Epstein Secrets

Fixedlnc• GoisiGav Bonds- USFixed Income MSCI Europe• EM Local Bonds•• GSCI TR US cash EM EX Topix' • -5 0 5 10 15 Source: J.P. Morgan, Bloomberg. Nom: Ram in USD *Local currency. "Hedged mto USD. Euro rued income is Bcox Omni Index 11511G. HY. EMBIG and EMS Corp ale JP1A maims. Em FS is DI

arket implications: they favor income over growth assets. See page 7 for analyst certification and important disclosures. Click play to view video Global Asset Allocation Jan Loeys AC JPMergan Chase Bank NA John Normand J.P. Morgan Securities plc Nikolaos Panigirtzoglou JP. Morgan Securities plc Mika Inkinen J.P

roughly consistent with alternative projections Our downgraded global growth forecast is about in line with outside alternatives from the IMF and Bloomberg through 2017. However, this consistency masks significant regional differences. In particular, while our US growth forecasts are nearly one-half o

-term correction FX Strategy Plenty of run left in the USD upswing Commodities Supply adjustment is well underway for oil, not so for the metals Global Asset Allocation The case for normalization Geopolitics The EU's geopolitical crisis eclipses its economic crisis Forecast table Key Economic Forecasts Key Fina

est *Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommend

London Dec-2014 Feb-2015 Apr-2015 Jun-2015 Aug-2015 Oct-2015 EFTA01476157 8 December 2015 World Outlook 2016: Managing with less liquidity Global Asset Allocation: The case for normalization Key themes and catalysts for 2016: After a record rise in the dollar, 2015 saw unusually negative US data surprises t