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ctively). MLIBLMB and Merrill Lynch (Singapore) are regulated by MAS. Bank of America N.A., Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribute this report in Australia only to ‘Wholesal
Page: HOUSE_OVERSIGHT_026002 →nd Futures Commission (HKSFC) and the Hong Kong Monetary Authority (HKMA); Merrill Lynch (Singapore): Merrill Lynch (Singapore) Pte Ltd, regulated by the Monetary Authority of Singapore (MAS); Merrill Lynch (Canada): Merrill Lynch Canada Inc, regulated by the Investment Industry Regulatory Organization of Canada; errill Lynch (Mexic
Page: HOUSE_OVERSIGHT_026002 →thority (Hong Kong): Merrill Lynch (Asia lated by the Monetary Authority of Israel}: Merrill Lynch Lynch lidrios; Merrill Lyn
seems to be the only one in the region that is expected to display a much lower sensitivity to US rates, outperforming others within Asia. We expect the Monetary Authority of Singapore to keep the SGD NEER in the weaker side of the band for the next few months, which reduces the downside risk for the trade (Chart 69). We like the IN
Page: HOUSE_OVERSIGHT_014770 →d and issued by Merrill Lynch (DIFC) are done so in accordance with the requirements of the DFSA conduct of business ed (ABN 65 006 276 795), AFS of BANA Australia, neither MLEA nor responsibility for research reports of its non-US affiliates distributed to MLPF&S clients in the US. Any US person receiving this
Page: HOUSE_OVERSIGHT_014785 →: Merrill Lynch (Singapore) Pte Ltd, regulated by the Monetary Authority of Singapore (MAS); Merrill Lynch (Canada): Merrill Lynch Cana
ectively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribute this report in Australia only to ‘Wholesal
Page: HOUSE_OVERSIGHT_010614 →Investment Strategy
: Merrill Lynch (Singapore) Pte Ltd, regulated by the Monetary Authority of Singapore (MAS); Merrill Lynch (Canada): Merrill Lynch Cana
ectively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribute this report in Australia only to ‘Wholesal
Page: HOUSE_OVERSIGHT_014408 →: Merrill Lynch (Singapore) Pte Ltd, regulated by the Monetary Authority of Singapore (MAS); Merrill Lynch (Canada): Merrill Lynch Cana
tively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A.,, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribute this report in Australia only to ‘Wholesal
Page: HOUSE_OVERSIGHT_014429 →Investment Strategy
: Merrill Lynch (Singapore) Pte Ltd, regulated by the Monetary Authority of Singapore (MAS): Merrill Lynch (Canada): Merrill Lynch Cana
ectively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribute this report in Australia only to ‘Wholesal
Page: HOUSE_OVERSIGHT_014457 →: Merrill Lynch (Singapore) Pte Ltd, regulated by the Monetary Authority of Singapore (MAS); Merrill Lynch (Canada): Merrill Lynch Cana
ectively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribute this report in Australia only to ‘Wholesal
Page: HOUSE_OVERSIGHT_014496 →: Merrill Lynch (Singapore) Pte Ltd, regulated by the Monetary Authority of Singapore (MAS); Merrill Lynch (Canada): Merrill Lynch Cana
ectively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribute this report in Australia only to ‘Wholesal
Page: HOUSE_OVERSIGHT_014650 →Earnings Preview
: Merrill Lynch (Singapore) Pte Ltd, regulated by the Monetary Authority of Singapore (MAS); Merrill Lynch (Canada): Merrill Lynch Cana
ectively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribute this report in Australia only to ‘Wholesal
Page: HOUSE_OVERSIGHT_014949 →Quantitative Analysis
: Merrill Lynch (Singapore) Pte Ltd, regulated by the Monetary Authority of Singapore (MAS); Merrill Lynch (Canada): Merrill Lynch Cana
35132 (MLEA) distribute this report in Australia only to ‘Wholesale’ clients as defined by s.761G of the Corporations Act 2001. With the exception of BANA Australia, neither MLEA nor any of its affiliates involved in preparing this research report is an Authorised Deposit- Taking Institution under the Banking Act
Page: HOUSE_OVERSIGHT_023094 →Entities connected to both BANA Australia and The Monetary Authority of Singapore

Donald Trump
PERSONthe Dubai Financial Services Authority
ORGANIZATION
Michael Bloomberg
PERSON
United Kingdom
LOCATION
Seoul
LOCATION
Frankfurt
LOCATION
the Financial Services Agency
ORGANIZATION
Bank of America
ORGANIZATIONPierce, Fenner & Smith Incorporated
ORGANIZATION
Merrill Lynch Global Wealth Management
ORGANIZATION
Merrill Lynch
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATIONMerrill Lynch KSA Company
ORGANIZATIONDSP Merrill Lynch Limited
ORGANIZATIONthe Investment Industry Regulatory Organization of Canada
ORGANIZATIONMerchant Bank
ORGANIZATIONMerrill Lynch Equities (Australia) Limited
ORGANIZATIONMerrill Lynch Argentina SA
ORGANIZATION