EFTA01447898.pdf

Deutsche Bank - Fixed Income Research Early Morning Reid - Macro Strategy 01 July 2014 (6 pages/ 178 kb) Download the complete report: http://pull.db-gmresearch.com/p/17805-C28E/90612075/DB_EMR_2014-07- 01_0900b8c088724b5b.pdf Key Market Data (Index @ close // change) (ITX Crossover 0 242 // +3) (ITX Europe 125 @ 62 // +1) (CDX 125 @ 59 // +1) (CDX HY - pts @ 108.66 // -0.154) (S&P 500 0 1960 // -0.04%) (Brent OilA @ 112.55 // -0.66%) (GoldA @ 1327 // +0.83%) (10 yr TreasuryA @ 2.52 // -1 bp) A - Change from previous day's 5:30 GMT to 05:30 GMT Macro Strategy (J. Reid, N. Burns, A. Ip) Illbehoes ad aytht eserays MRwa abi o adae.I ada elte prt fr y Ot o Studa ad pet irualyth etie riaynihtawkewih y uides ryngtopu ahosebak ogthr ha hs ee one b te uides or8 onhs Iha 1 pope hee ntl amFrda ngh wth3 f he wrkngno-sopunilth frs gess rrve a 20p. evr av Iben o trssd ndtied S al aySuda ad onaymonig er abi o adae.salyl' nw ac lvig it biler aai a teyfiis tins ffaferth prt. t asblssulfo te ewhorswewee pat.Atlestwevemoedou o te ithe wer w wreliin ad lepig ornerl Smoth bfoe as wek opfulybyth tmeth scod al o te ea edsl'1 evr av t se bileragin Aywy,th scod al hs owbeunfo mrktsan i or 1/2/Jue erorane evewtoayweshw ha mstaset hveha apoitveyer o ar S mchsotht f heyer vetull gestopealie i wllen u bin avey oo scod al sownginlie it mnyofEnlad' i rcet eas! W bielyreie te umer a te ndbu al hedaa ndchrt ae n hepd o tisdoumnt Is retyrae o av amot llman loalaset i psiiv trrtoy hi fr nt ayer.Cetrl an lqudiy oninestodrvemakes n uropnin hih ashepe tissychonse ulit n alaton. owve w cn' hlpsesig ha ter'sles oyovr hee etrn tanmihtbeexeced Ivetos reworid bot alaton i nmeou ases ndworid ha te edmihtbeom mrehakih oo. hee' ltte haceofth EB olowngsut nyim sonthug ad urpen ovrnen bnd hveha avey oo 214sofa. oerth lstmothweveaginhihlghedho mnyEuopanGoermet on mrktshae itmuticetuy,al tmeyildlos.wel eserayitwa te ur o te uth 0 ea yel t g troghit0H, al im lw gan.Th Dtc sris s hee e av or ones hstryofan gvenmntbod aretwih at gin bckto157 panig lmsthaf mllnna.Th gap i i te dftoayan frtershwsjut owunqu te uren stutin s.Th lve o ucetant aou hw hi al nd mstbydeintin e er hghgienths. SoaswestrtH2 Aia mrktsar tadngwih sroge tneths orin hlpd y sli sar t te loalmaufctrig MI. heoficalChnee anfatuin PI rite a 5.0 i lnewih onenusan a asi mnt hgh Te inl SB Cinsemaufctrig MIcae n t 0., lihty elw heflshredig f 0., utths s ls te iges pin o te ea. hePMs oroterAsanbelwthrsinluin Idoesa ndTawa wrealo p n mnt-t-mnt bsi. heNike (1.%)isth cea otprfrmr ody,ondeen vluesan dsptea ro i te apnee 2 ananmaufctrig ndx o 2 ro 1 pevoulyan 1 epete. hecaexcopoen o te anansuve ws boe xpcttinshoevr +74%vs6.%)execed wic i sroget at o gowh ine 00. hi hs eledUSJP (0.%)toay Otsdeofflan atiit hs ee sbdedwih on Kngmakes hu fr ul it oldas.Th Idoesanruia i pisd o reor is trngsttheeda r11 i aou furh onhs, suredbycometslat ee fomth Bnkoflnonsi tatth cunry404, tad blacereuredtosupls n ay Te UDSDisalo oiedfo asoidgan +025) ftr heRB minaiedit nutaltoe n ody.spoic metng Th lsttrdig ayoflH4 aiedtobrngwih t nyvoatliy sscite wthmothen ad al-ed orfoiorealncng Ided,yetedallls &P50 vlueswee bot al tatcopaedtoth lsttrdig ayofiH3.Adin t tat te 6950 cosd irualyunhage a -.0%,an fr hereor te as tmewesa agan r os o mrethn % n heinexwa Ari ith Oe hee o ot touh asth cntnud ndrprfrmnc o Eroea bnk aros heewit ad reitspctum Ystrdypsunererorane assprkd y 1% al i te tok f ano sprio ano hih s orugl.slaget an. heprceacio ws icatd y eprt tatreultos er cncrnd ve crprae ovrnnc btwenth bnkan ohe CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 102683 CONFIDENTIAL SDNY_GM_00248867 EFTA01447898