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anadian terms of trade have clearly peaked (chart 6), with the currency moderately expensive versus non-energy commodity prices and supply glut in North America oil production providing an additional headwind. Big picture, GBP/CAD is a dollar-neutral cross, with correlations with other USD crosses all lyin
s Richard Smith and Steve Pollard Co-Global Heads Equity Research Michael Spencer Regional Head Asia Pacific Research International Locations Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Andreas Neubauer Regional Head Equity Research, Germany Steve Pollard Regional Head Americas Rese
Deutsche Bank Markets Research Rating Hold North America United States Industrials Oil & Gas Exploration & Production Company Pioneer Natural Resources Reuters PXD.N Bloomberg PXD UN Exchange Ti
curities Inc. 2-11-1 Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo Japan Tel: Marce assay Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Richard Smith and Steve Pollard EFTA01473353 Co-Global Heads Equity Research Andreas Neubauer Re
Deutsche Bank Markets Research Rating Buy North America United States Reuters Health Care Biotechnology RTRX.OQ Bloomberg RTRX US Exchange Ticker NMS RTRX Company Retrophin Agrees to sell PRV
urities Inc. 2-11-1 Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo Japa Tel: Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Richard Smith and Steve Pollard EFTA01473409 Co-Global Heads Equity Research Andreas Neubauer Re
Entities connected to both North America and Ralf Hoffmann

United States
LOCATION
Deutsche Bank
ORGANIZATION
Bloomberg L.P.
ORGANIZATION
United Kingdom
LOCATION
Tokyo
LOCATIONDeutsche Bank Securities Inc.
ORGANIZATION
Sydney
LOCATION
New Zealand
LOCATION
Frankfurt
LOCATION
Alan Dershowitz
PERSON
Malaysia
LOCATIONDoug Band
PERSON
Norway
LOCATIONAndreas Neubauer
PERSONSteve Pollard
PERSON
Columbia University
LOCATIONDavid Folkerts-Landau
PERSONMichael Spencer
PERSONDeutsche Bank Research
ORGANIZATION
Denmark
LOCATION