EFTA01466396Set 10
2013-12-11105p20,860w
their DM counterparts; if anything, the
negative drivers are becoming more pronounced in EM; 3) The polarisation
between overvalued sectors on the back of good governance (Healthcare,
Consumer Staples ... their badly governed peers (Energy, Financials) remains
at extreme levels, highlighting the difficulty facing EM investors.
Investors should focus on the relationship between state and corporate
sector,
not on short ... term fund flows as the key driver of EM economies and equities
Investors have become overly focused on the potential impact of short term
fund flows over recent years
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01466396.pdf
EFTA00788475Set 9
2017-07-2429p16,328w
risks, downside for GBP, prepare for higher
FX vol this fall, hedge long EM.
— A. VarnvakIdls; R. Gal
Rates: Trading the central bank aftermath
We review yesterday's ECB meeting ... stay long Mar19 Euribors.
— S. Salim R. Hounhane; E Satko; 6 Moec
EM: The girl with the dovish tattoo
With the Fed moving to a more dovish stance, solid growth ... China and lower
geopolitical tensions, inflows into EM continue and despite tight valuations. We like
receiving rates in the belly in Brazil, long Indonesia and Turkey local debt and TRY/2AR
https://www.justice.gov/epstein/files/DataSet%209/EFTA00788475.pdf
EFTA01469207Set 10
2014-07-0138p5,596w
Brent Oil^
Gold^
10 yr Treasury^
ITX Sen Fin
ITX Sub Fin
CDX EM
ITX Japan
ITX Australia
ITX Asia XJ
Euro NonSov
Euro Corp
Euro BBB
Sterling NonGilt
Sterling ... June
2014
-15%
-10%
-5%
0%
5%
10%
15%
Corp Bond Govt Bond
Equity EM Equity EM Bond
Commodity
FX
Source: Deutsche Bank, Bloomberg Finance LLP, Mark-it
Figure ... Corp Bond Govt Bond
Equity EM Equity
EM Bond Commodity
FX
Source: Deutsche Bank, Bloomberg Finance LLP, Mark-it
Page 4
Deutsche Bank AG/London
Micex (Russia)
IBEX 35
Silver
Gold
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01469207.pdf
EFTA01458627Set 10
2015-09-111p688w
over long periods, i.e., deviations are long
lived but cyclical and mean reverting. But EM FX by contrast is massively
structurally (always) cheap on a PPP basis, given their earlier ... stage of
economic development. EM real exchange rates will likely converge to PPP
only with the convergence of per capita incomes, i.e., in the very very long ... cheapness of EM FX on a PPP basis is not cyclical but
structural (How Much Will Fast Growing EM Currencies Appreciate, Sep
2005).
• The $35 trillion myth. Using PPP exchange
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01458627.pdf
EFTA01172027Set 9
8p6,086w
lighter GOIOUl.
fiscal policy on both sides of the Atlantic. Equities, credit, commodities, EM
Gold
FX, and euro area bonds all jumped back up, fully undoing the damage ... real safe assets left, sell off when stocks rally. This will remain the
EM Local Bonds"
case as long as Euro policy makers insist that any government in the Euro ... risk of inflation, US High Yield
even in an economy that is in recession. EMS Cora
SAP500
• How good was this week's news, and will it last? Starting with
https://www.justice.gov/epstein/files/DataSet%209/EFTA01172027.pdf
EFTA01176677Set 9
2012-05-048p5,874w
nikolaos.panigirrzoglou@jamorgan.com
• Equities — OW US vs. Euro area equities, DAX vs Eurostoxx50 and MSCI EM
Asia vs. MSCI EM. Seamus Mac Gorain
(44-20) 7777-2906
• Credit — Keep the focus ... once little to do with Europe where periphery, yields are down nicely. Instead, MSCI EM
we are seeing a number of economic data releases, punctuated by today's US Topa ... last week's US Q1 cut and this week downgrade of Taiwan. EMSCorp.
EM FX
Market attention has focused on weaker PMIs across the world and US jobs
MSCI Europe
https://www.justice.gov/epstein/files/DataSet%209/EFTA01176677.pdf
EFTA01077283Set 9
19p10,004w
adjusted for inflation, percent
1
12% 16
Current account and 15 "Avg since 1988 EM countries
10% fiscal deficits/surpluses III Current value ... MSCI Europe MSCI USA MSCI EM 1981 1985 1989 1993 1997 2001 2006 2010
We have invested client portfolios around the globe in the belief that the world will ... Frequent overheating In Chinese (ell) Most EM counties correlated to (c12) How Chinese monetary policy
property markets, Avg. dailysates, 1mma China, correlation to China GDP YoY growth works
https://www.justice.gov/epstein/files/DataSet%209/EFTA01077283.pdf
EFTA01220987Set 9
2017-06-1372p20,488w
Regulatory notices for notebook and tablet computers
EFTA01220998
Brazil notice
Este equipamento opera em canker secundario, isto e, nao tem direito a protecao contra interferencia
prejudicial, mesmo de estaciies ... mesmo tipo, e nao pode causar interferencia a sistemas operando em
carater primario.
Este equipamento atende aos limites de Taxa de Absorcao Especifica referente a exposicao a campos
eletricos, magneticos ... notices for desktops, thin clients, and personal workstations
EFTA01221014
Brazil notice
Este equipamento opera em canker secundario, isto é, nao tem direito a protecao contra interferencia
prejudicial, mesmo de estaciies
https://www.justice.gov/epstein/files/DataSet%209/EFTA01220987.pdf
EFTA00727401Set 9
2010-09-032p245w
August 14 and Sept 5, 20104:
February:
23: '/4 hour: work on privilege, emails (EM)
25:'/. hour: phone call with Martin Weinberg (MW), EM
(Not billed: Feb. 28: '/. hour phone ... minutes on case)
March:
5:'/. hour: calls MW, JE, JS
6 —11: 'A hour: EM
(Not billed: 12: 1'/: hour meeting)
13 — 22; 1 1/4 hour: calls, EM, prep ... hours: meeting with state attorney in Palm Beach, deposition Edwards
24: 1 hour: EM, review and calls
25 — 30: % hour: EM
April — May:
April 1— May 26: 1' hour: EM
https://www.justice.gov/epstein/files/DataSet%209/EFTA00727401.pdf
EFTA01478009Set 10
2015-12-3162p10,740w
glance
Assets entrusted to us
AuM € billion
Global
Regions
20
Americas
17
EM EA
Frankfurt
Zurich, Geneva
Luxembourg
Boston
Chicago
San Francisco
Los Angeles
Baltimore
London
Madrid
New York
Hong ... Kong
Singapore
Retail
2%
UHNWI
72%
Affluent
6%
HNWI
20%
Melbourne
EM EA combines Europe (excluding Germany), Middle East and Africa.
lAll data as of December 31, 2015.
Source: Deutsche ... Europe and Japan were
modestly reduced but
aggressive central bank policy
should support growth.
— EM growth should gradually
recover as commodity prices
find a bottom, reforms take hold
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01478009.pdf
EFTA01477939Set 10
2015-12-3162p10,734w
glance
Assets entrusted to us
AuM € billion
Global
Regions
20
Americas
17
EM EA
Frankfurt
Zurich, Geneva
Luxembourg
Boston
Chicago
San Francisco
Los Angeles
Baltimore
London
Madrid
New York
Hong ... Kong
Singapore
Retail
2%
UHNWI
72%
Affluent
6%
HNWI
20%
Melbourne
EM EA combines Europe (excluding Germany), Middle East and Africa.
lAll data as of December 31, 2015.
Source: Deutsche ... Europe and Japan were
modestly reduced but
aggressive central bank policy
should support growth.
— EM growth should gradually
recover as commodity prices
find a bottom, reforms take hold
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01477939.pdf