Deutsche Bank - Fixed Income Research Early Morning Reid - Macro Strategy 01 July 2014 (6 pages/ 178 kb) Download the complete report: http://pull.db-gmresearch.com/p/17805-C28E/90612075/DB_EMR_2014-07- 01_0900b8c088724b5b.pdf Key Market Data (Index @ close // change) (ITX Crossover 0 242 // +3) (ITX Europe 125 @ 62 // +1) (CDX 125 @ 59 // +1) (CDX HY - pts @ 108.66 // -0.154) (S&P 500 0 1960 // -0.04%) (Brent OilA @ 112.55 // -0.66%) (GoldA @ 1327 // +0.83%) (10 yr TreasuryA @ 2.52 // -1 bp) A - Change from previous day's 5:30 GMT to 05:30 GMT Macro Strategy (J. Reid, N. Burns, A. Ip) Illbehoes ad aytht eserays MRwa abi o adae.I ada elte prt fr y Ot o Studa ad pet irualyth etie riaynihtawkewih y uides ryngtopu ahosebak ogthr ha hs ee one b te uides or8 onhs Iha 1 pope hee ntl amFrda ngh wth3 f he wrkngno-sopunilth frs gess rrve a 20p. evr av Iben o trssd ndtied S al aySuda ad onaymonig er abi o adae.salyl' nw ac lvig it biler aai a teyfiis tins ffaferth prt. t asblssulfo te ewhorswewee pat.Atlestwevemoedou o te ithe wer w wreliin ad lepig ornerl Smoth bfoe as wek opfulybyth tmeth scod al o te ea edsl'1 evr av t se bileragin Aywy,th scod al hs owbeunfo mrktsan i or 1/2/Jue erorane evewtoayweshw ha mstaset hveha apoitveyer o ar S mchsotht f heyer vetull gestopealie i wllen u bin avey oo scod al sownginlie it mnyofEnlad' i rcet eas! W bielyreie te umer a te ndbu al hedaa ndchrt ae n hepd o tisdoumnt Is retyrae o av amot llman loalaset i psiiv trrtoy hi fr nt ayer.Cetrl an lqudiy oninestodrvemakes n uropnin hih ashepe tissychonse ulit n alaton. owve w cn' hlpsesig ha ter'sles oyovr hee etrn tanmihtbeexeced Ivetos reworid bot alaton i nmeou ases ndworid ha te edmihtbeom mrehakih oo. hee' ltte haceofth EB olowngsut nyim sonthug ad urpen ovrnen bnd hveha avey oo 214sofa. oerth lstmothweveaginhihlghedho mnyEuopanGoermet on mrktshae itmuticetuy,al tmeyildlos.wel eserayitwa te ur o te uth 0 ea yel t g troghit0H, al im lw gan.Th Dtc sris s hee e