Epstein Secrets

76014 0.5 2.1 -1.1 1.0 0.9 1.2 0.8 0.8 0.7 1.1 1.0 1.4 2.4 -0.4 1.7 1.6 1.7 1.3 1.5 1.6 1.9 1.9 1.8 2.3 0.3 EEMEA Poland Hungary Czech Republic Romania Russia Ukraine Kazakhstan Israel Turkey South Africa GDP (% yoy) 2015F 2016F 2017F 1.0 3.4 2.7 4.5 3.7 1.9 3.

ugh vote to retain investment, but allowing sufficient time for negotiations with Brussels. EU membership renegotiations will begin at this month's European Council meeting. A deal seems more likely at the February Council meeting at the earliest. Mr Cameron's four themes for renegotiation are explored in our 2

nal support for Spanish banks can be seen as the starting point for greater European support and oversight for banks, to be discussed at the upcoming European Council. ¢ Greece's debt remains unsustainable, but the risk of a euro exit over the next six months has diminished after the 17 June elections, which have

ward cash-rich and faster- growing Asia. Emerging market country preferences Current most Current least preferred markets preferred markets Brazil Hungary China Indonesia Mexico Poland We currently have a neutral view on the remaining emerging equity markets in the MSCI EM index. For further informati

yment rate for October 6 Nov US presidential and congressional elections 8 Nov The 18th National Congress of the Communist Party of China 22-23 Nov European Council 2 UBS Global growth expected to be around 3% in 2012 and 2013 Real GDP growth in % Inflation in % 2011 2012F — 2013F 2011 2012F — 2013F Americas

stands ready to buy the bonds of compliant Eurozone governments has lessened the tail risks for the smaller European emerging equity markets (Turkey, Hungary, Poland), but their equity markets are susceptible to setbacks. Strategic (1 to 2 years) e Strategically, we would advise that EM portfolios tilt t