Epstein Secrets

nvestments Commission; Merrill Lynch (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the Hong Kong Securities and Future

errill Lynch (Japan) +81 3 6225 7747 [email protected] Yang Chen Rates Strategist Merrill Lynch (Hong Kong) +852 3508 8695 [email protected] Shusuke Yamada, CFA FX Strategist Merrill Lynch (Japan) +813 6225 8515 [email protected] Global Emerging Markets Claudio Irigoyen LatAm FI/FX Strategy/Ec

losures on page 5 to 6. 11687576 Timestamp: 17 November 2016 03:30PM EST Bankof America Merrill Lynch 18 November 2016 Investment Strategy Japan Shusuke Yamada, CFA >> FX/Equity Strategist Merrill Lynch (apan) +81 3 6225 8515 [email protected] Exhibit 1: Sector rotation and inventory cycle Slowdown

rity discussed in the report should do so through MLPF&S and not such foreign affiliates. Hong Kong recipients of this research report should contact Merrill Lynch (Asia Pacific) Limited in respect of any matters relating to dealing in securi ies (and not futures contracts) or provision of specific advice on securities (and not futu

losures on page 6 to 8. 11686246 Timestamp: 13 November 2016 06:10PM EST Bankof America Merrill Lynch 14 November 2016 Investment Strategy Japan Shusuke Yamada, CFA >> FX/Equity Strategist Merrill Lynch (iapan) #8] 3 6225 8515 [email protected] Paul Ciana, CMT Technical Strategist MLPF&S +1 646 855

rity discussed in the report should do so through MLPF&S and not such foreign affiliates. Hong Kong recipients of this research report should contact Merrill Lynch (Asia Pacific) Limited in respect of any matters relating to dealing in securi ies (and not futures contracts} or provision of speci ic advice on securities (and not fu

nvestments Commission; Merrill Lynch (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the Hong Kong Securities and Future

OW JP Equities, Ihs JP Performance vs World, rhs Source: BofA Merrill Lynch Global Fund Manager Survey 2016 Our Japanese equity and FX strategist Shusuke Yamada has been arguing for a while that we would see both a weaker JPY and a rebound in Japanese equities. While arguably the JPY had turned beforehand, th

Australian Securities and Investments Commission; Merrill Lynch Pacific) Limited, regulated by the Hong Kong Securities and Future

K --- Best Relative Value Trades Athanasios Vamvakidis Erjon Satko MLI (UK) MLI (UK) [email protected] [email protected] Arko Sen Shusuke Yamada, CFA >> MLI (UK) Merrill Lynch (Japan) [email protected] [email protected] Relative value in a macro world « Long EUR/JPY: data and positionin