title: RM0081851 Daily Deposit Report

key_organizations:
Southern Trust Company, Inc.
Southern Financial LLC
Neptune, LLC
Hyperion Air, LLC
JEGE, Inc
JEGE, LLC
HBRK Associates, Inc
NES, LLC
Zorro Development Corp.
Wanek Trust of 2000
KWF 2007 LLC
SSW 2007 LLC
Gratitude America, Ltd


source: doj

document_description: This document is a valuation statement from Deutsche Bank Group provided to Southern Financial, LLC. It includes exchange rates and notes on the valuation methodology, adjustments, and disclaimers regarding the use of the valuations. The statement is marked confidential and is intended for internal use only.

title: Deutsche Bank Group Valuation Statement

key_people:
Daniel Sabba
Gedeon Pinedo
Richard Kahn
Vahe Stepanian
Daniel Satte
Ariane Dwyer
Amanda Kirby
Paul Morris
Mark Whyman

document_type: financial

document_subtype: valuation statement

key_organizations:
Deutsche Bank Group
Southern Financial, LLC


document_description: This document is a valuation statement from Deutsche Bank Group for Southern Financial, LLC, detailing equity-swap hybrid and FX-NDF transactions with notional amounts and market-to-market values.

title: Deutsche Bank Group Valuation Statement

key_organizations:
Deutsche Bank AG
Southern Financial, LLC


document_description: This document is a valuation statement from Deutsche Bank Group provided to Southern Financial, LLC. It includes contact information for sales inquiries and questions related to the statement. The document outlines the terms and conditions of the valuations, which are for internal use only and may be subject to adjustments based on various risks and market conditions. The statement emphasizes that valuations may change over time and are not guaranteed to reflect the terms of new or existing transactions with Deutsche Bank.

title: Deutsche Bank Group Valuation Statement

key_people:
Daniel Sabba
Richard Kahn
Gedeon Pined
Vahe Stepanian
Paul Morris
Mark Whyman
Amanda Kirby
Ariane Dwyer


document_description: This document is a valuation statement from Deutsche Bank Group for Southern Financial, LLC, detailing various financial instruments including credit-default swaps, equity options, and FX options as of November 9, 2015. It includes trade details, notional amounts, and mark-to-market values.

title: Deutsche Bank Group Valuation Statement

document_type: tabular

document_subtype: financial statement


document_description: This document is a confidential communication that may contain attorney-client privileged or inside information. It is intended only for the use of the addressee and is the property of JEE. Unauthorized use, disclosure, or copying is prohibited and may be unlawful. If received in error, the recipient is instructed to notify the sender and destroy the communication. Deutsche Bank does not provide legal or tax advice, and the information should not be regarded as such.

document_type: correspondence

key_organizations:
JEE
Deutsche Bank


document_description: The document is a daily deposit report detailing large, zero, and negative balances, as well as large transactions for various accounts, including those associated with Jeffrey Epstein and related entities.

title: RM0081851 Daily Deposit Report

key_people:
Jeffrey Epstein
Dominique Leimer
Todd Wanek
Karen Wanek
Darren K. Indyke

document_subtype: financial report

key_organizations:
Southern Trust Company, Inc.
Southern Financial LLC
Neptune, LLC
Hyperion Air, LLC
JEGE, Inc
JEGE, LLC
HBRK Associates, Inc
NES, LLC
Zorro Development Corp.
LSJE, LLC
Wanek Trust of 2000
KWF 2007 LLC
SSW 2007 LLC
Gratitude America, Ltd


document_description: This document is a valuation statement from Deutsche Bank Group provided to Southern Financial, LLC. It includes contact information for sales inquiries and questions related to the statement. The document outlines the terms and conditions of the valuations, which are provided for internal use only and may be subject to adjustments based on various risks and market conditions. The statement includes a disclaimer of liability for errors or inaccuracies in the valuations.

title: Deutsche Bank Group Valuation Statement

key_people:
Daniel Sabba
Gedeon Pinedo
Richard Kahn
Vahe Stepanian
Amanda Kirby
Paul Morris
Mark Whyman
Ariane Dwyer


document_description: This document is a valuation statement from Deutsche Bank Group for Southern Financial, LLC, detailing various financial instruments including credit-default swaps, equity options, and FX options as of November 10, 2015. It includes trade details, notional amounts, and mark-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: This document is a valuation statement from Deutsche Bank Group for Southern Financial, LLC, detailing equity swap hybrid and FX-NDF transactions with respective notional amounts, currencies, and mark-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: This document is a valuation statement from Deutsche Bank Group provided to Southern Financial, LLC. It includes exchange rates and notes on the valuation methodology, adjustments, and disclaimers regarding the use of the valuations. The statement is marked confidential and is related to a request identified as 182298.

title: Deutsche Bank Group Valuation Statement

key_people:
Daniel Sabba
Richard Kahn
Gedeon Pinedo
Vahe Stepanian
Mark Whyman
Amanda Kirby
Paul Morris
Ariane Dwyer


document_description: This document is a valuation statement from Deutsche Bank Group provided to Southern Financial, LLC. It includes contact information for sales inquiries and questions related to the statement. The document outlines the terms and conditions of the valuations, which are intended for internal use only and may not reflect the terms for new transactions or instruments. The statement includes a disclaimer about the potential for changes in valuation methodology and the associated risks.

title: Deutsche Bank Group Valuation Statement

key_people:
Daniel Sabba
Gedeon Pinedo
Richard Kahn
Vahe Stepanian
Mark Whyman
Amanda Kirby
Paul Morris
Ariane Dwyer


document_description: A valuation statement from Deutsche Bank Group for Southern Financial, LLC, detailing equity-swap hybrid and FX-NDF transactions with respective notional amounts, currencies, and market-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: The document is a daily deposit report listing large, zero, and negative balances for various accounts, including those associated with Jeffrey Epstein and other entities. It also details large incoming transactions for specific accounts.

title: RM0081851 Daily Deposit Report

key_people:
Jeffrey Epstein
Dominique Leimer
Todd Wanek
Karen Wanek

key_organizations:
Southern Trust Company, Inc.
Southern Financial LLC
Neptune, LLC
Hyperion Air, LLC
JEGE, Inc
JEGE, LLC
Darren K. Indyke PLLC
HBRK Associates, Inc
NES, LLC
Zorro Development Corp.
LSJE, LLC
Wanek Trust of 2000
KWF 2007 LLC
SSW 2007 LLC
Gratitude America, Ltd


document_description: This document is a valuation statement from Deutsche Bank Group provided to Southern Financial, LLC. It includes contact information for sales inquiries and questions related to the statement. The document outlines the valuation methodology, including potential adjustments for market, liquidity, credit, operational risks, and premium adjustments. It also includes a disclaimer about the potential variability and limitations of the valuations provided.

title: Deutsche Bank Group Valuation Statement


document_description: This document is a valuation statement from Deutsche Bank Group for Southern Financial, LLC, detailing various financial instruments including credit-default swaps, equity options, and FX options. It includes trade details, notional amounts, currencies, and mark-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: This document is a valuation statement from Deutsche Bank AG for Southern Financial, LLC, detailing an equity-swap hybrid and an FX-NDF trade. It includes details such as notional amounts, currencies, and market-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: Confidential correspondence from Paul Morris, Managing Director at Deutsche Bank Private Bank.


document_description: This document is a valuation statement from Deutsche Bank Group for Southern Financial, LLC, detailing various financial instruments including credit default swaps, equity options, and FX options as of November 16, 2015. It includes trade details, notional amounts, and mark-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: This document is a valuation statement from Deutsche Bank Group for Southern Financial, LLC, detailing an equity-swap hybrid and an FX-NDF trade. It includes information on notional amounts, currencies, and market-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: This document is a valuation statement from Deutsche Bank Group for Southern Financial, LLC, detailing various financial instruments including credit-default swaps, equity options, and FX options. It includes trade details, notional amounts, and mark-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: This document is a valuation statement from Deutsche Bank Group for Southern Financial, LLC, detailing equity-swap hybrid and FX-NDF transactions with their respective notional amounts, currencies, and market-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: The document is a daily deposit report listing large, zero, and negative balances for various accounts as of November 18, 2015. It includes account numbers, account names, categories, and balances.

title: RM0081851 Daily Deposit Report


document_description: This document contains a confidentiality notice indicating that the information is confidential, may be attorney-client privileged, and is intended only for the addressee. It warns against unauthorized use, disclosure, or copying and provides instructions for notifying the sender if received in error. It also states that Deutsche Bank does not provide legal or tax advice.


document_description: This document is a valuation statement from Deutsche Bank Group provided to Southern Financial, LLC. It includes valuation details, disclaimers, and contact information for inquiries. The statement outlines the methodology and potential adjustments in valuations, emphasizing that these are for internal use only and may change over time.

title: Deutsche Bank Group Valuation Statement

key_people:
Daniel Sabba
Richard Kahn
Gedeon Pined
Vahe Stepanian
Vark Whyman
Amanda Kirby
Paul Morns
Mane Dwyer


document_description: This document is a valuation statement from Deutsche Bank Group for Southern Financial, LLC, detailing various financial instruments including credit-default swaps, equity options, and FX options as of November 19, 2015. It includes trade details, notional amounts, and mark-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: This document is a valuation statement from Deutsche Bank AG for Southern Financial, LLC, detailing an equity-swap hybrid and an FX-NDF trade. The statement includes details such as notional amounts, currencies, strike price, and mark-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: This document is a valuation statement from Deutsche Bank Group, requested by Southern Financial, LLC, detailing various financial instruments including credit-default swaps, equity options, and FX options. It includes trade details, counterparties, notional amounts, and mark-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: A valuation statement from Deutsche Bank Group provided to Southern Financial, LLC, detailing the economic assessment of transactions or instruments as of November 23, 2015. The document includes disclaimers about the nature of the valuations and potential adjustments based on market conditions.

title: Deutsche Bank Group Valuation Statement

key_people:
Daniel Sabba
Gedeon Pinedo
Vahe Stepanian
Richard Kahn
Mark Whyman
Amanda Kirby
Paul Morris
Ariane Dwyer


document_description: This document is a valuation statement from Deutsche Bank Group, requested by Southern Financial, LLC, detailing various financial instruments including credit-default swaps, equity options, and FX options as of November 23, 2015.

title: Deutsche Bank Group Valuation Statement


document_description: A memorandum from Darren Indyke instructing a wire transfer of $500,000 from a specified account to Jeffrey E Epstein's account. It also includes instructions to sell $500,000 and purchase Euros, with a request to contact Darren and Rich Kahn with the rate before the transaction is initiated.

key_people:
Darren Indyke
Arthur
Rich Kahn
Jeffrey E. Epstein

document_subtype: memo


document_description: The document is a daily deposit report listing large, zero, and negative balances for various accounts, including Jeffrey Epstein's account with a balance of $1,771,160.03 and a transfer of $500,000.00. Other entities listed include Southern Trust Company, Inc., Southern Financial LLC, and others with significant balances.

title: RM0081851 Daily Deposit Report

key_organizations:
Southern Trust Company, Inc.
Southern Financial LLC
Neptune, LLC
Hyperion Air, LLC
JEGE, INC
JEGE, LLC
NES, LLC
Zorro Development Corp.
LSJE, LLC
Wanek Trust of 2000
KWF 2007 LLC
SSW 2007 LLC
Gratitude America, LTD


document_description: This document is a valuation statement from Deutsche Bank Group provided to Southern Financial, LLC. It includes contact information for inquiries and details about the valuation methodology, including potential adjustments for market, liquidity, credit, and operational risks. The statement emphasizes that valuations are for internal use only and may differ from future valuations due to changes in market conditions or DB's valuation methodology.

title: Deutsche Bank Group Valuation Statement

key_people:
Daniel Sabba
Richard Kahn
Vahe Stepanian
Gedeon Pinedo
Paul Morris
Mark Whyman
Amanda Kirby
Ariane Dwyer


document_description: This document is a valuation statement from Deutsche Bank Group for Southern Financial, LLC, detailing various financial instruments including credit-default swaps, equity options, and FX options as of November 24, 2015. It includes trade details, notional amounts, and mark-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: The document is a daily deposit report listing large, zero, and negative balances for various accounts, including those associated with Jeffrey Epstein and related entities.

title: RM0081851 Daily Deposit Report


document_description: This document is a valuation statement from Deutsche Bank Group provided to Southern Financial, LLC. It includes contact information for sales inquiries and questions related to the statement. The document outlines the valuation methodology and disclaimers regarding the use of the valuations. It specifies that valuations are for internal use only and may not reflect terms for new transactions or liquidation with Deutsche Bank.

title: Deutsche Bank Group Valuation Statement


document_description: This document is a valuation statement from Deutsche Bank Group, requested by Southern Financial, LLC, detailing various financial instruments including credit default swaps, equity options, and FX options as of November 25, 2015. It includes trade details, counterparties, and mark-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: This document is a valuation statement from Deutsche Bank Group for Southern Financial, LLC, detailing various financial instruments including credit-default swaps, equity options, and FX options as of November 27, 2015. It includes trade details, notional amounts, and mark-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: This document is a valuation statement from Deutsche Bank AG for Southern Financial, LLC, detailing equity-swap hybrid and FX-NDF transactions. It includes information on notional amounts, currencies, strike prices, and mark-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: This document is a valuation statement from Deutsche Bank Group for Southern Financial, LLC, dated December 1, 2015. It provides an economic assessment of transactions or instruments as of November 30, 2015, and includes disclaimers about the nature and use of these valuations.

title: Deutsche Bank Group Valuation Statement

key_people:
Daniel Sabba
Gedeon Pinedo
Vahe Stepanian
Richard Kahn
Paul Alorns
Ariane Dwyer
Mark Whyman
Amanda Kirby


document_description: This document is a valuation statement from Deutsche Bank Group for Southern Financial, LLC, detailing various financial instruments including credit default swaps, equity options, and FX options as of November 30, 2015. It includes trade details, notional amounts, and mark-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: A valuation statement from Deutsche Bank AG for Southern Financial, LLC, detailing an equity-swap hybrid and FX-NDF transactions with respective notional amounts and market-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: This document is a valuation statement from Deutsche Bank Group for Southern Financial, LLC, dated December 2, 2015. It includes exchange rates and notes on valuation methodologies and disclaimers.

title: Deutsche Bank Group Valuation Statement


document_description: This document is a valuation statement from Deutsche Bank Group, requested by Southern Financial, LLC, as of December 1, 2015. It includes details of credit-default swaps, equity options, and FX options, with specific trade details, counterparties, and mark-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: This document is a valuation statement from Deutsche Bank AG for Southern Financial, LLC, detailing an equity-swap hybrid and an FX-NDF trade. It includes information such as notional amounts, currencies, strike price, and mark-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: The document is a daily deposit report listing large, zero, and negative balances for various accounts, including those associated with Jeffrey Epstein. It also details large transactions involving transfers of funds.

title: RM0081851 Daily Deposit Report

key_organizations:
Southern Trust Company, Inc.
Southern Financial LLC
Neptune, LLC
Hyperion Air, LLC
JEGE, Inc
JEGE, LLC
NES, LLC
Zorro Development Corp.
Wanek Trust of 2000
KWF 2007 LLC
SSW 2007 LLC
Gratitude America, Ltd


document_description: This document is a valuation statement from Deutsche Bank Group for Southern Financial, LLC, dated December 2, 2015. It provides an economic assessment of transactions or instruments from Deutsche Bank's perspective, including potential premium adjustments and disclaimers about the accuracy and liability of the valuations.

title: Deutsche Bank Group Valuation Statement


document_description: This document is a valuation statement from Deutsche Bank Group for Southern Financial, LLC, detailing various financial instruments including credit-default swaps, equity options, and FX options. It includes trade details such as trade ID, counterparty, trade type, reference entity, trade date, effective date, maturity date, notional amounts, currencies, rates, spreads, and mark-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: This document is a valuation statement from Deutsche Bank AG for Southern Financial, LLC, detailing equity-swap hybrid and FX-NDF transactions with respective notional amounts, currencies, and mark-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: The document is a daily deposit report detailing large, zero, and negative balances for various accounts, as well as large transactions involving transfers and new certificates of deposit (CDs).

title: RM0081851 Daily Deposit Report

key_organizations:
Southern Trust Company, Inc.
Southern Financial LLC
Neptune, LLC
Hyperion Air, LLC
JEGE, Inc.
JEGE, LLC
NES, LLC
Zorro Development Corp.
LSJE, LLC
Gratitude America, Ltd


document_description: This document is a valuation statement from Deutsche Bank Group, requested by Southern Financial, LLC, as of December 3, 2015. It includes details of various financial instruments such as credit-default swaps, equity options, and FX options, with specific trade details, counterparties, and mark-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: The document is a daily deposit report listing large, zero, and negative balances for various accounts, including those associated with Jeffrey Epstein and other entities. It also details large transactions, specifically a transfer to a CD for Shari Wagner 2014 GRAT.

title: RM0081851 Daily Deposit Report 20151208

key_people:
Jeffrey Epstein
Dominique Leimer
Todd Wanek
Karen Wanek
Shari Wagner
Kati Forsythe

key_organizations:
Southern Trust Company, Inc.
Southern Financial LLC
Neptune, LLC
Hyperion Air, LLC
JEGE, Inc
JEGE, LLC
NES, LLC
Zorro Development Corp.
LSJE, LLC
Wanek Trust of 2000
KWF 2007 LLC
SSW 2007 LLC
Gratitude America, Ltd


document_description: This document is a valuation statement from Deutsche Bank Group for Southern Financial, LLC, dated December 8, 2015. It includes contact information for sales inquiries and questions related to the statement, as well as foreign exchange rates and a disclaimer about the nature and use of the valuations provided.

title: Deutsche Bank Group Valuation Statement


document_description: This document is a valuation statement from Deutsche Bank AG for Southern Financial, LLC, detailing an equity-swap hybrid and an FX-NDF transaction. The equity-swap hybrid involves a reference entity TWTR.N with a notional amount of USD 2,540,000 and a mark-to-market value of USD 94,350.57. The FX-NDF transaction involves a notional amount of JPY 1,200,000,000 and KRW 11,540,400,000 with a mark-to-market value of USD 32,813.55.

title: Deutsche Bank Group Valuation Statement


document_description: Document from Deutsche Bank Trust Company Americas and Deutsche Asset & Wealth Management, marked as confidential under Federal Rule of Criminal Procedure 6(e).

key_locations: 345 Park Avenue, New York, New York 10154

document_subtype: bank document

key_organizations:
Deutsche Bank Trust Company Americas
Deutsche Asset & Wealth Management


document_description: The document is a partnership tracking report for KCP, detailing new client introductions, opportunities shown, and engagements in 2015. It includes a table with specific data on various markets and clients.

document_subtype: partnership tracking report

key_organizations:
KCP
Private Markets
Suntex
ACTRS
RIN
Retrofit
ABR-RE
Astra
Extel
RESOF
Proton
Phoenix
Lease
Panda
ADS
Markets/CB&S
CLO
CMBS
Structured Credit
CRE
Municipal Finance
Capital Markets


document_description: This document is a valuation statement from Deutsche Bank Group provided to Southern Financial, LLC. It includes contact information for sales inquiries and questions related to the statement. The document outlines the terms and conditions of the valuations, which are provided for internal use only and may be subject to adjustments based on various risks and market conditions. The statement includes a disclaimer of liability for errors or inaccuracies in the valuations.

title: Deutsche Bank Group Valuation Statement

key_people:
Daniel Sabba
Richard Kahn
Gedeon Pinedo
Vahe Stepanian
Mark Whyman
Paul Morris
Ariane Dwyer
Amanda Kirby


document_description: This document is a valuation statement from Deutsche Bank Group for Southern Financial, LLC, detailing various financial instruments including credit default swaps, equity options, and FX options as of December 8, 2015. It includes trade details, counterparties, notional amounts, and mark-to-market values.

title: Deutsche Bank Group Valuation Statement

reference_numbers:
Request 182298
Statement ID: 1


document_description: This document is a valuation statement from Deutsche Bank Group for Southern Financial, LLC, detailing equity-swap hybrid and FX-NDF transactions with their respective notional amounts, currencies, and market-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: Confidential document from Deutsche Bank Trust Company Americas and Deutsche Asset & Wealth Management, located at 345 Park Avenue, New York. The document is marked as confidential pursuant to Federal Rule of Criminal Procedure 6(e).

document_type: other


document_description: Confidential communication notice indicating the message is intended for the addressee and is the property of JEE. Unauthorized use, disclosure, or copying is prohibited. Recipients are instructed to notify the sender if received in error and to destroy the communication.


document_description: Confidential communication intended only for the addressee, with a warning against unauthorized use, disclosure, or copying. Recipients are instructed to notify the sender if received in error and to destroy the communication.


document_description: The document is a daily deposit report listing large, zero, and negative balances for various accounts as of December 9, 2015. It includes account names and their respective balances.

title: RM0081851 Daily Deposit Report

key_organizations:
Southern Trust Company, Inc.
Southern Financial LLC
Neptune, LLC
Hyperion Air, LLC
JEGE, INC
JEGE, LLC
NES, LLC
Zorro Development Corp.
LSJE, LLC
Wanek Trust of 2000
KWF 2007 LLC
SSW 2007 LLC
Gratitude America, LTD
Kati Forsythe 2014 GRAT
Shari Wagner 2014 GRAT
GEW 2007 LLC
CRW 2007 LLC
GEW 2009 LLC
CRW 2009 LLC


document_description: This document is a valuation statement from Deutsche Bank Group provided to Southern Financial, LLC. It includes contact information for sales inquiries and questions related to the statement. The document outlines the terms and conditions of the valuations, which are based on Deutsche Bank's current economic assessment and may include adjustments for various risks. It also includes a disclaimer regarding the potential for future valuations to differ and the bank's liability for errors or omissions.

title: Deutsche Bank Group Valuation Statement

key_people:
Daniel Sabha
Richard Kahn
Gedeon Pinedo
Vahe Stepanian
Amanda Kirby
Paul Morris
Ariane Dwyer
Mark Whyman


document_description: This document is a valuation statement from Deutsche Bank Group for Southern Financial, LLC, detailing various financial instruments including credit-default swaps, equity options, FX options, and equity-swap hybrids. It includes trade details, notional amounts, currencies, and mark-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: This document is a valuation statement from Deutsche Bank Group for Southern Financial, LLC, detailing equity-swap hybrid and FX-NDF transactions with specific notional amounts, currencies, and market-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: Authorization for asset movement for non-retirement accounts at Deutsche Bank Alex. Brown, involving a wire transfer of $400,000 to First Bank in Puerto Rico for the account of FT Real Estate. The document includes verification and authorization details, with Darren Indyke as the client signatory.

key_people:
Jeffrey E Epstein
Darren Indyke

document_subtype: Authorization for Asset Movement

key_organizations:
Deutsche Bank Alex. Brown
First Bank
FT Real Estate


document_description: This document is a report titled 'World Outlook 2016: Managing with less liquidity' by Deutsche Bank AG/London. It includes a table of contents covering various global economic and financial topics such as liquidity management, US dollar impact, regional economic trends, bond and equity market strategies, and geopolitical issues.


document_description: The report discusses the anticipated normalization of US monetary policy with a 25-basis-point fed funds rate hike expected at the Fed's December meeting, marking the first such move since June 2006. It explores the potential global economic and financial market reactions to reduced central bank liquidity, highlighting the cautious approach of major central banks. The report also examines global growth challenges, including China's economic slowdown and its impact on commodity markets and trade flows. It anticipates gradual policy normalization and its effects on inflation and labor markets in the US, Europe, and Japan.

title: World Outlook 2016: Managing with less liquidity

key_people: BoJ ECB Fed

key_locations: US Europe Japan China

document_subtype: report


document_description: The document discusses the global economic outlook for 2016, highlighting potential market turbulence due to changing ECB and BoJ policies, and the risks associated with Fed normalization. It outlines both downside risks, such as a negative market response and a slowdown in China, and upside potentials, like a recovery in productivity growth. The document also presents a baseline forecast for the global economy and financial markets, with a focus on 2016 and a preview of 2017.


document_description: The document provides a global economic outlook for 2016, predicting a slight increase in global growth led by emerging market economies. It highlights the slowdown in 2015 due to contractions in Russia and Brazil, and forecasts a gradual rise in growth over the next two years. The document includes a table with GDP growth and CPI inflation projections for various regions and countries.

key_organizations:
Deutsche Bank
IMF
Haver Analytics LP


document_description: The document provides a global economic outlook for 2016, highlighting a broad-based downward revision in growth forecasts for both advanced and emerging market economies. The report notes significant downgrades in growth projections for Russia and Brazil, while growth expectations for advanced economies like the US and the euro area have been modestly upgraded. The document includes a table with GDP forecast revisions for various regions and countries.

key_locations:
Russia
Brazil
US
Japan
Euro area
China
India

document_subtype: economic report

key_organizations:
Deutsche Bank
IMF
Bloomberg


document_description: The document provides economic forecasts for 2016 and 2017, highlighting regional differences in GDP growth and inflation trends. It includes a consensus forecast table for GDP growth across global, US, Euro area, and China regions. The report also discusses global inflation trends, noting a projected rebound after a significant decline due to falling commodity prices.

key_locations:
China
Euro area
US
Latin America
EMEA
Emerging Asia

document_subtype: economic forecast report

key_organizations:
Deutsche Bank
IMF
Bloomberg
Consensus Economics


document_description: The document provides an outlook on global inflation trends for 2016 and 2017, highlighting a rebound in inflation driven by energy price stabilization. It includes detailed inflation forecasts for various regions and economies, noting significant revisions since the June update. Emerging market economies, particularly in Latin America, are expected to experience higher inflation due to currency depreciation.

key_organizations:
Deutsche Bank
IMF


document_description: The document discusses the 2016 financial outlook, focusing on asset allocation, geopolitical risks, and potential economic threats. Key themes include rate normalization, credit vulnerability, equity risk premium, and geopolitical tensions in the EU.

key_locations: EU Syria Russia Ukraine US Japan Europe Paris Greece Portugal

document_subtype: financial analysis


document_description: The report discusses the economic outlook for 2016, highlighting the impact of a strong US dollar on GDP growth, unemployment, and interest rates. It predicts a GDP growth of 2.2% for 2016, down from previous estimates, due to the rising dollar and its effects on exports and manufacturing. The report also notes the potential for further dollar appreciation and its implications for monetary policy and inflation.

key_locations: US London


document_description: The document discusses the impact of the trade-weighted dollar on inflation and growth, highlighting the effects of dollar appreciation on core PCE inflation and net exports. It includes FRB/US model simulations and forecasts for inflation and interest rates, emphasizing the challenges faced by the manufacturing sector due to dollar strength and inventory issues.

key_organizations:
FRB
Deutsche Bank Research
Federal Reserve
ISM
Haver Analytics LP
BEA


document_description: The document discusses potential upside risks to economic growth, labor market improvements, and inflation in 2016. It includes financial forecasts and external balance data from Deutsche Bank Research.

key_people:
Joseph A. LaVorgna
Brett Ryan
Aditya Bhave


document_description: The document provides an economic outlook for Europe and other regions, highlighting GDP growth, inflation forecasts, and political uncertainties. It includes a table with macro-economic activity and inflation forecasts for various countries.

key_locations:
Europe
UK
Euro area
CEE
EMEA


document_description: The document discusses the economic outlook for 2016, focusing on investment spending, financing conditions, and the impact of geopolitical risks. It highlights the euro area's labor market improvements, the effects of the Juncker investment plan, and the challenges faced by the ECB's unconventional policies. The document also covers fiscal policies and potential risks in the euro area.

key_locations:
Euro area
Spain
Portugal

key_organizations:
ECB
Deutsche Bank
European Fund for Strategic Investments


document_description: The document discusses the economic outlook for 2016, focusing on the European Central Bank's (ECB) potential tapering of quantitative easing (QE) and the political risks in Europe. It predicts modest economic growth, a gradual normalization of core inflation, and potential political challenges in Spain, Portugal, Catalonia, Ireland, Italy, and the UK. The document also highlights the refugee and terror crises as significant political tests for Europe.

key_locations: Europe Spain Portugal Catalonia Ireland Italy UK Germany

key_organizations:
European Central Bank
Deutsche Bank


document_description: The document provides an economic outlook for 2016, focusing on euro area GDP growth, inflation, and UK economic projections. It discusses the expected slowdown in euro area export growth, the impact of oil prices, and the role of monetary and fiscal policy. Euro area inflation is projected to recover gradually, while UK GDP growth is expected to slow with a mid-year rate hike anticipated.

key_locations:
Euro area
UK

key_organizations:
Deutsche Bank Research
ECB
Eurostat
European Commission


document_description: The document provides an economic outlook for the UK in 2016, discussing inflation, potential interest rate changes by the Bank of England, and the impact of the EU referendum. It includes macroeconomic activity and inflation forecasts, as well as other financial indicators and forecasts.

key_organizations:
Bank of England
Federal Reserve
European Central Bank
Deutsche Bank


document_description: The document discusses the challenges and political dynamics in Europe as of late 2015, focusing on EU membership renegotiations, the refugee crisis, and relations with Russia. It highlights the UK's EU membership renegotiation themes, the impact of the refugee crisis on European politics, and potential changes in EU-Russia relations. The Netherlands' upcoming EU Council Presidency and its role in British EU membership renegotiations are also mentioned.

key_locations: UK Germany Netherlands Russia Turkey Ukraine

key_organizations:
EU
European Council
European Commission
Deutsche Bank


document_description: The document discusses the economic outlook for 2016, focusing on the EU's efforts to improve the single market and establish a Capital Markets Union. It highlights the economic conditions in EMEA, particularly Russia and Turkey, and the potential impact of geopolitical factors on economic recovery.

key_locations: Europe Russia Ukraine Turkey

key_organizations:
European Union
Juncker Commission
European Fund for Strategic Investment
Deutsche Bank


document_description: The document provides an economic forecast for Japan, predicting a return to steady recovery with real GDP growth of 1.0-1.5% after a temporary soft patch in 2015. It highlights the resiliency of the non-manufacturing sector and anticipates growth driven by domestic demand, particularly private consumption. The document includes macro-economic activity and inflation forecasts for Japan.

key_organizations:
Deutsche Bank Research
MHLW


document_description: The document provides an economic outlook for 2016, highlighting challenges in export recovery, CPI inflation trends, monetary policy expectations, and Japan's economic steady state. It includes tabular data on export indices, financial forecasts, and other economic indicators.

key_organizations:
Deutsche Bank
BoJ
Cabinet Office
METI
Nikkei NEEDS


document_description: The document discusses the economic outlook for 2016, focusing on the labor market, government policies, and the impact of SDR inclusion for China. It highlights the potential for increased unemployment due to delayed job shedding and the government's capacity for policy easing. The document also covers the structural benefits of RMB's inclusion in the SDR and provides forecasts for China's economic indicators.

key_organizations:
Deutsche Bank
PBoC
State Council


document_description: The document discusses the outlook for sovereign wealth funds in 2016, focusing on the potential for investment despite RMB depreciation concerns. It highlights the need for infrastructure and liquidity improvements in the domestic market to accommodate foreign reserve managers. The report also covers the Chinese government's stance on RMB depreciation and its potential impact on financial market volatility.


document_description: The document discusses the economic outlook for Asia (excluding Japan) in 2016, highlighting challenges such as aging populations, stagnant trade, and rising debt. It provides forecasts for GDP growth, private consumption, investment, government consumption, exports, imports, and CPI for emerging Asia from 2014 to 2017. The document also includes a regional growth momentum analysis using z-scores.

key_locations: Asia China India Indonesia Malaysia Philippines Singapore


document_description: The document discusses the economic outlook for Asia in 2016, focusing on demographic challenges, trade stagnation, and economic forecasts for various Asian countries. It highlights the aging population issue in some Asian countries and the potential for growth in countries with younger populations. The document also includes a table with Deutsche Bank's economic forecasts for several Asian countries.

key_locations:
Asia
Singapore
China
India
Indonesia
Philippines
Malaysia
Hong Kong
Taiwan
Sri Lanka


document_description: The document discusses the challenges faced by Asian economies due to rising trade restrictions, regional excess capacity, and increasing debt levels. It highlights the impact of China's import substitution drive and the rise in regional debt, particularly in China. The document emphasizes the need for Asian policymakers to recognize risks such as deflation, debt, and policy dependency, and to adopt structural policies for sustainable growth.

key_locations:
China
Japan
Taiwan
Korea
Singapore
Thailand
India
Indonesia
Hong Kong
Malaysia
South Korea


document_description: The document discusses the macroeconomic outlook for various countries, highlighting challenges such as low liquidity, political instability, and fiscal dynamics. It includes forecasts for GDP, CPI, and current account balances for countries like Argentina, Brazil, Chile, Colombia, Mexico, Peru, and Venezuela. The report also provides public debt dynamics for several countries.

key_locations: Brazil Argentina Chile Mexico Venezuela Colombia Peru

key_organizations:
IMF
Deutsche Bank Research


document_description: The document discusses the bond market strategy and the peak policy divergence between US and European monetary policies. It forecasts the 10Y Bund at 1.1% and 10Y UST at 2.50% by year-end. The document highlights the potential for ECB to discuss tapering in the second half of 2016 and the risks to the outlook, including policy responses in China, oil prices, and US credit cycle. It also compares the economic situations in Europe, the US, and Japan during financial crises.

key_locations: US Europe Japan

key_organizations:
ECB
Fed
Deutsche Bank AG


document_description: The document discusses the potential tapering of core euro rates and the factors influencing it, such as risks from emerging markets and oil prices. It also covers the expected irregular tightening by the Fed, with a focus on the pace and terminal rate of the hiking cycle. The document highlights the low neutral real rates due to structural factors like low productivity and discusses potential upside risks to productivity and real rates. It includes figures and data from Deutsche Bank Research and other sources.

key_organizations:
Deutsche Bank
Federal Reserve


document_description: The document discusses the potential underperformance of European fixed income relative to the US due to valuation arguments and flow effects. It highlights the divergence in swap spreads between the US and Germany and outlines key risks to the economic outlook, including external risks from China and oil prices, and domestic risks such as fiscal policy changes and political risks in Europe.

key_locations: US Europe Germany China

key_organizations:
Deutsche Bank
Federal Reserve
ECB
Bloomberg Finance LP
Haver Analytics LP
Consensus Economics


document_description: The document discusses the impact of oil prices on global bond markets, the correlation between oil prices and inflation risk premium, and the ECB's monetary policy. It also covers fiscal and regulatory policies in Europe and the US, the US credit cycle, and potential shifts in fiscal policy.

key_locations: US Europe China Japan

key_organizations:
Deutsche Bank
ECB
Federal Reserve
Bank of Japan
PBoC
CNBS
Eurostat
BEA


document_description: The document discusses the economic outlook for 2016, focusing on private sector credit growth, cumulative inflows into US funds, and geopolitical risks, particularly in the Middle East. It highlights the potential impact on oil markets, inflation, bond markets, and the EU referendum in the UK.

key_people:
Francis Yared
Jerome Saragoussi
Abhishek Singhania
Dominic Konstam
Stuart Sparks

key_locations:
Middle East
UK
Euro area
US

key_organizations:
Deutsche Bank
Federal Reserve
BEA
EPFR
Haver Analytics LP


document_description: The document discusses the US credit market's challenges in 2015, focusing on high commodity exposure and emerging market risks. It highlights the potential for rising credit losses, the impact of the commodity super-cycle belief, and the risks of debt write-downs. The document outlines three primary risks: a potential turnaround in the Chinese economy, equities diverging from commodities, and more central bank stimulus outside the US. It predicts moderate increases in ex-energy defaults and continued pressure on HY spreads, while viewing IG as a more attractive alternative. The document also notes the demand for 'safe yield' from overseas investors, particularly in Asia.

key_locations: US China Europe Asia


document_description: The document discusses the economic outlook for 2016, focusing on the energy and materials sectors. It highlights the historical cheapness of these sectors relative to trailing fundamentals and the need for management to reduce capital spending. It advises avoiding sectors exposed to energy sector capital expenditure declines, such as capital goods. It also notes concerns about non-financial issuer quality outside the energy sector.

key_people:
Oleg Melentyev
Daniel Sorid


document_description: The document discusses the outlook for credit markets in 2016, highlighting differences between the US and European markets. It includes tables showing leverage ratios over the years and discusses the impact of corporate activities like M&A and share buybacks on credit fundamentals.

key_locations: US Europe


document_description: The document provides an analysis of US and European M&A activity and share buybacks, highlighting that Europe lags behind the US in terms of a deteriorating credit cycle. It includes data on credit spreads and valuations, suggesting a mildly bullish outlook for European credit due to less late cycle positioning compared to the US.

key_people:
Jim Reid
Nick Burns


document_description: The document provides a detailed table of the S&P 500 advised sector and industry allocation for 2015/16, based on Deutsche Bank's US Equity Strategy. It includes market weights, advised weights, sector and industry PEs for 2015 and 2016, and classifications of overweight, equal weight, and underweight sectors. The document also includes aggregate PE of DB industry allocations and S&P 600 Index data.

title: S&P 500 Advised Sector and Industry Allocation (2014/15 PE based on DB US Equity Strategy top down sector and industry EPS estimates)

key_people:
David Bianco
Ju Wang
Winnie Nip


document_description: The document contains a financial analysis of banks' price-to-book (P/B) ratios relative to the market and their return on equity (RoE) from 2007 to 2015. It includes a table comparing European food & beverage sector performance to US 10-year bond yields.

key_people:
Sebastian Raedler
Wolf-von Rotborg


document_description: The document provides an analysis of the USD's performance and forecasts for 2016, highlighting the continuation of the USD upswing cycle, influenced by factors such as the Fed's policies and China's economic stability. It includes FX forecasts and historical data on USD cycles.


document_description: The document discusses the outlook for commodities, particularly oil and metals, in 2016. It predicts a significant decline in US oil production engineered by OPEC, leading to a more balanced market by 2017. The document also maintains a bearish outlook for gold and discusses the challenges facing the industrial metals market due to high barriers to exit and structurally lower Chinese demand.

key_organizations:
OPEC
IMF
Deutsche Bank Research


document_description: The document discusses the global oil market outlook for 2016, highlighting issues such as market undersupply, inventory levels, and production costs. It focuses on the US oil production decline and its impact on global supply, as well as the potential for OPEC production adjustments. The document includes forecasts for oil prices and production levels.

key_locations:
US
OPEC
Iraq
Bakken
Permian
Eagle Ford

key_organizations:
Deutsche Bank
Bloomberg Finance LP


document_description: The document provides an outlook on financial markets and commodities for 2016, focusing on gold, industrial metals, and oil. It discusses the expected impact of US monetary policy normalization on gold prices, the supply rebalancing in industrial metals, and demand forecasts for metals and oil.


document_description: The document discusses the structural nature of Chinese metal demand, highlighting the impact of demographics and sector-specific trends on demand growth. It forecasts flat to falling demand growth in steel and low single-digit growth in base metals, with specific insights into sectors like property, infrastructure, and consumer goods.


document_description: The document discusses the financial outlook for large cap miners in 2016, focusing on net debt to EBITDA ratios and CDS spreads. It highlights the impact of declining commodity prices and the miners' responses, such as cutting capital expenditures and costs. The base case assumes some asset sales for select producers.

key_people:
Grant Sporre
Michael Hsueh

key_organizations:
Deutsche Bank
BHPB
Rio
Barrick
Freeport
Alcoe
Norilsk
Glencore
Southern Copper
Anglo American
Vale


document_description: The document discusses the global economic outlook for 2016, focusing on themes such as the impact of the dollar's rise, US growth resilience, financial repression, and EM growth normalization. It includes data on global GDP growth trends, the impact of currency fluctuations, and forecasts for emerging markets.

document_date: 8 December 2015

key_organizations:
Deutsche Bank AG
Markit
Bloomberg Finance LP
Deutsche Bank Research
IMF


document_description: The document discusses global economic trends, focusing on inflation, currency cycles, and asset allocation. It highlights the divergence in goods and services inflation, the impact of the dollar cycle on productivity, and the over-allocation to bonds in asset portfolios. The document includes data and analysis from Deutsche Bank Research and Bloomberg Finance LP.

key_organizations:
Deutsche Bank Research
Bloomberg Finance LP
International Monetary Fund (IMF)


document_description: The document discusses the potential for the terminal rate to increase and the bond risk premium to turn positive. It analyzes the Fed's policy rate adjustments, GDP growth, and the bond risk premium's historical correlation with the US current account deficit. The document includes tables and figures on Fed rate cycles, credit spreads, equity risk premiums, and the Euro's position relative to rates. It also covers the impact of rising yields on credit spreads and the equity risk premium, as well as the influence of the dollar cycle on oil prices.

key_organizations:
Bloomberg Finance LP
Deutsche Bank Research


document_description: The document provides an analysis of the economic outlook for 2016, focusing on emerging markets (EM) and developed markets (DM). It discusses the unwinding of equity over-allocation to EM, the depreciation of EM FX, and the impact of US rate hikes. The document includes a table of historical oil prices and outlines asset allocation strategies, recommending overweighting equities, particularly in the US and Japan, and underweighting bonds, cash, and commodities. It also suggests specific trades based on expected market movements.

key_people:
Binky Chadha
Parag Them
Raja Qua

key_organizations:
Deutsche Bank
EPFR Global
IMF


document_description: The document discusses the geopolitical and economic challenges facing Europe and the US, including the euro crisis, geopolitical instability in the Mediterranean, and mass migration to the EU. It highlights the shift in US foreign policy and the need for the EU to address security issues internally.

key_locations:
Europe
US
Mediterranean
Iraq
Syria
Russia
Iran
Ukraine
Afghanistan
Africa
Middle East
Central Asia
Germany
Eastern Europe
Yugoslavia

key_organizations:
EU
NATO
European Council
Deutsche Bank AG


document_description: The document contains key economic forecasts for various countries and regions, including GDP growth rates for the years 2015 to 2017. It provides a detailed quarterly breakdown of GDP growth percentages for countries such as the US, Japan, Euro area, Germany, France, Italy, United Kingdom, Canada, Australia, and others. The data is sourced from Deutsche Bank Research and national statistical authorities.


document_description: The document contains key financial forecasts including interest rates and FX rates for various countries as of 2016. It provides a detailed tabular representation of interest rates for advanced economies and FX rates against the US dollar for different countries.


document_description: The document provides a long-term forecast of GDP growth and CPI inflation for advanced and emerging market economies from 2014 to 2020. It includes data on key official interest rates, 10-year bond yields, and exchange rates against the USD and EUR.


document_description: A document listing contacts and their coverage areas related to Deutsche Bank's World Outlook 2016 report. The document is marked confidential and includes a table of names and their respective roles in economics and strategy.

key_people:
David Folkerts-Landau
Michael Spencer
Peter Hooper
Torsten Slok
Joe LaVorgna
Mark Wall
Stefan Schneider
Mikihiro Matsuoka
Taimur Baig
Gustavo Cañonero
Dominic Konstam
Francis Yared
Oleg Melentyev
Jim Reid
David Bianco
Sebastian Raedler
Alan Ruskin
George Saravelos
Michael Hsueh
Binky Chadha
Peter Garber


document_description: This document is a report by Deutsche Bank AG discussing the 2016 world economic outlook with a focus on managing with less liquidity. It includes disclosures and regulatory information for various countries including Japan, Malaysia, Qatar, Russia, Saudi Arabia, UAE, Australia, and New Zealand. The report is intended for specific client categories in these regions and includes legal disclaimers and regulatory compliance information.

key_locations:
Japan
Malaysia
Qatar
Russia
Saudi Arabia
United Arab Emirates
Australia
New Zealand

key_organizations:
Deutsche Bank AG
Moody's
Standard & Poor's
Fitch
Deutsche Securities Saudi Arabia LLC


document_description: This document lists key personnel and international locations for Deutsche Bank AG, including contact information for various offices around the world.

key_people:
David Folterts-Landau
Raj Hindocha
Marcel Cassard
Steve Pollard
Michael Spencer
Ralf Hoffmann
Andreas Neubauer

key_locations:
Sydney, Australia
London, United Kingdom
Frankfurt am Main, Germany
New York, USA
Hong Kong
Tokyo, Japan

key_organizations:
Deutsche Bank AG
Deutsche Bank Securities Inc.
Deutsche Securities Inc.


document_description: The report discusses the economic outlook for China in 2016, highlighting challenges such as overcapacity and high leverage. It predicts further policy easing to maintain growth, despite potential long-term structural issues. The strategy includes a long bias on RMB bonds/rates market and forecasts for various yields.

title: China Monthly: Rising challenges will trigger more policy easing in 2016

key_people:
Linan Liu
Perry Kojodjojo
Zhiwei Zhang
Li Zeng

key_locations:
China
Hong Kong

document_subtype: research report


document_description: The document discusses the implications of the RMB's inclusion in the SDR, China's economic reforms, and investment strategies for 2016. It highlights the need for policy coordination among major economies and the expected impact on China's financial markets.

key_people:
Zhiwoi Zhang
Li Zang

key_locations:
Hong Kong
China


document_description: The document discusses the economic outlook for China in 2016, highlighting expected policy easing due to rising challenges. It covers RMB asset volatilities, asset allocation between equity and fixed income markets, reserve diversification inflows, credit risks, and trading strategies. The document also predicts RMB depreciation to continue into 2016 despite government efforts to slow capital outflows.

key_people:
PBoC officials
SAFE officials

key_organizations:
Deutsche Bank
PBoC
SAFE
NDRC


document_description: The document discusses the economic challenges faced by China, including the divergence in monetary policy between China and the US, which is expected to make external debt financing more expensive. It highlights China's cross-border borrowings and the challenges of maintaining monetary policy while keeping the USD/CNY exchange rate stable. The report includes forecasts for China's GDP, inflation, trade balance, and other economic indicators for 2014-2017.

key_people:
Linan Liu
Perry Kojodjojo


document_description: The document is a report discussing the economic challenges faced by China and the anticipated policy easing in 2016. It includes important disclosures, analyst certifications, and regulatory disclosures related to Deutsche Bank's research.

key_people:
Linen Liu
Perry Kojodjojo
Zhiwei Zhang
Li Zeng


document_description: This document is a report by Deutsche Bank AG discussing the economic outlook for China in 2016, predicting more policy easing due to rising challenges. It includes disclaimers about the reliability of the information, potential conflicts of interest, and risks associated with financial instruments.


document_description: The document is a report by Deutsche Bank discussing the economic outlook for China in 2016, highlighting rising challenges and potential policy easing. It includes regulatory disclosures for various countries where Deutsche Bank operates.

key_locations:
Japan
Malaysia
Qatar
Russia
Kingdom of Saudi Arabia
United Arab Emirates
Australia
New Zealand


document_description: This document contains forward-looking statements and important information regarding Deutsche Bank's financial services. It includes disclaimers about the nature of the information, its limitations, and legal considerations for distribution. It also provides additional information for wealth management clients in the United States.

title: Deutsche Asset & Wealth Management Important Information

document_subtype: financial publication

key_organizations:
Deutsche Bank
Deutsche Bank Trust Company Americas
Deutsche Bank Securities Inc.
Federal Deposit Insurance Corporation
FINRA
NYSE
SIPC
BaFin
Federal Financial Supervisory Authority
Prudential Regulation Authority
Financial Conduct Authority


document_description: This document is a glossary explaining financial terms related to the European Central Bank (ECB) and the Eurozone, including definitions for the asset purchase programme (APP), Bunds, DAX, deposit rate, ECB, Eurozone, periphery countries, and volatility.

title: Deutsche Asset & Wealth Management Glossary

key_locations: Eurozone Germany Frankfurt Greece Portugal Italy Spain Ireland

document_subtype: glossary

key_organizations:
Deutsche Asset & Wealth Management
European Central Bank (ECB)


document_description: This document from Deutsche Asset & Wealth Management provides information on investment considerations and risks. It emphasizes that the document is for informational purposes only and not an offer or solicitation for transactions. It highlights the importance of consulting with investment advisers and legal experts before making investment decisions. The document also discusses various risks associated with investments, including market fluctuations and currency risks.

title: CIO Flash - The new Draghi: what can be expected from the ECB?

document_subtype: informational document

key_organizations:
Deutsche Asset & Wealth Management
Deutsche Bank AG
European Central Bank (ECB)


document_description: This document contains forward-looking statements and important information regarding Deutsche Asset & Wealth Management. It includes disclaimers about the nature of the information, its limitations, and the legal and regulatory context. It also provides additional information for wealth management clients in the United States.

title: Important Information and CIO Flash-The new Draghi: what can be expected from the ECB?

key_locations:
United States
Germany

key_organizations:
Deutsche Bank
Deutsche Asset & Wealth Management
Deutsche Bank Trust Company Americas
Deutsche Bank Securities Inc.
Federal Deposit Insurance Corporation
FINRA
NYSE
SIPC
BaFin
Federal Financial Supervisory Authority
Prudential Regulation Authority
Financial Conduct Authority


document_description: A document discussing the effectiveness of central-bank levers, including the Fed, PBoC, ECB, and BOJ, in the year of reckoning.

title: Deutsche Asset & Wealth Management - Americas Edition December 2015

document_date: December 2015

key_organizations:
Deutsche Asset & Wealth Management
Fed
PBoC
ECB
BOJ


document_description: The letter discusses the investment outlook for 2016, highlighting that markets are expected to rise less than in 2015 but will present new opportunities for tactical investors. It emphasizes the continued influence of the Federal Reserve on market dynamics and the importance of dynamic investment strategies. The letter also notes the growth in developed markets and the potential for inflation due to the U.S. labor market.

title: Letter to investors: Everything remains different

key_people:
Stefan Kreuzkamp
Asoka Wahrmann

document_subtype: Letter to investors

key_organizations:
Deutsche AWM
Federal Reserve
European Central Bank


document_description: The document provides an analysis of economic indicators such as U.S. unemployment and inflation rates from 1999 to 2015, and forecasts for 2016. It discusses the Phillips curve, the impact of Federal Reserve policies on asset prices, and includes forecasts for unemployment and federal funds rate for December 2016. It also references historical perspectives on monetary policy.

title: CIO View Americas Edition | December 2015

key_organizations:
Deutsche Bank Research
Federal Reserve Board
Deutsche AWM


document_description: An interview with Mr. Kreuzkamp, the new Chief Investment Officer (CIO) of Deutsche AWM, discussing the future direction of the company after its restructuring. The interview covers topics such as the integration of wealth management into Deutsche Bank's retail business, the impact on clients, and Mr. Kreuzkamp's background in fixed-income investments. He emphasizes continuity and globalization in the company's strategy.

title: Interview with Mr. Kreuzkamp

key_people:
Mr. Kreuzkamp
Asoka Wahrmann

document_subtype: interview

key_organizations:
Deutsche AWM
Deutsche Bank


document_description: An interview with Stefan Kreuzkamp discussing Deutsche AWM's investment process and strategies for investors. The process involves fundamental analysis, portfolio construction, client-specific adjustments, and quality management. Kreuzkamp suggests a barbell strategy for a German middle-aged investor with an average risk appetite and 100,000 euros in 2016, focusing on European equities, U.S. and euro high-yield debt, and short-dated fixed-income papers.

title: Interview with Stefan Kreuzkamp


document_description: The document provides strategic forecasts for 2016, focusing on GDP growth, inflation, and equity market projections. It highlights the influence of central banks on capital markets and the expected normalization of monetary policy by the Fed. The document includes GDP growth and inflation forecasts for major economies and equity market index projections.

title: CIO View Americas Edition

key_locations:
United States
Eurozone
United Kingdom
Japan
China
Germany
Latin America


document_description: The document provides an overview of various financial indicators, including capital-market yields for sovereign bonds, commodity prices, benchmark rates, and currency exchange rates. It includes current values and forecasts for December 2016. The document also discusses trends and expectations for interest rates and currency movements.

key_locations:
United States
Germany
United Kingdom
Japan
Eurozone

key_organizations:
Bloomberg Finance L.P.
ECB


document_description: The document provides an equity-market outlook for 2016, highlighting a mature market phase post-Great Financial Crisis with expected mid-single-digit returns. It emphasizes moderate earnings growth and dividends as key drivers, with a focus on developed markets and sector-specific investments in technology, healthcare, finance, and consumption. The document also includes a historical table of MSCI World Index dividends per share from 1996 to 2016.

title: Equity-market outlook for 2016: tactical, selective and constructive

document_subtype: investment outlook

key_organizations:
MSCI World Index
FactSet Research Systems Inc.


document_description: The document provides an asset-class allocation strategy for a balanced portfolio, covering traditional liquid assets such as equities, fixed income, and commodities. It includes a detailed breakdown of suggested weights for different regions and asset types, emphasizing a preference for European and Japanese equities over U.S. equities due to valuation concerns. The document also discusses the impact of central bank policies on fixed income and the challenges facing commodities due to market oversupply and U.S. dollar strength.

title: Asset-class allocation in a balanced portfolio

key_organizations: Deutsche Asset & Wealth Management Investment GmbH


document_description: The document is a correspondence from the Chief Investment Officer for Wealth Management in the Americas and Chief Investment Strategist for Deutsche AWM Americas. It discusses various investment topics including risks to portfolios, central-bank-policy surprises, geopolitical events, market cycles, fixed income returns, and currency impacts. The document provides insights into the potential impacts of these factors on investment portfolios and market performance.

title: CIO View Americas Edition


document_description: The document provides an overview of investment strategies and perspectives on alternative asset classes, both liquid and illiquid. It discusses the performance of equity long/short and event-driven strategies, and provides a breakdown of investment allocations in various strategies and illiquid alternatives.

title: CIO View Americas Edition

key_locations:
United States
Europe
Asia

document_subtype: investment report


document_description: Mark G. Roberts, Head of Real Estate Strategy and Research, discusses global real estate trends, highlighting positive spreads between long and short interest rates, low new construction, and declining vacancy rates. He advises caution in specific markets like Houston, central London, and Singapore. He also discusses the resilience of listed real estate to interest rate changes and the role of government in supporting infrastructure investment. The document includes a positive outlook for listed infrastructure securities.

title: Investment Analysis by Mark G. Roberts

key_locations:
Houston
United Kingdom
central London
Singapore
United States

key_organizations:
U.S. REITs
MSCI World Index


document_description: The document provides investment ideas and perspectives for wealth-management clients, focusing on high-conviction ideas in various sectors such as the European automotive sector, U.S. dollar, global financials, and Indian equities. It includes performance measures and investment horizons for each idea, along with a cautionary note on investment risks.

title: CIO View | American Edition


document_description: The document provides an investment analysis focusing on German housing, U.S. leisure and entertainment, and high-yield debt. It discusses trends in German home prices, U.S. consumer confidence, and high-yield market performance. The analysis includes investment horizons, performance since initiation, and potential risks.

title: CIO View Americas Edition

key_locations: Germany U.S. Europe

document_subtype: investment analysis


document_description: This document provides definitions and explanations of various financial and economic terms used in the CIO View, including strategies, indices, and market concepts.

title: Glossary from the CIO View

key_organizations:
International Monetary Fund
Bank of Japan
Deutsche Asset & Wealth Management


document_description: The document provides an overview of various financial and economic concepts, including equity markets, the euro currency, the Eurozone, event-driven investing strategies, exit markets, the Federal Reserve System, fiscal policy, foreign investment, high-yield bonds, initial public offerings, interest-rate cycles, investment grades, liquidity, long/short equity strategies, mergers and acquisitions, momentum, and monetary policy.

key_locations:
Eurozone
United States
India

key_organizations:
European Central Bank
Federal Reserve System
U.S. Federal Reserve Board
Foreign Investment Promotion Board


document_description: The document provides an overview of various financial indices, economic concepts, and investment strategies. It includes descriptions of the MSCI AC World Index, MSCI IPD Germany, and the S&P 500 Index, among others. It also explains financial terms such as net asset value, net-exposure equity strategy, and quantitative easing. Additionally, it covers topics like the People's Bank of China, the Phillips curve, and the U.S. Commerce Department.

key_locations:
Germany
United Kingdom
United States
China

key_organizations:
MSCI
People's Bank of China
U.S. Commerce Department
Deutsche Asset & Wealth Management


document_description: The document discusses various financial concepts including volatility, yield, and yieldco. It provides tactical and strategic views on fixed income, focusing on bond prices and yields. The document is marked confidential under Fed. R. Crim. P. 6(e).

title: CIO View Americas Edition


document_description: This document is a communication from Deutsche Asset & Wealth Management, part of Deutsche Bank AG, outlining the nature of their wealth management services and the associated risks. It emphasizes that the document is for informational purposes only and not an offer or solicitation for transactions. It also discusses the regulatory framework under which Deutsche Bank operates and the risks associated with investments, including market fluctuations and currency risks.

document_date: December 2016

key_organizations:
Deutsche Asset & Wealth Management
Deutsche Bank AG
Deutsche Bank Trust Company Americas
Deutsche Bank Securities Inc.
European Central Bank
BaFin
Financial Conduct Authority
Prudential Regulation Authority


document_description: This report reviews the 'Euroglut' hypothesis introduced in October 2014, which predicted European capital outflows leading to euro weakness. The report confirms the hypothesis, showing significant Eurozone portfolio outflows, primarily to US bond markets, exceeding the current account surplus and contributing to EUR/USD weakness. The report forecasts continued euro weakness and addresses criticisms from the Federal Reserve Bank of New York.

title: Euroglut a year on: alive and kicking, EUR/USD to break parity

key_people:
George Saravelos
Robin Winkler

key_locations: Eurozone US Germany

document_subtype: Special Report

key_organizations:
Deutsche Bank
Federal Reserve Bank of New York


document_description: The report discusses the impact of fixed income outflows on the Eurozone's basic balance, highlighting the role of non-resident divestitures in net bond outflows. It examines the relationship between portfolio flow changes in the euro area financial account and the exchange rate, suggesting that the euro's momentum has been a successful currency strategy. The report includes data on net equity, debt, and bond inflows from 2008 to 2015, as well as DB currency momentum excess returns.

title: Special Report: Euroglut a year on: alive and kicking, EUWUSD to break parity

key_locations: Eurozone UK

document_subtype: financial report

key_organizations:
Deutsche Bank
Bloomberg Finance LP


document_description: The report discusses the euro's weakness driven by portfolio managers' preferences, with real money investors selling EUFI/USD over the past year. It highlights the shift in European portfolio flows and the deterioration in the Eurozone basic balance as key factors. The report also notes the significant outflow of European fixed income to the US, driven by a preference for AAA securities and yield incentives.

title: Special Report: Euregfut a year on: alive and kicking, EUWUSD to break parity

key_locations: Eurozone US Switzerland


document_description: This report by Deutsche Bank discusses the Euroglut and its impact on the EUR/USD exchange rate, predicting it may break parity. It covers various financial risks and considerations for investors, including macroeconomic fluctuations, interest rate changes, and derivative transaction risks.


document_description: This document is a special report discussing the Euroglut and the potential for the EUR/USD exchange rate to break parity. It includes disclaimers about the risks involved in futures trading, options, and foreign exchange transactions. The report is distributed by Deutsche Bank across various jurisdictions, each with specific regulatory approvals and disclaimers.

title: Special Report: Euroglut a year on: alive and kicking, EURIUSD to break parity

key_locations:
United States
Germany
United Kingdom
Hong Kong
Korea
South Africa
Singapore
Japan

key_organizations: Type II Financial Instruments Firms Association

key_organizations: The Financial Futures Association of Japan


document_description: This document lists key personnel and international locations of Deutsche Bank AG, including contact details for offices in Sydney, London, Frankfurt, New York, Hong Kong, and Tokyo.

key_people:
David Folkerts-Landau
Raj Hindoche
Marcel Cassard
Steve Pollard
Michael Spencer
Ralf Hoffmann
Andreas Neubauer

key_locations:
Sydney, Australia
London, United Kingdom
Frankfurt, Germany
New York, USA
Hong Kong
Tokyo, Japan

key_organizations:
Deutsche Bank AG
Deutsche Bank Securities Inc.


document_description: A confidential research report by Deutsche Bank discussing the Federal Reserve's actions and economic implications.

title: Fed: Taking the plunge

key_organizations:
Deutsche Bank
Federal Reserve


document_description: The document is a research report from Deutsche Bank discussing the reasons that influenced the Federal Reserve's decisions in September and October, focusing on US growth, financial conditions, global growth, dollar strength, commodity prices, labor market slack, and US inflation. It highlights changes in market conditions and expectations.

title: TheHouseView Special – 9 December 2015


document_description: The document discusses the expected Federal Reserve rate hike in December 2015, with insights from Fed officials and a probability chart of the rate hike. It includes statements from Janet Yellen, John Wilkams, Bill Dudley, and Dennis Lockhart, and mentions the probability of a rate hike as per Deutsche Bank Research and Bloomberg Finance LP.

title: TheHouseView Special – 9 December 2015

key_people:
Janet Yellen
John Wilkams
Bill Dudley
Dennis Lockhart
Bill Gross

key_organizations:
Federal Reserve
Deutsche Bank Research
Bloomberg Finance LP
OECD


document_description: The document discusses the stance of Deutsche Bank Research on the potential impact of hiking interest rates. It argues against the view that hiking is a policy mistake, stating that the economy is strong enough to withstand higher rates. The document includes data on policy rates of various central banks and discusses the relationship between rising real wages, investment, and productivity growth. It also addresses arguments against hiking rates and provides counterpoints to these arguments.

title: Deutsche Bank Research on Economic Policy and Interest Rates

key_organizations:
Deutsche Bank
ECB
Riksbank
Norges Bank
RBA
BLS
BEA
Haver Analytics


document_description: This document provides an analysis of the Federal Open Market Committee (FOMC) meeting on December 16, 2015, focusing on the statement, economic projections, and guidance on future policy. It includes a table of economic projections for T-note yields, real GDP growth, PCE inflation, and the Fed funds rate from 2015 to 2018, with both estimated and anonymous projections. The document also discusses the potential for changes in inflation and unemployment forecasts, the dots plot, and Chair Yellen's press conference.

title: Deutsche Bank Research - TheHouseView Special

document_subtype: economic analysis

key_organizations:
Deutsche Bank
Federal Open Market Committee (FOMC)


document_description: The document discusses the expected gradual increase in Federal Reserve interest rates in 2016, with a potential for faster hikes as economic conditions change. It includes a table analyzing the impact of various economic factors on US inflation and growth, and the pace of rate hikes.

title: Fed Rate Hike Expectations and Impact Analysis


document_description: The document provides an analysis of economic expectations and implications for the Federal Reserve in 2016. It discusses inflation trends, labor market conditions, and potential rate hikes by the Fed. The analysis anticipates a gradual pace of rate hikes in the first half of 2016, with potential for tapering securities reinvestment in the second half.

title: Deutsche Bank Research - The HouseView Special


document_description: The document discusses the Federal Reserve's reinvestment policy and its potential impact on financial conditions. It includes projections on the Fed's balance sheet and maturities of securities, suggesting that changes in reinvestment could lead to higher long-term rates. The document contains tables showing the size of the Fed's balance sheet from 2006 to 2016 and projected annual and cumulative maturities from 2015 to 2025.

title: Deutsche Bank Research The HouseView Special

key_organizations:
Federal Reserve
Deutsche Bank
FRBNY


document_description: The document discusses the expected terminal rate of the Fed's policy rate, which is closely tied to the neutral rate. It suggests that the neutral rate has fallen since the crisis but is expected to rise as growth headwinds fade. However, it will likely remain lower than pre-crisis levels. The market pricing of a terminal rate around 2% is seen as pessimistic, and as the market reprices, it will need to adjust its view on the terminal rate.

title: TheHouseView Special – 9 December 2015

key_people: Yellen Fischer Dudley

key_organizations:
Deutsche Bank
FOMC


document_description: The document analyzes the shift in the Federal Open Market Committee (FOMC) voting members from 2015 to 2016, indicating a more hawkish direction. It highlights the change in voting members, with a net gain of hawkish voters, and discusses potential policy implications.

title: FOMC Voting Members Analysis

key_people: Evans Mester George Bullard Lacker

key_organizations:
Federal Open Market Committee
Deutsche Bank


document_description: The document is a confidential appendix related to Deutsche Bank, likely containing financial information.

document_subtype: bank document


document_description: The document discusses the Federal Reserve's monetary policy stance, highlighting that despite progress towards targets, the policy remains highly accommodative. It includes a table summarizing key economic indicators related to employment and inflation, and notes that the Fed's policy is far from normal even as it nears its targets. The document also outlines reasons for the current policy stance and suggests that while gradual rate hikes are supported, near-zero rates are no longer justified.

title: Fed Policy and Economic Indicators

key_organizations:
Federal Reserve
Deutsche Bank


document_description: The document provides a comparison of various economic indicators related to employment and confidence in the US economy, highlighting significant progress towards full employment and justifying a higher Fed funds rate.

document_subtype: economic indicators


document_description: The document discusses the inflation outlook in relation to the Federal Reserve's monetary policy. Despite current inflation being below the Fed's 2% target, it is expected to rise as temporary factors dissipate. The Fed considers the inflation outlook more important than current data, with monetary policy effects lagging by 12-18 months. Key factors include growth, labor market, inflation expectations, and import price inflation. Core inflation is unlikely to rise significantly next year due to a strong dollar and persistent low commodity prices, but is expected to approach the target over the next two years.

title: Inflation Outlook and Fed Policy


document_description: This document is a disclosure report from Deutsche Bank, providing information on securities and analyst certifications. It includes a disclaimer about the sources of information and a certification by analysts Marcos Arana and Matthew Luzzetti. The report acknowledges contributions by Shakun Guleria.

key_people:
Marcos Arana
Matthew Luzzetti
Shakun Guleria

document_subtype: disclosure


document_description: The document contains regulatory disclosures, including conflict disclosures and short-term trade ideas by Deutsche Bank. It encourages investors to review conflict disclosures before investing and provides information on short-term trade ideas known as SOLAR ideas.

title: TheHouseView Special – 9 December 2015

document_subtype: regulatory disclosure


document_description: This document is a research report prepared by Deutsche Bank AG or its affiliates. It discusses various financial instruments, market risks, and macroeconomic factors affecting investments. The report emphasizes the importance of understanding risks associated with derivative transactions, foreign exchange, and fixed income instruments. It also highlights the need for investors to seek expert legal and financial advice before engaging in transactions inspired by the report's contents.

title: Deutsche Bank Research Report

key_locations:
Frankfurt am Main
Germany
United States

key_organizations:
Deutsche Bank AG
Deutsche Bank Securities Incorporated
European Central Bank
Federal Financial Supervisory Authority


document_description: Deutsche Bank's US Equity Insights report discusses the expected growth in S&P EPS for 2016, predicting a 5% increase. The report highlights the impact of currency and commodity markets on EPS estimates, with adjustments made for stronger dollar and lower oil prices. It also reviews the performance of various sectors in 2015 and outlines key forecasts for the S&P 500, including price, EPS, and P/E ratios.

title: US Equity Insights

key_people:
David Bianco
Ju Wang
Winnie Nip

key_locations:
North America
United States


document_description: The document discusses the impact of currency and oil price changes on S&P EPS for 2016. It highlights the effects of a stronger dollar and lower oil prices, leading to a reduction in the S&P EPS estimate from $128 to $125. The document includes figures and tables showing currency and oil price trends and their expected future values.

title: US Equity Insights


document_description: The document provides various scenarios for the S&P 2016 EPS, including a possible upside scenario, Deutsche Bank's base case, and scenarios for continued profit recession, poor global growth, and global recession. It includes detailed percentage changes in sales and profits across different sectors and provides rule-of-thumb sensitivities for oil prices, dollar FX rates, FF rate, US GDP, and global GDP.

title: S&P 2016 EPS Scenarios and Sensitivities

document_subtype: financial analysis


document_description: The document provides a detailed analysis of the S&P 500 sector and industry allocations for 2014/15, based on Deutsche Bank's US Equity Strategy. It includes market weights, advised weights, and PE ratios for various sectors and industries.

title: S&P 500 Advised Sector and Industry Allocation

document_subtype: Financial Analysis


document_description: The document is a financial report from Deutsche Securities Bank dated 20 November 2015, providing insights into US equity. It includes a detailed table (Figure 9) showing the S&P EPS Model by sector for 2016, with adjustments based on a stronger dollar and lower oil assumptions. The report covers historical and projected earnings per share (EPS) for various sectors, as well as macroeconomic forecasts such as global GDP growth, US GDP growth, and average oil and natural gas prices.

title: Insights US Equity


document_description: The document is a financial report titled 'S&P EPS Model by Industry' dated November 20, 2015. It contains a table with financial data for various industries, including Consumer Discretionary, Consumer Staples, Energy, Financials, and Healthcare, among others. The table provides historical and projected financial figures from 2005 to 2016, including net income and EPS growth rates. The data is sourced from Deutsche Bank and IBES.

title: S&P EPS Model by Industry


document_description: This document is a financial report from Deutsche Securities Bank, providing an S&P EPS model by industry. It includes historical and projected financial data for various industries such as Industrials, Information Technology, Materials, Telecommunications Services, and Utilities from 2005 to 2016. The data is presented in a tabular format, showing net income and EPS growth percentages.

title: S&P EPS Model by Industry


document_description: The document provides a detailed financial analysis of the S&P 500 DPS model by sector, including historical and current dividend payout ratios, and a fair valuation analysis by sector for 2015. It includes data on market capitalization, earnings, and valuation metrics for various sectors such as Consumer Discretionary, Consumer Staples, Energy, Financials, Health Care, Industrials, Information Technology, Materials, Telecom, and Utilities.

title: S&P DPS Model by sector and S&P fair valuation by sector

key_organizations:
Deutsche Bank
IBES


document_description: The document provides an analysis of the US equity market in 2015, highlighting weak S&P sales and operating EPS growth, with specific insights into various sectors such as airlines, industrial capital goods, financials, consumer staples, retailers, health care, and tech firms. It includes figures and tables showing sales growth trends and comparisons across different time periods.

title: US Equity Insights


document_description: The document contains various figures and graphs related to S&P EPS growth excluding certain sectors, global enterprise tech spending growth, and industrial revenues. It includes data and forecasts from Deutsche Bank and other sources.

title: US Equity Insights

key_organizations:
Deutsche Bank
S&P
IBES
Compustat


document_description: The document provides insights into US equity markets, focusing on S&P sales growth, GDP growth, and capex growth. It includes various figures and tables showing historical and projected growth rates, as well as sector-specific capex data.

title: US Equity Insights

key_organizations:
Deutsche Bank
S&P
BEA


document_description: The document discusses the healthcare sector's position in the US economy, highlighting its growth potential due to an aging population and increased use of drugs and devices. It notes that the sector is trading at a discount compared to its usual premium to the S&P 500, suggesting potential upside. The document also compares current valuations to those during the 1993 Hillary Care sell-off, noting similar or less demanding valuations now. It forecasts strong sales and EPS growth for the sector, emphasizing its low cyclicality and strong balance sheets.

title: US Equity Insights - Reiterating OW on Healthcare

key_organizations:
S&P 500
Deutsche Bank


document_description: The document discusses the importance of strong revenue growth for achieving healthy S&P EPS growth in 2016, highlighting key sectors such as Health Care and Tech. It includes a table showing quarterly net income growth, EPS growth from share buybacks, and total EPS growth from 1Q12 to 3Q15.

title: US Equity Insights


document_description: The document discusses potential margin expansion in US equities, highlighting risks such as fierce price competition, global competition, political threats, and tax rate risks. It also addresses concerns about wage pressure on margins and the impact of Fed hikes on S&P EPS.

title: US Equity Insights

key_organizations:
Deutsche Bank
S&P


document_description: The document provides an analysis of S&P EPS growth, fair valuation, and real CoE by sector. It includes a table with detailed financial metrics for various sectors and a figure comparing S&P Trailing PE with implied equity risk premium.

title: US Equity Insights

key_organizations:
Deutsche Bank
S&P
IBES


document_description: The document presents Deutsche Bank's intrinsic valuation model for the S&P 500, which combines detailed EPS analysis with intrinsic valuation expertise. It uses a single-stage earnings discount model, similar to a dividend discount model (DDM) or a discounted cash flow (DCF) model, with EPS as the direct input. The document includes a table showing Deutsche Bank's 2015 S&P 500 EPS estimates and assumptions for fair long-term returns and inflation.

title: US Equity Insights


document_description: The document discusses the drivers of the S&P 500 intrinsic value model, focusing on normalized EPS estimates and their impact on valuation. It explains the methodology for assessing EPS normality, accounting adjustments, and the intrinsic value drivers such as interest rates, risk premiums, and growth premiums. The document also compares EPS discount models with dividend discount models and discusses the impact of inflation on EPS quality.

title: US Equity Insights


document_description: This document contains Deutsche Bank's analysis of the S&P 500 intrinsic valuation model as of November 20, 2015. It includes various financial metrics such as EPS, DPS, ROE, and cost of equity, along with sensitivity matrices for fair value estimation.

title: Our S&P 500 Intrinsic Valuation Model


document_description: The document provides an analysis of S&P 500 EPS growth from 1960 to 2014, including nominal and real growth rates, and highlights the differences in growth patterns between the periods 1960-1993 and 1994-2013. It includes a table of annual EPS growth rates and discusses rolling 3-year and 10-year CAGRs.

title: US Equity Insights

key_organizations:
S&P
Deutsche Bank


document_description: The document presents Deutsche Bank's S&P Intrinsic Valuation Model, including various financial metrics and projections for the S&P 500. It covers capitalized EPS valuation, dividend discount model, long-term EPS and DPS growth, cost of equity, and fair book multiple. Key figures include Deutsche Bank's 2015E S&P 500 EPS and DPS, dividend payout ratios, and intrinsic values at the start and end of 2015.

title: S&P Intrinsic Valuation Model


document_description: The document provides an analysis of the 3Q earnings season for S&P 500 companies, highlighting key performance metrics such as EPS and sales growth. It discusses sector-specific performance, with notable beats in Tech and Health Care, and challenges in Energy and Industrials. The document also provides forecasts for 4Q EPS and discusses factors affecting future growth.

title: US Equity Insights

key_organizations:
S&P 500
Deutsche Bank Securities Inc.


document_description: The document provides a summary of 3Q 2015 EPS reporting statistics for various sectors of the S&P 500, including sales surprises and year-over-year changes. It also includes a table of S&P 500 quarterly bottom-up EPS revisions from 1Q11 to 3Q15.

title: US Equity Insights

key_organizations:
S&P 500
Deutsche Bank
IBES


document_description: The document provides insights into the changes in EPS (Earnings Per Share) across various sectors as of November 20, 2015. It includes data on sector performance, S&P 500 EPS earnings weight over several weeks, and changes in bottom-up 2015 EPS since June 30, 2015. The source of the data is IBES and Deutsche Bank.

title: US Equity Insights

key_organizations:
IBES
Deutsche Bank


document_description: The document contains a table showing the S&P 500 quarterly EPS and pro-forma net income from 2007 to 2016, with projections for 2015 and 2016. It includes data on GAAP EPS, write-offs, pro-forma EPS, litigation charges, and net income for financial and non-financial sectors.

title: US Equity Insights


document_description: The document provides a detailed analysis of various market signals and their implications for equity investments. It includes data on interest rates, inflation, credit spreads, currency exchange rates, commodities, and equity risk premiums. The analysis suggests a cautious or neutral stance on equities based on these signals.

title: EPS outlook, Performance & What to buy now

key_organizations:
Deutsche Securities Bank
FRB
Bloomberg Finance LP
Deutsche Bank


document_description: The document provides a detailed analysis of the S&P 500 sector and industry allocation for 2014/15, based on Deutsche Bank's US Equity Strategy. It includes market weight, advised weight, and PE ratios for various sectors such as Health Care, Technology, Financials, Utilities, Telecom, Consumer Discretionary, Consumer Staples, Industrials, Materials, and Energy.


document_description: The document contains a table of Sector and Industry ETFs, detailing sectors, industries, ticket symbols, names, TER, AUM SM, and 200 ADV SM. It is sourced from Deutsche Bank, Bloomberg Finance LP, and Reuters.

title: US Equity Insights

key_organizations:
Deutsche Bank
Bloomberg Finance LP
Reuters


document_description: The document provides a detailed analysis of the S&P 500 Annual EPS Outlook and PE ratios based on current constituents in the index. It includes historical data from 2005 to 2015 and projections for 2016. The report covers various sectors such as Consumer Discretionary, Consumer Staples, Energy, Financials, Health Care, Industrials, Information Technology, Materials, Telecommunication Services, and Utilities. It also includes key macroeconomic forecasts such as Global GDP growth, US GDP growth, US Unemployment Rate, and US 10yr Treasury Yield.

title: S&P 500 Annual EPS Outlook and PE


document_description: The document provides a financial analysis of EPS revisions across various sectors as of November 20, 2015. It highlights the percentage change in 2015 consensus estimates since the end of July for different sectors, including Consumer Discretionary, Consumer Staples, Energy, Financials, Healthcare, Industrials, Technology, Materials, Telecom, and Utilities. The analysis also includes S&P 500 EPS changes.

title: EPS Revisions and Sector Performance


document_description: The document is a financial analysis report by Deutsche Bank, listing S&P 500 stocks in various industries with specific financial metrics. It includes companies with a market cap over $10 billion, a PE ratio on 2015 EPS less than 22, and 2015 EPS growth greater than 0%.

title: What to buy now (large caps)?

key_organizations:
Deutsche Bank
Compustar
Thomson Reuters


document_description: The document provides a performance analysis of various sectors within the S&P 500 over different time frames, including 12 months, year-to-date, 3 months, 1 month, and 1 week. It also compares current prices to 5-year highs and provides sector weight by market cap. Key insights include leading and gaining sectors such as Technology and Consumer Discretionary, and lagging sectors like Energy and Utilities.

title: US Equity Insights


document_description: The document provides a detailed analysis of thematic plays and their year-to-date total returns as of November 20, 2015. It includes various sectors such as Consumer, Tech, Cyclical Growth, and others, with specific percentage returns. The document also compares credit versus commodity plays and highlights sectors like Financials, Energy, and Information Technology.

title: US Equity Insights

key_organizations:
S&P
Deutsche Bank
Thomson Reuters
Bloomberg Finance LP


document_description: The document contains a historical sector performance table with data from 1960 to 2015, categorized by various sectors and beta values. It provides percentage changes in performance for each year.

title: US Equity Insights


document_description: This document contains a list of research notes from Deutsche Bank US Equity Strategy, detailing various research titles and their corresponding dates from 2014 to 2015. The notes cover topics such as S&P performance, industrial risks, healthcare, corporate debt, and economic outlooks.

title: List of DB US Equity Strategy research notes


document_description: This document is a financial research report from Deutsche Bank, providing equity insights and analyst certifications. It includes important disclosures, analyst certifications, and equity rating definitions. The document also provides a table of equity rating dispersion and banking relationships.

title: US Equity Insights

key_people:
David Bianco
Ju Wang
Vinnie Nip


document_description: This document is a financial report prepared by Deutsche Bank AG or its affiliates, providing insights into US equity markets. It includes disclaimers about the reliability of the information, potential conflicts of interest, and the risks associated with financial instruments and derivative transactions. The report emphasizes the importance of considering macroeconomic factors, interest rate changes, and currency risks when investing in fixed income instruments.

title: US Equity Insights

key_organizations:
Deutsche Bank AG
Deutsche Bank Securities Inc.


document_description: This document is a valuation statement from Deutsche Bank Group provided to Southern Financial, LLC. It includes contact information for sales inquiries and questions related to the statement. The document outlines the terms and conditions of the valuations, which are for internal use only and may be subject to adjustments based on various risks and market conditions. The statement includes a disclaimer of liability for errors or inaccuracies in the valuations.

title: Deutsche Bank Group Valuation Statement

key_people:
Daniel Sabba
Richard Kahn
Vahe Stepanian
Gedeon Pinedo
Amanda Kirby
Paul Morns
Mark Whyman
Ariane Dwyer

document_subtype: valuation statement

key_organizations:
Deutsche Bank Group
Southern Financial, LLC


document_description: This document is a valuation statement from Deutsche Bank Group for Southern Financial, LLC, detailing various financial instruments including credit-default swaps, equity options, FX options, and equity-swap hybrids. It includes trade details, counterparties, notional amounts, and mark-to-market values.

title: Deutsche Bank Group Valuation Statement

document_subtype: financial statement

key_organizations:
Deutsche Bank AG
Southern Financial, LLC


document_description: The document is a daily deposit report detailing large, zero, and negative balances for various accounts, as well as large transactions involving significant amounts of money transfers and new certificates of deposit (CDs).

title: RM0081851 Daily Deposit Report 20151211

key_people:
Jeffrey Epstein
Dominique Leimer
Todd Wanek
Karen Wanek

key_organizations:
Southern Trust Company, Inc.
Southern Financial LLC
Neptune, LLC
Hyperion Air, LLC
JEGE, INC
JEGE, LLC
NES, LLC
Zorro Development Corp.
LSJE, LLC
Wanek Trust of 2000
KWF 2007 LLC
SSW 2007 LLC
Gratitude America, Ltd
Kati Forsythe 2014 GRAT
Shari Wagner 2014 GRAT
GEW 2007 LLC
CRW 2007 LLC
GEW 2009 LLC
CRW 2009 LLC