From: US GIO

From: US GIO To: Undisclosed recipients:: Subject: JIPMorgan View 11.18/011 Date: Fri, 18 Nov 2011 22:46:07 +0000 Attachments: WM_View_II.18.20II-pdf.zip Inline-Images: image003.png .1P Morgan The J.P. Morgan View EMU now more clearly in a liquidity crisis. affecting all • Fealties Ot GOP poirth in US rind to ".4%, eve, ittCO oat protthly only 2%. %reduce UK 3112 growth from 0.8% to054.•ith mini-recemion h111. • Poettotkr stroke —Near -min %Wadleyas EMUMan rant • Mal Immo — Scottie nxenrooni foot UK gib. owe 1GB. • Writ — Coachmen focus on colony ndes flooring Germany and MCA. • &all — Set French bast boob v• OATS loot antne in veil( good. and .cry had tam Wise world. 1 amigo, nettle — We remainshort E(TUIPytlnolghgfion to ledge :try attune. In FAIIVIV. • (''aimdale,-We Laseour WTI tomcat to ref ectOWVIC% that Me Brtnt- Voll sweat 'horrid nary.* to only SIAM by deed or neat year. • Marko :canon extremely wink arid manors to tenet lathe blew polrwal watementatot it bnope on saki wit of well not. ot should or drool not, do %ha to melte the Ewa, noting' debt cmi. Etalltale dots we ate tend the gory, owlet tally the US. wit supportive for oak market,. but were uutahoutol by the Mescal dam m Ewupr. km mg tuba aut. omit- tang)' Stun over the wet. • lS amvin data continue to impress. reline to orbdued expectauont. ri d are tuning our lorecata torQ4 up to 3%. even m we &minty Q3 to only Y.F. The a•tanar for 112 soya at 25%. muchbat than the I% p. t we Footled oily MO months ago, This good rem Infirm< thr ghde path of the etoromy wto 2012, tat *eV doe. nee Mott the downide nit due to Jr exprint an outer of focal stimehm meager. el the cal ot Om yew. There rmtaim m Oa, of compantaile in Wrolingkm an the 2012 buddy.* nor on the Sut,in,orninteselTat M iedaceihe layearour deficit Or SI 3trillion. One could hope that both rider know the nation reed, clarity and will compronMe at to lao minute, tot dos it tune our Slonday should bring !WM from the Sopenomoonet • 1-6iew Nee we we lento, mulnite thin diner growth Om yew ism.* wrong to hone heaths Inflation clew H)om ftemmt.ttlolul hwprrr isfleit6.666.1 fell from I efe oya Os. swam to 2 464 rya M6 month,' time. (tor lava inflame) twewutiom Sane. «„iia a e b..ona. Nov II) relml that minion have ranee Owe timbal:Mit) of dellatimmwsi 2 ti the nc tt 5 ) een by YI to Met ea the f Sam: 15% m the EmuArea (EA'. ha the FA. equal,. their prohibita) te ugh inflation (>49+1. • I Alin lunation and indatlastexpeetualtem aiould ;nova& both support to vormorcr, ad ...Mort W .corral bantera that try should be tutus about Ivonding greater %mourn,. through rate cuts in EM and ituanoutoe easing in the moo de, el,por marten The Hank of England is in the nm.hl of remit; its : he °end', ins salysus okkated M a. See page • lie rm:r2y o certification relimpwitere Irgal aril reptmom ditdowrr). GlObill Anal /1163C•03.1 sPlocegandreauelantriA JP Ikerean Ifecuilke Ittt Pew it All John Normand likolanahotaldzosardi_ Searnus Mac Gamin Leo Event /a. MOM VP Ilr/P V6' VOW* BAG trOtoretrotom GM& leovIorde EVLomi Boer MI On C40 TR am E wpm FrE Fare' SWIM DIM IISOAC MAT MOP 1c if• tom Pa, any.. It Awl nos ...pi in til> en rad sauna Owe* Y w Kim WM snail Conga also tO This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at EFTA01171762