EFTA01458986.pdf

8 December 2015 World Outlook 2016: Managing with less liquidity Figure 3: Banks' P/B relative has not yet reacted to the Figure 4: Consumer staples are priced for an implausible Improvement in relative RoEs rates trajectory —PM relative Ohs) forward RoE relative (Mel — European food & beverage. del to the market Ohs) European banks relative to the market — US 10-year bond yields, inverted (rhs) -10 1 1.3 220 1 o 1.6 -20 200 1.9 -1 1. 2.2 180 2.5 -30 2.8 160 3.1 -40 -3 3.4 140 1 3.7 -4 4.0 -50 120 4 4.3 -5 4.6 100 4.9 ui r, 5.2 0 cs 80 5.5 0 0 0 0 2007 2009 2011 2013 2015 Z z z z z z Sand awe. an AS Damen Sows Oftecno &A Anon* Onstreem Sebastian Raedler, +44 20 754 78169 Wolf-von Rotborg, +44 20 754 52801 Page 58 Deutsche Bank AG/London CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0119165 CONFIDENTIAL SDNY_GM_00265349 EFTA01458986