EFTA01458584.pdf

Macro outlook U.S. rate hike in sight The improved U.S. labor-market situation should encourage the U.S. Federal Reserve Board (Fed) to raise official rates soon. But low inflation and worsening growth dynamics in the emerging markets should keep rate hikes at a gentle pace. Asoka Wohrmann, - The global economy remains on a Chief I,nr.stment Officer of moderate growth path. Deutsche Asset & Wealth Management iDeutsche AWM) end Member of the - Lackluster growth in the emerging Deutsche AWM Executive, markets hampers global growth. Committee - Commodity-exporting countries suffer from low commodity prices. - The United States continues to lead the developed economies' recovery. - The first rate hike by the Fed is in sight. - The economic environment limits the scope for better earnings to boost equities. Only a couple of years ago, the International bond markets may suffer Eurozone was the global headache. from rising U.S. rates. This is no longer the case. Risks are now centered on the emerging markets. Past performance is not indicative of future returns. No assurance can be given that any forecast, investment objectives and/or expected returns will be achieved. Allocations are subject to change without notice. Forecasts are based on assumptions, estimates, opinions and hypothetical models that may prove to be incorrect. Mow> ado,* I Anwrmal Edstico lOctabor 1015 =litre. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118560 CONFIDENTIAL SDNY_GM_00264744 EFTA01458584