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edit-to-GDP ratio and its long-term trend in percentage points. Long-term trend is calculated using an HP filter. Source: Investment Strategy Group, Bank for International Settlements. direct investment has reversed and is now negative. In our view, neither China’s high savings rate nor its increasing government control of financi
Page: HOUSE_OVERSIGHT_014565 →lica mientras no sean inscritos en el Registro de Valores correspondiente. Dubai: Goldman Sachs International ("GSI"} is authorised and regulated by the Dubai Financial Services Authority ("DFSA’} in the DIFC and the Financial Services Authority ("FSA") authorised by the Prudential Regulation Authority and regulated by the Financial Co
Page: HOUSE_OVERSIGHT_014618 →(cost basis) ] 9 10 8 10 11 12 11 - Middle East oil exporters gross claims on US banks 81 122 106 101 136 132 134 129 = 120 Saudi Arabia deposits in Bank for International Settlements (BIS) reporting banks Cross-border deposits with BIS reporting banks 163 180 169 167 188 244 224 210 212 of which, implied deposits from banks and ot
Page: HOUSE_OVERSIGHT_016119 →Menkul Degerler AS., regulated by the Capital Markets Board of Turkey; Merrill Lynch (DIFC): Merrill Lynch International (DIFC Branch), regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.A.S.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (
Page: HOUSE_OVERSIGHT_016194 →end that clients maintain their strategic allocation to US equities. HOUSE_OVERSIGHT_026920 --- PAGE BREAK --- Sources: Investment Strategy Group, Bank for International Settlements, Bloomberg, Datastream, Goldman Sachs Global Investment Research, Haver, International Monetary Fund, Teneo Intelligence. Endnotes: (1) Kate Davids
Page: HOUSE_OVERSIGHT_026921 →lica mientras no sean inscritos en el Registro de Valores correspondiente. Dubai: Goldman Sachs International (“GSI”) is authorised and regulated by the Dubai Financial Services Authority (““DFSA’”) in the DIFC and the Financial Services Authority (“FSA”) authorized by the Prudential Regulation Authority and regulated by the Financial
Page: HOUSE_OVERSIGHT_026922 →Entities connected to both the Dubai Financial Services Authority and Bank for International Settlements

Malaysia
LOCATION
United Kingdom
LOCATION
Frankfurt
LOCATION
Seoul
LOCATION
Michael Bloomberg
PERSON
Donald Trump
PERSONThe Monetary Authority of Singapore
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATION
Chile
LOCATION
Philippines
LOCATION
Marc Rich
PERSON
U.S. Treasury
ORGANIZATION
United States
LOCATION
Barack Obama
PERSON
Datastream
ORGANIZATION
Bahrain
LOCATION
Columbia University
LOCATION
the European Commission
ORGANIZATION
ABI Research
ORGANIZATION
United Arab Emirates
LOCATION