Epstein Secrets

bn) Figure 17: The basic balance has generally been in a downtrend since 2007 Figure 18: as net FDI outflows continue Source: DB FX Research and Haver Source: DB FX Research and Haver Deutsche Bank Securities Inc. Page 27 EFTA01464358 30 July 2013 Exchange Rate Perspectives: FX and the Financ

ies from the IMF we calculate that German exports could be reduced by as much as EUR 3.3bn per year. In recent years, German exports to outside the Eurozone have grown as the economy has responded to weak demand in the single currency area. Germany's relatively strong growth compared the rest of the Eur

10 Global Cross Asset Strategy - Year Ahead | 30 November 2016 Bankof America 2 Merrill Lynch HOUSE_OVERSIGHT_014441 --- PAGE BREAK --- Chart 15: Eurozone PMI's point to solid growth Chart 16: Japanese growth expected to accelerate in 2017 60.0 3.0 58.0 —_.,. = 2.0 Forecasts 56.0 54.0 1.0 52.0 50.0 0.0

d long RUB/ZAR. The former has dropped as the EUR has weakened against the USD. We continue to think that the Swedish economy is more robust than the Eurozone and that the Riksbank will sooner or later have to adjust monetary policy accordingly. We see a lot more room for this pair to move in 2017, particul

1000 60 900 40 800 =— Percentage of Countries with J. ——MSCI EM, RS 20 700 1/11 1/12 1/13 1/14 1/15 1/16 Source: BofA Merrill Lynch Global Research, Haver, Bloomberg Chart 29: EM cyclicals outperform as China’s NOMINAL GDP recovers. More to go. eee SCI EM cyclicals/EM defensives price index, LS 180 =

ad | 16 November 2016 HOUSE_OVERSIGHT_014735 --- PAGE BREAK --- target. It is possible that Trump’s election could weaken fiscal discipline in the Eurozone over the medium term, but we are more concerned by the non-trivial risk that the ECB may disappoint in the December meeting by either not extending q

S2SSZFSSSRSPESPSLZESS 5 8 gpg = 8 & & & Source: BofA Merrill Lynch Global Research, Bloomberg, Source: BofA Merrill Lynch Global Research, Bloomberg, Haver, EPFR Bankof America “2 Global Rates, FX & EM 2017 Year Ahead | 16 November 2016 27 Merrill Lynch HOUSE_OVERSIGHT_014757 --- PAGE BREAK --- Best V