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Deutsche Bank
DB forecasts
DP .rowth % 2016 2017 2018F 2019F CPI inflation Yor % 2016 2017 2018F 2019F
Global 3.2 3.7 3.8 3.7 US 1.3 2.1 2.1 2.2
US 1.5 2.3 2.6 2.2 Eurozone 0.2 1.5 1.4 1.5
Eurozone 1.8 2.3 2.3 1.7 Japan -0.1 0.3 0.4 0.8
Germany 1.9 2.3 2.3 1.8 UK 0.6 2.6 2.5 2.3
France 1.1 1.8 2.0 1.6 China 2.0 1.7 2.7 2.4
Italy 0.9 1.6 1.4 1.0
Spain 3.3 3.1 2.9 2.3 Central Bank policy rate (%) MEM Q4-17F O4-18F Q4-19F
Japan 0.9 1.8 1.2 0.8 US 1.375 1.375 2.375 3.125
UK 1.9 1.6 1.0 1.4 Eurozone 0.00 0.00 0.00 0.50
China 6.7 6.8 6.3 6.3 Japan -0.10 -0.10 -0.10 -0.10
India 7.9 6.3 7.5 7.8 UK 0.50 0.50 0.50 0.75
EM Asia 6.2 6.1 6.0 6.0 China 1.50 1.50 1.50 1.50
EM CEEMEA 1.6 2.6 2.9 2.9
EM LatAm -1.2 1.1 2.3 2.8 Ke market metrics MEM O4-17F Q4-18F O4-19F
EM 4.3 4.8 4.9 5.0 US 10Y yield (%) 2.46 2.50 2.95 2.96
DM 1.6 2.2 2.2 1.9 EUR 10Y yield (%) 0.42 0.50 0.90 0.90
EUR/USD 1.204 1.17 1.20 1.20
USD/JPY 112 116 120 110
S&P 500 2,696 2,600 2,850
• Cc (%) foie:oasis re period ansages Stoxx 600 388 375 395
CEEklEA: Czech Rep thael Egypt eungary. Kazakhstan hgena NOM Romanta Rum.* Sao* AraDa. SouM Mica Turkey U.S and thaaine
Oil WTI (USD/bbl) 60.4 51.0 52.0 53.0
LATUZ Agonies& maid, Chit Charm. meet& Peru and geneniela
AVA Pena. AK Wei indenozsa. Kole& lantayske Frapperts Singgx, Lae& Teem& inefand end kik1nary Oil Brent (USD/bbl) 66.6 56.0 55.0 56.0
Australia Canada Denmark. Eurozone Japan ilea Seam) itonray Seeden Seitzenand UK and US Current prices as of 02-Jan-2018
DeUsche Bank Research' European Equity Focus —January 2018
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086832
CONFIDENTIAL SDNY_GM_00233016
EFTA01385546
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