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ls means banks and insurance should outperform REITs within the financial sector (Chart 3). This is also in line with the global rotation expected by Michael Hartnett (The Flow Show: The Inflation Era Begins 10 November 2016). 3) Nikkei winner of steeper UST and strong macro In a scenario of strong external deman
Page: HOUSE_OVERSIGHT_014400 →it one of the electronic venues that carry BofA Merrill Lynch Global Research reports or contact your Bank of America Merrill Lynch representative or Merrill Lynch Global Wealth Management representative for further information. "Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of
Page: HOUSE_OVERSIGHT_014403 →Investment Strategy
ontact their BofA Merrill Lynch representative or Merrill Lynch Financial Global Wealth Management financial advisor for information relating to fix
ls means banks and insurance should outperform REITs within the financial sector (Chart 3). This is also in line with the global rotation expected by Michael Hartnett (The Flow Show: The Inflation Era Begins 10 November 2016). 3) Nikkei winner of steeper UST and strong macro In a scenario of strong external deman
Page: HOUSE_OVERSIGHT_014404 →the US election. The insurance sector has been the best performer since the US election on the back of a steeper US Treasury curve and higher rates. Michael Hartnett observes “violent rotation out of deflation to inflation plays”, including a move from REITs to US banks. This should apply to Japan, where banks and
Page: HOUSE_OVERSIGHT_014427 →Merrill Lynch, Pierce, Fenner & Smith Incorporated (‘MLPF&S’) and its affiliates. Investors should contact their BofA Merrill Lynch representative or Merrill Lynch Global Wealth Management financial advisor if they have questions concerning this report. "BofA Merrill Lynch" and "Merrill Lynch" are each global brands for BofA Merrill Lyn
Page: HOUSE_OVERSIGHT_014429 →Investment Strategy
election day). Peak liquidity, deflation, Inequality and globalisation —- watch for Peak Trump So what does a Trump presidency mean for the world? Michael Hartnett, our Chief Investment Strategist sums it up nicely with four of his seven peaks. Peak liquidity — the era of excess liquidity is over; Peak inequalit
Page: HOUSE_OVERSIGHT_014436 →Merrill Lynch, Pierce, Fenner & Smith Incorporated (‘MLPF&S’) and its affiliates. Investors should contact their BofA Merrill Lynch representative or Merrill Lynch Global Wealth Management financial advisor if they have questions concerning this report. "BofA Merrill Lynch" and "Merrill Lynch" are each global brands for BofA Merrill Lyn
Page: HOUSE_OVERSIGHT_014457 →Entities connected to both Merrill Lynch Global Wealth Management and Michael Hartnett

Donald Trump
PERSONPierce, Fenner & Smith Incorporated
ORGANIZATION
Merrill Lynch
ORGANIZATION
Bank of America
ORGANIZATION
Bank of America Corporation
ORGANIZATION
Michael Bloomberg
PERSON
BofA Merrill Lynch
ORGANIZATION
United Kingdom
LOCATIONMerchant Bank
ORGANIZATION
Frankfurt
LOCATIONMerrill Lynch International Bank Limited
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATIONThe Financial Service Board
ORGANIZATIONOtoritas Jasa Keuangan
ORGANIZATIONMerrill Lynch KSA Company
ORGANIZATIONthe Central Bank of Ireland
ORGANIZATIONILynch
ORGANIZATIONMerrill Lynch (Asia Pacific) Limited
ORGANIZATIONthe Investment Industry Regulatory Organization of Canada
ORGANIZATION
Seoul
LOCATION