QuarterlyOutlook

Quarterly Outlook Q1 2012 MARKET COMMENT PERFECT STORM BREWING? page 4 MACRO OUTLOOK NAVIGATING THE ROUGH SEAS page 7 EQUITY OUTLOOK ACCEPT THE UNCERTAIN FUTURE page 10 FX OUTLOOK THE SONG REMAINS (MOSTLY) THE SAME page 13 MONETARY POLICY MAJOR CENTRAL BANKS page 19 ASIA OUTLOOK FASTEN YOUR SEATBELTS page 22 COMMODITY OUTLOOK MARKETS BRACED FOR HEADWINDS page 24 FX OPTIONS MORE UPSIDE POTENTIAL FOR VOLATILITIES page 26

• succession of cuts
• siren song of the ecb printing press
• quarterly outlook
• term disruptions
• social tension
• public sector
• growth
• world
• potential energy