Epstein Secrets

hnology 647 14.9% 20% -9% Materials 24 40% 23% 3% Telecom 1 0.2% 29% 0% Utilities 2 0.3% 28% 0% S&P 500 ex.

: Merrill Lynch (Singapore) Pte Ltd, regulated by the Monetary Authority of Singapore (MAS); Merrill Lynch (Canada): Merrill Lynch Cana

: Merrill Lynch (Singapore) Pte Ltd, regulated by the Monetary Authority of Singapore (MAS); Merrill Lynch (Canada): Merrill Lynch Cana

clawed back around 2/3 of their underperformance vs Defensives. Of course it depends how you frame the question since we have included Utilities and Telecoms in the defensive basket. But when we downgraded Banks 10 days or so ago they had outperformed Food and Beverage by ~50% since the lows of early July.

nue to like Healthcare as it offers solid long-term earnings prospects with low volatility and strong balance sheets. We reiterate our underweight in Telecoms, where we expect ongoing weak revenue growth as well as margin pressure. ¢ We are negative on Consumer Discretionary as earnings expectations may be

al adviser under the Singapore Financial Advisers Act (Cap. 110) and a wholesale bank licensed under the Singapore Banking Act (Cap. 19) regulated by the Monetary Authority of Singapore, in respect of any matters arising from, or in connection with, the analysis or report. Spain: This publication is distributed to clients of UBS Bank