EFTA01437704Set 10
2000-01-0754p14,594w
01/2015
03/2015
05/2015
07/2015
09/2015
ECB hints at
further loosening
11/2015
Sources: Bloomberg Finance L.P., Deutsche Asset Management Investment GmbH;
as of 03/2016
01/2016
03/2016
The past year has seen ... seasonally adjusted)
United States
Eurozone
United Kingdom
Japan
Sources: Bloomberg Finance L.P., Deutsche Asset Management Investment GmbH;
as of 03/2016
Sources: Bloomberg Finance L.P., Deutsche Asset Management Investment GmbH ... Sources: Bloomberg Finance L.P., Deutsche Asset Management Investment GmbH;
as of 03/2016
All of which makes it rather odd that so many hopes should still rest on
central
banks. After
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01437704.pdf
EFTA01435199Set 10
2018-10-285p1,046w
still driven by
vol increasing not correlation signs switching around.
Source: Deutsche Bank, Bloomberg Finance L.P,
EFTA01435200
Vol control: Majority of selling done, even considerable volatility from
here will only ... longer it takes them to
become an buyer of equities.
Source: Deutsche Bank, Bloomberg Finance L.P, SEC Regulatory Filings
CTAs: CTAs have likely already sold down the majority ... early 2016, but they are approaching that switch point.
Source: Deutsche Bank, Bloomberg Finance L.P
II. History Doesn't Repeat, It Rhymes — SPX May Have Further to Fall
SPX Down
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01435199.pdf
EFTA01475132Set 10
2015-09-2151p11,994w
time.
F refers to forecasts. Our forecasts are as of 9/21/15.
* Source: Bloomberg Finance L.P., as of 9/22/15
** Expected total return includes interest, dividends and capital
gains where applicable
*** Source ... Bloomberg Finance L.P., as of 9/28/15
1
Total-return index (includes dividends)
2 Our equity-market forecasts are as of 9/23/15
3 in U.S. dollars
CIO View I Americas Edition
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01475132.pdf
EFTA01458598Set 10
2015-09-211p469w
given that any forecast or target will be reached. Forecasts • Source: Bloomberg Finance L.P., as of 9/22/15
are based on assumptions, estimates, opinions and hypothetical • • Expected total return includes interest ... with risk. The value of an investment can fall as well as Source: Bloomberg Finance L.P., as of 9/28115
rise and your capital may be at risk. You might
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01458598.pdf
EFTA01436019Set 10
2017-12-016p894w
strike
Graph 4: 2y realized correlation vs. strike
EFTA01436020
Sources: Deutsche Bank, Bloomberg Finance
L.P.
Disclaimer: http://globalmarkets.db.com/new/content/3045.html
From: Martin Zeman
Sent: Tuesday, November ... strike
Graph 4: ly realized correlation vs. strike
EFTA01436022
Sources: Deutsche Bank, Bloomberg Finance
L.P.
Disclaimer: http://globalmarkets.db.com/new/content/3045.html
{cid:image001.gif@OlD259D5.3E2DFOF0}
Martin Zeman
Director I Key Client Partners
Deutsche
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01436019.pdf
EFTA01434448Set 10
2017-12-057p1,095w
strike
Graph 4: 2y realized correlation vs. strike
EFTA01434450
Sources: Deutsche Bank, Bloomberg Finance
L.P.
Disclaimer: http://globalmarkets.db.com/new/content/3045.html
From: Martin Zeman
Sent: Tuesday, November ... correlation vs. strike
Graph 4: ly realized correlation vs. strike
Sources: Deutsche Bank, Bloomberg Finance
L.P.
Disclaimer: http://globalmarkets.db.com/new/content/3045.html
{cid:image001.gif@OlD259D5.3E2DFOF0}
Martin Zeman
Director I Key Client Partners
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01434448.pdf
EFTA01435685Set 10
2017-12-058p1,142w
correlation vs. strike
Graph 4: 2y realized correlation vs. strike
Sources: Deutsche Bank, Bloomberg Finance
L.P.
Disclaimer: http://globalmarkets.db.com/new/content/3045.html
From: Martin Zeman
Sent: Tuesday, November ... correlation vs. strike
Graph 4: ly realized correlation vs. strike
Sources: Deutsche Bank, Bloomberg Finance
L.P.
Disclaimer: http://globalmarkets.db.com/new/content/3045.html
EFTA01435690
{cid:image001.gif@OlD259D5.3E2DFOF0}
Martin Zeman
Director I Key Client
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01435685.pdf
EFTA01434591Set 10
2017-12-079p1,375w
strike
Graph 4: 2y realized correlation vs. strike
EFTA01434595
Sources: Deutsche Bank, Bloomberg Finance
L.P.
Disclaimer: http://globalmarkets.db.com/new/content/3045.html
From: Martin Zeman
Sent: Tuesday, November ... correlation vs. strike
Graph 4: ly realized correlation vs. strike
Sources: Deutsche Bank, Bloomberg Finance
L.P.
Disclaimer: http://globalmarkets.db.com/new/content/3045.html
EFTA01434598
{cid:image001.gif@OlD259D5.3E2DFOF0}
Martin Zeman
Director I Key Client
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01434591.pdf
EFTA01416150Set 10
2017-12-068p1,174w
strike
Graph 4: 2y realized correlation vs. strike
EFTA01416153
Sources: Deutsche Bank, Bloomberg Finance
L.P.
Disclaimer: http://globalmarkets.db.com/new/content/3045.html
From: Martin Zeman
Sent: Tuesday, November ... correlation vs. strike
Graph 4: ly realized correlation vs. strike
Sources: Deutsche Bank, Bloomberg Finance
L.P.
Disclaimer: http://globalmarkets.db.com/new/content/3045.html
fcid:image001.gif@OlD259D5.3E2DFOF01
Martin Zeman
Director I Key Client Partners
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01416150.pdf
BLOOMBERG Order
Management Systems (the "Services") are owned and distributed locally by
Bloomberg Finance L.P. ("BFLP") and its subsidiaries in all jurisdictions
other than Argentina, Bermuda, China, India, Japan
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01427972.pdf