Epstein Secrets

from London to Paris in Q3 Foreign direct investment in China grew 7.9% in September = the slowest pace in 3 months China reduced its holdings of Treasuries in August by the most in - a decade (cut position by 3.1%) SocGen's Hong Kong based economist Yao Wei says China may refrain from cutting rates th

?, WYNN, CAKE after close*** BOE minutes out (unanimous 9-0 votes at last meeting on interest rates and £75 billion QE bump) Spain cut 2 levels by Moody's (3rd time in 13 months debt has been downgraded by Moody's) European banks vow $1 trillion cuts in the next two years as recapitalization looms (B

nce on reinvestment policy* and interplay between rates and reinvestments Note: (*) Currently, the Fed reinvests its maturing holdings of MBS and Treasuries purchased during QE. Research Deutsche Bank [email protected] http://houseview.research.db.com TheHouseView Special — 9 December 2015 7

the purchase of financial products and/or services, customers should carefully read the relevant disclosures, prospectuses and other documentation. Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are not registered credit rating agencies in Japan unless Japan or "Nippon" is specific

growth may have increased (albeit slightly) post 1958 and the previously discussed dividend crossover. Treasury/Government bond mean reversion For Treasuries and other Government bond series we have reverted to the long-term average real yield which has been calculated by subtracting YoY CPI from the nom

r the iBoxx indices, which only have data back to 1999, we have created a longer-term spread series by regressing the iBoxx spread data against the Moody's long-term spread series. The results of the regression can be used to calculate a longer-term spread series, which can be used to calculate the long

+0.46%) which strengthened in spite of the weaker than expected US data. This weighed on EURUSD (-0.3%) which had its sharpest fall in three weeks. Treasuries traded in a tight range between 2.50% to 2.53%. An uneventful Syr UST aucti=n helped 10yr yields close at 2.50%, not far from where they are trading

B's Joe Lavorgna po=nts out that since October 2012, when the vendor responsible for compiling the ADP survey changed from Macroeconomic Advisors to Moody's, the 2 EFTA_R1_00121221 EFTA01791327 ab=olute forecast miss between ADP and private payrolls has been just 38k. Looking just at the last six mon

has also been historically correlated with the US current account deficit as much of it was financed by the foreign official sector, which bought Treasuries for Official Reserves. The present current account deficit points to 25% of the lOy yield, so similar (55bps) but slightly higher BRP. Credit sprea

ge 81 EFTA01476249 8 December 2015 World Outlook 2016: Managing with less liquidity relevant disclosures, prospectuses and other documentation. "Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are not registered credit rating agencies in Japan unless Japan or "Nippon" is specifi