ected Key takeaways ee « Market response to Trump is logical but moves have been frontloaded. We now see USD & rates only modestly higher next year. James Barty >> « We see higher growth and inflation, notably in Japan. We go long NKY, stay long EM sail — AX) & selective yield in equity/ credit. Te alboncOee

errill Lynch 01 December 2016 Equity Strategy Europe Ronan Carr, CFA >> European Equity Strategist MLI (UK) +44 20 7996 3292 [email protected] James Barty >> Investment Strategist MLI (UK) +44 20 7996 3291 [email protected] Tommy Ricketts >> European Equity Strategist MLI (UK) +44 20 7996 3294 tom