organic and M&A driven growth opportunities during the next downturn. That said, management noted that it was very likely that potential pro-growth measures taken by the incoming Trump administration could push out any downturn, as in the short run the economy would witness stron...
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At this juncture, the Indian rupee seems to be the only one in the region that is expected to display a much lower sensitivity to US rates, outperforming others within Asia. We expect the Monetary Authority of Singapore to keep the SGD NEER in the weaker side of the band for the...
From: Ens, Amanda Sent: 3/16/2017 6:27:30 PM To: jeffrey E. [[email protected]]; Richard Kahn Subject: Buy hedges for May expiry Attachments: image001.jpg; Woo - Cause and Effect - 13-Feb-2017.pdf; Woo - Year Ahead - 16-Nov-2016.pdf Importance: High David Woo (BAML head of FX...
Chart 53: Data as % of mobile service revenues Chart 54: Household Broadband penetration 50,000 ait 50,000 Kuwait 45,000 many 45,000 UAE o 40,000 40,000 w w S 35,000 S 35,000 ae : = # 30,000 8 30,000 a) =) ge 25,000 25,000 20,000 ; 8 Zz" fgentina Chile = mais = 15,000 ey mw Braz...
Best Carry Trades Claudio Irigoyen Mai Doan MLPF&S MLI (UK) [email protected] [email protected] Rohit Garg Vadim laralov Merrill Lynch (Singapore) MLPF&S [email protected] [email protected] Carry trades and blond swans ¢ We do not expect traditional carry trades s...
Characterizing carry Efficient carry strategies involve buying and selling dynamic portfolios of currencies with certain risk characteristics. Carry strategies are supposed to work better over long investment horizons, so that the cushion provided by the carry compensates for th...
Chart 18: European intra-sector realised correlation is near a 10-year Table 3: Personal & household goods, utilities, real-estate, autos and low, which suggests that we are currently in a stock pickers insurance are the top 5 sectors with the lowest 10-yr percentile of intra- en...
Unauthorized redistribution of this report is prohibited. This report is intended for [email protected] European Equity Strategy 2017 year ahead - Refining the reflation rotation Key takeaways ¢ 2017 - Reflation, Reversal, Rotation, Relief or Revolt. EPS to turn +ve but pol...
Volatility in Numbers (16-Jun-17) Table 11: Statistics on implied, realised, skew and term structure for 3-month and 12-month vols (developed markets) 3-month {2-month S&P500 ESTX50 FTSE DAX NKY HSI KOSPI S&P500 ESTX50 FTSE DAX NKY HSI KOSPI Implied 9.8% 13.4% 10.0% 12.6% 13.8...
Notable trends and dislocations (US) The Fed turns more hawkish, though vol remains subdued Last week, unsurprisingly the Fed opted to hike benchmark rates another 25bps. However, the market was more focused on the FOMC’s unexpectedly hawkish message, which indicated that it is...
Table 5: Scenario analysis of China’s 2017 FX reserves (yellow denotes lower reserves/ blue higher) Trade balance, USDbn 100 150 200 250 300 350 400 450 500 300 2,885 2,935 2,985 3,035 3,085 3,135 350 2,835 2,885 2,935 2,985 3,035 3,085 3,135 400 2,185 2,835 2,885 2,935 2,985 3...
ae — a return to positive EPS growth in 201 7% EPS growth in 2017 as global growth improves and Resources EPS recovers We think the earnings backdrop will be supportive in 2017 with a return to positive EPS growth in Europe for the first time since 2014 and with downside to cons...
Conference tone bullish into 2017 We recently hosted over 90 public and private companies and 700 attendees at our Future of Financials conference, where investor attendance was up an impressive 66% YoY. The tone from management and investors was uniformly bullish, with more gen...
rc errti—“(iCssssi‘CSCSOCO LUDO Banks Takeaways With our conference coming a week following a historic US presidential election that helped boost bank stocks by 12%, bank management teams were generally optimistic with regards to the economic outlook heading into 2017. Greater f...
Chart 15: Buying an XLF 1m ATM call financed by selling a QQQ 1m call is Last week, we highlighted that investors who want to rotate out tel attractive way for investors to rotate out of Growth and into of Growth strategies into Value strategies should take advantage of elevated...