Epstein Secrets

i perspective analysis Real estate: a significant push to boost aflordable housing and mortgage access A big focus on addressing the . deficit... Utilities: a bold agenda Ina short timeline 8 ≤:rategiv !flitiatives in the N irg subsidies Oefence: sustained government focus In, tase:g scope d rele SUp

ction muted — 'Symbolic move" for China's financial markets and capital mobility. This event could boost liquidity and sentiment going into the 19th Party Congress in October — Low conviction in directional beta trade given marginal impact from estimated inflows into A-share market • > US$3bn passive estimated

7.3% in Q2 vs est 6.7%) Leading European Sectors: Luxury +0.97%, Chemicals +0.60%, Industrials +0.59% Lagging European Sectors: Autos/Parts -0.57%, Utilities -0.36%, Construction -0.28% MAKO cuts procedure forecast — CXW lowers guidance — NVLT earnings miss AAN names pres/ceo chairman — ITMN positive gui

Italy 10yr 4.98% US 10yr 1.65% Futures: Dow +21, Nasdaq +4, S&P +1 DXY 80.94 (+0.22%) Crude $85.18 (+0.88%) Gold $1714.50 (+0.03%) China's 18th Party Congress kicked off last night (highlights below) but the actual selection of the new Politburo Standing Committee will not take place until next Thursday. I

rly growth rates from under 7% early this year to just above 8% in Q1. Better data reduce the need for renewed fiscal and monetary stimulus. The 18th Party Congress started yesterday, will last a week, and will be followed by the announcement of the next leadership. More important for the economic outlook will be

il Bovespa 58383 2.6% Information Tech. 15.6% 16.1% -5.2% 19.3% Hang Seng 22111 22.1% Telecommunications 21.9% -3.4% -1.3% 12.2% Shanghai SE 2117 42% Utilities 47% 8.2% -20.4% 5.2% *Levels/returns as of Nov 08, 2012 Overall 15.6% 13.2% 4.4% 12.2% Local currency except MSCI EM $ Source: J.P. Morgan HOUSE_O