Results for “Bank of America Merrill Lynch Global Research”

…s.pdf Importance: High Our Financials Conference was this week and client attendance was up by 66% from last year. Yes, banks/financials might pull back at some point after this run-up but we would be buyers on any pullbacks and we continue to see further upside from multiple exp...

Chart 13: The -2.5% drop in the NDX on 17-May was a six standard deviation (60) event relative to trailing realized volatility and the fourth worst risk-adjusted daily return since 1985 Chart 14: The 60 sell-off in the NDX on 17-May has helped drive short- dated Tech implied vol...

… to continue as we expect the pair to reach 115-120 by end-2017. We remain constructive about Japanese equities and see banks, insurance continue outperforming REITs near-term. Higher US rates (esp. if steepening) to boost USD/JPY USD/JPY performs best at the time of UST bear-st...

…Sector Industry % Rate % FE FirstEnergy Corp. Utilities Electric Utilities 0% 35.3 ZION Zions Bancorporation Financials Banks 0% 35.2 MO Altria Group, Inc. Consumer Staples Tobacco 0% 35.1 EXC Exelon Corporation Utilities Electric Utilities 0% 35.1 RSG Republic Services, Inc. Ind...

…s relating to HOUSE OVERSIGHT 029694 the Palestinians, including Israel's continued settlement construction in the West Bank and East Jerusalem. Israel's military occupied those territories, along with Gaza, in the 1967 Arab-Israeli war. Palestinians view them as the key territor...

Bank of America Merrill Lynch This material was prepared by Sales personnel of Bank of America Merrill Lynch and is subject to cine: terms available at the following link: alten einer Disclaimer: https://markets.ml.com/disclosures/ir?id=Knqg3 HJgGkM%3d This message, and any a...

… drop, management sounded upbeat on its outlook. Chart 37: What do you think is the biggest impact of the GOP sweep to bank earnings? 40% 36% 30% 20% 10% 0% Interest rates rising Tax cuts and Lower regulatory No real impact/too faster across the curve infrastructure spending bu...

…kly to post-election excitement. Chairman and CEO Kessel Stelling noted that despite the very positive reaction seen in bank stocks from the results of the US elections, it was too soon to say the real impact on growth outlook. That said, he believes that a more encouraging busin...

…TCBI? 50% A4T% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Stronger loan Higher interest Better visibility on A pick-up in bank A pull back in the growth rates the outlook for the M&A activity, stock Texas economy —_ especially in and oil prices Texas Source: BofA Merrill Lynch Glo...

…}, and 15x 2018 EV/EBITDA for HomeAway, plus net cash and long term investments. 20 Internet/e-Commerce | 06 April 2017 Bankof America 2 Merrill Lynch HOUSE_OVERSIGHT_014906

… SXEP Oil & Gas 42% the 19 SXXP sector indices and the other SXXP sector indices. **Average of the 19 intra-sector SX7P Banks 41% 2 correlations (in Euro) where the 19 sector indices are the indices which make up the SXXP index. SX3P Food & bev 31% 25% Note that the average intra...

…hange -0.94% -0.94% -3./0% 2.37% 1Mth Change -1.10% -10.28% -11.99% -6.15% Source: BofA Merrill Lynch Global Research Bankof America 26 Global Equity Volatility Insights | 20 June 2017 Merrill Lynch HOUSE_OVERSIGHT_014997

…d on 16-May. For comparison, in ’64 SPX had 8 stretches without such a move with the longest stretch spanning 43 days. Bankof America Merrill Lynch Global Equity Volatility Insights | 20 June 2017 7 HOUSE_OVERSIGHT_014978

…10 minus 90 skew 27.1% 26.9% 0.2% 88.6% 9.3% 18.6% 21.5% 23.8% 30.3% Source: BofA Merrill Lynch Global Research deg oes Bankof America 8 Global Equity Volatility Insights | 20 June 2017 Merrill Lynch HOUSE_OVERSIGHT_014979

… 4.5%, which is already subdued even for the current low- vol regime (17th %-ile since the US election last November). Bankof America Merrill Lynch Global Equity Volatility Insights | 06 June 2017 9 HOUSE_OVERSIGHT_023583