ties’ profits is unlikely, as the benefit would be passed on via regulated pricing. Repatriation: Buybacks could boost EPS by 3% Both Trump and the Blueprint support a mandatory (as opposed to 2004's optional} tax of overseas earnings of US firms’ subsidiaries at reduced rates. Non-Financials in the S&P ho

US Quant Strategy Below we calculate the potential impact to sectors’ EPS under various buyback scenarios. Differences are small under the Trump vs. Blueprint tax rates. Table 12: Impact to sector EPS from various buyback scenarios under Table 13: Impact to sector EPS from various buyback scenarios under T

orporate tax rate; a 25%businesstax rate for pass- through entities; and individual rates set at 12% 25% and 33% Once the details are hashed out, the Blueprint could present just as many trade-offs as previous serious tax reform proposals. While the mix of winners and losers may be different than under other

15 Original Amount $1,325.31 Payment Progress 1.34% Complete This plan has been set-up on your account, as you requested. Remember to pay your Blueprint payment each month to stay on track with your plan. It includes your monthly plan payment and your account minimum due. IMPORTANT NEWS Payment D

overdone. We maintain our recently entered CAD/JPY long. Having recently exited our long-held bullish AUD/CAD and NZD/CAD views from our previous Blueprint, we now also go short NZD/CAD. T. With AUD looking to have clearly overshot to the downside we do not enter AUD/CAD shorts at this point. Indeed