Every indexed document

but the bar to support the economy and markets has been lowered substantially. We

economic surveys are commensurate with a quarterly GDP contraction

which have produced a viable government coalition. The Troika may only

but the risk of a euro exit over the next six months has diminished

and the request for external support for

and 3. a sharp deceleration of the Chinese economy. Each

mitigating the drag from fiscal austerity.

economic activity is likely to remain very sluggish

we lowered our 2Q 2012 real GDP growth forecast to an

China started to ease monetary policy. The country is better placed than other EM

and Master Limited Partnerships (MLPs) in the US

and we expect this to remain the case in

currency positions and for other implementation

given its relatively good growth dynamics

we continue to prefer the US dollar over the

we see no reason for higher prices in the near

we keep a moderate overweight in emerging

and thus keep our longer-standing preference for

and further reform and consolidation efforts in Spain and Italy are needed. In the

as indicated. The information does not constitute UBS financial research and therefore may not reflect or be fully aligned with the