Epstein Secrets

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

JPM CIO trading loss) Key Events on the Horizon July 17/18 - Bernanke gives monetary policy reports to Senate & House July 20 - Tentative date for Eurogroup meeting to finalize MoU for Spanish bank recap July 27 - 2012 Olympics Opening Ceremonies in London August 1 - FOMC rate decision, French financial

ortuguese default; a Greek euro exit; or a major external growth shock. Return to macro stability Key dates 5 July ECB press conference 9-10 July Eurogroup/ECOFIN-Meeting 24 July Eurozone purchasing manager indices (PMI), July estimates 36 UBS Bottoming in Eurozone leading indicators (PMI) in June? 6

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

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

ult; a Greek euro exit before the end of 2012; or a major external shock. Key dates TBD Troika report on Greece 8 Nov ECB press conference 12 Nov Eurogroup meeting 15 Nov Eurozone GDP 3Q: first estimate 22 Nov Eurozone composite purchasing managers index 22-23 Nov European Council 2 UBS Purchasing ma