k of England supports equities. Key date: 8 Nov, Bank of England policy meeting 2 UBS Recommendations Tactical

ding to market capitalization. Developments in commodity prices affect earnings estimates. Commodity prices Policy action Loose monetary policy by the Bank of England supports equities. Key date: 8 Nov, Bank of England policy meeting 2 UBS Recommendations Tactical (6 months) e The UK offers an attractive 4% di

and the resulting consensus view that the UK was destined for recession. Although the 20% decline in the trade-weighted sterling and rapid easing by the Bank of England were no doubt pivotal in avoiding that fate, the immediate impact of the Brexit referendum has been far less destructive than feared. But as we begi

Settlements BLS: Bureau of Labor Statistics BOE: Bank of England BOJ: Bank of Japan CAGR: compound annual growth

& Source: Bloomberg Source: Bloomberg The other fixed income trade we continue to like is short 5Y UK real rates. The market continues to discount the Bank of England consistently overshooting its inflation target without a response on monetary policy. Yet Governor Carney and other members of the BOE’s MPC have sai

ment in 2H 2012. Still, economic activity is likely to remain very sluggish despite support from lower oil prices and less rigorous fiscal austerity. The Bank of England may support the UK economy by increasing its amount of bond purchases soon. The probability that the ECB will take further action to support the econ

ream of the tumbling equity market. President Obama’s re-election perhaps also diminishes expectations of a change in course at the Fed. The ECB and the Bank of England stood pat at their policy meetings this week, but the latter delivered a curveball today, announcing that its net coupon income from QE would be tran

to accepting Bailey and Osofsky. Both would need to be corrupted in order for Staley to keep his job. Why is Bailey being considered for top job at the Bank of England when the FCA that he runs has a 98% disapproval rating from the general public. Bailey and the FCA are answerable to the Treasury which is answerab

ly to foreign authorities: The Attorney General for England and Wales; the Attorney General for Northern Ireland; the Financial Conduct Authority; the Bank of England; the Prudential Regulation Authority; the Director of Public Prosecutions and any Crown Prosecu- tor; the Director of Public Prosecutions for Northe

Confirmation. With respect to Transactions over gilt-edged securities, the pricing source shall be the latest available GEMM's prices published by the Bank of England. (i) Paragraph 2(tr). Spot Rate to be as set forth in paragraph 2(rr). (j) Paragraph 3(b). Both Seller and Buyer to deliver Confirmation. CONFID

Confirmation. With respect to Transactions over gilt-edged securities, the pricing source shall be the latest available GEMM's prices published by the Bank of England. i) Paragraph 2(r). Spot Rate to be as set forth in paragraph 2(n). Paragraph 3(b). Both Seller and Buyer to deliver Confirmation. 19 Confidenti

Confirmation. With respect to Transactions over gilt-edged securities, the pricing source shall be the latest available GEMM's prices published by the Bank of England. Spot Rate to be as set forth in paragraph 2(n). (j) Paragraph 3(b). Both Seller and Buyer to deliver Confirmation. 19 CONFIDENTIAL — PURSUANT T

t Confirmation. With itapeel to Transactions over gilt-edged securities, the pricing source shall be the latest available GUAM prices published by the Bank of England. Paragraph 2(n). Spot Rate to be as set forth in paragraph 2(n.). Paragraph 3(b). Both Seller and Buyer to deliver Confirmation. 19 Confidential

Confirmation. With respect to Transactions over gilt-edged securities, the pricing source shall he the latest available (WMM's prices published by the Bank of England. Spot Rate to be as set forth in paragraph 2(n). Both Seller and Buyer to deliver Confirmation. 19 Confidential CONFIDENTIAL - PURSUANT TO FED.

Confirmation. With respect to Transactions over gilt-edged securities, the pricing source shall he the latest available (WMM's prices published by the Bank of England. Spot Rate to be as set forth in paragraph 2(n). Both Seller and Buyer to deliver Confirmation. 19 Confidential CONFIDENTIAL - PURSUANT TO FED.

Confirmation. With respect to Transactions over gilt-edged securities, the pricing source shall be the latest available GEMM's prices published by the Bank of England. (i) Paragraph 2(u). Spot Rate to be as set forth in paragraph 2(rr). (j) Paragraph 3(b). Both Seller and Buyer to deliver Confirmation. 19 4-*

sion, any state securities commission, the Registrar of Companies in Bermuda, the Bermuda Monetary Authority, the Prudential Regulation Authority of the Bank of England, or any other regulatory• body has approved or disapproved of these securities or passed upon the adequacy of this prospectus or any prospectus sup

are normally heavily invested in government debt. Now, a country with its own currency, like Britain, can short-circuit this process: if necessary, the Bank of England can step in to buy government debt with newly created money. This might lead to inflation (although even that is doubtful when the economy is depr

Confirmation. With respect to Transactions over gilt-edged securities. the pricing source shall be the latest available GEMM's prices published by the Bank of England. Spot Rate to be as set forth in paragraph 2(n). Both Seller and Buyer to deliver Confirmation. 19 Confidential CONFIDENTIAL - PURSUANT TO FED.

that we are entering unknown money printing territory in many countries. The longest time series of central bank balance sheet data we have is from the Bank of England. Figure 34 shows that 2012 saw the balance sheet surpass the previous peak relative to GDP (17.28%) seen in 1946 just after WWII. As recently as 20

Confirmation. With respect to Transactions over gilt-edged securities, the pricing source shall he the latest available (WMM's prices published by the Bank of England. Spot Rate to be as set forth in paragraph 2(n). Both Seller and Buyer to deliver Confirmation. 19 Confidential CONFIDENTIAL - PURSUANT TO FED.

Confirmation. With respect to Transactions over gilt-edged securities, the pricing source shall be the latest available GEMM's prices published by the Bank of England. (i) Paragraph 2(rr). Spot Rate to be as set forth in paragraph 2(rr). (j) Paragraph 3(b). Both Seller and Buyer to deliver Confirmation. (k