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s) 200 100% 150 100 50 0 20% 40% 60% 80% -100% -80% -60% -40% -20% 0% 75 78 81 84 87 90 93 96 99 02 05 08 11 Source: Deutsche Bank, Bloomberg The significance of the USD/JPY turn higher should not be understated. It is perhaps the only currency pair that has captured all the major macro
(known as SOLAR ideas) that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the SOLAR link at http://gm.db.com. 3. Country-Specific Disclosures Australia and New Zealand: This research, and any access to it, is intended only for "w
265 Research Deutsche Bank Dec. FOMC No hike [email protected] http://houseview.research.db.com TheHouseView Special — 9 December 2015 Bloomberg, Nov 6th 2015 Hike 4 EFTA01476266 We disagree with the view that hiking is a policy mistake: the economy is strong enough to withstand higher r
(known as SOLAR ideas) that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the SOLAR link at http://gm.db.com. Research Deutsche Bank [email protected] http://houseview.research.db.com TheHouseView Special — 9 December 2015
ated. Unless otherwise indicated, prices are current as of the end of the previous trading session and are sourced from local exchanges via Reuters, Bloomberg and other vendors. Data is also sourced from Deutsche Bank, subject companies, and other parties. The Deutsche Bank Research Department is
ve shorter-term trade ideas that may be inconsistent with Deutsche Bank's existing longer-term ratings. Trade ideas for equities can be found at the SOLAR link at http://am.db.com. A SOLAR idea represents a high-conviction belief by an analyst that a stock will outperform or underperform the market and
cated. Unless otherwise indicated, prices are current as of the end of the previous trading session and are sourced from local exchanges via Reuters, Bloomberg and other vendors. Data is also sourced from Deutsche Bank. subject companies, and other parties. The Deutsche Bank Research Departmen
ve shorter-term trade ideas that may be inconsistent with Deutsche Bank's existing longer-term ratings. Trade ideas for equities can be found at the SOLAR link at http://gm.db.com. A SOLAR idea represents a high-conviction belief by an analyst that a stock will outperform or underperform the market and/
ted. Unless otherwise indicated, prices are current as of the end of the previous trading session and are sourced from local exchanges via Reuters, Bloomberg and other vendors. Data is also sourced from Deutsche Bank, subject companies, and other parties. The Deutsche Bank Research Department is independ
ve shorter-term trade ideas that may be inconsistent with Deutsche Bank's existing longer-term ratings. Trade ideas for equities can be found at the SOLAR link at httpJ/gm.db.com. A SOLAR idea represents a high-conviction belief by an analyst that a stock will outperform or underperform the market and/
ted. Unless otherwise indicated, prices are current as of the end of the previous trading session and are sourced from local exchanges via Reuters, Bloomberg and other vendors. Data is also sourced from Deutsche Bank, subject companies, and other parties. The Deutsche Bank Research Department is independ
ve shorter-term trade ideas that may be inconsistent with Deutsche Bank's existing longer-term ratings. Trade ideas for equities can be found at the SOLAR link at http://gm.db.com. A SOLAR idea represents a high-conviction belief by an analyst that a stock will outperform or underperform the market and
lts. Unless otherwise indicated, prices are current as of the end of the previous trading session, and are sourced from local exchanges via Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank, subject companies, and in some cases, other parties. The Deutsche Bank Research Department i
term trade ideas that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. Trade ideas for equities can be found at the SOLAR link at http;//grn.db.com. A SOLAR idea represents a high conviction belief by an analyst that a stock will outperform or underperform the market an
lts. Unless otherwise indicated, prices are current as of the end of the previous trading session, and are sourced from local exchanges via Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank, subject companies, and in some cases, other parties. The Deutsche Bank Research Department i
term trade ideas that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. Trade ideas for equities can be found at the SOLAR link at http;//grn.db.com. A SOLAR idea represents a high conviction belief by an analyst that a stock will outperform or underperform the market an
ts. Unless otherwise indicated, prices are current as of the end of the previous trading session, and are sourced from local exchanges via Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank, subject companies, and in some cases, other parties. The Deutsche Bank Research Department i
rade ideas that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas for equities can be found at the SOLAR link at htto.//gm db com. A SOLAR idea represents a high conviction belief by an analyst that a stock will outperform or underperforrn the market an
Entities connected to both Bloomberg L.P. and SOLAR
Deutsche Bank Securities Inc.
ORGANIZATION
Deutsche Bank
ORGANIZATIONBloomberg Finance LP
ORGANIZATION
United Kingdom
LOCATION
New Zealand
LOCATION
Malaysia
LOCATION
Frankfurt
LOCATION
Moody's
ORGANIZATION
Norway
LOCATION
Riyadh
LOCATIONStandard & Poor's
ORGANIZATIONDeutsche Bank AG London
ORGANIZATION
Target
ORGANIZATIONJapan Investment Advisers Association
ORGANIZATION
Russia
LOCATIONNippon
ORGANIZATIONDeutsche Bank AG Johannesburg
ORGANIZATIONthe Kanto Local Finance Bureau
ORGANIZATIONthe Research Department Management
ORGANIZATIONDavid Folkerts-Landau
PERSON