EFTA01388468.pdf

From: Martin Zeman Sent: 9/22/2017 9: 4I r AM To: Paul Barrett CC: Vahe Stepanian Stewart Oldfield Davide-A Sferrazza Xavier Avila Joshua Shoshan Subject: / I DB Morning Overview Classification: Public Paul — we send this morning piece below to a list of our mainly LatAm clients every morning. Would you like to be on this? Martin Classification: Public DB the WORLD - DB Reid - This week has been, and still is, all about (arguably) the three most powerful women in the world. - DB Giacomelli - EM Daily - Turkey Trip Notes: In search of non-decelerating growth rate of stimulus - We spent two days earlier in the week in Ankara and Istanbul, meeting with the Central Bank of Turkey (CBT). - DB Agarwal - Corporate Credit - EM Chartbook - Regional strategy and Picks & Pans - We turned neutral on EM corporate credit in our last chartpack on June 21, a bit too early on hindsight. DB LATIN - Brazil/ DB Faria/ Brazil Update - Inflation Report reinforces benign inflation scenario - Inflation Report suggests further easing and long period with low interest rates. INDEX 1D YTD Yesterday's 10 % Yesterday's PERFORMANCE Chg % Chg % BEST Ticker Price Chg 10 WORST Ticker Price Chg (USD) Argentina MERVAL 0.6 33.6 Banco de Chile BCH US 92 4 46 Credit° Real CREAL' 1.8 MM Brazil BOVESPA -0.8 30.0 GOL S.A. GOL US 22.4 3.8 MercadoUbre MELI US 281.9 -2.9 Chile IPSA 02 36.6 LATAM Airlines LTM US 14.4 2.9 Chedraui CHDRAUIB 21 -2.7 Group S A. MM Colombia IGBC -0.9 12.8 Santander Chile BSAC US 30.2 2.0 Nature NATU3 BS 10.3 -2.6 Mexico IPC -0.7 28.6 Garcia do Brasil BBAS3 113 19 Vale VALE UN 103 -2.5 BS Peru IBVL 0.2 200 Femsa FMX UN 99.4 1.7 CBD-GPA PCAR4 BZ 24.9 -2.1 Venezuela BVC 0.0 1243.2 Biadex BLX UN 29.0 1.1 Wal-Mart de WALMEX* 2.3 -2.1 Mexico MM And S.A AZUL US 28.9 1.0 Cia Hering HGTX3 BS 9.2 -2.0 Bancolombia CIB VS 46.5 0.8 Liverpool LIVEPOLC 8.5 -1.9 MM Embotelladora AKO/B 27.9 0.6 Grupo Bimbo BIMBOA 2.4 -1.9 UN MM GLOBAL CREDIT STRATEGY - Early Morning Reid [Jim Reid, London] The Euro II analyst survey is live and we would really appreciate your support if you value our work. Please see the attached link for instructions as to how to vote. Many thanks for your support. http://pull.db-ornresearch.com/p/1- DA8B/287530201/JR II Voting Guide.pdf ". Another reminder that on Monday we published our annual long-term study entitled 'The Next Financial Crisis'. In the report we look at the frequency of financial crises and shocks through history and speculate as to where the next crises may originate. Please see the report for more details. It should be in your mail box at around 11am BST Monday morning. Also this week we have Macro Bites - '2017: Markets won't always be like this' and our latest credit strategy update - 'Is Carry still King?' Happy Friday and it's the dreaded weekend of non stop twin care to look forward to with in addition yet another 2 year old's birthday to attend. So far my wife and I are detecting an arms race in 2 year old birthday parties with each one having more spent on it. What started out with a few cheese and pineapple sticks has graduated to trampolines, bouncy castles and gift packs for the kids to take away. In response we won't be holding a 2 year old birthday party. I'd rather the CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092027 CONFIDENTIAL SDNY_GM_00238211 EFTA01388468