EFTA01459667.pdf

Global Economy "Fab 5" Confirms U.S. Leadership Europe China Withholding Tax Receipts German Exports Jobless Claims Credit Impulse PMI Manufacturing/Services Belgium Manufacturing Average Real Earnings Housing Prices Survey Commercial & Industrial Consumer Sentiment Consumer Confidence Retail/Auto Sales Loans New Vehicle Sales Inflation Inflation Japan's economy should be supported We expect moderate to solid growth by aggressive monetary policy, a pick Growth is likely to slow from 6 8% in We expect a stronger consumer. a supported by monetary poky, easing up in export activity as global growth 2015 to 6.0% in 2016. However, reform fading of the exporttscalicapex drag fiscal drag, growing consumer demand. implementation and central bank and strength in housing to support U.S. accelerates and positive consumer increasing wages and EUR momentum. Aggressive easing is likely flexibility should result in better long growthin 2016. depreciation. to push inflation higher term growth prospects Source. Deutsche Bank Wealth Managrnien! Deutsche Bank Wealth Management 3 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0120264 CONFIDENTIAL SDNY_GM_00266448 EFTA01459667