Epstein Secrets

nd Turkey and later in the year in Israel, but continuing to come down in Russia. In Asia, in sharp contrast to past Fed cycles, we expect only the Philippines will see rate hikes in 2016. Instead, we expect central banks in China, India, Indonesia and Taiwan to cut rates. By implication, interest rate di

to US growth — relative to the start of the year — since the financial crisis. Peter Hooper, (1) 212 250 7352 Matthew Luzzetti, (44) 20 754 73288 Michael Spencer, (852) 2203 8303 EFTA01475995 Mark Wall, (44) 20 754 52087 Torsten Slok, (1) 212 250 2155 Deutsche Bank AG/London Page 17 EFTA01475996 8 Dec

nia 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 Venezuela G7 Adva

G/London Page 77 EFTA01476241 8 December 2015 World Outlook 2016: Managing with less liquidity Contacts Name Coverage David Folkerts-Landau Michael Spencer Economics Peter Hooper Torsten Slok Joe LaVorgna Mark Wall Stefan Schneider Mikihiro Matsuoka Michael Spencer Taimur Baig Gustavo Canonero

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 —

hout the broader economy (Figure 32 and Figure 33). So far this appears to be working — most economists, including DB's own senior Asian economist, Michael Spencer, now acknowledge the extent to which the incremental capital to output ratio (ICOR) has deteriorated since the financial crisis, as the Chinese au