EFTA Document EFTA01458986

8 December 2015 World Outlook 2016: Managing with less liquidity Figure 3: Banks' P/B relative has not yet reacted to the Improvement in relative RoEs -PM relative Ohs) forward RoE relative (Mel -10 -20 -30 -40 -50 European banks relative to the market 0 ui r, cs 0 0 Z z 0 z Sand awe. an AS Damen Page 58 0 z z z Figure 4: Consumer staples are priced for an implausible rates trajectory - European food & beverage. del to the market Ohs) - US 10-year bond yields, inv