Epstein Secrets

boosted by about 0.1 percentage points for every $10/b that oil prices permanently decrease", explains Bettina Mailer, Chief European Economist at Deutsche AM. The picture is similar in the United States. Indeed, lower taxes on oil products than in Europe mean that a bigger part of the decline in oil pric

ut notice. Forecasts are based on assumptions, estimates, opinions and hypothetical models that may prove to be incorrect. Source: Deutsche Asset & Wealth Management Investment GmbH, as of 02/2016 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0120245 CONFIDENTIAL SDNY_GM_00266429 EFTA01459656

tates, "riskier credits have an increasingly difficult time raising money in the bond market ", notes Gary Russell, High-Yield Portfolio Manager at Deutsche AM. "The decrease in liquidity combined with the low oil price has increased the expectations of defaults in the market." An additional negative facto

ut notice. Forecasts are based on assumptions, estimates, opinions and hypothetical models that may prove to be incorrect. Source: Deutsche Asset & Wealth Management Investment GmbH, as of 02/2016 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0120250 CONFIDENTIAL SDNY_GM_00266434 EFTA01459658

adly. "Even if oil prices double, these levels would still be a nightmare for oil companies", explains Marco Scherer, our Energy Equities Expert at Deutsche AM. For decades, investors could count on oil majors to steadily increase dividends. Oil majors even increased their cash returns as they boosted capi

ut notice. Forecasts are based on assumptions, estimates, opinions and hypothetical models that may prove to be incorrect. Source: Deutsche Asset & Wealth Management Investment GmbH, as of 02/2016 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0120251 SDNY_GM_00266435 EFTA01459659