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now was starting to seem like an almost anarchic tone deafness—sat in for her father between Chinese president Xi Jinping and British prime minister Theresa May at the main G20 conference table. But this was mere distraction: as the president and his team huddled on the plane, the central subject was not the
hael, 104 Lee, Robert E., 293 Lefrak, Richard, 27 Le Pen, Marine, 100 Lewandowski, Corey, 11-13, 17, 26, 2
Investment Strategy
arguments on illegal immigration from Mexico and Theresa May’s desire to limit migration into the UK post Brexit
ome team’s arguments. Peak inequality may also mean less migration across the world — think Trump’s arguments on illegal immigration from Mexico and Theresa May’s desire to limit migration into the UK post Brexit. Less migration likely means more upward pressure on wages, which is the inflation expectations sid
Page: HOUSE_OVERSIGHT_014438 →urope, especially France and Germany. Because of the winner takes all system in France we find investors are more concerned with the situation there. Marine Le Pen and the Front National look likely to make it to the second round of voting (again according to polls) and until the vote comes in we suspect investo
Page: HOUSE_OVERSIGHT_014443 →to the second round of voting (again according to polls) and until the vote comes in we suspect investors will be cautious about European markets. A Le Pen victory could likely bring the future of the EU and the Euro into question as she has talked about France withdrawing from both. That in turn has arg
Page: HOUSE_OVERSIGHT_014443 →crucial French elections. A Bankof America Merrill Lynch European Equity Strategy | 01 December 2016 5 HOUSE_OVERSIGHT_014464 --- PAGE BREAK --- Marine Le Pen victory could bring into question both the future of the EU and also the euro, should the polls be close it could make the uncertainty and market mov
Page: HOUSE_OVERSIGHT_014465 →erica 16 European Equity Strategy | 01 December 2016 Merrill Lynch HOUSE_OVERSIGHT_014475 --- PAGE BREAK --- Barty argued in The Trump Inflection, Le Pen’s victory has the potential to be even more of an earthquake for the world’s financial markets. Indeed, we have already seen a 1vol move in April 2017
Page: HOUSE_OVERSIGHT_014476 →GHT_014484 --- PAGE BREAK --- As we outline below, we think it is just a matter of timing. The political certainty created by the swift election of Theresa May plus the Bank of England’s interventions have delayed, rather than resolved, the underlying uncertainties caused by the vote. Chart 53: UK PMls tank
Page: HOUSE_OVERSIGHT_014485 →Entities connected to both Theresa May and Marine Le Pen

Jeffrey Epstein
PERSON
Donald Trump
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Steve Bannon
PERSONMaria Farmer
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Marc Rich
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Matteo Salvini
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Nigel Farage
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United States
LOCATION
Barack Obama
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George Soros
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Michael Wolff
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George W. Bush
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Viktor Orbán
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Bloomberg L.P.
ORGANIZATION
Vladimir Putin
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Angela Merkel
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Boris Nikolic
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Virginia Giuffre
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Joe Biden
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Bill Clinton
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