EFTA01458568.pdf

2 October 2015 Global Economic Perspectives: A hard landing in China? Charts of the Week Chart 1. In the United States the ADP private 'Chart 2. However the report highlights a big loss in US employment report was fairly good, with 200K new !manufacturing jobs - the largest in 5 years. jobs created. mono change In total non-tann OMplOyment by Industy linvo gunge in Iota non-14/m employment 230 • CcnstructIon lasaufactunna 000 a month 4<1h,144 • thelortrantixr6I-Mbet sProlesicnelfcc ones, seems, 400 200 0 -200 400 400 400 -1000 40 02 03 04 05 06 07 a GO I0 n 12 13 to 16 Elep-2014 110/.20t4 Jan-2015 114-2015 Mey-2015 Joi-2015 6.0-2015 Same ADP, Mow Aneyobs. Dare Bin. Andre» Sawa ADP arm..4.1044, 04460m• ant /6410.44 Chart 3.Consumer sentiment in the Eurozone continues to show improvement. Expectations of "major Chart 4.The banking sector deleveraging ends. Low purchases" by consumers have spiked.. !EGO rates are making their way to the "real economy". %bal two ea: crew: errs poiebeeee morn ewe %bet 16 60mo area Intense tan charged for meN loan to Oren 11 45yre) 10 7.0 -12 i1 IA I -12 CO -14 -14 $.6 -II -10 5.0 -15 4.6 40 40 -22 -22 3.6 40 3.0 — Ile/ —Spats —Fine — 00naaat 65110 rte AO -20 2.6 -22 -2s 2.0 OS 04 05 OS 07 a a 10 12 Is 14 16 00 01 02 03 04 06 06 07 a 00 10 n 12 13 14 16 Swop EC IfarawaS Dairscha art arm Sant ECE4 HowetAlayok* &Know• Bet Amen* 1Chan 5. China NBS Manufacturing nil report was slightly better than consensus ithart.6.. While in Australia, economy grows sluggish 2.0 percent yly in second-quarter of 2015 Maas MOO Japan pal..4114411,0 lades 1200 116 0 1 500 1100 1030 1000 1160 000 260 00.0 16.0 a a 07 a a 10 11 12 13 10 16 06 06 07 01 00 10 11 12 13 14 IS Sooty. AIM HaverA0MIn. Danche De dims Sony CRP, Haw Ais46c2. Oahe. MS norm Page 18 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118542 CONFIDENTIAL SDNY_GM_00264726 EFTA01458568