Epstein Secrets

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

perspective. Financials are now trading around median relative valuation levels. Healthcare PE relative is at the bottom of the historical range and Utilities relative PE is also close to the prior low hit in 2013. Food & Beverage still commands a large premium and PE- relative is 6-10% above the 2010 / 201

Excl Lynch Israel Limited, regulated by Is DIFC): Merril Comisidn Nacional del Mercado De errill Lynch King

BofA ML turned neutral in EM in the short-term Close positions from trades that have benefited thus far from the rally in Financials and weakness in Utilities; monetize view that Fed will not hike in September Take advantage of low near term vol and a steep term structure Unwind Oct/Jan spread and maintai

BofA ML turned neutral in EM in the short-term Close positions from trades that have benefited thus far from the rally in Financials and weakness in Utilities; monetize view that Fed will not hike in September Take advantage of low near term vol and a steep term structure Unwind Oct/Jan spread and maintai

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