Epstein Secrets

sury Budget @ 2pm*** ***YH0O annual meeting, China IP/GDP/Retail Sales out tonight*** Marriot earnings inline but lowers RevPar growth view outside North America (trading -2.1%) Supervalu 01 profit -45.0% and will review strategic options and suspend dividend (trading -26%) Infosys cuts FY13 dollar sales g

shift back to stock specific fundamentals with earnings season underway. Bank of Korea unexpectedly cut rates for the first time since 2009, while the Bank of Japan boosted its asset-purchase program by Y5 trillion but cut its loan facility by the same amount. And Brazil cuts rates for the 8th consecutive time

should profit in the medium term. e Longer-term debt issues and weak competitiveness of major exporters are hurting the Japanese economy. Therefore the Bank of Japan and Ministry of Finance will maintain an expansive policy and continue to try weaken the JPY. However, current positive growth dynamics are supportiv

out ratios in the US and Asia, while Europe has to consolidate balance sheets. Preference (6 months) Our market preferences for listed real estate* North America = Continental Europe | | = =i ues Japan| | OT =U HongKong — Sngpore | | tt (‘<‘é édT;S*é‘( C‘i‘Cédr:C*S Avswaia [| | |S = Old m New * This is our rel

Foreign Exchange We remain underweight the Japanese yen. The Japanese economy continues to weaken against its peers, leading to rising pressure for the Bank of Japan to engage in further quantitative easing. We have closed our preference for the Canadian dollar following its recent strength, and therefore close ou

s related to Syria-Turkey is likely to ease supply concerns. This should keep the market focus on weak demand growth and strong crude oil output from North America, allowing the Brent price to temporarily reach USD 95/bbl. e A weaker USD, reduced economic tail risk for Europe, ongoing social turmoil in the Middl