Epstein Secrets

nk of three reasons to go short CHF/NOK. 1. The relative cycle is supportive of rate differentials. Inflation is at a much higher starting point in Norway than in Switzerland, leaving the Norges Bank much less room to manoeuvre than the SNB in the event of upside surprises to import prices or stronge

lt period for COP and a better backdrop for CLP and PEN. With respect to COP, the upcoming election year also represents a concern, with President Santos facing a strong challenge from the populist right. There are also question marks surrounding the outcome of peace negotiations with the FARC. Expo

Forces of Colombia) in a bid to end the hemisphere's longest running armed conflict. It will be the first talks between the two parties since 2002. Norway and Cuba will host the talks, and Chile and Venezuela will serve as observers. Negotiations are planned to begin in mid-October in Oslo and later m

tivated for a serious effort at ending the conflict. The Colombian military is stronger than it was ten years ago, and the FARC is weaker. President Santos, formerly the defense minister who led a tough, successful military campaign against the rebels, insists there will be no bilateral ceasefire and is

urrent production. We see this risk as slightly less acute than some basins heavily dependent on maintenancefunfill capital spend (ie. UK North Sea/Norway). however every 1% increase in underlying decline above our 8%/yr base case would reduce 2017 production by 40 Mb/d. 2. Delays to FPSO start-ups.

d Oils Prinuuy Growth Dricei a Volume growth from 2015-2020 is primarily driven by the continued development of Pre-Salt resource in the deepwater Santos and Campos Basins. In particular, near-term volume growth is expected to come from the start of FPSOs in the Buzios and Lula/Iracema development. D

Forces of Colombia) in a bid to end the hemisphere's longest running armed conflict. It will be the first talks between the two parties since 2002. Norway and Cuba will host the talks, and Chile and Venezuela will serve as observers. Negotiations are planned to begin in mid-October in Oslo and later m

ivated for a serious effort at ending the conflict. The Colombian military is stronger than it was ten years ago, and the FARC is weaker. President Santos, formerly the defense minister who led a tough, successful military campaign against the rebels, insists there will be no bilateral ceasefire and is