Epstein Secrets

n to worsen despite rate cut Independent • Will Angela Merkel have to choose between Germany and Europe? Telegr

rsen despite rate cut Independent • Will Angela Merkel have to choose between Germany and Europe? Telegr

led to hold the 99 level in the AM session but regained it for the PM, further boosting exporters. Retail was also supportive with Mothers +11%. The Kospi, on the other hand, underperformed as it was weighed from rotation out of South Korea (especially autos) and into Japan. Outside of Japan, the RBA u

uring Index, New Home Sales, Telsey Fall Consumer Conference (NYC), Earnings (CALM) Tuesday: Consumer Confidence, Richmond Fed Manufacturing Index, Merkel hosts Greek PM for talks in Berlin, Jefferies Global Healthcare Conference (London), Earnings (WAG, CAN, JBL, PAYX) Wednesday: Rosh Hashanah holid

23 Sep 2011 10:24:32 +0000 Good Morning ... European Markets off 50-150 bps (Greece -3.4%) ... Nikkei closed for holiday (China -0.40%, HSI -1.36%, Kospi -5.7%) EUR 1.3476 (+0.09%) JPY 76.24 (+0.01%) Copper -4.6% Silver -7.6% 10yr 1.74% 30yr 2.81% Futures: Dow -20, Nasdaq -1, III -2 DXY 78.35 (

(NNSA EE—>—E>E—E>E—E—E 10-14 aaa 5-9 Sa 0-4 eee 6% 4% 2% 0% 2% 4% 6% right camps. So far, Macron has fostered a good rapport with German Chancellor Angela Merkel, whom we expect to be re- elected in September. The political risk in continental Europe is now centered in Italy, but we were encouraged that its fa

ered a good rapport with German Chancellor Angela Merkel, whom we expect to be re- elected in September. T

rket capitalization of the Korea Composite Stock Price Index (KOSPI) and 47% of its revenues. Samsung Electronics alone represents a 21% share of the KOSPI market capitalization and 21% share of employees which is emblematic of the chaebols’ influence in Korean society. During Park Geun-Hye’s 2012 presi

ancial markets. Our central case is that centre right President is elected in France (with Francois Fillon now the official Republican candidate) and Merkel is returned at the head of a coalition government in Germany. Chart 19: German polls show a consistent lead for Merkel’s CDU party Chart 20: Fillon

omething that we will look to keep for now given downside risks in Europe over the first half of next year. One trade we are taking off today is our Kospi forward vol position. We had held that as a hedge against a China hard landing. Our derivative strategists no longer like it and we have no opted for