Epstein Secrets

isocioa t0000 5000 0 20 5 'Figure 5: EUR/NOK and Crude oil lob 9.5 - 9.0 - 8,5 - 2 to - 7.5 - 7.0 - 2009 2010 2011 2012 2013 —010,04 Brent, Close, USD, its —EUR/NOIC actual. Ito &wore DeoYene Bork Eitiomewg Fount* CP 30 40 50n 60c 70 80c 90 7gi 100 1102. 120 130 Figure 6: Cor

er Research Marcel Cassard Global Head FICC Research & Global Macro Economics Richard Smith and Steve Pollard Co-Global Heads Equity Research Michael Spencer Regional Head Asia Pacific Research International Locations Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Andreas Neubauer Regi

by North* Secures Korea CO The report e claCebutod m Srnotion be Deo:sent Bank AG. Singteptiro Branch of Deutsche Sectribte Asia tented. S rogapOna Brent 'One Raffia Crow sib 03 &bah Tome Secopore 04 9583, nth fA23 BOOS. era recipients in SoDapare of the report are to contact Deutsche Bank AA Swoops*

er Rosearch Marcel Cassard Global Head FICC Rosearch & Global Macro Economics Richard Smith and Steve Pollard Co-Global Heads Equity Research Michael Spencer Regional Head Asia Pacific Research International locations Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Andreas Neubauer Regi

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

hout the broader economy (Figure 32 and Figure 33). So far this appears to be working — most economists, including DB's own senior Asian economist, Michael Spencer, now acknowledge the extent to which the incremental capital to output ratio (ICOR) has deteriorated since the financial crisis, as the Chinese au