EFTA01458532.pdf

From: Melinda Roy Sent: 10/9/2015 10:01:40 AM To: Stewart 0ldfield I; Paul Morris I I; 1j Utchford Subject: RE: Research Intro Attachments Approved Monthly Email Intro October.docx; Bianco US Equity Insights.pdf; China Hard Landing.pdf; CIO Flash Bond Markets.pdf; CIO Macro Outlook.pdf; CIO View.pdf; Economic & Asset Class Outlook Sept.Oct 2015.pdf; FX Forecasts&Valuations.pdf; I-39705-1 The Arithmetic of EM and Global Growth 2015-09-11.pdf; Weekly_Highlights_October_2_2015_US_1.pdf; Distribution List 10.8.2015.xlsx Approve intro & research pieces attached From: Stewart Oldfield Sent: Thursday, October 08, 2015 6:02 PM To: Melinda Roy; Paul Morris; Jj Litchford Subject: RE: Research Intro [I] Classification: For Internal use only Cool. Thanks From: Melinda Roy Sent: Thursday, October 08, 2015 5:53 PM To: Stewart Oldfield; Paul Morris; lj Litchford Subject: RE: Research Intro [I) Classification: For Internal use only Here is revised introduction: Please find attached the October issue of 00 View, Deutsche Asset & Wealth Management's flagship thought- leadership publication. In this edition, Chief Investment Officer Asoka Wohrmann tackles the question "Why are markets so unsettled?" and explores why we believe a global economic recovery remains intact despite a more muted outlook for some markets, particularly in developing countries. His nine positions are: - Pace of global economic growth is likely to slow down for a while. - Emerging markets' growth advantage has been eroded. - Commodity-exporting countries hurt by low commodity prices. - U.S. Federal Reserve Board postpones rate hike and the pace of subsequent increases will be slow. - The Fed and low inflation may force the European Central Bank to continue easing beyond September 2016. - Private equity and hedge funds should benefit from the capital market environment. - Oil prices climb as slowly as output capacity contracts. - Earnings forecasts revised down slightly for developed markets and significantly for emerging markets. - Asset allocation of our balanced model portfolio for clients based in the Americas: Equities: S0%, Fixed income: 39%, Alternatives: 10%, Commodities: 1% If you wish to discuss where we see opportunity in current markets, we will be happy to schedule a call. Additional pieces include: • CIO Macro Outlook — In a separate piece, Asoka Wohrmann delves deeper into the effect of developed market quantitative easing on emerging markets, and subsequently, global growth. • Weekly Highlights — Our U.S. Wealth Management CIO, Larry Adam, focuses on 3Q performance, Japanese economic indicators, and Eurozone resilience to EM weakness. CONFIDENTIAL — PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0118490 CONFIDENTIAL SDNY_GM_00264674 EFTA01458532