Epstein Secrets

Acceleration is Underway Manufacturing Slowdown 20 30 40 50 60 70 80 Vehicle Sales Strong Footnotes: Data as of December 30, 2015. Source: FactSet, Deutsche Bank Wealth Management. Manufacturing remains the weak segment of the U.S. economy The broad Manufacturing Index and production are both in contraction territory (a leve

mber 2015. U.S. GDP is 4Q over 4Q. 1 Current as of January 22, 2016. 2 LTM stands for last twelve months. 3 P/E and EPS forecasts are according to Deutsche Asset & Wealth Management 4 Direction in sovereign bonds is yield move. 5 High yield spread is high yield versus five year Treasury. 6 Next 3% move in credit is return move. Source: F

er 2015 Forecast for 2016 GDP Japan China World March 2016 Forecast For 2016 GDP Footnotes: Data as of March 25, 2016. Data as of March Source: FactSet, Deutsche Bank Wealth Management. Global Sovereign Yields Highly Correlated Production Cuts Good; More Needed The ECB's aggressive central bank actions have pushed sovereign rates

th 3 P/E d EPS f t ditDthAt&Wlth M t 4 Di ti i i b d i i ld 5 Hi h i ld tands or last twelve months. 3 P/E and EPS forecasts are according to Deutsche Asset & Wealth Management 4 Direction in sovereign bonds is yield move. 5 High yield spread is high yield versus five year Treasury. 6 Next 3% move in credit is return move. Source: F

er 2015 Forecast for 2016 GDP Japan China World March 2016 Forecast For 2016 GDP Footnotes: Data as of March 25, 2016. Data as of March Source: FactSet, Deutsche Bank Wealth Management. Global Sovereign Yields Highly Correlated Production Cuts Good; More Needed The ECB's aggressive central bank actions have pushed sovereign rates

th 3 P/E d EPS f t ditDthAt&Wlth M t 4 Di ti i i b d i i ld 5 Hi h i ld tands or last twelve months. 3 P/E and EPS forecasts are according to Deutsche Asset & Wealth Management 4 Direction in sovereign bonds is yield move. 5 High yield spread is high yield versus five year Treasury. 6 Next 3% move in credit is return move. Source: F