Epstein Secrets

Italy 4.8 0.0 4 1.3 1 0.5 -0.5 09 4 1.0 4 1.5 1.5 0.7 OA 05 09 Spain -12 1.3 t 22 t 0.7 IS 21 t 2.0 20 20 02 02 0.0 0.0 Norway 2.0 1.9 2.3 2.0 1.9 2.0 1.9 2.1 2.3 2.3 18 1.6 2.2 Sweden 1.6 2.2 25 6.5 -0.3 Z3 25 2.5 25 01 41 0.2 15 United Kingdom 1

arket implications: they favor income over growth assets. See page 7 for analyst certification and important disclosures. Click play to view video Global Asset Allocation Jan Loeys AC JPMergan Chase Bank NA John Normand J.P. Morgan Securities plc Nikolaos Panigirtzoglou JP. Morgan Securities plc Mika Inkinen J.P

ic activity & inflation forecasts: 2015F 2016F 2017F GDP (% yoy) EU Euro area Germany France EFTA01476013 Italy Spain UK Sweden Denmark Norway Switzerland 1.8 1.5 1.7 1.1 0.7 3.2 2.4 3.2 1.6 1.4 1.0 1.9 1.6 1.9 1.4 1.4 2.8 2.5 2.7 1.7 1.4 1.2 Source: National authorit

-term correction FX Strategy Plenty of run left in the USD upswing Commodities Supply adjustment is well underway for oil, not so for the metals Global Asset Allocation The case for normalization Geopolitics The EU's geopolitical crisis eclipses its economic crisis Forecast table Key Economic Forecasts Key Fina

ies US Japan Euro area Germany France Italy Spain Netherlands Belgium Austria Finland Greece Portugal Ireland United Kingdom Denmark Norway Sweden Switzerland Canada Australia New Zealand EEMEA Czech Republic Egypt Hungary Israel Kazakhstan Nigeria Poland Romania Russia Sa

London Dec-2014 Feb-2015 Apr-2015 Jun-2015 Aug-2015 Oct-2015 EFTA01476157 8 December 2015 World Outlook 2016: Managing with less liquidity Global Asset Allocation: The case for normalization Key themes and catalysts for 2016: After a record rise in the dollar, 2015 saw unusually negative US data surprises t