document_description: The document provides definitions and explanations of various financial and economic terms such as quantitative easing, recovery rate, redemption, rig count, S&P 500 Index, secondary market, shale industry, spread, STOXX Europe 600 Index, systemic risk, Federal Reserve System, volatility, wealth effect, oil well, and West Texas Intermediate (WTI).

title: CIO View Special

key_locations:
Washington, D.C.
United States

key_organizations:
Federal Reserve System
U.S. Federal Reserve Board


source: doj

document_description: A document from Deutsche Bank Wealth Management discussing investment themes for 2016, authored by Larry Adam, Chief Investment Officer and Chief Investment Strategist.

title: 2016 Ten Themes

document_type: other


document_description: The document provides an economic forecast for various regions including the United States, European Union, Japan, and BRICS for the years 2015 and 2016. It highlights the economic growth percentages and provides a brief description of the economic conditions in each region.

title: Global Economy Forecast

document_date: November 2015

document_type: tabular

key_locations:
United States
European Union
Japan
BRICS

document_subtype: economic forecast


document_description: The document provides an economic outlook for the U.S., Europe, Japan, and China, highlighting key economic indicators and expected growth trends for 2016. The U.S. is expected to see stronger consumer activity and housing support, Europe anticipates moderate to solid growth, Japan is supported by aggressive monetary policy, and China is expected to experience a slowdown in growth.

title: Global Economy - "Fab 5" Confirms U.S. Leadership

key_locations: U.S. Europe Japan China

document_subtype: economic report


document_description: The document provides historical data on U.S. presidential terms and S&P 500 performance leading up to presidential elections. It highlights the rarity of one party holding the presidency for more than eight years post-WWII and the generally positive performance of the S&P 500 in election years.

key_organizations:
Deutsche Bank Wealth Management
FactSet


document_description: The document discusses global consumer confidence trends, highlighting improvements in consumer confidence to pre-crisis levels. It notes the significant growth of the Chinese middle class from 2009 to 2030 and the recovery of European spending, particularly in new passenger car registrations and retail sales. The data is sourced from Bloomberg Finance LP and Deutsche Bank Wealth Management.

title: Global Consumer Confidence and Spending Trends

key_locations: U.S. Japan China Europe

document_subtype: financial report

key_organizations:
Deutsche Bank Wealth Management
Bloomberg Finance LP
World Bank
Deutsche Bank Global Markets


document_description: A political cartoon titled 'Fed Takes off Training Wheels' depicts the U.S. economy, represented by Uncle Sam, riding a bicycle with training wheels labeled 'FED' on a downward slope. The Federal Reserve is shown removing the training wheels, suggesting the removal of economic support and potential volatility.

title: Fed Takes off Training Wheels

document_type: media

document_subtype: political cartoon

key_organizations:
Federal Reserve
Deutsche Bank Wealth Management


document_description: The document provides an analysis of REITs (Real Estate Investment Trusts) in relation to global inflation, occupancy rates, pricing power, and economic growth. It includes data on rental occupancy rates, REITs pricing power, and a scatter chart comparing GDP growth with REITs returns. The analysis is supported by data from Deutsche Bank Wealth Management and other financial sources.

title: Global Inflation and REITs Analysis

document_subtype: financial analysis

key_organizations:
Deutsche Bank Wealth Management
Bloomberg Finance LP
FactSet


document_description: The document provides an analysis of the performance of various categories of Real Estate Investment Trusts (REITs) in 2015, highlighting the differences in returns among categories such as self storage, residential, and shopping centers. It also discusses the underweighting of REITs in mutual funds compared to benchmarks, with a focus on the disparity in performance between A class and B/C class mall REITs.

title: Global Inflation and REIT Analysis

key_organizations:
Deutsche Bank Wealth Management
FactSet
Raymond James
S&P


document_description: The document analyzes the performance of the U.S. dollar over three distinct periods: 1978-1985, 1995-2002, and 2011-Present, highlighting a +67% increase in the current period. It also discusses historical dollar cycles and predicts the continuation of the bull market into its sixth year in 2016.

title: U.S. Dollar Performance and Historical Cycles


document_description: The document analyzes the U.S. dollar's performance during various tightening cycles, highlighting percentage changes in value and comparing global central bank trends. It includes tables showing the dollar's percentage change at different times during tightening cycles and the participation of various countries in these cycles.

title: U.S. Dollar Tightening Cycle Analysis

key_organizations:
Deutsche Bank Wealth Management
Deutsche Bank Global Markets


document_description: The document provides a financial analysis of global fixed income markets, focusing on convertibles, high yield spreads, investment grade credit, and emerging market debt. It includes historical data and trends up to December 2015.

title: Global Fixed Income Analysis

key_organizations:
Deutsche Bank Wealth Management
FactSet
Bloomberg Finance LP


document_description: The document provides a financial analysis comparing the performance of international equities (MSCI EAFE) against U.S. equities (S&P 500) over time. It includes a line chart showing the rolling 3-year annualized return from December 1972 to June 2015, highlighting periods where international equities outperformed U.S. equities and vice versa. The analysis notes that international equities have historically outperformed U.S. equities in cycles averaging 3.4 years, while the U.S. has outperformed for an average of four years. A table details the S&P 500's performance against MSCI EAFE during a Fed tightening cycle.

title: Global Equities: All Eyes on Earnings

document_date: December 2015


document_description: The document provides an analysis of equity sectors with a focus on technology valuations and expected earnings growth for 2016. It highlights technology as a favored sector due to attractive valuations and fundamentals, with consumer discretionary, info tech, and financials expected to lead in earnings growth.

title: Equity Sectors Analysis


document_description: The document contains a humorous poem about the changing meanings of technology-related terms over time, and two cartoons. The first cartoon humorously suggests that Google Ads, based on a Nest smoke alarm's alert, proactively advertised related products. The second cartoon jokes about the Internet of Things with a refrigerator not speaking to the stove.

document_subtype: poem and cartoons


document_description: The document outlines various sectors influenced by the 'Internet of Things' and other technological advancements. It covers areas such as connected vehicles, telemedicine, homeland security, energy, public safety, and smart infrastructure. The focus is on how these innovations impact different industries, including insurance, healthcare, agriculture, and retail.

title: Equity Sectors - An 'Appreciation' for Innovation and Demographics

key_organizations:
Machina Research
Deutsche Bank Wealth Management


document_description: The document provides data on FDA orphan drug approvals from 1983 to 2014, the decreasing costs of genome sequencing, and annual total returns for healthcare and S&P 500 from 2011 to 2015. It discusses the impact of political uncertainty on healthcare investments and suggests favoring tech, financials, and consumer discretionary sectors. The document includes data from Deutsche Bank Wealth Management and FactSet.

title: Equity Sectors: An 'Appreciation' for Innovation and Demographics


document_description: The document reviews investment themes and recommendations for 2015, providing grades and rationale for each theme. It covers various investment areas such as equities, fixed income, and real assets, with a total score of 90% for the year.

title: Review of 2015 Themes

document_subtype: Investment Review

key_organizations:
Deutsche Bank
FactSet
Bloomberg Finance LP


document_description: The document provides financial forecasts for GDP growth, inflation, current account balance, fiscal balance, key interest rates, currencies, commodities, equities, sovereign rates, and credit for 2015 and 2016. It includes data for the world, USA, Euroland, UK, Japan, and China, as well as specific financial instruments and indices.

title: Multi Asset Investment Committee Forecasts

document_date: January 2016

document_subtype: financial forecast

key_organizations:
Deutsche Bank Wealth Management
Deutsche Asset & Wealth Management


document_description: This document provides information on investment strategies and risks associated with financial markets. It includes disclaimers about the nature of the information, risks of investing, and specific risks related to bonds and foreign investments. It emphasizes the importance of consulting legal and tax advisers before making investment decisions.

title: Investment Strategy Group

key_people:
Larry Adam
Megan Horneman
Matt Barry

document_type: correspondence

document_subtype: informational document


document_description: The document provides an overview of investment risks and strategies related to emerging markets, foreign exchange, commodities, ETFs, and direct participation program securities. It highlights the risks associated with each investment type and provides a classification of REIT properties into Class A, B, and C based on quality and risk.

title: Investment Strategy Group Important Information

document_subtype: investment strategy document

key_organizations:
Deutsche Bank
Deutsche Bank Wealth Management
Deutsche Bank Securities Inc.


document_description: An invitation to an investment outlook event hosted by Deutsche Bank Wealth Management, featuring Larry Adam as the speaker. The event is scheduled for February 1, 2016, at 12:15 p.m. ET. The invitation includes call and replay details for accessing the presentation.

title: Ten Themes: An investment outlook for the upcoming year

document_subtype: invitation

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


document_description: The report discusses concerns about the RMB's devaluation and depreciation, suggesting it is part of a transition towards a freely floating exchange rate. It highlights the impact of capital outflows on foreign debt repayment and the need for reforms to reassure domestic investors. The report also mentions the potential influence of the National People's Congress and a new Five Year Plan.

title: Global Economic Perspectives: China's evolving FX policy

key_people:
Peter Hooper
Michael Spencer
Torsten Slok
Mark Wall
Matthew Luzzetti

document_subtype: research report


document_description: The document provides economic forecasts for various countries and regions, including GDP growth, consumer price growth, current account balance, and fiscal balance for the years 2015 to 2017. It includes data for the US, Japan, Euroland, Germany, France, Italy, Spain, UK, Sweden, Denmark, Norway, Poland, Hungary, Czech Republic, Australia, Canada, Asia (excluding Japan), India, China, Latin America, Brazil, EMEA, Russia, G7, and the World. The forecasts are based on data from national authorities and Deutsche Bank Research.

key_locations:
US
Japan
Euroland
Germany
France
Italy
Spain
UK
Sweden
Denmark
Norway
Poland
Hungary
Czech Republic
Australia
Canada
Asia
India
China
Latin America
Brazil
EMEA
Russia
G7
World


document_description: The document discusses China's evolving foreign exchange policy, focusing on the transition from a crawling peg regime to a more market-determined central parity. It highlights concerns about capital outflows and the impact on China's foreign exchange reserves. The document includes data on external debt and domestic foreign currency deposits, suggesting significant capital outflows due to debt repayment.

key_organizations:
PBOC
Deutsche Bank


document_description: The document discusses China's foreign exchange policy, foreign exchange reserves, and the potential risks of domestic capital flight. It highlights China's current account surplus as a support for the currency and provides data on China's share of world exports from 1982 to 2014.

key_organizations:
Deutsche Bank
BIS
Ministry of Customs
UN COMTRADE


document_description: The document discusses China's evolving foreign exchange policy, focusing on the impact of regional production networks on exchange rate elasticities for exports. It highlights the recalculation of China's real effective exchange rate by Zhiwei Zhang and Li Zeng, considering supply chain effects. The document also provides forecasts for the RMB exchange rate and discusses the implications of interest rate changes in the US and China.

key_people:
Zhiwei Zhang
Li Zeng
Perry Kojodjojo

key_locations:
China
South Korea
Taiwan


document_description: The document discusses China's evolving foreign exchange policy, particularly the management of the RMB with reference to a basket of currencies. It compares this approach to Singapore's and highlights the potential constraints on interest rate policy. The document suggests that the ultimate goal is to achieve genuine currency flexibility. It also emphasizes the importance of investor confidence and the need for China to deliver on reform pledges to ensure attractive returns on investment.

key_locations: China Singapore

key_organizations:
PBOC
Deutsche Bank Securities Inc.


document_description: The document provides an analysis of global economic perspectives focusing on central bank policies in major economies such as the US, Japan, and the Eurozone. It includes expected policy rate changes for 2016 and 2017, with specific attention to the Federal Reserve, Bank of Japan, and European Central Bank. The document also discusses the economic outlook for other European countries, including the UK, Sweden, and Switzerland.

key_locations: US Japan Euroland UK Sweden Switzerland

key_organizations:
Federal Reserve
Bank of Japan
European Central Bank
Deutsche Bank Research
Bank of England
Riksbank
Swiss National Bank


document_description: The document provides an analysis of global economic perspectives with a focus on China's evolving foreign exchange policy. It includes projections for GDP growth, interest rate changes, and inflation targets for various countries including Canada, Australia, New Zealand, China, India, and Brazil. The report anticipates changes in policy rates and economic conditions influenced by global financial volatility, commodity prices, and geopolitical risks.

key_people: PBoC RBI BCB

key_locations:
China
India
Brazil
Canada
Australia
New Zealand

key_organizations:
Deutsche Bank Research
Bank of Canada
Reserve Bank of Australia
Reserve Bank of New Zealand


document_description: The document provides a central bank policy rate monitor for various countries from 2007 to 2016, highlighting changes in policy rates over time. It includes data for countries such as Japan, UK, Denmark, Switzerland, Canada, Czech Republic, Hungary, Kazakhstan, Romania, South Africa, and others. The document notes rate hikes and cuts with red arrows and green snowflakes, respectively.

key_locations:
Japan
UK
Denmark
Switzerland
Canada
Czech Republic
Hungary
Kazakhstan
Romania
South Africa
Mexico
Hong Kong
Indonesia
Philippines
Sri Lanka

key_organizations:
Deutsche Securities Bank
Central Banks
Haver Analytics


document_description: The document provides an analysis of global economic trends as of January 2016, focusing on various regions including the U.S., Euro area, China, UK, and India. It includes charts and data on GDP growth, employment, currency exchange rates, manufacturing production, and industrial production.

key_locations:
U.S.
Euro area
China
UK
India

key_organizations:
Deutsche Bank
BLS
BEA
EUDATA
FRB
ONS
CSO
Haver Analytics


document_description: The document provides an overview of global economic events and data releases for the week of January 15-22, 2016. It includes information on economic indicators and events in various countries, including the US, Europe, and Asia, with a focus on China's evolving FX policy.

title: Global Economic Perspectives

key_people: Juncker Dudley Williams Kaplan

key_locations:
US
Europe
Asia
China
Australia
Spain
Denmark
Turkey
Italy
Norway
UK
Euroland
Brazil
Poland
Czech Republic
Germany


document_description: The document provides financial forecasts and interest rate predictions for various countries, including the US, Japan, Eurozone, UK, Sweden, Switzerland, Canada, Australia, and New Zealand. It includes actual and forecasted interest rates, bond yields, and exchange rates. The data is sourced from Bloomberg Finance LP and Deutsche Bank Research.

key_locations:
US
Japan
Eurozone
UK
Sweden
Switzerland
Canada
Australia
New Zealand

key_organizations:
Deutsche Bank
Bloomberg Finance LP


document_description: The document discusses Deutsche Bank's positions and regulatory disclosures in various countries including Malaysia, Qatar, Russia, Saudi Arabia, UAE, Australia, and New Zealand. It outlines the regulatory environment and restrictions for Deutsche Bank's operations in these regions.

key_locations:
Malaysia
Qatar
Russia
Kingdom of 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: A document discussing China's evolving foreign exchange policy, published by Deutsche Bank Securities Inc.


document_description: The document is an FX Blueprint report discussing the strength of the dollar in 2016, bearish outlooks on GBP and Asian currencies, and various currency trade recommendations. It highlights the resilience of the dollar post-financial crisis and provides insights into expected currency movements and trade strategies for the year.

title: FX Blueprint: Forever Young

key_people:
George Saravelos
Alan Ruskin

key_locations:
London
New York


document_description: The document discusses European capital outflows, the impact of ECB policies, and the outlook for the US dollar. It highlights the shift in European investor preferences, the potential risks to the dollar from a US economic slowdown, and the influence of Fed policy on currency markets. The document also analyzes the correlation between US-Euro rate differentials and EUR/USD, and compares the current dollar cycle to past cycles.

title: FX Blueprint: Forever Young

key_locations: London Europe US China


document_description: The document discusses the outlook for the British pound (GBP) against the US dollar (USD) and Swedish krona (SEK), highlighting the end of the sterling uptrend due to stretched valuation, unsustainable capital inflows, and political risks. It suggests staying short on GBP/USD and GBP/SEK due to diverging monetary policies between the US and UK. The document also analyzes the expensive valuation of the pound, record capital inflows, and potential challenges from fiscal and monetary tightening in the UK.

title: FX Blueprint: Forever Young

key_locations: UK US


document_description: The document discusses the expected weakness of the RMB against the USD due to various economic factors, including interest rate differentials, hedging of FX liabilities, and Chinese authorities' tolerance for currency depreciation. It also covers the impact of recent FX reforms by Chinese authorities and provides a table of CNY basket values and USD/CNY spot rates from January 2015 to January 2016.

title: FX Blueprint: Forever Young

key_organizations:
Deutsche Bank
Bloomberg Finance LP
CEIC
Haver Analytics


document_description: The document discusses the impact of policy divergence on USD/CNY, predicting continued RMB weakness due to FX outflows and narrowing rate differentials. It suggests that RMB weakness will be front-loaded in the first half of the year due to various economic factors and recommends specific trades to capitalize on this trend.

title: FX Blueprint: Forever Young

key_people:
Perry Kojodjojo
Sameer Goel
Mallika Sachdeva

key_locations:
Hong Kong
Singapore


document_description: The document discusses the economic outlook for the South African rand (ZAR) in 2016, highlighting external and domestic risks. It includes a table of currency betas to USD and commodities, and discusses the impact of China's economic situation on ZAR. The document also covers domestic economic challenges in South Africa, such as GDP growth, unemployment, and structural issues.

title: FX Blueprint: Forever Young

key_locations:
South Africa
China


document_description: The document discusses the economic conditions in South Africa, focusing on corporate profit growth, consumer and business confidence, and the impact of political uncertainty on the rand. It also covers the valuation of the rand, its potential depreciation, and the economic outlook for other EMEA currencies like TRY and RUB. The document includes data and analysis from Deutsche Bank and Macrobond.

title: FX Blueprint: Forever Young

key_locations:
South Africa
Turkey
Russia

key_organizations:
Deutsche Bank
SARB
ANC
CBT


document_description: The document discusses the outlook for USD/JPY, emphasizing that it's too early to turn bearish. It highlights Japan's trade deficit closure due to import compression, the role of the current account surplus, and the impact of portfolio flows on Japan's balance of payments. The document also notes the influence of the GPIF and other institutional investors on USD/JPY, suggesting that the currency pair will remain range-bound with high short-term volatility.

title: FX Blueprint: Forever Young

key_organizations:
Deutsche Bank
GPIF


document_description: The document discusses the sensitivity of the Bank of Japan (BoJ) to an appreciating yen compared to other deflationary factors like falling energy prices. It highlights the BoJ's focus on nominal growth targets and the challenges of managing the yen's exchange rate. The document also covers the US Federal Reserve's influence on USD/JPY rates, the impact of US yields, and market positioning in the yen. It includes data and analysis from Deutsche Bank and Bloomberg Finance LP.

title: FX Blueprint Forever Young

key_people:
Taisuke Tanaka
Robin Winkler

key_locations: Tokyo London

key_organizations:
Bank of Japan
Deutsche Bank
Bloomberg Finance LP
Federal Reserve
PBoC


document_description: The document discusses the impact of the oil shock on the Canadian dollar (CAD) and Norwegian krone (NOK), suggesting a strategy to buy CAD/NOK. It analyzes the economic conditions in Canada and Norway, the potential for monetary easing by the Bank of Canada, and the portfolio positioning of Canadian assets. The document includes tables and figures illustrating Canada's portfolio of assets and the relationship between USDCAD and its FEER value.

title: FX Blueprint: Forever Young

key_locations: Canada Norway

key_organizations:
Bank of Canada
Deutsche Bank


document_description: The document discusses the impact of oil prices on the Canadian dollar (CAD) and provides investment strategies involving CAD. It suggests that pension funds have little incentive to change hedging ratios until oil prices rebound, which would positively impact CAD. The document recommends buying CADNOK due to Canada's diversified economy and potential for stable policy compared to Norway. It also advises selling USDCAD 1.50 strike options, noting a low probability of USD/CAD exceeding 1.50 based on historical monetary divergence. The document includes tables showing historical CADNOK values, breakeven oil prices by location, and the probability of USD/CAD exceeding 1.50.

title: FX Blueprint: Forever Young

key_locations:
New York
London
Canada
Norway


document_description: The document discusses economic conditions and monetary policy in Norway and Switzerland. It highlights Norges Bank's stance on inflation and currency, and the Swiss National Bank's challenges with currency pegs and trade balance. The document includes data and analysis on currency trends, trade balances, and investment flows.

title: FX Blueprint: Forever Young

key_locations: Norway Switzerland

key_organizations:
Norges Bank
Swiss National Bank
Deutsche Bank


document_description: The document discusses the impact of internal vulnerabilities and divergent monetary policies on Asian FX markets in 2016, highlighting the correlation between Asian FX and rate differentials with the US. It includes tables on GDP growth z-scores, household debt as a percentage of GDP, and FX correlation with bond spreads.

title: FX Blueprint: Forever Young

key_people:
Mallika Sachdeva
Sameer Goel
Perry Kojodjojo

key_organizations:
Deutsche Bank
Bloomberg Finance LP
CEIC


document_description: The document discusses the expected depreciation of the South Korean won (KRW) due to changes in Korea's balance of payments and capital outflows. It highlights the shrinking current account surplus and measures to encourage overseas investments. The document includes a table showing overseas portfolio investments by residents and the US-SK 5Y yield differential from 1Q10 to 2Q15.

title: FX Blueprint: Forever Young

key_organizations:
Deutsche Bank
National Pension Service (NPS)


document_description: The document discusses the economic growth trajectories for Poland and Hungary in 2016, highlighting a deceleration in Hungarian growth due to reduced EU funds inflows and robust growth in Poland. It also covers the impact of foreign ownership on Hungarian government debt, the strength of the Israeli Shekel, and the economic outlook for the Czech Republic.

title: FX Blueprint Forever Young

key_locations:
Poland
Hungary
Israel
Czech Republic

key_organizations:
Deutsche Bank
Haver Analytics
Bank of Israel
CNB


document_description: The document discusses investment strategies in Latin American foreign exchange markets for 2016, focusing on the Mexican Peso (MXN) and Colombian Peso (COP) due to fundamental divergence and undervaluation. It suggests going long on MXN/COP and PEN/CLP, highlighting the impact of oil prices and regional policy differences. The document includes charts showing currency misalignment, MXN/COP undervaluation relative to oil, and currency exposure to crude oil weakness.

title: FX Blueprint: Forever Young

document_type: financial


document_description: The document discusses the pressure on the Saudi Arabian dollar peg due to rising dollar value and falling oil prices. It highlights Saudi Arabia's fiscal position, reserves, and potential strategies to maintain the peg, including issuing USD debt and IPO of Saudi Aramco assets. The document also compares Saudi Arabia's situation with other Gulf countries and historical defenses of currency pegs.

title: FX Blueprint: Forever Young

key_locations:
Saudi Arabia
Middle East
Asia
Switzerland

key_organizations:
Deutsche Bank
IMF
Saudi Aramco


document_description: The document discusses the economic rationale and challenges of maintaining currency pegs in the Gulf region, with a focus on Saudi Arabia, Oman, and Bahrain. It highlights the fiscal consolidation efforts by Saudi Arabia to stabilize its currency peg and the vulnerabilities faced by Oman and Bahrain due to their economic conditions. The document also provides recommendations for currency trading strategies based on forward points.

title: FX Blueprint: Forever Young

key_people:
Melhem Melhem
Aleksander Stojanovski
Oliver Massetti
Daniel Brehon

key_locations:
Saudi Arabia
Oman
Bahrain
UAE
Qatar
Kuwait

key_organizations:
Deutsche Bank
IMF
Bloomberg Finance LP


document_description: This document is a trade recommendation update from Deutsche Bank, covering trades from September 22, 2015, to January 8, 2016. It includes a table of various currency trades, their themes, and the gains or losses associated with each trade and theme. The document also provides performance metrics such as the number of winning and losing trades, hit ratio, and average gain/loss. It emphasizes that past performance is not indicative of future results.

title: FX Blueprint: Forever Young


document_description: This document is a financial report prepared by Deutsche Bank AG, providing information and opinions on financial instruments and market risks. It discusses the reliability of the information, potential conflicts of interest, and the risks associated with derivative transactions and macroeconomic fluctuations. The report emphasizes the importance of expert legal and financial advice for investors considering derivative transactions.

title: FX Blueprint: Forever Young


document_description: This document is a table of contents for an economics report from Deutsche Bank, dated February 5, 2016. It includes articles on various economic topics such as Euro PMIs, Spain's political situation, Ireland's general election, and the UK's EU referendum. The report discusses the economic outlook for Europe, including potential ECB easing and inflation concerns.

title: Deutsche Bank Economics Report

key_people:
Mark Wall
Marco Stringa
George Buckley
Caroline Grady
Markus Heider

key_locations:
Europe
Euroland
UK
Scandinavia
Central Europe


document_description: The document discusses the economic situation in the euro-area, highlighting a divergence between consumer confidence and business confidence. It notes that while consumer confidence is up, business confidence is down due to disappointing global growth and financial market stress. The document also discusses the credit impulse and its implications for euro-area domestic demand, as well as the potential impact of oil prices on inflation and GDP. It warns of political uncertainty in Spain and the rise of populism in Italy and Spain, and calls for further integration in the euro area to address structural issues.

title: Focus Europe: Dark clouds, no storm yet

key_locations:
Euro area
Spain
Italy
Germany
France
Portugal
Ireland
Greece

key_organizations:
Deutsche Bank
ECB
Euroster
Haver Analytics LP


document_description: The document discusses political and economic challenges facing Europe, including potential political changes in Italy, the UK's EU membership referendum, and the European Central Bank's monetary policy. It highlights concerns about the Italian banking system, the EU's migration crisis, and the impact of oil prices on wages and inflation.

title: Focus Europe: Dark clouds, no storm yet

key_locations: Italy Germany France UK

key_organizations:
European Union
ECB
Deutsche Bank


document_description: The document provides an analysis of the euro area composite PMI and its implications for GDP growth in early 2016. It includes a table comparing GDP outlooks for the euro area and specific countries like Germany, France, Italy, and Spain. The document discusses the performance of the PMI in Germany and France, highlighting the differences in manufacturing and services sectors.

title: Focus Europe: Dark clouds, no storm yet

key_locations:
Euro area
Germany
France
Italy
Spain

key_organizations:
Deutsche Bank
Markit
National statistical agencies
Eurostat
Haver Analytics


document_description: The document discusses the political and economic situation in Ireland ahead of the 2016 general election. It highlights the potential for a fragmented parliament and minority government, the economic recovery under Fine Gael, and the risks associated with Brexit. The document also mentions the fiscal space available to Ireland and the potential impact of a Fine Gael-led minority government.

title: Focus Europe: Dark clouds. no storm yet

key_locations: Ireland Eurozone UK

key_organizations:
Fine Gael
Labour
Fianna Fail
Sinn Fein
ESRI
Deutsche Bank AG


document_description: The document discusses economic indicators related to production costs, output prices, and inflation in Europe as of February 2016. It includes data on manufacturing PMI, output prices, and PPI core consumer goods. The document also provides insights into food and energy inflation trends, with expectations of falling energy prices and near-zero headline inflation in the coming months.

title: Focus Europe: Dark clouds, no storm yet

key_organizations:
Deutsche Bank
ECB
Eurostat
Bloomberg Finance LP


document_description: The document discusses the Bank of England's economic forecasts, highlighting a reduction in growth forecasts but noting supportive factors like falling oil prices. It includes figures on wage growth and GDP growth forecasts, and discusses implications for monetary policy, including interest rate expectations.

title: Focus Europe: Dark clouds, no storm yet

key_organizations:
Bank of England
Deutsche Bank


document_description: The document discusses the UK's upcoming referendum on EU membership, highlighting a draft UK/EU agreement that could serve as a basis for the UK Prime Minister to campaign for remaining in the EU. It outlines the potential impact of the referendum on investment and the political landscape, referencing past negotiations and the likelihood of a close vote. The document also includes a table of foreign direct investment by country.

title: Focus Europe: Dark clouds. no storm yet

key_people:
George Buckley
David Cameron
Donald Tusk

key_locations:
United Kingdom
Europe

document_subtype: report

key_organizations:
European Union
European Council
Deutsche Bank


document_description: The document provides an economic outlook for the Euro area, focusing on GDP growth forecasts and key economic indicators for Germany, Italy, and other Euro-area countries. It includes a table of key data and events scheduled for the week, such as industrial production, trade balance, and GDP estimates.

title: Focus Europe: Dark clouds. no storm yet

key_locations:
Euro area
Germany
Italy
Brussels
Amsterdam

key_organizations:
Deutsche Bank
Euro-area Finance Ministers


document_description: The document provides an overview of the economic outlook for Europe and the USA for the week of February 5, 2016. It highlights key economic data releases and events, including Fed Chair Janet Yellen's testimony and various economic indicators from the US, UK, and other European countries.

title: Focus Europe: Dark clouds, no storm yet

key_locations:
USA
UK
Poland
Romania
Hungary
Czech Republic
Los Angeles
New York

key_organizations:
Federal Reserve
House Financial Services Committee
Deutsche Bank
Bloomberg Finance LP
Reuters
S&P
DB Global Markets Research


document_description: This document is a financial report by Deutsche Bank AG discussing the current economic outlook in Europe as of February 5, 2016. It covers the reliability of the information, potential conflicts of interest, and the risks associated with financial instruments, particularly in relation to macroeconomic fluctuations, interest rates, and currency risks. The report emphasizes the importance of informed investment decisions and the inherent risks in financial markets.

title: Focus Europe: Dark clouds. no storm yet


document_description: This document is a report distributed by Deutsche Bank AG and its branches in various countries, including Korea, South Africa, Singapore, Qatar, Russia, Saudi Arabia, UAE, Australia, and New Zealand. It outlines the legal and regulatory compliance requirements for distributing financial information in these regions. The report emphasizes that it is intended for specific types of investors and clients, and additional information is available upon request. It also includes a copyright notice and confidentiality statement.

title: Focus Europe: Dark clouds. no storm yet

key_locations:
Korea
South Africa
Singapore
Qatar
Russia
Saudi Arabia
United Arab Emirates
Australia
New Zealand

key_organizations: Deutsche Bank AG Dubai International Financial Centre


document_description: This document lists key personnel and international locations of Deutsche Bank. It includes names and titles of executives in various research divisions and provides addresses for Deutsche Bank offices in major cities worldwide.

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


document_description: The document provides an analysis of the 4Q EPS performance of S&P 500 companies, highlighting that 59% of companies beat EPS expectations with a weighted average beat of 1.3%. Banks showed decent EPS growth due to cost cuts and reduced litigation, while Health Care and Tech sectors also performed well. Energy and Materials sectors faced significant declines. The document also discusses analysts' adjustments to 1Q16 and 2016 EPS estimates, with notable cuts in Energy and Materials sectors.

title: US Equity Insights

key_people: PFE MRK BSX GILD Google SYMC XOM COP TSO

key_organizations:
S&P 500
Deutsche Bank Securities Inc.


document_description: The document provides a summary of 2015 EPS reporting statistics for various sectors of the S&P 500, including EPS beats, misses, and surprises. It also includes historical EPS beat and cut data from 2011 to 2015, and discusses significant cuts in S&P 500 Energy capex in 2015 and expected cuts in 2016.

title: US Equity Insights

key_organizations:
S&P 500
Deutsche Bank
IBES


document_description: The document provides a detailed analysis of bottom-up EPS revisions for various sectors since December 1st, 2015, and changes in EPS for 4Q15 and 2015 since September 30, 2015. It includes data from Deutsche Bank and BES, highlighting sector-specific EPS changes and overall market trends.

title: US Equity Insights

key_organizations:
Deutsche Bank
BES


document_description: The document provides an analysis of S&P 500 earnings per share (EPS) growth, excluding the energy sector, for the fourth quarter and projections for 2016. It highlights a deterioration in EPS growth compared to previous quarters and provides a quarterly breakdown of growth percentages from 2013 to 2016.

title: US Equity Insights


document_description: This document contains a detailed financial analysis of various US banks, including metrics such as EPS, PE ratios, ROE, and dividend yields. It provides a comprehensive comparison of financial performance and projections for 2015 and 2016, with specific focus on EPS growth, PE ratios, and ROE based on different scenarios.

title: Insights Equity US

key_organizations:
IBES
Company Reports
Thomson Reuters
Deutsche Bank
Deutsche Securities Bank


document_description: The document provides insights into the relationship between the Federal Funds Target Rate, Net Interest Margin of FDIC institutions, and the Return on Equity (ROE) of S&P 500 banks over the years 1984 to 2016. It includes tabular data on these metrics, highlighting periods of recession and their impact on financial indicators. The document also includes figures comparing the Net Interest Margin and ROE against Treasury yields.

title: US Equity Insights

key_organizations:
FDIC
Federal Reserve
Deutsche Bank


document_description: The document contains financial data and analysis on loans by type at FDIC banks, real estate loans at commercial banks, non-real estate loans, and assets/equity of banks and financials. It includes detailed tables and figures sourced from Deutsche Bank and FDIC, highlighting trends and changes in loan types and bank assets over time.

title: US Equity Insights

key_organizations:
Deutsche Bank
FDIC
FRB


document_description: The document discusses the economic outlook for the US in early 2016, focusing on Federal Reserve interest rate hikes, unemployment, labor participation, productivity, unit labor costs, and inflation. It suggests that despite strong job numbers and low unemployment, slow GDP growth justifies Fed hikes by September 2016. This is expected to strengthen the dollar, keep inflation low, and flatten the yield curve. The document includes figures and data from BLS, Haver Analytics, and Deutsche Bank.

title: US Equity Insights

key_organizations:
Deutsche Bank
BLS
Haver Analytics


document_description: The document discusses the sharp correction in financials, particularly banks, during a bear market. It highlights the unusual decline of banks compared to the S&P 500 and presents historical performance data of banks during past market corrections. The document includes a table showing the performance of banks around historic S&P 500 corrections since 1960.

title: US Equity Insights

key_organizations:
Deutsche Bank
S&P


document_description: The document discusses the valuation of bank stocks, emphasizing that they represent real entities with earnings that should rise with inflation. It explains how banks' earnings and dividends should grow with inflation over the long-term, even if none of the earnings are retained for reinvestment. The document also highlights the risks associated with unexpected inflationary or deflationary shocks and the impact of interest rate changes on banks' earnings. It compares banks to non-financial businesses in terms of their ability to adapt to interest rate shifts and discusses the role of retained earnings in producing returns inclusive of expected inflation.

title: US Equity Insights


document_description: The document discusses the ownership of S&P 500 stocks by foreign sovereign wealth funds, highlighting that these funds own a very small percentage of the market. It includes a table listing the top 50 S&P 500 stocks with the highest foreign ownership by major Asian countries and oil-related countries.

title: US Equity Insights

key_locations:
Asia
Norway
UAE
Saudi Arabia
Kuwait
Qatar
Russia


document_description: The document provides a financial analysis and market strategy for the S&P 500, predicting it to reach 2200 by the end of 2016 and 2400 by the end of 2017. It includes EPS and DPS estimates, market strategies, thematic and sector strategies, and potential risks. The analysis suggests tilting towards sectors with secular growth, high ROE, and dividend growth, while tilting away from consumer companies with tired brands and smaller cap cyclical plays. Risks include US tax on foreign profits and EM economy weakness.

title: Strategy Flashcard

document_date: February 2016


document_description: The document provides a detailed analysis of the S&P 500 sector and industry allocations for 2015/16, 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

key_organizations:
Deutsche Bank
S&P 500


document_description: The document contains a table of Sector and Industry ETFs, detailing sectors, industries, tickers, names, TER, AUM SM, and 20D 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 based on current constituents in the index. It includes historical data from 2005 to 2014 and projections for 2015 and 2016 across various sectors such as Consumer Discretionary, Consumer Staples, Energy, Financials, Health Care, Industrials, Information Technology, Materials, Telecommunication Services, and Utilities. The report also includes key macroeconomic forecasts such as Global GDP growth, US GDP growth, US Unemployment Rate, Federal Funds rate, US 10yr Treasury Yield, and currency exchange rates.

title: S&P 500 Annual EPS Outlook


document_description: The document provides a summary of sales revisions in various sectors as of February 8, 2016, showing changes in 2015 consensus estimates since October end. Key sectors include Consumer Discretionary, Energy, Financials, Consumer Staples, Healthcare, Industrials, Technology, Materials, Telecom, S&P 500, and Utilities.

title: US Equity Insights - Sales Revisions

key_organizations:
Deutsche Securities Bank
Deutsche Bank Markets Research


document_description: The document is a financial analysis report listing DB Buy-rated S&P 500 stocks in various industries with specific market cap, PE, and EPS growth criteria. It includes a table of companies with details such as ticker, company name, sector, industry, DB rating, price target, market cap, and various financial metrics.

title: What to buy now (large caps)?

key_organizations:
Deutsche Bank
Compustet
Thomson Reuters


document_description: This document is a financial analysis report by Deutsche Securities Bank, providing a list of DB Buy-rated non-S&P 500 stocks in over-weight industries with specific financial metrics. The report includes a table with details such as ticker, company name, GICS sector, industry, DB rating, price target, price upside, analyst, current price, market cap, net debt/market cap, P/E on 2015 EPS, EPS growth, dividend yield, and total yield.

title: What to buy now (mid and small caps)?

key_people:
Paul Ginocchio
Nanden Amladi
Alan Hellewell
Paul Trussell
Adam Sandler
George Hil
Gregg Gilbert
Ross Sandler
Deepak Mathivanan
Harjoon Kim
Bryan Keane
Ashish Sabadra
Ross Seymore
Vish Shah
Karl Keirstead
Nandan Amladi

key_organizations:
Deutsche Securities Bank
Grand Canyon Education Inc
Lifelock Inc
Ctrip.com International Ltd
Vipshop Holdings Ltd
Foot Locker Inc
Restoration Hardware Holdings Inc
Walgreens Boots Alliance Inc
Jazz Pharmaceuticals Pic
Fitbit Inc
Alibaba Group Holding Ltd
Godaddy Inc
Netease, Inc
Blackhawk Network Holdings Inc
Fleetcor Technologies Inc
Wns (holdings) Ltd
Maxinear inc
Nxp Semiconductors Nv
Sunpower Corp
Check Point Software Technologies
Microstrategy inc
Synchronoss Technologies Inc
Verint Systems Inc


document_description: The document provides a detailed analysis of the Russell 2000 sector performance, comparing year-to-date (YTD) and month-to-date (MTD) price returns across various sectors. It highlights the best and worst performing sectors and categorizes them based on their performance trends.

title: US Equity Insights

key_organizations:
Deutsche Bank
Thomson Reuters
Bloomberg Finance LP


document_description: The document provides a detailed analysis of thematic plays and their year-to-date total returns as of February 8, 2016. It includes data on various sectors such as Dividend Yield, Defensives, Commodity (Energy), and others, with specific percentage returns. The document also compares cyclicals, defensives, information technology, domestic cyclicals, global cyclicals, value, cyclical growth, secular growth, and other financial metrics.

title: US Equity Insights

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


document_description: This document contains a list of Deutsche Bank's US Equity Strategy research notes with their respective titles and publication dates. It includes insights and outlooks on various financial topics and market conditions.

title: List of DB US Equity Strategy Research Notes


document_description: This document provides insights into US equity markets, discussing the risks associated with derivative transactions, foreign exchange transactions, and securities trading. It emphasizes the importance of legal and financial advice before engaging in such transactions and outlines the regulatory framework for Deutsche Bank's operations in various countries.

title: US Equity Insights

key_locations:
United States
Germany
United Kingdom
Hong Kong
India
Japan

key_organizations: Type II Financial Instruments Firms Association

key_organizations: The Financial Futures Association of Japan


document_description: Approval for distribution of presentations in different regions: EMEA, US, and APAC. German version to follow.

key_people:
Torsten Hart
IIlya Lebedynets
Sonja Hildebrandt
Fabian Becher

document_subtype: memo

key_organizations: Deutsche Asset & Wealth Management Investment GmbH


document_description: The document discusses the impact of the significant drop in crude oil prices since June 2014, which has led to market concerns. It highlights the decline in major equity markets and the widening spreads on U.S. high-yield bonds. The report poses three key questions about the oil market, the global economic impact of lower oil prices, and implications for high-yield bonds. It also considers scenarios for prolonged low oil prices.

title: CIO View Special - Beyond the oil bust: Are markets right to worry?


document_description: The report discusses the state of the global oil market as of February 2016, highlighting that global oil supply exceeds demand by about 1.5 million barrels per day. This oversupply is largely due to increased production by U.S. shale producers, financed by debt facilitated by quantitative easing by the U.S. Federal Reserve. The report forecasts oil prices to average $40 per barrel in 2016, with a potential recovery to $50 by year-end. It also notes uncertainties in demand due to winter weather and Chinese demand growth, and in supply due to Iran's market return and Saudi-Iran tensions. The U.S. Energy Information Administration expects global inventory build to continue, though at a slower rate.

title: CIO View Special - Americas Edition

key_locations:
United States
China
Iran
Saudi Arabia

key_organizations:
Deutsche Asset Management
U.S. Energy Information Administration
U.S. Federal Reserve
OPEC


document_description: The document discusses the impact of lower oil prices on the global economy, particularly in the Eurozone and the United States. It argues that lower oil prices are generally positive for economic growth, as they reduce costs for companies and increase disposable income for households. The report also addresses the nervousness in financial markets and the potential for market turmoil to become a self-fulfilling prophecy.

title: CIO View Special - Americas Edition

key_locations:
Eurozone
United States


document_description: The document discusses the impact of declining oil prices on the U.S. high-yield market, particularly focusing on the energy sector. It highlights the risks associated with high-yield bonds, the maturity profile of issuers, and the potential for increased defaults. The document also includes a chart on U.S. high-yield energy bond past issuance and future redemptions, indicating worsening financing conditions.

title: CIO View Special - Americas Edition


document_description: The document discusses the challenges faced by high-yield issuers in the U.S. bond market, particularly due to decreased liquidity and low oil prices. It highlights the expected default rates and recovery rates for U.S. high-yield bonds and provides forecasts for U.S. and euro high-yield spreads by the end of 2016. The document also touches on the impact of low oil prices on investment-grade bonds and the broader economic outlook.

title: CIO View Special - Americas Edition

key_locations:
United States
Eurozone

key_organizations:
Deutsche AM
Deutsche Bank
Petrobras
Gazprom


document_description: The document discusses the systemic risk posed by the banking sector, particularly in relation to the U.S. energy sector and oil prices. It highlights the impact of falling oil prices on U.S. banking stocks and the challenges faced by oil companies in maintaining dividends. The analysis includes insights from Marco Scherer, Energy Equities Expert at Deutsche AM, on the potential consequences of further declines in oil prices.

title: CIO View Special - Americas Edition

key_organizations:
Deutsche Asset & Wealth Management
MSCI World Energy Index


document_description: The document discusses the impact of falling oil prices on emerging markets and developed-market equities. It highlights the risks to emerging markets, particularly oil producers like Venezuela, Russia, and Brazil, and the potential for political instability. It also outlines opportunities in developed-market equities, with revised forecasts for major indices and a constructive long-term view despite short-term challenges.

title: CIO View Special - Americas Edition

key_locations: Venezuela Russia Brazil Eurozone Japan


document_description: The report discusses the impact of lower oil prices on the global economy, highlighting potential benefits for consumers and corporates in oil-importing economies. However, it also warns of financial-market turbulence and concerns about the negative side effects of looser monetary policy. The report suggests caution in investing in oil-related equities and notes the uncertainty in the oil market's structure. It also mentions adjustments in forecasts for major equity indices and U.S. high yield spreads.

title: CIO View Special - Americas Edition


document_description: The document explores hypothetical scenarios of a world with oil prices at $15 per barrel, focusing on potential U.S. recession and emerging-market contagion. It discusses the implications of these scenarios on global markets and economies.

title: CIO View Special - Imagining a world with oil at $15 per barrel

document_date: February 2018

key_locations:
United States
South America
Venezuela
Russia
Nigeria


document_description: The report explores hypothetical scenarios of oil prices dropping to $15 per barrel, focusing on potential economic impacts, particularly in China. It discusses the likelihood of a hard landing in China, disorderly yuan devaluation, defaults on foreign-currency debt, and the collapse of domestic spending leading to reduced oil imports. The report concludes that low oil prices could be positive or negative for the global economy, depending on the cause, and highlights the challenges for central bankers and investors.


document_description: This document provides definitions and explanations of central terms used in the CIO View Special, covering topics related to oil fields, financial indices, economic terms, and market concepts.

title: CIO View Special Glossary

key_locations:
United States
Canada
Eurozone

key_organizations:
Barclays
European Central Bank


document_description: The document provides definitions and explanations of various financial and economic terms and indices, including horizontal drilling, inflation, investment grade ratings, liquidity, loan-loss provisions, maturity profiles, and several bond indices. It also covers organizations like OPEC and OECD, and geographical locations like the Permian Basin.

key_locations:
Permian Basin
Western Texas
Southeastern New Mexico

key_organizations: Organization of the Petroleum Exporting Countries (OPEC)

key_organizations: Organization for Economic Co-operation and Development (OECD)


document_description: The document provides definitions and explanations of various financial and economic terms such as quantitative easing, recovery rate, redemption, rig count, S&P 500 Index, shale industry, spread, STOXX Europe 600 Index, systemic risk, Federal Reserve System, volatility, wealth effect, oil well, and West Texas Intermediate. It appears to be a glossary or educational material related to financial markets and economic concepts.

key_locations:
United States
Washington D.C.

key_organizations:
Federal Reserve System
U.S. Federal Reserve Board
STOXX Europe 600 Index
S&P 500 Index


document_description: A table comparing economic indicators across the U.S., Europe, Japan, and China, highlighting U.S. leadership in various economic metrics.

title: Global Economy - 'Fab 5' Confirms U.S. Leadership

key_locations: U.S. Europe Japan China

document_subtype: economic data


document_description: The document provides an analysis of global consumer confidence trends, highlighting improvements in consumer confidence to pre-crisis levels. It emphasizes the growing contribution of the Chinese middle class to global economic growth, with projections of significant growth from 2009 to 2030. Additionally, it discusses the recovery of European consumer spending, as evidenced by new passenger car registrations and retail sales data.

title: Global Consumer Confidence and Economic Trends

key_locations: U.S. Japan China Europe

key_organizations:
Deutsche Bank Wealth Management
Bloomberg Finance LP
World Bank
Deutsche Bank Global Markets


document_description: A cartoon depicting the practice of 'showrooming,' where customers try products in-store but purchase them online. It illustrates the process with stages: social media advertising, smartphone apps for shopping, transaction processing, and delivery services.

document_subtype: cartoon


document_description: The document provides an analysis of key trends in various retail sectors for 2015 and projections for 2016. It includes data on total returns for different retail sectors, mobile spending trends, and real spending on travel and tourism.

title: Our Consumption Assumption


document_description: The document provides an analysis of the performance of different categories of Real Estate Investment Trusts (REITs) in 2015, highlighting the importance of selectivity in REIT investments. It includes data on total returns for various REIT categories, REIT weighting in mutual funds versus benchmarks, and the underweight status of REITs in broader equity mutual funds. The document also notes the outperformance of A class mall REITs over B/C class and the significant rise in self-storage REITs.

key_organizations:
Deutsche Bank Wealth Management
Raymond James
S&P
Dow Jones


document_description: The document discusses the trends in global fixed income markets, focusing on Treasury yields and the ECB's public sector purchase program. It includes data on the percentage of negative yielding government bonds in various countries as of December 2015 and the purchases as a percentage of net issuance.

title: Global Fixed Income - Combing the Field for Yield

key_locations: Switzerland Germany France Netherlands Slovakia Finland Austria Belgium Denmark Sweden Luxembourg Lithuania Ireland Italy Spain Slovenia Portugal Malta Latvia Cyprus

key_organizations:
Deutsche Bank Wealth Management
ECB
Philadelphia Fed
Bloomberg LP
Barclays


document_description: The document discusses the flow of income into U.S. bonds due to superior yield and economic outlook, while European bonds experience outflows. It includes a table of net U.S. Treasury issuance from 2000 to 2016, showing a trend of decreasing issuance due to a shrinking federal budget deficit.

title: Global Fixed Income: Combing the Field for Yield

key_locations:
United States
Euro Area
Japan

key_organizations:
Deutsche Bank Global Markets
Deutsche Bank Wealth Management


document_description: The document analyzes the performance of emerging market equities compared to developed markets, highlighting the disappearance of the growth premium that emerging markets once had. It includes data on average EM growth premium and earnings growth premium, showing that emerging markets have lagged behind developed markets due to economic factors.

key_organizations:
Deutsche Bank Wealth Management
Bloomberg Finance LP
FactSet


document_description: The document provides a financial analysis comparing the valuations and sector exposures of Emerging Markets (EM) in Asia and Latin America relative to the MSCI AC World. It highlights that Asia appears more attractive from a valuation perspective and has greater exposure to preferred sectors such as technology and consumer discretionary.

title: EM Equities: Favor Select Asia

key_locations:
Asia
Latin America

key_organizations:
Deutsche Bank Wealth Management
FactSet


document_description: The document provides an analysis of equity sectors with a focus on technology valuations and expected earnings growth for 2016. Technology is highlighted as a favored sector due to attractive valuations and solid earnings growth expectations. The document includes a table of 2016 earnings estimates for various sectors.

title: Equity Sectors Analysis


document_description: The document provides data on FDA orphan drug approvals from 1983 to 2014, the decreasing cost of genome sequencing, and annual total returns for healthcare and S&P 500 from 2011 to 2015. It discusses the impact of political uncertainty on healthcare investments and suggests favoring tech, financials, and consumer discretionary sectors. The document includes data from Deutsche Bank Wealth Management and FactSet.


document_description: The document outlines investment strategies and risks associated with emerging markets, foreign exchange, commodities, ETFs, and direct participation program securities. It also explains the classification of real estate investment trusts (REITs) into Class A, B, and C based on quality, location, and management.

key_organizations:
Deutsche Bank
Deutsche Bank Wealth Management
Deutsche Bank Securities Inc.


document_description: An invitation to an investment outlook presentation by Larry Adam, Chief Investment Officer and Chief Investment Strategist at Deutsche Bank Wealth Management - Americas, scheduled for February 1, 2016. The document includes call and replay details for the presentation.

title: Deutsche Bank Wealth Management Invitation

key_organizations:
Deutsche Bank
Deutsche Bank Wealth Management
Deutsche Bank Securities Inc.
Deutsche Bank Trust Company Americas


document_description: The report discusses concerns about the RMB devaluation and depreciation, the transition to a freely floating exchange rate, and the impact of capital outflows on China's monetary policy. It highlights the importance of reassuring domestic investors and the potential role of the National People's Congress and the new Five Year Plan in economic reforms.

key_organizations:
Deutsche Bank
PBOC


document_description: The document provides economic forecasts for various countries and regions, including GDP growth, consumer price growth, current account balance, and fiscal balance for the years 2015 to 2017. It includes data for the US, Japan, Euroland, Germany, France, Italy, Spain, UK, Sweden, Denmark, Norway, Poland, Hungary, Czech Republic, Australia, Canada, Asia (excluding Japan), India, China, Latin America, Brazil, EMEA, Russia, G7, and the World. The forecasts are based on data from national authorities and Deutsche Bank Research.

key_locations:
US
Japan
Euroland
Germany
France
Italy
Spain
UK
Sweden
Denmark
Norway
Poland
Hungary
Czech Republic
Australia
Canada
Asia
India
China
Latin America
Brazil
EMEA
Russia
G7
World


document_description: The document discusses China's evolving foreign exchange policy, focusing on the transition from a crawling peg regime to a more market-determined central parity rate. It highlights concerns about capital outflows and the impact on China's foreign exchange reserves. The document includes data on external debt and domestic foreign currency deposits, suggesting significant capital outflows due to debt repayment.

key_organizations:
PBOC
Deutsche Bank


document_description: The document discusses China's foreign exchange policy, highlighting the country's foreign exchange reserves, external debts, and current account surplus. It also examines the potential risks of domestic capital flight and the impact of China's share of world exports on its currency competitiveness.

key_organizations:
Deutsche Bank
BIS
Ministry of Customs
UN COMTRADE


document_description: The document discusses China's evolving foreign exchange policy, focusing on the impact of regional production networks on exchange rate elasticities for exports. It highlights the recalculation of China's real effective exchange rate (REER) by Zhiwei Zhang and Li Zeng, which shows a lower appreciation when accounting for supply chain effects. The document also provides forecasts for the RMB exchange rate and discusses the implications of interest rate changes in the US and China.

key_locations:
China
South Korea
Taiwan

key_organizations:
Deutsche Bank
Bloomberg Finance LP


document_description: The document discusses China's evolving foreign exchange policy, particularly the management of the RMB with reference to a basket of currencies. It highlights the potential constraints on interest rate policy and the risks associated with RMB depreciation. The document emphasizes the need for China to reassure investors by delivering on reform commitments to ensure attractive returns on capital.

key_locations: China Singapore

key_organizations:
PBOC
Deutsche Bank Securities Inc.


document_description: The document provides an analysis of global economic perspectives focusing on China's evolving foreign exchange policy. It includes central bank policy rate expectations for the US, Japan, and the Eurozone, as well as other European countries like the UK, Sweden, and Switzerland. The report discusses expected rate hikes by the Fed, inflation trends in Japan, and the ECB's policy stance. It also covers the SNB's abandonment of the CHF peg and the Bank of England's inflation report.

key_locations: US Japan Euroland UK Sweden Switzerland

key_organizations:
Deutsche Bank
Federal Reserve
Bank of Japan
European Central Bank
Swiss National Bank
Bank of England
Riksbank


document_description: The document provides an analysis of economic perspectives focusing on China's evolving foreign exchange policy and its impact on global markets. It includes policy rate forecasts for the dollar bloc countries (Canada, Australia, New Zealand) and BRICs (Brazil, Russia, India, China). The document discusses expected GDP growth, inflation targets, and central bank policy actions for these regions.

key_locations:
China
India
Brazil
Canada
Australia
New Zealand

key_organizations:
Deutsche Bank Research
Bank of Canada
Reserve Bank of Australia
Reserve Bank of New Zealand
People's Bank of China
Reserve Bank of India
Central Bank of Brazil


document_description: The document provides a central bank policy rate monitor for various countries, detailing policy rates from 2007 to 2016. It includes data for Japan, UK, Denmark, Switzerland, Canada, Czech Republic, Hungary, Kazakhstan, Romania, South Africa, and others. The document notes rate hikes and cuts with red arrows and green snowflakes, respectively.

key_locations:
Japan
UK
Denmark
Switzerland
Canada
Czech Republic
Hungary
Kazakhstan
Romania
South Africa

key_organizations:
Deutsche Securities Bank
Central Banks
Haver Analytics


document_description: The document provides a global data monitor with recent developments and near-term forecasts for various economic indicators across different regions including OECD, US, Euro area, Japan, China, India, Russia, and Brazil. It includes data on OECD leading indicators, business surveys, industrial production, retail sales, labor market, CP inflation, current account, and other indicators like oil prices and FX reserves.

key_locations:
US
Euro area
Japan
China
India
Russia
Brazil

key_organizations:
Bloomberg Finance LP
Reuters
Eurostat
European Commission
OECD
Bank of Japan
National statistical offices
Markit/JP Morgan
Deutsche Bank Research


document_description: The document provides an overview of global economic events and data releases for the week of January 15 to January 22, 2016. It includes information on economic indicators and events in various countries, including the US, Europe, and Asia.

title: Global Economic Perspectives

key_locations:
US
Europe
Asia
China
Australia
Spain
Denmark
Turkey
Italy
Norway
UK
Euroland
Brazil
Poland
Czech Republic
Germany


document_description: The document provides financial forecasts and interest rate predictions for various countries, including the US, Japan, Eurozone, UK, Sweden, Switzerland, Canada, Australia, and New Zealand. It includes actual and forecasted interest rates, bond yields, and exchange rates. The data is sourced from Bloomberg Finance LP and Deutsche Bank Research.

key_locations:
US
Japan
Eurozone
UK
Sweden
Switzerland
Canada
Australia
New Zealand


document_description: This document is a report on China's evolving exchange policy, including important disclosures, analyst certifications, and regulatory disclosures. It provides information on prices sourced from local exchanges and other vendors, and includes conflict disclosures and short-term trade ideas from Deutsche Bank.

title: Global Economic Perspectives: China's evolving EX policy


document_description: This document discusses the risks and considerations involved in futures trading, options, and foreign exchange transactions. It highlights the volatility of exchange rates, the impact of economic and political events on currency values, and the potential for devaluation or government-imposed exchange controls. The document also outlines the regulatory approvals and distribution details for Deutsche Bank across various countries, including the United States, Germany, the United Kingdom, Hong Kong, Korea, South Africa, Singapore, and Japan.

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

key_organizations: Federal Financial Supervisory Authority (BaFin)

key_organizations: Type II Financial Instruments Firms Association

key_organizations: The Financial Futures Association of Japan


document_description: The document discusses Deutsche Bank's positions and regulatory disclosures in various countries including Malaysia, Qatar, Russia, Saudi Arabia, UAE, Australia, and New Zealand. It outlines the regulatory environment and restrictions for Deutsche Bank's operations in these regions.

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

key_organizations: Deutsche Securities Saudi Arabia LLC Company


document_description: The document outlines Deutsche Bank's foreign exchange strategies as of January 12, 2016, focusing on various currency pairs and market themes. It includes 14 themes such as buying USD against various currencies, selling EUR/USD, and other strategic positions.

title: FX Blueprint: Forever Young

key_people:
George Saravelos
Oliver Harvey
Nicholas Weng
Robin Winkler
Gautam Kalani
Daniel Brehon
Alan Ruskin
Sebastien Galy
Drausio Giacomelli
Guilherme Marone
Sameer Goel
Mallika Sachdeva
Perry Kojodjojo
Adam Boyton
Taisuke Tanaka

key_locations:
London
New York
Singapore
Sydney
Tokyo

document_subtype: Research Report


document_description: The document is an FX market analysis titled 'Forever Young' by Deutsche Bank, discussing the ongoing strength of the dollar and various currency trends for 2016. It highlights bearish views on GBP, JPY, and Asian currencies, while predicting euro depreciation and continued yuan weakness. The document also covers commodity currencies like AUD and NZD, and provides insights on emerging market currencies.

title: FX Blueprint: Forever Young

key_locations:
London
New York


document_description: The document discusses European capital outflows, the impact of ECB policies on the euro, and the potential for continued dollar strength in 2016. It highlights the shift in European investor preferences, the influence of Fed policies on the dollar, and the risks posed by China's economic stance.

title: FX Blueprint: Forever Young

key_locations: Europe London China US

key_organizations:
Deutsche Bank
Bloomberg Finance LP
ECB


document_description: The document discusses the expected continued weakness of the RMB against the USD due to various economic factors, including interest rate differentials, hedging of FX liabilities, and Chinese authorities' tolerance for currency depreciation. It also covers the impact of recent FX reforms by Chinese authorities and the potential for USD/CNY to reach 7.0. The document includes a table showing CNY basket values and USD/CNY spot rates from January 2015 to January 2016.

title: FX Blueprint: Forever Young

key_organizations:
Deutsche Bank
Bloomberg Finance LP
CEIC
Haver Analytics


document_description: The document discusses the impact of large policy divergence on USD/CNY, predicting further upward pressure due to narrowing rate differentials and FX outflows. It highlights the potential for RMB weakness in the first half of the year and suggests investment strategies to capitalize on this trend. The document includes data on foreign claims and outflows from China, with a focus on the economic relationship between the US and China.

title: FX Blueprint: Forever Young

key_locations:
Hong Kong
Singapore

key_organizations:
Deutsche Bank
Bloomberg Finance LP
CEIC
Haver Analytics
BIS


document_description: The document discusses the financial positioning and valuation of the Australian and New Zealand currencies, highlighting the influence of China and oil-producing nations on Australian fixed income. It also examines New Zealand's trade surplus and financial liabilities, the positioning in the options market, and domestic risks to the currencies. The document includes data on short-end rates and currency valuation models.

title: FX Blueprint: Forever Young

key_locations:
Australia
New Zealand
China


document_description: The document discusses the economic outlook for the South African rand (ZAR) in 2016, highlighting external and domestic risks. It predicts continued weakness in the ZAR due to factors such as China's economic slowdown, commodity price declines, and South Africa's structural economic issues. The document includes tables showing currency betas to the US dollar index and commodities, as well as betas to currency volatility indices and the CNH-CNY basis.

title: FX Blueprint: Forever Young

key_locations:
South Africa
China


document_description: The document discusses the outlook for USD/JPY, emphasizing that it's too early to turn bearish. It highlights Japan's trade deficit closure due to import compression, the role of the current account surplus, and the impact of portfolio flows on Japan's balance of payments. The document also notes the influence of the GPIF and other institutional investors on USD/JPY, suggesting that the currency pair will remain range-bound with high short-term volatility.

title: FX Blueprint: Forever Young


document_description: The document discusses the sensitivity of the Bank of Japan (BoJ) to an appreciating yen compared to other deflationary factors, such as falling energy prices. It highlights the BoJ's focus on nominal growth targets and the challenges of managing the yen's exchange rate. The document also covers the correlation between USD/JPY and US yields, the impact of global economic factors, and market positioning in the yen. It includes data and analysis from Deutsche Bank and Bloomberg Finance LP.

title: FX Blueprint Forever Young

key_locations: Tokyo London

key_organizations:
Bank of Japan
Deutsche Bank
Bloomberg Finance LP


document_description: The document discusses economic conditions and monetary policy in Norway and Switzerland. It highlights Norges Bank's stance on inflation and currency, and the Swiss National Bank's challenges with currency pegs and trade balance. The document includes data and analysis on CPI, trade balance, and investment flows.

title: FX Blueprint: Forever Young

key_locations: Norway Switzerland

key_organizations:
Norges Bank
Swiss National Bank
Deutsche Bank


document_description: The document discusses the vulnerabilities of Asian currencies in the context of global FX markets, focusing on both external and internal vulnerabilities. It highlights the potential for USD to strengthen against Asian currencies like THB, TWD, KRW, and CNY due to internal vulnerabilities such as output gaps and domestic indebtedness. The document also compares the performance of Asian currencies to other regions and provides data on reserves coverage for various Asian currencies.

title: FX Blueprint: Forever Young


document_description: The document discusses the impact of internal vulnerabilities and divergent monetary policies on Asian FX markets in 2016, highlighting the relative weak links in Asia based on output gaps and household debt levels. It also analyzes the correlation of Asian FX to front-end rate spreads and provides trade recommendations.

title: FX Blueprint: Forever Young

key_locations:
Singapore
Hong Kong


document_description: The document discusses the expected depreciation of the Korean won (KRW) due to changes in Korea's balance of payments and current account surplus. It highlights the impact of domestic capital outflows, changes in overseas investment mandates, and government measures to encourage outflows. The document includes a table showing overseas portfolio investment by residents and other financial data.

title: FX Blueprint: Forever Young

key_organizations:
Deutsche Bank
National Pension Service (NPS)


document_description: The document discusses investment strategies in Latin American currencies, specifically recommending going long on MXN/COP and PEN/CLP due to fundamental divergence and currency management. It highlights the mispricing in the oil block and provides a table of currency misalignments. The document also includes charts showing the undervaluation of MXN/COP versus oil and the exposure of COP to crude oil price declines.

title: FX Blueprint: Forever Young


document_description: The document provides an analysis of foreign exchange strategies, focusing on the performance and outlook of various currencies, particularly the Peruvian Sol (PEN) and Chilean Peso (CLP). It includes a table showing the Reserve to GDP Ratio from 2010 to 2017, and discusses the impact of falling copper prices and dollar deposit trends on currency performance. The document also covers the intervention strategies of central banks in Peru and Chile, and compares the resilience of the Colombian Peso (COP) to other regional currencies.

title: FX Blueprint: Forever Young

key_people:
Guilherme Marone
Gautam Kalani

key_locations:
New York
London


document_description: The document discusses the economic rationale and challenges of maintaining currency pegs in the Gulf region, particularly focusing on Saudi Arabia, Oman, and Bahrain. It highlights the fiscal consolidation efforts by Saudi Arabia to maintain its peg, the vulnerabilities of Oman and Bahrain due to their economic conditions, and the relative safety of the UAE peg. The document also provides recommendations for currency trading strategies based on forward points.

title: FX Blueprint: Forever Young

key_locations:
Saudi Arabia
Oman
Bahrain
UAE
Qatar

key_organizations:
Deutsche Bank
IMF
Bloomberg Finance LP


document_description: The document discusses the strategy of buying 6-month EUR/EM-USD/EM volatility spreads and selling EUR against TRY, MXN, and INR. It highlights the shift of the euro as a 'risk off' currency and the implications of 'Euroglut' outflows. The document also analyzes the correlation between EUR/USD and equities, and the volatility premiums in EUR/EM versus USD/EM.

title: FX Blueprint: Forever Young


document_description: This document is a trade recommendation update from Deutsche Bank, covering trades from September 22, 2015, to January 8, 2016. It includes a table of various currency trades, their themes, and the gains or losses associated with each trade and theme. The document also provides performance metrics such as the number of winning and losing trades, hit ratio, and average gain/loss. It emphasizes that past performance is not indicative of future results.

title: FX Blueprint: Forever Young


document_description: This document is a financial report titled 'FX Blueprint: Forever Young' dated January 12, 2016. It includes important disclosures, analyst certification, and regulatory disclosures. The report provides information on prices sourced from local exchanges and other vendors, and mentions Deutsche Bank's short-term trade ideas known as SOLAR ideas.

title: FX Blueprint: Forever Young


document_description: This document is a publication by Deutsche Bank discussing the risks and regulations associated with futures trading, options, and foreign exchange transactions. It outlines the potential risks involved in these financial activities and provides information on the regulatory bodies overseeing Deutsche Bank's operations in various countries.

title: FX Blueprint: Forever Young


document_description: The document is a report by Deutsche Bank AG discussing financial services and regulations in various countries including Japan, Malaysia, Qatar, Russia, Saudi Arabia, UAE, Australia, and New Zealand. It includes disclaimers about the regulatory status of Deutsche Bank in these regions and the availability of financial products to specific client categories.

title: FX Blueprint: Forever Young

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 is a table listing key personnel and international locations for Deutsche Bank. It includes names, titles, and contact information for various regional heads and offices in locations such as Sydney, Frankfurt, Hong Kong, Tokyo, London, and New York.

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

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

key_organizations:
Deutsche Bank AG
Deutsche Securities Inc.


document_description: The report discusses the economic outlook for Europe, highlighting external demand and deflationary shocks. It covers euro-area growth expectations, inflation outlook, and potential ECB actions. It also touches on UK/EU renegotiation and Brexit risks.

title: Focus Europe: Dark clouds, no storm yet

key_people:
Mark Wall
Marco Stringa
Marc de Muizon
Peter Sidorov
George Buckley
Caroline Grady
Markus Heider

key_locations: Europe UK Spain Ireland Italy

key_organizations:
Deutsche Bank
ECB
BoE
BoJ


document_description: The document discusses the economic outlook for Europe, highlighting external demand and deflationary shocks. While risks to euro-area growth are rising, the inflation outlook has deteriorated. The ECB is expected to cut deposit rates and increase synergies between monetary policies. Structural issues remain unsolved, and further fiscal easing is not seen as a solution. The euro-area is in better shape than during previous crises, but challenges persist.

title: Focus Europe: Dark clouds, no storm yet

key_people:
Marco Stringa
Mark Wall


document_description: The document discusses political and economic challenges facing Europe, including potential political changes in Italy, the EU's existential crisis due to the migration crisis, and the UK's referendum on EU membership. It also covers the ECB's monetary policy considerations in light of disinflation and oil price trends.

title: Focus Europe: Dark clouds, no storm yet

key_people:
Draghi
Michael Hsueh

key_locations: Italy Germany France UK

key_organizations:
European Union
ECB
Deutsche Bank


document_description: The document provides an analysis of the euro area composite PMI and its implications for GDP growth in early 2016. It includes a table comparing composite PMI, national surveys, and GDP forecasts for the euro area and specific countries like Germany, France, Italy, and Spain. The report highlights the economic conditions in Germany and France, noting the impact of domestic factors and recent events on their economies.

title: Focus Europe: Dark clouds, no storm yet

key_locations:
Euro area
Germany
France
Italy
Spain

document_subtype: economic report

key_organizations:
Deutsche Bank
Markit
National statistical agencies
Eurostat
Haver Analytics


document_description: The document discusses the economic performance of Italy and Spain based on the January PMI print. Italy experienced a significant decline in its composite PMI, while Spain showed contrasting sector performances with a decline in services and a rise in manufacturing. The document also touches on credit conditions and political uncertainties affecting economic growth.

title: Focus Europe: Dark clouds, no storm yet

key_locations: Italy Spain

key_organizations:
Deutsche Bank
Markit
INSEE
Haver Analytics


document_description: The document discusses the political situation in Spain, focusing on the challenges faced by Sanchez, the leader of the centre-left PSOE, in forming a government. It outlines four potential scenarios for government formation and the likelihood of each, emphasizing the possibility of an early national election.

title: Focus Europe: Dark clouds, no storm yet

key_people:
Sanchez
King of Spain

key_organizations:
PSOE
Podemos
Citizens
PP
Deutsche Bank


document_description: The document is a summary of a Special Report on Italian banks, focusing on the 'State guarantee on NPL securitization' scheme known as GACS. It discusses the technicalities of the scheme, its impact on the NPL market, and its macro implications. The GACS scheme is designed to reduce funding costs for NPL securitization but is considered only a marginal help in addressing Italy's NPL problem. The document includes tables and figures illustrating Italy's foreclosure times and credit impulse.

title: Focus Europe: Dark clouds, no storm yet

key_people:
Paola Sabbione
Marco Stringa

key_organizations:
Deutsche Bank
European Commission
ECB


document_description: The Bank of England revised its forecasts for near-term inflation, though they remain slightly above 2% at the end of the forecast horizon. Despite positive comments on the real economy from Governor Carney, markets see the risk of a rate cut later this year. Near-term forecasts for growth and inflation were revised down by up to 40bps each due to global economic concerns and falling oil prices. However, core inflation has risen, indicating that the fall in inflation is due to volatile external factors. The outlook for UK economic growth remains optimistic, with a 'continued solid expansion' expected.

title: Focus Europe: Dark clouds, no storm yet

key_people:
George Buckley
Governor Carney

key_organizations:
Bank of England
Deutsche Bank


document_description: The document discusses the Bank of England's economic forecasts, highlighting a reduction in growth forecasts but noting supportive factors like falling oil prices. It includes figures on growth and wage forecasts, and discusses implications for monetary policy, including interest rate expectations.

title: Focus Europe: Dark clouds, no storm yet


document_description: The document discusses the UK's upcoming EU referendum and the draft UK/EU agreement that could influence the campaign for the UK to remain in the EU. It highlights the potential impact on investment and the political landscape, referencing UK PM David Cameron's reform requests and the EU's response. It also includes a table of foreign direct investment by country.

title: Focus Europe: Dark clouds. no storm yet

key_people:
David Cameron
Donald Tusk
George Buckley

key_locations:
United Kingdom
Europe

key_organizations:
European Union
European Council
Deutsche Bank


document_description: The document discusses the potential outcomes of the UK's EU referendum scheduled for June 23, 2016, predicting a narrow vote to remain in the EU. It analyzes recent opinion polls, the EU agreement offered to the UK, and compares it to Prime Minister Cameron's initial demands. The document includes a table of historical referendum results and a figure showing the relationship between European growth and the likelihood of an 'In' vote.

title: Focus Europe: Dark clouds, no storm yet

key_people:
Mr. Tusk
Mr. Cameron

key_locations: UK EU

key_organizations:
EU
YouGov
Deutsche Bank
Markit
Haver Analytics


document_description: The document is an economic report focusing on the Eurozone's economic indicators, specifically the SIREN index which monitors economic growth and surprises in the euro-area. The report discusses the stability of SIREN-Momentum and the volatility of SIREN-Surprise, providing insights into economic trends and forecasts.

title: Focus Europe: Dark clouds, no storm yet

key_people:
Marco Stringa
Nicholas Weng

key_locations: Eurozone Ireland Germany


document_description: The document discusses the SIREN-Momentum and SIREN-Surprise metrics for the European economy, analyzing macro momentum and surprises across quarters. It includes charts and data points related to macroeconomic indicators and their impact on GDP forecasts. The document also introduces the concept of the Bliss Point (DB-Point) and its relation to macro momentum and surprises.

title: Focus Europe: Dark clouds, no storm yet

key_organizations:
Deutsche Bank
Haver Analytics
National Statistical Offices
Bloomberg Finance LP
Markit


document_description: The document provides financial forecasts and central bank policy expectations for various European countries, including the Euro Area, UK, Switzerland, Sweden, Norway, Denmark, Poland, Hungary, and the Czech Republic. It includes interest rate predictions and currency exchange rate forecasts for 2016.

title: Focus Europe: Dark clouds. no storm yet

key_locations:
Euro Area
UK
Switzerland
Sweden
Norway
Denmark
Poland
Hungary
Czech Republic
Japan
US

key_organizations:
Deutsche Bank AG
Bloomberg Finance LP
National Central Banks


document_description: The document is a data monitor report focusing on various economic indicators in Europe, including business surveys, consumer demand, foreign sector, labor market, prices, wages, costs, and money supply. It provides data for different periods and forecasts for 2016.

title: Focus Europe: Dark clouds, no storm yet

key_locations: London Euroland

key_organizations:
Deutsche Bank
Eurostat
INSEE
Reuters
European Commission
National statistical offices
Haver Analytics LP


document_description: The document provides an economic outlook for Europe and the USA, highlighting key data releases and events for the week. It includes a detailed table of economic indicators and forecasts for various countries, with a focus on the US and UK markets.

title: Focus Europe: Dark clouds, no storm yet

key_locations:
US
UK
Poland
Romania
Hungary
Czech Republic

key_organizations:
Deutsche Bank
House Financial Services Committee
DB Global Markets Research


document_description: This document is a financial report from Deutsche Bank, discussing market conditions in Europe as of February 5, 2016. It includes important disclosures, analyst certifications, and regulatory disclosures. The report provides information on prices sourced from local exchanges and Deutsche Bank, and mentions short-term trade ideas known as SOLAR ideas.

title: Focus Europe: Dark clouds, no storm yet

key_people:
Mark WalU
Marco Strings

document_subtype: financial report


document_description: This document is a financial report by Deutsche Bank AG discussing the potential risks and considerations for investors in the European market. It highlights the impact of macroeconomic fluctuations on fixed income instruments, the importance of choosing proper metrics in swaps markets, and the risks associated with currency exchange and interest rate changes. The report emphasizes that opinions and projections are subject to change and are not offers to buy or sell financial instruments.

title: Focus Europe: Dark clouds. no storm yet


document_description: This document is a financial report distributed by Deutsche Bank AG and its branches in various countries, including Korea, South Africa, Singapore, Qatar, Russia, Saudi Arabia, UAE, Australia, and New Zealand. It outlines the legal and regulatory compliance requirements for distributing financial information in these regions. The report emphasizes that it is intended for specific types of investors and clients, and additional information is available upon request.

title: Focus Europe: Dark clouds. no storm yet

key_locations:
Korea
South Africa
Singapore
Qatar
Russia
Saudi Arabia
United Arab Emirates
Australia
New Zealand

key_organizations: Deutsche Bank AG Dubai International Financial Centre


document_description: This document is a table listing key personnel and international locations of Deutsche Bank. It includes names, titles, and contact information for various individuals and offices across the globe.

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

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


document_description: Larry V. Adam, CIO and Chief Investment Strategist at Wealth Management-Americas, discusses the current economic indicators and outlook amidst market volatility. He highlights the 'fab five' economic indicators suggesting U.S. economic growth is stable. The document also previews upcoming economic data releases and Janet Yellen's testimony before Congress.

title: Weekly Highlights

key_people:
Larry V. Adam
Janet Yellen

document_date: February 5, 2016

key_organizations:
Wealth Management-Americas
Deutsche Bank Wealth Management
Federal Reserve


document_description: The document provides an analysis of economic conditions in Asia and EMEA regions as of February 2016. It discusses the Reserve Bank of India's decision to keep interest rates unchanged and the potential impact of India's FY17 Union Budget. It also highlights signs of slower growth in the Eurozone, with specific data on retail sales and PMI indices in Germany, France, Italy, and Spain.

title: Comments from the regions

key_locations: India Eurozone Germany France Italy Spain

key_organizations:
Reserve Bank of India
Deutsche Bank Wealth Management


document_description: The report discusses the volatility in the oil market, the impact of financial positioning on crude oil prices, and the expected rise in crude prices by the end of 2016. It also covers the global foreign exchange market, particularly the USD's performance against the EUR and JPY, and the influence of monetary policy divergence on USD strength. The report includes a line chart of NYMEX Crude Oil Shorts and a table of EUR/USD trading range from January 2015 to February 2016.

title: Deutsche Bank Wealth Management Report

key_organizations:
Deutsche Bank
OPEC
NYMEX
BoJ
ECB


document_description: The document outlines key forthcoming data releases and events across the U.S., Asia, and Europe for the week of February 8, 2016. It also lists members of the Deutsche Bank Wealth Management Global Strategy Team.

title: Key forthcoming data releases and other events

key_people:
Larry V. Adam
Megan Horneman
Elke Speidel-Walz
Matt Barry
Wolfgang Stoehr
Huay-Imm Poh
Gerard Piasko
Paul Kalogirou

key_locations: U.S. Asia Europe Germany Spain Japan India Thailand Philippines China Malaysia France Italy UK Eurozone


document_description: The document provides an analysis of the 4Q EPS performance of S&P 500 companies, highlighting that 59% of companies beat EPS expectations with a weighted average beat of 1.3%. Banks showed decent EPS growth due to cost cuts and reduced litigation, while Health Care and Tech sectors also performed well. Energy and Materials sectors faced significant declines. The document also discusses analysts' adjustments to 1Q16 and 2016 EPS estimates.

title: US Equity Insights

key_people: PFE MRK BSX GILD Google SYMC XOM COP TSO

key_organizations:
S&P 500
Deutsche Bank Securities Inc.


document_description: The document provides a detailed analysis of bottom-up 2016E EPS revisions and changes in bottom-up 4Q15 and 2015 EPS since September 30, 2015, across various sectors. It includes tabular data on percentage changes in EPS for sectors like Discretionary, Staples, Energy, Financials, Health Care, Industrials, Tech, Materials, Telecom, and Utilities.


document_description: The document provides an analysis of the S&P 500 earnings per share (EPS) growth excluding the energy sector. It highlights a deterioration in EPS growth in the fourth quarter of 2015 and projects slow growth in the first half of 2016, with expectations of healthier growth in the second half. The document includes a table comparing quarterly S&P 500 growth rates with and without the energy sector from 2013 to 2016.

title: US Equity Insights


document_description: The document discusses the financial outlook for banks in 2016, highlighting a reduction in expected S&P EPS and DPS, and adjustments in sector allocations. It notes the vulnerability of banks due to potential market weaknesses and credit cost increases, but also points out the attractive valuation of banks based on historical PE and PB ratios. The document includes figures on forward PE ratios and discusses valuation concepts for banks.

title: US Equity Insights


document_description: The document contains a detailed financial table with various metrics for different US banks, including EPS, PE ratios, ROE, and dividend information. It provides a comprehensive analysis of the financial performance and projections for these banks.

title: Insights Equity US

key_organizations:
Deutsche Bank
IBES
Thomson Reuters


document_description: The document provides an analysis of the Price-to-Book (P/B) and Return on Equity (ROE) of S&P 500 Banks and Financials, discussing the implications of Federal Reserve rate hikes on bank earnings. It highlights the competitive nature of banks, the valuation based on steady-state PEs, and the impact of interest rates on earnings per share (EPS). The document also addresses the potential effects of energy credit losses and recession on loan loss provisions (LLPs) and bank valuations.

title: US Equity Insights

key_organizations:
Deutsche Bank
S&P 500


document_description: The document provides an analysis of energy exposures of S&P Banks, highlighting that overall energy exposure remains relatively modest (1-4% of total loans outstanding) with reserves on these loans ranging from 2-7%. It includes a detailed table of bank energy loan disclosures, showing total funded loans, energy subsectors, reserves, and total exposure for various banks. The document also includes figures on high yield energy credit spreads and basket price & total returns.

title: US Equity Insights

key_organizations:
Deutsche Bank
S&P Banks


document_description: The document contains financial data and analysis related to loans by type at FDIC banks, real estate loans at commercial banks, non-real estate loans, and assets/equity of banks and financials. It includes tables and figures with data from Deutsche Bank, FDIC, FFO, and FRB.

title: US Equity Insights

key_organizations:
Deutsche Bank
FDIC
FFO
FRB