EFTA01474522.pdf

Subject: RE: CIO/ Research Email Intro From: Melinda Roy <2•Iimlimmuilile Date: Tue, 08 Sep 2015 14:35:54 -0400 To: Paul Morris Stewart Oldfield Cc: Jj Litchford < Please see attached for approved material. Paul — would you like me to stop by again and send the email from your computer? From: Paul Morris Sent: Tuesday, September 08, 2015 12:30 PM To: Stewart Oldfield; Melinda Roy Cc: Jj Litchford Subject: RE: CIO/ Research Email Intro U should have mine, thx, let's make sure we keep these lists dynamic and continue to add folks as we grow, any suggestions are welcome Paul Morris Managing Director Deutsche Bank Private Bank Offic Cell: From: Stewart Oldfield Sent: Tuesday, September 08, 2015 11:27 AM To: Melinda Roy; Paul Morris Cc: Jj Litchford Subject: RE: CIO/ Research Email Intro EFTA01474522 Here's my latest. From: Melinda Roy Sent: Tuesday, September 08, 2015 11:25 AM To: Stewart Oldfield; Paul Morris Cc: Jj Litchford Subject: RE: CIO/ Research Email Intro [I] Classification: For internal use only I will add those reports and include the CIO summary. Are the distribution lists the same? From: Stewart Oldfield Sent: Tuesday, September 08, 2015 11:23 AM To: Jj Litchford; Paul Morris Cc: Melinda Roy Subject: RE: CIO/ Research Email Intro Classification: Public Let's get this out today or tomorrow. Could add the attached two reports as well perhaps. Could also include the brief summary of the CIO view EFTA01474523 His nine positions are: - U.S. labor market continues to develop positively. - Increasing labor costs contribute to a rise in U.S. core inflation. - Increasing divergence in monetary policy. - Chinese currency becomes more susceptible to fluctuation. - Brazil to stay under pressure. - Weak oil price to reignite deflation concerns. - Europe's slow but steady recovery on track. - Gold price to stay relatively stable. — Asset allocation of our balanced model portfolio for clients based in the Americas: Fixed income: 40.5%, Equities: 48.5%, Alternatives: 10%, Commodities: 1% From: Jj Litchford Sent: Thursday, September 03, 2015 11:31 AM To: Stewart Oldfield; Paul Morris Cc: Melinda Roy Subject: CIO/ Research Email Intro Classification: Public Let me know what you think With the recent sell-off in equity markets and spike in volatility, many investors have been asking, "How should I position my portfolio in light of increasing uncertainty?" If this edition of our CIO View, Asoka Wohrmann explores the impact of recent global growth woes. Specifically, he takes an in-depth look at the complex interplay of China, the Fed's impending rate hike, and US economic EFTA01474524 growth. He also discusses what these conditions mean for various asset classes and our view that, for long-term investors, sharp pullbacks present many buying opportunities. If you wish to discuss where we see opportunity in current markets or how you can take advantage of the recent volatility spike, we will be happy to schedule a call. fcid:[email protected] JJ Litchford Associate Deutsche Bank Trust Company Americas Deutsche Asset & Wealth Management fcid:[email protected] From: Stewart Oldfield Sent: Thursday, September 03, 2015 10:48 AM To: Jj Litchford; Paul Morris Subject: RE: Deutsche AWM CIO View: Rate hike ahead - Federal Reserve slows the engines /// Zinswende voraus - Federal Reserve drosselt die Maschinen (September 2015 EXTERNAL version) Classification: Public I was thinking the same. Have been a few decent reports since we last sent From: Jj Litchford Sent: Thursday, September 03, 2015 10:43 AM EFTA01474525 To: Paul Morris; Stewart Oldfield Subject: RE: Deutsche AWM CIO View: Rate hike ahead - Federal Reserve slows the engines /// Zinswende voraus - Federal Reserve drosselt die Maschinen (September 2015 EXTERNAL version) Classification: Public Working on an intro now, Melinda is compiling research. She will take points on getting approval as I am out. My thought was not to send pre-Labor Day with everyone out and to send next week—what do you think? fcid:[email protected] JJ Litchford Associate Deutsche Bank Trust Company Americas Deutsche Asset & Wealth Management fcid:[email protected] From: Paul Morris Sent: Thursday, September 03, 2015 10:42 AM To: Jj Litchford; Stewart Oldfield Subject: FW: Deutsche AWM CIO View: Rate hike ahead - Federal Reserve slows the engines /// Zinswende voraus - Federal Reserve drosselt die Maschinen (September 2015 EXTERNAL version) Importance: High EFTA01474526 Classification: Public Paul Morris Managing Director Deutsche Bank Private Bank Office: 1 Cell: 9 From: Deutsche AWM CIO Office [mailto:[email protected]] Sent: Thursday, September 03, 2015 3:56 AM Subject: Deutsche AWM CIO View: Rate hike ahead - Federal Reserve slows the engines /// Zinswende voraus - Federal Reserve drosselt die Maschinen (September 2015 EXTERNAL version) Importance: High Classification: Public {cid:_l_1784C35C1784BEA0002B8D6DC1257EB5} Dear colleagues, Will she or won't she? In our current CIO View we explain why the Fed is still likely to raise rates this year and what implications this could have for the various asset classes. We draw historic parallels but also show why this rate cycle differs from others. Furthermore we lay out in the current issue whether it is the economy of China or the nervous reaction of its leaders that worries us more. Find out in the latest Deutsche AWM CIO View, the market outlook of our CIO Asoka Woehrmann. We proudly launched our new CIO View WEBSITE in December. You can use this to download the new September issue of the CIO View as a conventional PDF or just read it online. A new digital CIO View structure also helps you to navigate individual sections: EFTA01474527 cioview.deutscheawm.com All documents are compliance-approved for distribution in the respective region. Should you have any questions, please don't hesitate to get back to us! Best regards, CIO Office *** Deutsche Version *** Sehr geehrte Kolleginnen und Kollegen, tut sie's oder tut sie's nicht? Im aktuellen CIO View erklären wir, warum wir noch dieses Jahr mit einer Zinserhöhung der Fed rechnen und was das für die einzelnen Anlageklassen bedeuten könnte. Wir ziehen historische Parallelen, zeigen aber auch die Besonderheiten von diesem Zinszyklus auf. Außerdem klären wir, ob uns die chinesische Wirtschaft oder das nervöse Agieren ihrer Führung mehr Sorge bereitet. Finden Sie mehr heraus im neuen CIO View, dem Marktausblick unseres CIOs Asoka Wöhrmann. Im Dezember haben wir unsere neue CIO View Website online gestellt. Auf dieser können Sie die neue Ausgabe als konventionelles PDF herunterladen oder einfach online lesen. Die neue digitale Struktur soll auch das Navigieren zwischen den Rubriken einfacher machen: cioview.deutscheawm.com Alle Dokumente sind von Compliance für den externen Versand in den entsprechenden Regionen freigegeben. Viele Grüße, CIO Office fcid:_l_1705A0A017059BD4002B8D6DC1257EB51 CIO Office Bjoern Pietsch Illya Lebedynet Sonja Hildebran Fabian Becher + Graham Richards (Financial Writer) Matthias Pindte (Financial Writer) Deutsche AWM Investment GmbH Deutsche Asset & Wealth Management EFTA01474528 Mainzer Landstra@e 178-190, 60327 Frankfurt am Main, Germany Email [email protected] {cid:_l_1705A97C1705A6F8002B8D6DC1257EB5} Informationen (einschlieRlich Pflichtangaben) zu einzelnen, innerhalb der EU tatigen Gesellschaften und Zweigniederlassungen des Konzerns Deutsche Bank finden Sie unter http://www.deutsche-bank.de/de/content/pflichtangaben.htm. Diese E-Mail enthalt vertrauliche und/ oder rechtlich geschUtzte Informationen. Wenn Sie nicht der richtige Adressat sind oder diese E-Mail irrtumlich erhalten haben, informieren Sie bitte sofort den Absender und vernichten Sie diese E-Mail. Das unerlaubte Kopieren sowie die unbefugte Weitergabe dieser E-Mail ist nicht gestattet. 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