Epstein Secrets

; has been considered and distributed in Japan by Merrill Lynch (Japan), a registered securities dealer unde

16 Bankof America 2 Merrill Lynch HOUSE_OVERSIGHT_014435 --- PAGE BREAK --- Chart 3: EM debt and equity have been hit Chart 4: While Banks versus Staples has gone ballistic 950 r 40 0.43 ——MSCI EM _ 900 SSW eG TRS EN LSI SEE ERG ; , ———S&P 500 Banks relative to Food & Bev 0.39 (RHS) 850 0.37 0.35 800 0

; has been considered and distributed in Japan by Merrill Lynch (Japan), a registered securities dealer unde

relative price vs 52wk average (SD) Source: Re BofA Merrill Lynch Global Research, Bloomberg place this text Chart 6: Rapid relative de-rating for Staples — relative PE for Food & Beverage still 6-10% above 2010 / 2014 levels 1.70 1.60 1.50 1.40 1.30 1.20 =———PE-relative FOOD & BEV 110 eee German

SPX puts conditioned on higher rates Participate in the continuation of the reflation trade. Cheapen Financials upside by selling rich Utilities and Staples vol & expensive correl. Higher US rates and stronger dollar are likely to hurt companies exposed to EM and help US DM. Trade the outperformance in a

e matters re report sho! ld contact ea los F 06872E A efined by s.761G of the Cor ing Institution under the Banking Act 1959 nor regu ion is by Merri DIFC) are done so in accordance wit distributes this report i red and issued its non-US aff uld do so through MLPI ated or publicatio the FCA and t