Epstein Secrets

dom of Saudi Arabia Company. regulated by the Capital Market Authority. This research report has been approved for publication and is distributed in the United Kingdom (UK) to professional dients ad eligible counterpaties (as each is defined in the rules of the FCA and the PRA) by MLI (UK) and Bank of America Mernl

e long INR vs USD via options (current 30bps), long TRY vs ZAR and short CLP vs ARS. Otherwise, China data still kicking and we have a long bias In EM Asia Beyond the above risk factors, China data continues to show strength. 2Q GDP numbers surprised to the upside and the overall economic surprises for

the NYSE, the NASD, NFA and SIPC. In Germany this report is approved and/or communicated by Deutsche Bank AG Frankfurt authorized by the BaFin. In the United Kingdom this report is approved and/or communicated by Deutsche Bank AG London, a member EFTA01464476 of the London Stock Exchange and regulated by the F

upported. More importantly, despite continued US equity market outperformance, international investors have still favoured the Euro-area, Japan and EM Asia over the US in terms of flows. This is unlikely to continue. Chinese reserve accumulation should also slow down, not least because of measures by

.0.7 Germany 3.1 1.0 1.11 2.0 1.1 France 1.7 0.1 -0.1 0.1 4.1 Italy 011 -23 -0.5 t -32 t -3.3 Spain 0.4 -1.3 4/ 1 -1.3 -1.7 United Krgdom 01 00 1.8 -12 -1.5 Emerging Europe 41 2.6 2.61 2,4 1.3 Bulgaria 1.7 1.0 1.5 Czech Republic 1.7 -1.1 0.9 -3.1 -0.8 Hungary 1.6

despite the likely volatility as the fiscal cliff is negotiated. Within equities, we stay underweight the US, and move most of the overweight into EM Asia. We have moved some of our credit overweight from the US to Europe. • Economics — The data flows continue to confirm that June/July was likely the