Epstein Secrets

w, Fed: Taking the plunge — We reiterate our view that the U.S. economy is strong enough to withstand a rate hike this year. U.S. Equity Insights — David Bianco, U.S. Equity Strategist, explains the reasoning behind his 5% S&P EPS growth estimate for 2016. DB Special Report — FX Strategists George Saravelos

strong enough to withstand a rate hike this year. U.S. Equity Insights — David Bianco, U.S. Equity Strategist, explains the reasoning behind his 5% S&P EPS growth estimate for 2016. DB Special Report — FX Strategists George Saravelos and Robin Winkler show that their "Euroglut" hypothesis, first introd

a 5.5% real and 7.5% nominal CoE. EPS is retained, so real EPS g must = real CoE - div yld to justify a PE = 1/- real CoE. Date 20 November 2015 David Bianco Strategist (+1) 212 250-8169 [email protected] Winnie Nip Strategist (+1) 415 617-3297 [email protected] S&P 500 Key Forecasts Price Ju W

8 to $125 on stronger dollar, lower oil assumptions We have long cautioned that every 10% appreciation in the dollar vs. mature currencies drags on S&P EPS growth by 2.5%. Every dime the Euro declines vs. USD hits S&P EPS by $1. Every $5/bbl oil price decline hits S&P EPS by $1, net of small benefits

ion, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. David Bianco/Ju Wang/Winnie Nip Equity rating key Buy: Based on a current 12- month view of total share-holder return (TSR = percentage change in share price

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