Epstein Secrets

thority (Hong Kong): Merrill Lynch (Asia lated by the Monetary Authority of Israel}: Merrill Lynch Lynch lidrios; Merrill Lyn

rish (not foolish) For the year ahead, we recommend being bearish 5y US rates, long USDJPY and short a basket of LatAm long bonds (Mexico, Brazil and Colombia). ¢ But in the near term, we urge caution with the reflation trade. Short 10y US real rates offers the best risk-reward after recent moves. US rate

seems to be the only one in the region that is expected to display a much lower sensitivity to US rates, outperforming others within Asia. We expect the Monetary Authority of Singapore to keep the SGD NEER in the weaker side of the band for the next few months, which reduces the downside risk for the trade (Chart 69). We like the IN

, not currency Non-monetary digital asset FINMA Monetary Authority of Singapore Financial Services Agency Financial Conduct Aut

20 | N 1 S&S O- SS - 0% 50% + -20 + - - -30% -40 - 25% | 20.6% 15.6% a 16.7% ~ 60% 117% 11.9% 12.9% -60 | ; ° ail OQ, 69% 67% a 0% -80 Turkey Mexico Colombia South Africa Brazil Argentina Russia Bitcoin Count of Drawdowns of 15% or More Worst Historical Drawdown (TRY) (MXN) (COP) (ZAR) (BRL) (ARS) (RUB) (X

erty for tax purposes (Exchanges, however, are not required to create 1099s). Financial instruments, not currency Non-monetary digital asset FINMA Monetary Authority of Singapore Financial Services Agency Financial Conduct Authority SEC CFTC OCC 50 States Central Bank of Russia Russian Finance Ministry People’s Bank of C

ouncements in key markets such as Brazil, Indonesia, Malaysia, Mexico, Poland, South Africa, and Turkey. Key policy rate announcement dates: 29 June, Colombia; 4 July, Poland; 5 July, Malaysia; 11 July, Brazil; 12 July, Indonesia; 19 July, Turkey 36 UBS Preference: overweight Recommendations Tactical (

al adviser under the Singapore Financial Advisers Act (Cap. 110) and a wholesale bank licensed under the Singapore Banking Act (Cap. 19) regulated by the Monetary Authority of Singapore, in respect of any matters arising from, or in connection with, the analysis or report. The recipient of this report represent and warrant that they

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

JPMSS) [MICA (P) 088/04/2012 and Co. Reg. No.: 199405335R] which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MAS) and/or JPMorgan Chase Bank, N.A., Singapore branch (JPMCB Singapore) which is regulated by the MAS. Malaysia: This material is issued and distr

ge Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MAS) and/or JPMorgan Chase Bank, N.A., Singapore

l Economic Outlook Summary 2011 Real GDP % over a year ago 2012 2013 2014 3Q12 The Americas United States Canada Latin America Argentina Brazil Chile Colombia Ecuador Mexico Peru Uruguay Venezuela Asia/Pacific Japan Australia New Zealand Asia ex Japan China Hong Kong India Indonesia Korea Malaysia Philippin