Results for “PT Merrill Lynch”

…plied daily move on election day = 1.4% vs. a typical realized Bf "election day" move of 1.5% (see 19 Chart 14) 46 “Sept6 Oct 16 Novi6 Source: BofA Merrill Lynch Global Research. Daily data from 2-Jun-09 to 5-Aug-16. *Day count adjustment = we adjust the VIX futures curve to r...

Unauthorized redistribution of this report is prohibited. This report is intended for [email protected] Top 10 US Ideas Quarterly Q1 Top 10 Ideas Strategy Top 10 US Ideas — 1Q17 The backdrop for risk assets has changed dramatically over the past year. As Michael Hartnett po...

Notable trends and dislocations (US) Major US equity indices soar to all-time highs as the low vol regime persists Friday marked the end of the second full week following the political turmoil on Wed, 17-May. Since then, volatility has once again collapsed (10d realized is at 4...

…toriously difficult to trade, as fundamentals give way to chasing higher highs, and derivatives can be a key tool for capturing asset price upside while mitigating reversal risk. Chart 15: Proxy hedge screen for a Nasdaq 100 (NDX) benchmark suggests NDX is the best hedge for its...

…ource: BofA Merrill Lynch Global Research Chart 41: Index correlation is generally further away from their 10-year Except for the ASX200, Asian stock and index vols are more lows while index and stock vols are near their lows, except for ASX200 depressed than index correlation 9...

The Bank of Mexico will meet on 29 September, and a 50bp rate hike is already priced in (Chart 4). A stronger hike, perhaps of 75bp, or a 50bp rate hike accompanied by a hawkish statement could lead to MXN strengthening in the very short run. Chart 3: Net speculative USD/MXN pos...

(FX-neutral). The STR data reflects a continued gradual deceleration in US RevPAR growth and a more recovery in European RevPAR growth as the region laps terrorist attacks and geopolitical uncertainty. Table 13: US and European RevPAR Y/Y Change Mar- us Jan-16 Feb-16 Mar-16 Ap...

currencies. The fact that the Central Bank of Brazil will be looking to cut rates in the face of a Fed tightening cycle makes the BRL especially vulnerable in 2017. We would recommend buying MXN against BRL as a relative value trade. 5. The best hedge against escalation of trade...

… in charge of diversifying the economy, which may conflict with the implementation of unpopular fiscal reforms or the depth of fiscal consolidation needed at weak levels of oil prices. The NTP diversification initiatives may suffer from a timing mismatch when it comes to net exte...

… 20% 15% 10% 5% 0% Passive asset Large broker firms Online broker robo Independent B2C Robo advisor firms managers adopting robo platforms that robo advisor firms that have a B2B technology have scale model Source: BofA Merrill Lynch Global Research 54 2016 Future of Financia...

…sible and an alternative profit-taking level. A pullback to 105.50 or 104.30 could certainly be bought for the broader uptrend targets of 108.47, and possibly 111.40, from the weekly chart pictured here. Exhibit 1: USD/JPY weekly chart = M@USD-JPY X-RATE - Last Price ESMAVG (50...

Higher yields leading to bank, insurance outperformance over REITs The Japanese equity market correction managed to last just for one day after the US election. The insurance sector has been the best performer since the US election on the back of a steeper US Treasury curve and...

Chart 39: How do you view fundamentals for multifamily lending in 2017? 30% 27% 27% 27% 29% 20% 15% 10% 7% 5% 0% 13% Softening Softening Softening | Someconcern, but No concern fundamentals fundamentals fundamentals only in certain should leadto shouldleadto = shouldleadto _—...

…ompared to the boom years. Furthermore, negative to flat public sector wage growth is likely to dampen income and consumption trends, although Specialized Credit Institutions (SCIs) could alleviate tightening banking sector household lending standards. The NPT suggests a focus o...

…Merrill Lynch Global Research For core margins, we assume y/y contraction through 3Q17, after which we model a slight uptick in 4Q17. For the year, we assume core Google margins contract 50bps to 46.1%. In terms of blended Alphabet non-GAAP operating margins, we assume 7Obps of...