on Aug17 Brent futures, sell 1x SXEP Jun17 330 call Buy SPX 6m ATM call contingent on GLD 5% higher in 3m Long NKY - SPX Dec-18 corridor var replication Buy NDX To