Epstein Secrets

ge cap US oils. We view Hess as the most catalyst rich large cap US E&P for 2017 with a return to growth

h (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the Hong Kong Securities and Futures Commission (HKSFC); Merrill Lynch (Singapore): Merrill Lynch (Singapore) Pte Ltd, regulated by the Monetary Authority of Singapore (MAS); Merrill Lynch (Canada): Merrill Lynch Canada Inc, regulated by the Investment Industry Regul

rowing disparity of income and wealth between the rich and the poor (Chart 2), and the loss of national

stments Commission; Merrill Lynch Pacific) Limited, regulated by the Hong Kong Securities and Futures Commission (HKSFC); Merrill Lynch (Singapore): Merrill Lynch (Singapore) Pte Ltd, regu Singapore (MAS); Merrill Lynch (Canada): Merrill Lynch Canada Inc, regulated by the Investment Industry Regulatory Organization of Canada; Merr

rrill Lynch Hardline Retail team called “a little rich,” though it is difficult to tell if weak trends a

h (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the Hong Kong Securities and Futures Commission (HKSFC); Merrill Lynch (Singapore): Merrill Lynch (Singapore) Pte Ltd, regulated by the Monetary Authority of Singapore (MAS); Merrill Lynch (Canada): Merrill Lynch Canada Inc, regulated by the Investment Industry Regul

la variance as investors can avoid paying for the rich HSCEI convexity below the 70% barrier. The trade

n Branch (ARBN his report in Austra by Merrill regulated itutional ia only to ports ed, in any Limited in port. Singapore recipients of ) and/or Merrill Lynch (Singapore) Pte Ltd in respect of any matters arising from, or in connection 28 Global Equity Volatility Insights | 20 June 2017 BankofAmerica Merrill Lynch HOUSE_OV

r the last few years, and, if we exclude the cash-rich Technology sector, leverage is approaching all-t

d not futures contracts). Singapore recipients of this research report should contact Merrill Lynch International Bank Limited (Merchant Bank) and/or Merrill Lynch (Singapore) Pte Ltd in respect of any matters arising from, or in connection with, this research report. General Investment Related Disclosures: Taiwan Readers: Neither