recent price action for individual assets. However, the fact that we have had multiple signals across a range of sectors and macro prices is typically a warning that markets have moved too far too fast in a more general sense. The last comparable episode was in early July in the...
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interest tax shield later in this report). Deleveraging balance sheets may also be spurred by a continued environmwnt of rising interest. Leverage for S&P non-Financials has steadily been ticking up over the last few years, and, if we exclude the cash-rich Technology sector, lev...
Chart 1: USDJPY vs yield spread Chart 2: USDJPY carry* gradually inching up ‘4 135.0 we 125.0 10 115.0 O84 105.0 us 95.0 0.4 85.0 0.2 15.0 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 se USDJPY(RHS) —_USDJPY carry / 3m implied vol (RHS) US-Japan 10yr real yie...
Table 19: S&P 500 companies with high (>35%) median 5-year effective tax rates and low (<10%) foreign sales Foreign Sales 5-Year Median Effective Tax Ticker Company Name Sector Industry % Rate % FE FirstEnergy Corp. Utilities Electric Utilities 0% 35.3 ZION Zions Bancorporation...
BofA Merrill Lynch Global Research Source: BofA Merrill Lynch Global Research estimates
regulated by the Monetary Authority of Singapore (MAS); Merrill Lynch (Canada): Merrill Lynch Canada Inc
Ltd. regulated by the Financial Services Agency; Merrill Lynch (Seoul): Merrill Lynch International
regulated by Israel Securities Authority; Merrill Lynch (Russia): O00 Merrill Lynch Securities
regulated by the Capital Markets Board of Turkey; Merrill Lynch (Turkey Broker}: Merrill Lynch Menkul
regulated by the Capital Markets Board of Turkey; Merrill Lynch (DIFC): Merrill Lynch Intemational (DIFC Branch)
regulator): Merrill Lynch (South Africa): Merrill Lynch
regulated by Otoritas Jasa Keuangan (OJK); Merrill Lynch (Israel): Merrill Lynch
regulated by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited
regulated by Otoritas Jasa Keuangan (OJK); Merrill Lynch (Israel): Merrill Lynch
regulated by Israel Securities Authority; Merrill Lynch (Russia): OOO Merrill Lynch Securities