Epstein Secrets

ns have moved back to pm-crisis levels, and are thus more "normal", where local supply and demand conditions drive prices. We are short gasoline vs. Brent, short lead and zinc vs. base metals and long palladium vs. platinum. We also have small outright long positions in US natural gas and in Brent, as

vs. Brent, short lead and zinc vs. base metals and long palladium vs. platinum. We also have small outright long positions in US natural gas and in Brent, as well as in commodity carry. • We expect the gasoline spread to Brent to narrow further over the coming weeks as refinery maintenance season come

ascendency of China as the pre-eminent power in Asia is likely the main factor that is suddenly motivating Japan to try and reflate its economy. PM Abe has made it clear he has the will and determination to act. And his majority EFTA00628225 in the lower house and likely this summer also in the up

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

nd ahead of the April '14 consumption tax hike)! Measures of progress will come over the summer, with investors able to gauge the reaction to: (i) Abe's grand deregulation and competition plan, to be unveiled midJune; (ii) the Tokyo metropolitan and Upper House elections, in June and July respect

make the largest gain with close to 14%, closely followed by base metals and precious metals with 12% and 9% respectively. Our oil strategists see Brent at $120/bbl by year end, driven by higher demand as the global economy should improve sequentially towards the end of 2013. Agriculture prices are

llowed by EMU, with the new Washington compromise or Fed hawkishness more in the camp of shorter-term tactical games. • Starting in Japan, new PM Abe has strong convictions, incentives, and we believe the ability to push true fiscal stimulus financed by massive QE. Expectations of Japanese reflat