Epstein Secrets

e: ECB, Bloomberg LP, Barclays, Deutsche Bank Wealth Management. 17 Switzerland Germany France Netherlands Slovakia Finland Austria Belgium Denmark Sweden Luxembourg Lithuania Ireland Italy Spain Slovenia Portugal Malta Latvia Cyprus Total EFTA01477396 Global Fixed Income Combing

rcial and industrial loans have been positive for 19 consecutive quarters. ISM Index Oct-07 Sep-11 Footnotes: Data as of December 2015. Source: Bloomberg Finance LP, Deutsche Bank Wealth Management. Aug-15 Vehicle sales are at the highest level (-18 million annual rate) since 2005. Footnotes: Data as of Novem

uity performance in Europe. As of May 2005, the MSCI Europe Index consisted of the following 16 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. The MSCI

rch 25, 2016. Source: FactSet, Deutsche Bank Wealth Management. Deutsche Bank Wealth Management Footnotes: Data is as of March 18, 2016. Source: Bloomberg Finance LP, Deutsche Bank Wealth Management. 20 Jan-15 Jan-16 EFTA01477978 bbls/day. However, supply is still too high and will According to the Departme

uity performance in Europe. As of May 2005, the MSCI Europe Index consisted of the following 16 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. The MSCI

rch 25, 2016. Source: FactSet, Deutsche Bank Wealth Management. Deutsche Bank Wealth Management Footnotes: Data is as of March 18, 2016. Source: Bloomberg Finance LP, Deutsche Bank Wealth Management. 20 Jan-15 Jan-16 EFTA01478048 bbls/day. However, supply is still too high and will According to the Departme

ro-economic 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

Rising means easier, falling means tighter # of standard deviations 20140101 20140618 20141203 20150520 20151104 Source: Deutsche Bank Research , Bloomberg Finance LP, Haver Analytics LP Figure 7: Bottom-up fiscal stance estimates underestimating extent of fiscal easing in 2016 1.5 0.5 1 -0.5 0 -1.5 -1

ed economies 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 Ru

rilsk, Alcoa, Glencore, Southern Copper, Anglo American and Vale Source: Deutsche Bank Research, Company reports, Source: Deutsche Bank Research, Bloomberg Finance LP 2017E Glencore 1Y CDS spread Grant Sporre, (44) 20 754 58170 Michael Hsueh, (44) 20 754 78015 EFTA01476156 Page 66 Deutsche Bank AG/London D