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sd-10-EFTA01451130Dept. of Justice

EFTA Document EFTA01451130

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(2) Favor DM >EM. (3) Japan, ex-yen. Bullish Japanese Recovery, equities and assets. Bearish JPY vs. USD. (4) European Recovery. Bullish Europe. Note: Periphery spreads have collapsed, favor equity and real assets. Favor: Financials, SMID cap equities, Germany (DAX is a levered play on global growth, year- end forecast of 11,000, 12.4x) (5) Bullish USD. Bearish Euro. The year it finally fumbles? (6) Rising rates - limited opportunity, but for the Syr part of the curve. Syr part of the curve

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Dept. of Justice
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sd-10-EFTA01451130
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