Epstein Secrets

side given the aforementioned points. That said, given the velocity and magnitude of the recent move and uncertainty around the impact and timing of Trump’s policies, we believe options offer better risk-reward than being outright long financials stocks here. With flat call skew, “appearing” call spread

not triggered: 5.6x (9.9%/1.75%) — you have upside up to 114.9% HOUSE_OVERSIGHT_011280 --- PAGE BREAK --- Regards, Amanda Amanda Ens Director | Global Equities Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park | 5th Floor | New York, NY 10036 Phone: Mobil: ii

Global Investment Strategy The main reasons for equity investor concern in recent weeks = the gap between hard and soft data, plus the delay in the Trump fiscal package HOUSE_OVERSIGHT_014860 --- PAGE BREAK --- Chart 1: The gap between hard and soft data is a concern to investors Chart 2: Mediocre U

rrent environment and are geared into the upside when rates begin to recover... ING, KBC, Intesa, Unicredit, SocGen, Erste, BKIR are all Buy rated. Global Equities Z Bank of America Specialist Sales — European Financials Merrill Lynch MAR disclosure EU BANKS: BIG EQUITY OUTFLOWS BUT REMAIN UPBEAT ON REFLATIO

0%/1.75%) " Gross max payoff if knock-in is not triggered: 5.6x (9.9%/1.75%) — you have upside up to 114.9% Regards, Amanda Amanda Ens Director | Global Equities Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park | 5th Floor | New York, NY 10036 Phone: i Mobile

side given the aforementioned points. That said, given the velocity and magnitude of the recent move and uncertainty around the impact and timing of Trump’s policies, we believe options offer better risk-reward than being outright long financials stocks here. With flat call skew, “appearing” call spread

see USDJPY reaching 120 next year and Japanese reflation, bullish for Japanese equities, particularly the banks. Huge focus on Banks/Financials post Trump election, they're the big winners. The Banking sector is the main beneficiary of higher rates/less regulation overhang. Investors are still underwe

D) Copyright® 2016 Bloomberg Finance L.P. Source: Bloomberg L7-Hov-2016 14210730 HOUSE_OVERSIGHT_014398 --- PAGE BREAK --- Amanda Ens Director | Global Equities Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated Japan Investment Strategy Nikkei to 20,000: Inventory cycle uptu