Epstein Secrets

KRK- NK0Y6uynC184e=maxim.borbar/040citadel.=om&h=Jw1MKg> . LatAm CDS has become an attractive alternativ= to short dated bonds in Brazil, Mexico and Colombia. In Asia we examine t=ree summer risks that could reinforce risk reduction. We are short 6M CNH vs USD, EUR, JPY, AUD and MYR. Asia Economic Weekly

e sectors. Techs (XLK), Telecoms (XTL), together with Healthcare (XLV) are the three sectors with strongest price momentum in the MEGA Tren=s Index. Health Care is the one sector with improving Earning= Revision Ratios, Sales Revision Ratios and Management Guidance Ratios chttp://rsch.baml.com/r?q=k=SlqhpEN

n. Further exchange rate depreciation is expected to help through the ongoing adjustment process, but some large countries like Brazil, Venezuela, Colombia, and Peru do need to see a bigger correction in their current account deficits. Weaker currencies and depressed economic activity will create a gro

5% share shrink. Ex. Energy & Financials, as much less y/y litigation expense at Banks, 2015 S&P EPS was up 6% or 10% ex. 4% FX drag. Growth led by Health Care and big consumer oriented Tech firms. We expect growth to slow at these two S&P segments, but remain key growth drivers. II2016E S&P EPS of $125 i

nce in the health system in order to enhance % of Healthcare facilities reporting comprehensive % 10 100 NA 10

AFRICA m@ BRAZIL MEXICO m RUSSIA = MALAYSIA (EM) = INDONESIA m= THAILAND ~ PHILIPPI m SAUDI = TURKEY = CHILE m= POLAND @ QATAR m UAE m= COLOMBIA m PERU m GREECE m HUNGARY EGYPT m@ CZECH REPUBLIC Source: : BofA Merrill Lynch Global Research, MSCI and DataStream 46 GEMs Paper #26 | 30 June

s 11.4% 13.1% 13.8% 19.5% MSCI Europe* 1104 13.2% Healthcare 18.4% 15.5% 15.0% 30.9% MSCI EM $* oo5 12.2% Fina

24 -3.2 5.0 10.0 2.0 25 2.0 96 99 10.0 11.0 Brazil 27 14 4 0.5 6 48 46 3.8 40 43 6.7 5.0 55 56 Chile 6.0 54 45 51 71 3.0 40 40 5.0 5.0 40 3.1 25 3.1 Colombia 5.9 43 45 0.9 67 28 3.8 42 53 55 3.9 34 3.1 3.2 Ecuador 8.0 5.0 40 42 48 3.0 55 5.0 3.0 3.0 55 51 54 54 Mexico 3.9 3.9 3.6 49 30 21+ 3.5 40 3.2 3.3 5