Epstein Secrets

P, AFCE, ASNA, GES, GIGM, NDN, PARL, SIGM, SMTC, UPI, VLNC Economic Data: MBA Mortgage Apps @ 7am, Durable Goods @ 8:30am, House Price Index @ 10am Obama and U.K. PM hold joint press conference @ 7:30am DOE crude oil inventories @ 10:30am Fed's Hoenig speaks @ 9:50am, Fed's Kocherlakota speaks @ 1pm

finance minister Christine Lagarde confirms that she will stand as a candidate to head the IMF * Cloud of volcanic ash from Iceland drifts across North Sea to Germany (could ground 600 flights today) * U.K. 01 GDP rises 0.5% (matching estimates) as exports offset weak consumption (exports +3.7%) *

e current and future US administration foreign policy inclinations, in our view. Separately, we note that the White House spokesman said US President Obama did not support the legislation and likely would not sign it. (A potential presidential veto may however still be overruled if Congress assembles the

y, we note that the White House spokesman said US President Obama did not support the legislation and likely would

rice assumptions 3.0 2.5 2.0 mn b/d, YoY BofAML f'cast 15 1.0 0.5 0.0 -0.5 -1.0 2010 2012 2014 2016F 2018F 2020F mu US meme Canada mam Mexico mmm North Sea mmm Russia Kazakhstan . . 2013 2014 2015 2016 2017 2018 2019 2020 mum Asia Brazil mmm Sudan/So. Sudan other —+— total non-OPEC base =2016@$45/bbl m20

st. Click here for the full Note and disclaimers. Asset allocation - The growth gap between East and West is widening, and has allowed us to join the Obama Pivot towards Asia. We stay long Japan and EM Asia in equities on stronger signs of an economic rebound in the East, while we again cut growth number

g Brent time spreads (long front vs. third futures contract), long industrial metals, long US natural gas and short agriculture. Production losses in the North Sea should support our Brent trade, while the current econo mic rebound in China should push industrial metals higher. US Natural gas should benefit from