Epstein Secrets

Additional pieces include: Credit Strategy — Jim Reid, our global credit strategist, looks at interest

ak in global FX reserve accumulation and discusses how this will affect global fixed income fields and the USD. DB Special Report — Chief Economist Michael Spencer, Ph.D discusses recent market volatility driven by the Chinese equity market. Paul Morris Managing Director Deutsche Bank Private Bank Office C

minic Konstam Francis Yared Oleg Melentyev Jim Reid David Bianco Sebastian Raedler Alan Ruskin Ge

G/London Page 77 EFTA01476241 8 December 2015 World Outlook 2016: Managing with less liquidity Contacts Name Coverage David Folkerts-Landau Michael Spencer Economics Peter Hooper Torsten Slok Joe LaVorgna Mark Wall Stefan Schneider Mikihiro Matsuoka Michael Spencer Taimur Baig Gustavo Canonero

e-taper tightrope (courtesy of DB credit guru Jim Reid). Overall demand for EM equities should be weake

hout the broader economy (Figure 32 and Figure 33). So far this appears to be working — most economists, including DB's own senior Asian economist, Michael Spencer, now acknowledge the extent to which the incremental capital to output ratio (ICOR) has deteriorated since the financial crisis, as the Chinese au