Epstein Secrets

ential to be even more of an earthquake for the world’s financial markets. Our central case is that centre right President is elected in France (with Francois Fillon now the official Republican candidate) and Merkel is returned at the head of a coalition government in Germany. Chart 19: German polls show a consis

tedtt yield 12/80 12/84 12/88 12/92 12/96 12/00 12/04 12/08 12/12 200 2006 2008 2010 2012 2014 2016 Source: BofA Merrill Lynch Global Research, MSCI, Datastream Source: BofA Merrill Lynch Global Research, Bloomberg, Datastream European Yield Screen The rising rates backdrop has left yield not quite as scar

ential to be even more of an earthquake for the world’s financial markets. Our central case is that centre right President is elected in France (with Francois Fillon now the official Republican candidate) and Merkel is returned at the head of a coalition government in Germany now that she has indicated she will st

0 066 = G/99—s—«<OG/O2—sC«OG/OS.s«OG/OS=—OG/11 (06/14 06/96 8606/99) (OG/02—sCO6/NSsC«G/OSS(G/11 S(O /14 Source: BofA Merrill Lynch Global Research, Datastream, MSCI, IBES Source: BofA Merrill Lynch Global Research, Datastream, MSC The other metric that illustrates the valuation overhang in Europe is the ri

isis highs. % 700 639 600 500 + 400 300 + 1951 1959 1967 1975 1983 1991 1999 2007 2015 Data through 03 2016. Source: Investment Strategy Group, Datastream. The anemic (but steady) pace of this recovery has fueled a debate about its causes. The theories fall into six categories: e A “hangover” from the

extremist parties win enough support to break away from the European Union? In France, for example, upcoming elections in May 2017 are likely to pit Francois Fillon of Les Républicains against Marine Le Pen of the far right Front National. Le Pen has promised a referendum on whether France should stay in the Euro