Epstein Secrets

D bin Japan Figure 8: USD/JPY spot vs. PPP 20% Band USD/JPY 115 165 215 265 315 65 Source: Da

ted real bond yield, inverted (rhs) -100 -80 -60 -40 -20 0 20 40 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Source: Deutsche Bank Research, Datastream, Bloomberg Finance LP Figure 2: We expect 14% EPS growth in the Euro area in 2016, driven by a cyclical rebound in earnings Euro area EPS growth U

he Bank Research Index USDTWI PPP Implied 20% Band 100 110 120 130 60 70 80 90 Figure 7: Do

3.48 12.50 * High inflation regime and controls prevent to have a valid market reference. Source: Deutsche Bank Research, Bloomberg Finance LP, Datastream; as of Dec 07 0.72 7.46 EFTA01476212 9.25 9.29 1.09 1.46 1.49 1.63 27.0 313.1 4.20 334.8 4.32 4.49 73.88 15.7 3.14 25.17 6.96

isis highs. % 700 639 600 500 + 400 300 + 1951 1959 1967 1975 1983 1991 1999 2007 2015 Data through 03 2016. Source: Investment Strategy Group, Datastream. The anemic (but steady) pace of this recovery has fueled a debate about its causes. The theories fall into six categories: e A “hangover” from the

the local equity markets and adjusted the trading band around the renminbi, and by 104 basis points in l