Results for “BankofAmerica Merrill Lynch”

regulated by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited

regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana

Top 10 US Ideas Quarterly Our Top 10 US Ideas are based on our view that these companies could have the most significant market and business related catalysts over the next three months. The list reflects primarily a bottoms-up approach, with calendar-specific events noted for m...

regulator): Merrill Lynch (South Africa): Merrill Lynch

Underweight Retail In addition to Brexit concerns, we also see a number of fundamental reasons to reiterate out underperform on Retail. Structural margin pressures: Aside from Brexit, retailers face declining returns as online disruptors and discounters drive up competition. EBI...

Chart 50: Utilities relative PE close to the 2013 low Chart 51: Chemicals / Industrials — re-rated but PE-rel not excessive 1.20 -0.5 1.30 1.15 0.0 425 4 0.5 10 10 1.20 1.05 , 15 4.15 1.00 2.0 1.10 0.95 25 1.05 ai an — Chemicals / Industrials PE-rel _— ——PE-relative UTILITIES 1....

In other words, 2Q17 marks the low point in oil and gas production, with momentum accelerating in 2H17 to kick start a multi-year period of growth. Chart 1: Hess production outlook: inflection point from 2Q17 600 500 400 300 200 100 1Q16A 2016 4Q17E 3Q18E 2Q19F 1Q20E 2020...

Global Cross Asset Strategy —- Year Ahead Bankof America The Trump inflection ape ce Investment Strategy 30 November 2016 Corrected Key takeaways ee « Market response to Trump is logical but moves have been frontloaded. We now see USD & rates only modestly higher next year. Jam...

Overall, we find it hard to argue that sectors haven’t moved a long way already from a valuation perspective, even against the context of potentially important inflection points in bond yields and earnings. From here we suspect investors may need to more selective in how they pla...

Unauthorized redistribution of this report is prohibited. This report is intended for [email protected] Japan Macro Watch USD/JPY: Buy-on-dip cycle to continue; 115- 120 by end-2017 Buy-on-dip cycle continues While we had acknowledged the risk of the “final JPY strength” th...

…payments industry would continue to be controlled by incumbent institutions partnering with innovative tech companies. BankofAmerica <2” 52 2016 Future of Financials Conference | 17 November 2016 Merrill Lynch HOUSE_OVERSIGHT_014366

…at is privileged, confidential and/or proprietary and subject to important terms and conditions available at http://www.bankofamerica.com/emaildisclaimer. If you are not the intended recipient, please delete this message. HOUSE OVERSIGHT 014720

…y, rhs) or B oa = o & 5 a = ca) Pel obal Research, Bloomberg Source: BofA Merrill Lynch Global Research, Bloomberg BankofAmerica <2” 36 Global Rates, FX & EM 2017 Year Ahead | 16 November 2016 Merrill Lynch HOUSE_OVERSIGHT_014766

…driver over the coming months and the full year results should provide clarity on where the 2018 contract will settle. BankofAmerica <2” 18 Global Cross Asset Strategy - Year Ahead | 30 November 2016 Merrill Lynch HOUSE_OVERSIGHT_014449

…int real risks are likely headwinds to a sizeable market shock. 8 Global Equity Volatility Insights | O09 August 2016 BankofAmerica <2” Merrill Lynch HOUSE_OVERSIGHT_025985