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...
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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...
…ance suggested high interest in these themes, and polling feedback suggests shareholders want banks to make investment spend in innovation a priority -- so long as its self funded with savings found elsewhere. 68% of those polled across multiple company presentations believed tha...
Volatility in Asia Long HSCEI-SPX volatility spread via corridor variance Global synchronized monetary tightening is positive for EM vol Emerging markets have been the biggest beneficiaries of the central bank-fueled abundance of liquidity. However, we think the tide may be tur...
… other big drag on market earnings. While structural headwinds to profitability mean the contribution of Banks remains open to debate, consensus forecasts nevertheless imply a strong recovery in 2017 (driven in part by one-offs reversing). The important point is that the market e...
Cirant_Siith070964°eMailContent.htm Las Olas City Centre, Bank America Building 401 East Las Olas Boulevard Suite 1650 Fort Lauderdale, FL 33301 file:///C\/Documents%20and%20Settings/T! rial/Desktop/B...uction/eDocs/eMail/Grant_Smith070964“eMailContent htm (5 of 5) [11/6/2010...
European volatility: Sector snapshot Table 5: Volatility measures and indicative option prices for major European sector indices (data as of 16-Jun-17) Bearish — <<<< ---------------------eecnnnenccnnencecnennncnnnnes >>>> Bullish 3Mth ATMf implied 3Mth 90%-110% risk Equity vol...
…0% 5% 0% Interest rates rising Tax cuts and Lower regulatory No real impact/too faster across the curve infrastructure spending burden, driving higher early to tell due to stronger dollar — spurring growth, ROEs as excess therefore better loan capital —_ is returned demand back t...
Summary of Open Trades (19-Jun-17) Price data for open level reflects the price on open date and does not necessarily reflect the price at which the trade could be executed at the date of this report. Our trades are structured to be executed on the open date and are not necessar...
…-0.6 Russia. -6.5 1.5 Mexico. -7.3 3.0 If these projections come true, it means the United States, despite its overspent consumers, wrecked banks, and insolvent auto makers, will be leading the world economy out of recession. Somehow. The developing world will help, but those...
… "body", "text": "a€eThe Republicans need to stop aiding and abetting Chuck Schumerd€™s extreme delay strategy,a4€ said Penny Nance, the chief executive of Concerned Women for America, a conservative group, referring to the top Senate Democrat. a€eThey have been more than fair to...
An androgynous driver named Monica greeted me at the airport in a black tuxedo that would make Albert Nobbs weep for joy, prompting me to devilishly think of her as "Nobbs" all weekend. She barely recognized me sporting a new Sally Hershberger hairdo, "the yenta with the dragon t...
136 image. The 35-page Defense Intelligence Agency’s damage assessment, for example, that said that 900,000 Pentagon documents were compromised by Snowden, was not made public. It was only disclosed via a Vice magazine Freedom of Information request in June 2015. What is known...
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’...
Research Analysts James Barty >> Ajay Singh Kapur, CFA >> Investment Strategist Equity Strategist MLI (UK) Merrill Lynch (Hong Kong) +44 20 7996 3291 +852 3508 7753 [email protected] [email protected] Ronan Carr, CFA >> Shusuke Yamada, CFA >> European Equity Strateg...