Epstein Secrets

ed by the PRA and regulated by the FCAand the PRA, and is distributed in the UK to retail clients (as defined in the rules of the FCAand the PRA) by Merrill Lynch International Bank Limited, London Branch, which is authorized by the Central Bank of Ireland and subject to limited regulation by the FCAand PRA - details about the extent of

ts may explain why Draghi gave up on the currency this week. But something has been lost in the process and the Euro could now appreciate freely if Eurozone data keeps improving. BoJ only dovish major central bank The BoJ left its policy unchanged this week and Governor Kuroda justified the current po

10 Global Cross Asset Strategy - Year Ahead | 30 November 2016 Bankof America 2 Merrill Lynch HOUSE_OVERSIGHT_014441 --- PAGE BREAK --- Chart 15: Eurozone PMI's point to solid growth Chart 16: Japanese growth expected to accelerate in 2017 60.0 3.0 58.0 —_.,. = 2.0 Forecasts 56.0 54.0 1.0 52.0 50.0 0.0

d long RUB/ZAR. The former has dropped as the EUR has weakened against the USD. We continue to think that the Swedish economy is more robust than the Eurozone and that the Riksbank will sooner or later have to adjust monetary policy accordingly. We see a lot more room for this pair to move in 2017, particul

d by the PRA and regulated by the FCA and the PRA, and is distributed in the UK to retail clients (as defined in the rules of the FCA and the PRA) by Merrill Lynch International Bank Limited, London Branch, which is authorized by the Central Bank of Ireland and subject to imited regulation by the FCA and PRA - details about the extent of

, PMI’s and consumer confidence pointing to a solid Q4 to follow. That quarter is currently tracking at 3.6% according to the Atlanta Fed. Chart 13: Eurozone PMI’s have picked up of late... Chart 14: US Consumer Confidence now at post-GFC highs 60.0 120 100 59.0 80 50.0 60 40 45.0 ———US Consumer Confidence

n for investors as we enter a busy year for European politics (see table opposite} is whether the populism train will gather pace or terminate at the Eurozone. Italy risks elevated, but risks two way and banks the bigger issue Although Italy goes to the polls this year, it is worthwhile starting with this

d by the PRA and regulated by the FCA and the PRA, and is distributed in the UK to retail clients (as defined in the rules of the FCA and the PRA) by Merrill Lynch International Bank Limited, London Branch, which is authorized by the Central Bank of Ireland and subject to imited regulation by the FCA and PRA - details about the extent of

tem from abroad. Specifically, we see higher uncertainty over global trade, risk sentiment, and FX as a result of political transitions in the US and Eurozone. We consider multiple policy scenarios under a Trump presidency. Trump’s campaign promises have mixed implications for Japan. On a positive note dere

foreign affiliates. Hong Kong recipients of this research report should contact Merri ies (and not futures contracts) or provision of speci d contact Merrill Lynch International Bank Limited (Merchant Bank} and/or Merrill Lynch (S ic advice on securities (and Lynch (Taiwan); is A 883D respectively errill Lynch Equi ance with respec i

ad | 16 November 2016 HOUSE_OVERSIGHT_014735 --- PAGE BREAK --- target. It is possible that Trump’s election could weaken fiscal discipline in the Eurozone over the medium term, but we are more concerned by the non-trivial risk that the ECB may disappoint in the December meeting by either not extending q

ealing in securities (and not futures contracts) or provision of specific advice on securities (and not futures contracts). Si report should contact Merrill Lynch International Bank Limited (Merchant Bank) and/or research report. General Investment Related Disclosures: Taiwan Readers: Neither the information nor any opinion expressed he