Epstein Secrets

creasingly difficult to find a good story on fundamentals like Mexico's engaging in long-due structural reforms. An anticipated credit upgrade (by Fitch) and political signals for the continuation of the reform agenda pushed the MXN to break the critical 12 level in the last few days. Even though th

licy likely to continue to be a compromise over the next couple of meetings, the best Norges Bank can hope for currently is that the correction in Brent crude lower will extend and weigh the NOK down. Near-term, and dependent on crude consolidating above/around $100/barrel, the re-assessment of the

financial standing — total assets Global Americas Wealth Management-Americas Deutsche Bank Ratings Moody's investors service Standard & Poor's Fitch ratings Presence and span Global employees (FTE) Countries with DB presence (as of 12/31/2013) Total clients (as of 12/31/2013) Award highlights

a Delta One note or Total Return Swap Source: Bloomberg Finance LP, Deutsche Bank Research European Oil Sensitivity Basket Outperforms market when Brent rises (1) For additional detail on basket holdings please see Appendix Deutsche Asset & Wealth Management For Internal Use Only 22 EFTA0147079

years), and the possibility of significant subordination are important risk to bondholders. Petrobras has only one investment-grade rating (BBB- by Fitch) and two non- investment-grade ratings (Ba2 by Moody's and BB by S&P) and ratings upgrades are not likely in the near term, in our view. The key pos

04bn in nine years), subordination risk and the significant challenge to contain its cash burn and sell a sizable amount of assets in a scenario of Brent price under USD55/bbl, all in absence of a material show of support from the government, which we fear that might not come anytime soon. In other w

years), and the possibility of significant subordination are important risk to bondholders. Petrobras has only one investment-grade rating (BBB- by Fitch) and two non- investment-grade ratings (Ba2 by Moody's and BB by S&P) and ratings upgrades are not likely in the near term, in our view. The key pos

04bn in nine years), subordination risk and the significant challenge to contain its cash burn and sell a sizable amount of assets in a scenario of Brent price under USD55/bbl, all in absence of a material show of support from the government, which we fear that might not come anytime soon. In other w

ars despite strong sales growth (Figure 34 and Figure 35), which has itself been boosted by the increase in debt/GDP for the broader economy which Fitch estimates at around 80% over the past five years. Whilst the Renminbi has been extremely strong this year, we continue to think that at some stage

re 70). Turkey along with India has the highest sensitivity to lower oil prices of any of the global equity markets in our view (Figure 71), so if Brent does finally move to a lower level in 2014, that would provide additional justification to overweight the market. Political factors have clearly e