…• VAT is revenue neutral — would raise enough revenue to cut corporate tax rate to 15%, even 10% possibly • While consumption taxes like VAT can hit the poor (Democrats hate them), there is room for carve-outs on groceries, etc. There will be pushback from Republicans who hate la...
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…high operating costs; (2) high royalty costs, which amount to c16% of revenues generated in Saudi Arabia (with some exceptions, including data), arguably inhibiting requisite marketing and infrastructure spend. We note both Mobily and Zain KSA remain loss making; and, (3) the rel...
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...
defensive dividend stocks to take advantage of the improving cyclical backdrop and rising bond yields. That meant our November screen included a high proportion of Financials. This somewhat remains the case but we note the addition of several industrial companies in our latest sc...
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...
…rends 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 willing...
…analysis of China’s FX reserves in 2017 under different trade balance and capital outflows. The analysis makes two assumptions. The first assumption is all the changes in the Balance of Payment’s (BoP) reserve assets are reflected in the headline FX reserves figure. The second as...
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...
…llowing 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 fiscal stimulus that is expected to spur economic growth coupled with potential regula...
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...
regulated by the Investment Industry Regulatory Organization of Canada; Merrill Lynch (Mexico): Merrill Lynch Mexico