regulated by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited
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regulated by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited
Chart 13: Real labor income and private consumption Chart 14: Workers’ saving rate at all-time high 270 330 22 265 - 320 20 260 310 18 255 - 300 16 250 290 14 245 280 12 wo ico} led foe} Lo2} Q x N oO s+ wo ico} Ss 8s 8S SSESSESESESES 10 NSN SH NN YN AS NSN NS NON 2oM ODO OAM Or...
Sector Valuations Internet sector trading multiples for EV/EBITDA and P/E are tracking up slightly YTD, (excluding NFLX). Ona y/y basis, the group P/E is at 24x vs. 22x last year, while the group EV/EBITDA is at 14x vs. 13x a year ago. Chart 3: Internet Sector Historical 2-Yr F...
° 60 © 19% 50 10% 40 14% 30 5% 9% 20 os 0% 0 af a SExrLE= - cS Sb2b ts SS8288 10% n?eSesaz 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 ® Largest 4-day % changes in 10yr UST yields since 1962 @ Change measured in bps (nght) Source: BofA Merrill Lynch Global Research. Based...
Cheapest tail-risk Hedges Adarsh Sinha Ralph Axel Merrill Lynch (Hong Kong) MLPF&S [email protected] [email protected] Gabriele Foa Tony Morriss MLI (UK) Merrill Lynch (Australia) [email protected] [email protected] Shuichi Ohsaki Merrill Lynch (Japan) shuichi.o...
From: Richard Kahn_______________________________ Sent: 4/4/2017 5:28:21 PM To: jeffrey E. [[email protected]] Subject: Fwd: White House exploring VAT (Washington Post) Attachments: image002jpg01D2AD4706F2BBAO.jpg; image001jpg01D2AD460BC6CE60.jpg Importance: High Richard Kahn...
were underweight at the start of the year too and missed the lows. We recognized we were wrong and closed our underweight and while it took us a while but we eventually managed to go overweight in September. The lesson of that is that themes are great, but when the facts change s...
Chart 27: 3% Global GDP growth the tipping point for EPS Europe trailing EPS growth vs World GDP Chart 28: Synchronised rise in leading indicators globally augurs well for earnings recovery — especially if PMs kick on to or above mid-50s 50% 7% 65 60 40% - ' 0 30% 504 20% : 56...
Stress testing CNY Claudio Piron Yang Chen Merrill Lynch (Singapore) Merrill Lynch (Hong Kong) [email protected] [email protected] Gabriele Foa Ronald Man MLI (UK) Merrill Lynch (Hong Kong) [email protected] [email protected] SiEESS testing CNY We stress test China’...
Chart 80: Stocks mostly trade above ex-pipeline value Pipelines are free for most stocks 20% 15% 5% -5% -15% -14% 16% — -16% 25% Boe -35% mPremium/(Discount) to ex pipeline DCF Source: BofA Merrill Lynch Global Research Overweight Utilities Chart 81: Growth from new p...
Chart 7: Cumulative Japanese purchases of foreign bonds since 2010 900 800 700 600 500 400 300 . 200 100 0 -100 1/1/2010 7/1/2011 1/1/2013 71112014 1/1/2016 Source: BofA Merrill Lynch Global Research Chart 8: USD/JPY 10y forward outright 100 95 90 85 80 75 70 65 60 55 50 1/...
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...
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...