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stles 4> 4> 0. Marine National Park, * * 40 Australia <http://www.airpano.=om/360Degree-VirtualTour.php?3D=the-twelve-apostles-australia> •Q Sydney, 40 4> Australia <http://www.airpano.=om/360Degree-VirtualTour.php?3D=Sydney-Australia> • Buenos=Aires, =0* 4> Argentina <http://www.airpano

ice of oil, Brent, traded around =70 a barrel on Tuesday. Russia's economic stability is important for the region.=lt is a major trading partner for Western Europe, selling raw materials and oil a=d gas to the West and importing consumer goods and foodstuffs. European agricultural producers reported big losses

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ity, and the European Union along with the euro area. This political and institutional evolution has coincided with an historically long peace in Western Europe. The geopolitical freeze imposed by US and Soviet occupation during the Cold War delivered the first 45 years of peace. But for the last 25 years,

012. We think that the risk that the Fed will take measures in addition to the extension of "Operation Twist" is still significant. e Large parts of Western Europe are in recession or stagnation. We expect the economies of the Eurozone and the UK to show mild improvement in 2H 2012. Still, economic activity is l

UBS Wealth Management Australia Ltd ABN 50 005 311 937 (Holder of Australian Financial Services Licence No. 231127), Chifley Tower, 2 Chifley Square, Sydney, New South Wales, NSW 2000, by UBS Wealth Management Australia Ltd. This document contains general information and/or general advice only and does no

Return to long-term trend ¢ The Eurozone crisis abates. Financial market conditions recover, mitigating the drag from fiscal austerity. ¢ Growth in Western Europe turns decisively positive by early 2013 and the US economy grows above trend. & Negative scenario (Probability: 15%*) Recession ¢ There are three ke

UBS Wealth Managemen Australia Ltd ABN 50 005 311 937 (Holder of Australian Financial Services Licence No. 231127), Chifley Tower, 2 Chifley Square, Sydney, New South Wales, NSW 2000, by UBS Wealth Management Australia Ltd.: This Document contains general information and/or general advice only and does n