EFTA01459690

15 January 2016 Global Economic Perspectives. China's evolving FX policy Global Week Ahead: Friday, 15 January Friday, 22 January • Dollar Bloc: In the US, we have a series of data ranging from Inflation, Retail sales, Industrial production lined up in the week ahead. In the surveys, we have Empire manufacturing, Consumer sentiment and Philly Fed. Among the Housing variables we have, Housing starts and permits and Existing home sales. In C.arlada we have Inflation data release along with the BoC January rate announcement. • Europe: In the Euro zone, we have the PMI releases followed by ECB rate decision for January. We also have the January Zew surveys lined up. ▪ Asia incl. Japan: In China there is the O4 GDP report followed by Industrial production and Retail sales to be released early next week. AUSTRALIA SPAIN DENMARK TURKEY 00:30 08:00 08:00 06:00 DB Expected Consensus Previous Friday. isJanuarillIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIEr2, Home loans (Nov) -0.6% HICP (Dec) -0.4% (.0.1%) 0.2% (-0.4%) PPI (Dec) (-3.0%) Unemployment rate 'Oct) 10.3%rate ITALY 09:00 HICP(Dec) -0.1%(0.1°h) -0.d%(0.2%) NORWAY 09:00 Trade balance (Dec) NOK15.40bn SPAIN 09:00 Trade balanCe (Novl -EURI.9bn UK 09:30 Construction output (Nog l%) (1.0%) EUROLAND 10:00 Trade balance (Nov) EUR(241..0bri EUR19.9bri BRAZIL 11:00 National unemployment rate (Octl 8.90% POLAND 13:00 CPI (Dec) (-0.5%) -0.1%0.6%1 US 13:30 Core PPI (Dec) 0.0% 0.1%10.3%1 0.3%(0.6%) US 13:30 PPI (Dec) -0.3% -0.2%1.1.0%) 0.3%(•1.1%) US 13:30 Retail sales ex autos IDecl 0.3% 0.2% 0.4% (0.7%) US 13:30 Retail sates (Dec) 0.0% 0.0% 0.2%(1.4%) US 13:30 NY fed empire state survey (Jan) -5.0 -4.0 -4.6 US US 14:15 14:15 Capacity utilization (Dec) IP IDecl 77.2% 76.8% 0.2% -0.2% 77.0% -0.6%(-1.2%) US 15:00 Business inventories (Nov) -0.3% -0.1% 0.0% (2.0%) US 15:00 Consumer sentiment prelim Wan) 89.0 92.9 92.8 Events and meetings: EUROLAND: EU's Juncker to hold press conference in Brussels - 08:30 GMT. US: Fed's Dudley to speak on economy and policy in New Jersey - 14:00 GMT. US: Fed's Williams to give opening remarks and O&A in San Francisco -16:10 GMT. US: Fed's Kaplan to speak on panel in Dallas - 18:00 GMT. Monday, 18Januanr CZECH REPUBLIC ITALY 08.00 09'00 PPI (Doc) Trade balance (Nov) 1-3.7%) EUR4.81bn POLAND 13:00 Cow inflation (Dec) -0.1% (0 2%) Events and meetings No miter events or meetings are scheduled at this date. Tuesday. 19 Jamey CHINA 02:00 GDP constant price 1041 17.2%l (6.916) 996) CHINA CHINA 02:00 02:00 IP (Dec) Retail sales (Dec) 0(06..r0.4) I GERMANY 07:00 HICP(Dec) 0.0%(0.2%) EUROLAND 09:00 Current account (Nov) EUR20.4bn UK UK 09:30 09:30 Core input PPI (Dec) Core output PPI 'Dec) -0.1%1-0.1%) 0.0%(-0.1%) -0.2% (.0.1 UK 09:30 Input PPI (Decl -2.0% (-11.9%) -1.6% (-11.5%) %11) -1-.16% .2%(-(1-83..3 ;%) UK 09:30 Output PPI (Dec) -0.3%1-1.3%) -02%1-0.1%) -0.2% (-1.5%) UK UK 09:30 09:30 CPI (Dec) Core CPI (Dec) 0.1% (0.2%) 0.0X :12 0:% 11 0.0% (10 ) 1..r4 1%) GERMANY 10:00 ZEW survey (Current situation) (Jamb 66.0 GERMANY 10:00 ZEW survey lEconSentimenD(Jan) 6.0 16.1 EUROLAND 10:00 ZEW survey (Current situation) (Jan) -9.6 EUROLAND 10:00 ZEW survey (Econ. sentiment) (Jan) TURKEY 12:00 MPC meeting (Jan) 8.00% 7.50% 319 US 16:00 NA116 housing market index (Jan) 60.0 61.0 81.0 US 21:00 Net torsion sec purchase (Nov) •US018.6bn Deutsche Bank Securities Inc. Page 15 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0120311 CONFIDENTIAL SDNY GM_00266495 EFTA01459690