Epstein Secrets

Asset allocation - Local risks and opportunities trump global forces in driving investment opportunities

n. Brazil: Banco J.P. Morgan S.A. is regulated by the Comissao de Valores Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico:

e trends, starts others In the three weeks since Donald Trump’s election victory global markets have seen some dr

Global Cross Asset Strategy —- Year Ahead Bankof America The Trump inflection ape ce Investment Strategy 30 November 2016 Corrected Key takeaways ee « Market response to Trump is logical but moves have been frontlo

am Page for Full List of Contributors 10Y real rates. CNH a hedge vs trade risk. Trump extends some trends, starts others In the three weeks since Donald Trump’s election victory global markets have seen some dramatic moves. Som1e of those moves are extending trends that had already started — higher yields, hi

e. That is particularly the case if the Fed under President Trump is made more hawkish as our economists think it p

reform OK, maybe it’s not as inevitable as death and taxes, but some form of corporate tax reform seems likely. It is a stated priority of President Trump and has widespread Congressional support. We here focus on four components that could have big equity implications. We assess the impacts at a market

x reform seems likely. It is a stated priority of President Trump and has widespread Congressional support. We here

AS.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merrill Lynch Banco Multiplo S.A., regulated by Comissao de Valores Mobiliarios; Merrill Lynch KSA Company, errill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. This research report: has been a

ion: Tension between the US and European Union eased significantly after a July 2018 deal between European Commission President Juncker and President Trump to “work together toward zero tariffs, zero non-tariff barriers and zero subsidies on non-auto industrial goods”. The coast is not totally clear give

between European Commission President Juncker and President Trump to “work together toward zero tariffs, zero non-t

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s Japanese real interest rates can actually fall. Watch Abe-Trump meeting - coordination or conflict? Given the high uncertainty, clarifications on Trump’s policies on trade and currency will be important for the Japanese market going forward. A potential Abe-Trump meeting in New York this Thursday (17

AS.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merrill Lynch Banco Multiplo S.A., regulated by Comissao de Valores Mobiliarios; Merrill Lynch KSA Company, errill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. This research report: has been a

ital allocation update, tax reform, rising interest rates. Latest report: MCO rally has just begun; beneficiaries of the non-Health Care upside from Trump 1Q risks: Risks to the downside are courts not approving the HUM acquisition, lower- than-expected membership growth and higher than expected cost t

.S.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil}: Bank of America Merrill Lynch Banco Multiplo S.A., regulated by Comissao de Valores Mobiliarios; Merrill Lynch KSA Company, errill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. This research report: has been a

a recent interview with the Financial Times that international tourism to the US (Expedia’s key market) has decelerated following the introduction of Trump’s travel bans, which may be a downside risk to 1Q bookings and revenues. This mirrors ForwardKeys data from early March that after Trump’s executive

AS.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil}: Bank of America Merrill Lynch Banco Multiplo S.A., regulated by Comissao de Valores Mobiliarios; Merrill Lynch KSA Company, errill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. This research report: has been a

ntion) may still find that option markets are currently pricing too little of a move. However, as we have recently argued the debate about whether a Trump win would be good or bad for markets coupled with the inability to exactly pinpoint real risks are likely headwinds to a sizeable market shock. 8 Gl

.AS.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil}: Bank of America Merrill Lynch Banco Multiplo S.A, regulated by Comissao de Valores Mobiliarios; Merrill Lynch KSA Company, Merrill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. This information: has been appr