n that clients have rotated out of US banks and into European banks. This conflicts with our latest Fund Manager Survey which suggested allocation to European Banks fell the most of any sector MoM in the first two weeks of March, however, its true European Banks have quickly reversed the performance gap to US pe

ted (trades on Oct 6 settle on Oct 8) (note Spain will not convert until — Q4 2015) EFTA00361845 Oct — ECB "Comprehensive Assessment" results for European Banks (mid-October) Oct 29 — FOMC rate announcement (expected to officially announce the end of monthly bond purchases at this meeting) Nov 4 — US mid-te

nd) is implemented (trades on Oct 6 settle on Oct 8) (note Spain will not convert until — O4 2015) Oct — ECB "Comprehensive Assessment" results for European Banks (mid-October) Oct 29 — FOMC rate announcement (expected to officially announce the end of monthly bond purchases at this meeting) Nov 4 — US mid-te

de RSL LN, upgrade LGEN LN, Citi downgrade SW FP, ALV GY • Danske upgrade ROCKB DC, DBK upgrade EBS AV, RBI AV, MAQ downgrade SVT LN ••• GS upgrade European Banks, Telecoms, UK Homebuilders, downgrade European Media, Industrials, Chemicals ••• HSBC downgrade ML FP, SIX2 GY, initiate ARM LN (ow), upgrade PC IM,

would short Euro and Sterling against Dollar • Commodities; bullish on oil. Should hit $ 60 by year end. • Equities; generally very cautious except European Banks, US Banks =nd Selected Emerging Market names. • Fixed Income; very cautious. Risk/reward trade off very skewed • Real Estate; quite cautious unless

s f=om ML, DB and MS. I also see all the JPM ideas coming out of the GIO team. Their ideas have been 40/60 at best. For example JPM's top i=eas were European Banks, Japanese Banks and Argentina. DB was pushing ARS, TRY and BRL — all down between 13%-27% since t=e recommendation. I have started using buy side r

s from ML, DB and MS. I also see all the JPM ideas coming out of the GIO team. Their ideas have been 40/60 at best. For example JPM's top ideas were European Banks, Japanese Banks and Argentina. DB was pushing ARS, TRY and BRL — all down between 13%-27% since the recommendation. I have started using buy side r