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MSF ENTERPRISES, LLC                                          Macroeconomic Presentation Q2 2012                          ...
Table of Contents                                        Developed Markets                                                ...
U.S.: Current Environment                                        Economic Environment                                     ...
U.S.: Supporting Charts                                                                           Annual GDP Growth (%)   ...
U.S.: Supporting Charts                                                                                                   ...
Euro Zone: Current Environment                                        Euro Zone Overview                                  ...
Euro Zone: Supporting Charts                                                               Euro Zone GDP Growth Rate      ...
Euro Zone: Supporting Charts                                                                         Euro GDP v. Debt (201...
Japan: Current Environment                                        Economic Environment                                    ...
Japan: Supporting Charts                                                            Japan Debt/GDP & GDP Growth           ...
China: Current Environment                                        Economic Environment                                    ...
China: Supporting Charts                                        Quarterly GDP Growth (YoY)               Composition of GD...
India: Current Environment                                        Economic Environment                                    ...
India: Supporting Charts*Chart from Trading Economics                                                   *Chart from Tradin...
Brazil: Current Environment                                        Economic Environment                                   ...
Brazil: Supporting Charts                                                   GDP Growth & Market Expectations              ...
Mexico: Current Environment                                        Economic Environment                                   ...
Mexico: Supporting Charts                                                                Remittances to Mexico            ...
Macro Strategies                                                                    U.S.                                  ...
Contact Information                                                                    Michael Fields                     ...
Sources                                        U.S.                                     Japan                             ...
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MSF Macro Presentation Abridged 8.12

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MSF Macro Presentation Abridged 8.12

  1. 1. MSF ENTERPRISES, LLC Macroeconomic Presentation Q2 2012 1Copyright © 2012 MSF Enterprises, LLC
  2. 2. Table of Contents Developed Markets United States…………………………………………………..........3 Euro Zone………………………………………………………...…..6 Japan……………………………………………………………………9 Emerging Markets China…………………………………………………………………..11 India…………………………………………………………………...13 Brazil………………………………………………………………….15 Mexico………………………………………………………………..17 How to Play the Market Global Opportunities………………………………...…………19 2Copyright © 2012 MSF Enterprises, LLC
  3. 3. U.S.: Current Environment Economic Environment • GDP growth for 2012 estimated at 2.1%, forecast as 2.4% for 2013 1 • Debt/GDP at 103%, fiscal deficit above 8% of GDP 2 • Unemployment remains above 8%, compared to 2003-2007 average of 5.2% 3 • Consumer confidence at 62 in June, below historical average of 93 4 Housing • Housing market showing signs of price stabilization as home sales up 7% in 2012 5 • Asset managers, REITs and HNW individuals purchasing real estate due to low rates and attractive prices • Refinancing up 4.1% in 2012 due to historically low interest rates 6 • 10MM underwater mortgages and shadow inventory of 1.5MM homes could disrupt supply/demand balance 7 Energy • More efficient technologies for natural gas extraction have boosted U.S. production over 27% since 2005 8 • The U.S. is projected to cut its reliance on Middle East oil by 2020 and become self-sufficient by 2035 5 Retirement and Pensions • 10,000 baby boomers are approaching retirement daily 9 • 60% of households report total savings and investments of less than $25,000 9 • Defined-benefit pensions at record underfunding level of $355B for S&P 500 companies in 2011 10 Current Issues • Dodd-Frank Act and Volcker Rule aimed at increasing transparency and stability in financial system • Greater regulation, higher capital requirements and elimination of prop trading will likely cut bank profits • Possible “Fiscal Cliff” at end of 2012 • Expiration of 42 provisions would reduce 2013 spending deficit by 5% of GDP 11 • Real GDP growth could drop to .5% in 2013 if provisions are allowed to expire 11 • Capital gains tax rate would increase from 15% to 20% and dividend taxes from 15% to 39.6% 5 Financial Markets • S&P 500 P/E ratio of 15.63 is near historic average of 15.48 12 • Analysts earnings estimates have trended down nearly 10% since 2011, yet S&P 500 up nearly 25% 5 • U.S. equities have an average correlation of .56 with all foreign markets 13 • 13% of 2010 S&P 500 revenue was from Europe in 2010 5 • Sectors with high exposure to Europe: Materials (24%), Energy (18%), Industrials (17%), Health Care (17%) 12 3Copyright © 2012 MSF Enterprises, LLC
  4. 4. U.S.: Supporting Charts Annual GDP Growth (%) U.S. Unemployment Rate 8 11.0 6 10.0 4 9.0 Unemployment above 2003-2007 average of 5.2% 2 8.0 0 7.0 -2 6.0 -4 5.0 -6 4.0 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 3.0 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 *Source: World Bank *Note: Estimated data for 2012 *Source: U.S. Bureau of Labor Statistics U.S. Government Debt to GDP vs. 10-Yr Treasuries U.S. Consumer Confidence Dropping due to 100% weak job market 103% and fear of euro 80% debt crisis 60% 33.4% 40% Risk-free? 10.80% 20% 1.5% 0% 1996 2010 1980 1982 1984 1986 1988 1990 1992 1994 1998 2000 2002 2004 2006 2008 US Debt to GDP 10-Yr Treasury Yields *Chart from Trading Economics *Source: U.S. Bureau of Public Debt, U.S. Department of the Treasury 4Copyright © 2012 MSF Enterprises, LLC
  5. 5. U.S.: Supporting Charts U.S. Natural Gas Marketed Production (in Cubic Feet) Prices stabilizing? 24 Millions 22 20 18 *Source: Standard & Poor’s *Source: U.S. Energy Information Administration S&P Performance vs. Earnings Estimates Geographic Breakdown of S&P 500 Revenues (2010) Africa 3% Asia Disconnect 6% Europe between 13% market performance and earnings Canada/ estimates Mexico 2% U.S. 54% South America 2% Foreign Countries (Unspecified) *Source: Wall Street Journal 20% *Data from Standard & Poor’s 5Copyright © 2012 MSF Enterprises, LLC
  6. 6. Euro Zone: Current Environment Euro Zone Overview • The 17 countries in the European Union have a combined GDP of $17.55T, greater than the U.S. at $15.09T 1 • Arrangement is a monetary union without fiscal union • Single currency makes shifting money across borders easy, increasing risk of a bank run • EU Officials are capable of significant action that can strongly influence markets • The U.S. is the euro zone’s top trading partner, accounting for 13.8% of total trade 2 Economic Environment • Slow growth around 0% for the region, with contraction in some countries 3 • High fiscal deficits averaging 4.1% for entire euro zone and 7.76% for the GIIPS countries 3 • Large debt loads, averaging 88% debt/GDP 4 • High borrowing costs, with some countries above the historically unsustainable level of 7% 5 • High unemployment averaging 11% for the entire euro zone 3 • Declining industrial production and gross fixed capital formation over the past year 2 • The U.K., traditionally considered a safe haven for the region, slipped into recession following contraction in Q2 2012 6 Financial Markets • Euro declining in value, falling around 15% against the dollar in the past year 7 • European stocks have remained relatively flat over the past two years despite reduced earnings outlooks 8 • Some European companies have been forced to cut or delay raising dividends 9 • Credit default swap spreads on GIIPS debt securities have been rising since 2010 10 Current Issues • Bailouts for Greece, Ireland, Portugal, Cyprus and the Spanish banking system • Stronger countries such as Germany may be forced to prop up fiscally weaker nations • LIBOR fixing scandal may further erode confidence in global banking systems and attract tighter regulation • Exact exposure of global banks to credit default swaps cannot be quantified Outlook • Depth of issues, combined with timing of action from EU officials complicates near-term outlook • Short-term risk for both long and short positions • Long-term buy opportunities • Companies with significant operations abroad facing steep, sometimes unwarranted, Euro discount 6Copyright © 2011 MSF Enterprises, LLC 2012 MSF Enterprises, LLC
  7. 7. Euro Zone: Supporting Charts Euro Zone GDP Growth Rate 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% Realistic estimate? -2.0% -3.0% -4.0% -5.0% 2006 2007 2008 2009 2010 2011 2012E 2013E *Data from Eurostat *Chart from the European Commission Euro Area Unemployment (Avg. 11%) Industrial production accounts for 25% of EU GDP (ECB) Euro vs. U.S. Dollar (One Year Performance) -15.72% *Chart from Eurostat *Chart from Yahoo! Finance 7Copyright © 2012 MSF Enterprises, LLC
  8. 8. Euro Zone: Supporting Charts Euro GDP v. Debt (2011) 10-Yr Bond Yields on Euro Sovereign Debt GDP (in USD, current prices) Debt (in USD, current prices) 30% 4,000 3,500 25% 3,000 GDP (in $B) 2,500 20% 2,000 1,500 15% 1,000 500 10% 0 5% 0% Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Germany Ireland Greece Spain Italy Portugal *Data from International Monetary Fund *Data from European Central Bank Change in Consensus Forecast for Stoxx Europe 600 Index Revised Net Earnings Euro Stoxx 600 (5 Year Performance) Flat overall during the past two years despite reduced outlook? *Chart from Stoxx *Chart from Factset Research Systems 8Copyright © 2012 MSF Enterprises, LLC
  9. 9. Japan: Current Environment Economic Environment • GDP: $5.87T (world rank #3) 1 • GDP expanded 1.2% in Q2 2012 after contracting .7% in 2011 2 • Highest debt/GDP ratio in the world at 211% 2 • Approximately 20% of government spending is allocated to debt servicing 3 • 93% of government debt is held domestically 4 Trade • Exports account for 15% of GDP 8 • Strengthening yen is negatively impacting export-driven economy • Around 35% of Japan’s exports go to the U.S. and China 9 • Japan reported a $37.4B trade deficit in the first half of 2012 as exports fell 2.5% and imports surged 13.1% due to energy demand from offline nuclear reactors 10 Aging Population • 65+ demographic accounts for over 23% of the Japanese population 5 • By 2050, around 35% of the population is projected to be over 65 6 • 29.2% of government budget goes toward social security and medical expenses 3 • Japan’s Government Pension Investment Fund (GPIF) is the world’s largest, overseeing $1.45T in assets 7 • GPIF is increasing emerging market exposure to lift return potential, yet the fund does not currently utilize alternative investment assets 7 • Aging population will present labor force issues but provide opportunities for firms that cater to the demographic 9Copyright © 2011 MSF Enterprises, LLC 2012 MSF Enterprises, LLC
  10. 10. Japan: Supporting Charts Japan Debt/GDP & GDP Growth 250 6 211 4 200 2 150 0 100 -2 -4 50 -6 0 -8 Debt to GDP (Left) GDP Growth (Right) *Source: Wall Street Journal *Data from the World Bank Japanese Yen vs. U.S. Dollar (Five Year Performance) Japan’s Aging Population +52.3% *Source: Yahoo! Finance 10Copyright © 2011 MSF Enterprises, LLC 2012 MSF Enterprises, LLC
  11. 11. China: Current Environment Economic Environment • GDP of $7.29T (world rank #2) 1 • GDP growth has slowed 6 straight quarters to 7.6% in Q2 2012, the lowest level since 2008 2 • Low unemployment at 4.1% 2 • Total debt to GDP over 180% 3 • Retail sales rose at a CAGR of 18% between 2005 and 2011 2 Exports • China’s exports totaled $1.2T in 2011 2 • 25% of the Chinese labor force works in export-related businesses 2 • The U.S., Japan and the EU are China’s largest export markets 4 • The EU accounted for 18% of China’s exports in 2011 4 • Exports to emerging markets make up 45.5% of China’s total 5 • Shift occurring from export-based economy towards a consumption based economy Debt • Government debt/GDP is 25.8%, but that figure excludes the debt of state-owned enterprises and local governments that is implicitly backed by the central government 6 • Consumer debt makes up approximately 18% of total debt 7 • Savings rate is around 28% of disposable income, compared to 3.9% for the U.S. 6,8 Property Market • Property prices began to decrease in 2012 9 • Average Chinese family holds 41% of its wealth in property 10 • Government control of the property market can distort the supply/demand balance 11 • Multiple “ghost cities” were built in anticipation of high growth but remain largely unoccupied 12 Financial Markets • Difficult to invest directly in the yuan or yuan-denominated assets due to government capital controls 13 • ETFs may be the best vehicle to invest in China’s equity and debt markets • Foreign Invested Enterprises can be created to invest in real estate, equity or other asset classes 14 Current Issues • Infrastructure ranks 69th out of 142 countries, behind Jamaica 15 • Analyst skepticism over timing, accuracy and comprehensiveness of economic data released by the Chinese government 11Copyright © 2011 MSF Enterprises, LLC 2012 MSF Enterprises, LLC
  12. 12. China: Supporting Charts Quarterly GDP Growth (YoY) Composition of GDP Growth Consumer Debt in China (in $B) 2,000 1,500 1,000 500 0 2007 2008 2009 2010 *Source: People’s Bank of China Note: Exchange rate assumed to be .1566 yuan/dollar Property Price Change (% YoY) *Source: Society Generale China Exports (% Change YoY) 40% China Population Breakdown (in MM) 20% 1,000 0% 500 -20% 0 1953 1964 1982 1990 2000 2011 *Source: World Bank *U.S.-China U.S.C & Bloomberg Rural Urban 12Copyright © 2012 MSF Enterprises, LLC
  13. 13. India: Current Environment Economic Environment • GDP: $1.86T (world rank #9) 1 • GDP growth of 5.3% is a nine-year low 1 • Agriculture is 52% of labor force but only 17% of GDP 2 Trade • India’s top trading partners are the EU (18.59%), UAE (10.72%), China (9.5%), and the U.S. (7.3%) 3 • China and India projected to become world’s largest trading partners by 2030 4 • FDI needed to fund current account deficits over 3.5% of GDP 5 Development • India needs FDI to boost its quality of infrastructure, which ranks 86th out of 142 countries behind Kazakhstan 6 • FDI has declined recently due to lower growth, large deficits and unfavorable tax policies • Software services and business process outsourcing contribute revenues of over $50B 7 • 32.7% of India’s population lives below the international poverty line 1 • GDP per capita (PPP) ranks 129th in the world 8 • Median age of 25 provides a workforce with potential for high future growth 7 • Growth in tertiary education and adoption of English language will enable development of skilled industries 7 • Middle class expected to grow tenfold by 2025 7 Current Issues • 2012 monsoon rains are 20% below average and could reduce crop production 9 • In early 2012, India allowed access to foreign investment in single-brand retail but has not yet opened up to multi- brand retailers 10 • In 2012, India announced it will allow foreign retail investors to buy up to $1B in local corporate bonds in an effort to bolster capital inflows and support the rupee 9 • India ranks 132nd out of 183 in terms of ease of doing business, between Ecuador and Nigeria 1 • Factors that complicate the business environment include corruption, cumbersome bureaucracy, regulation on foreign investment, high fiscal deficits, labor market inequalities and lack of infrastructure 7 13Copyright © 2012 MSF Enterprises, LLC
  14. 14. India: Supporting Charts*Chart from Trading Economics *Chart from Trading Economics Foreign Direct Investment in India 25000 Investment (in millions, U.S.D) 20000 15000 10000 5000 0 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011*Data from OECD *Chart from Trading Economics 14
  15. 15. Brazil: Current Environment Economic Environment • GDP: $2.48T (world rank #6) 1 • Debt/GDP has declined from 62.9% in 2002 to 35% in 2011 1 • Inflation rate is 4.9%, which is .4% above the central bank’s target 2 • Unemployment at 5.8% 3 • Brazil’s retail sales growth averaged 5.27% from 2001-2012 3 • Brazil receives the most FDI out of any Latin American country, with the U.S. as the largest contributor 1 • FDI has increased at an annualized 30.6% since 2010 to reach approximately $63B in May 2012 2 Trade and commodities • Trade surplus of $23.9B from June 2011 to June 2012 2 • The portion of Brazil’s total exports going to China increased from 6.2% in 2006 to 17.9% in 2012, while allocation to the U.S. decreased from 18.2% to 11% 2 • New pre-salt oil basins continue to be discovered, with an estimated 50-100B barrels still remaining to be extracted 4 • Oil and gas production is expected to expand from 2.02MM barrels per day in 2011 to 4.2MM barrels per day in 2020 2 • Brazil has an 87% average success rate with pre-salt exploration compared to an average rate of 20-25% globally 4 • Pre-salt drilling is more expensive than other extraction methods and has an average break-even price of about $40 per barrel 4 Financial Markets • Brazilian real has declined nearly 24% against the dollar in the past year 5 • Brazil’s Bovespa index has only provided a total return of 4.82% over the past three years while producing an annualized rate of 10.82% since 2000 5 • MSCI Brazil Index has a forward P/E ratio of 11x compared to 13.25x for the S&P 500 • Energy and materials account for more than 40% of Brazil’s stock market 6 Current Issues • 2014 FIFA World Cup and 2016 Olympics in Brazil will necessitate greater investment in infrastructure • Corruption and political interference with free enterprise have served as inhibitors to growth and FDI 15Copyright © 2011 MSF Enterprises, LLC 2012 MSF Enterprises, LLC
  16. 16. Brazil: Supporting Charts GDP Growth & Market Expectations Bovespa v. Hang Seng v. S&P 500 Bovespa: 10.82% annual return Hang Seng: .97% annual return S&P 500: -.2% annual return *Chart from Central Bank of Brazil *Chart from Yahoo! Finance Exports by Destination Oil and Gas Production 2006 Jul 11 – Jun 12 4 16.70 16.50 % 21.50 26.90 % % % 6.20% 3 17.90 % 18.20 20.10 % 22.90 % % 2 11% 9.10% 13% Brazil’s portion of *Data from Central *Chart from Central Bank of Brazil Bank of Brazil exports to China has nearly tripled since 2006 while the portion sent to the U.S. has declined 40% 16Copyright © 2012 MSF Enterprises, LLC
  17. 17. Mexico: Current Environment Economic Environment • GDP: $1.16T (world rank #14) 1 • CAGR of 2.34% since 2000 trails Latin America’s 3.5% 1 • Third largest recipient of migrant remittances, averaging 2% of GDP 1 • Economy closely follows the U.S., with 80% of Mexican exports going to the U.S. 2 • Mexico’s industrial production exhibited a correlation of .9 with U.S. manufacturing from 1994-2011 2 • Despite receiving lower levels of FDI, Mexico’s stock market outperformed Brazil 52.9% to 4.8% over the past three years 1, 11 Outsourcing Environment • Manufacturing costs in Mexico are becoming more competitive with China, as the spread between average wages has tightened from 237% in 2002 to only 13.8% in 2010 3 • Peso has declined about 18% against the dollar in the past five years while the Chinese yuan has increased 19% 4 • Lower transport costs relative to China and free trade agreement with the U.S. could encourage a shift in production to Mexico Tourism and Retirement • Travel and tourism contributed 12.4% of total GDP and 13.7% of total employment 5 • Mexico had a 14.9% share of the total number of tourists to the Americas in 2011, yet had only a 6% share in overall tourist receipts 6 • 8% of total investment in Mexico is related to travel and tourism, this amount is expected to increase 6.5% annually over the next ten years 5 • There are an estimated 40,000 to 80,000 American retirees living in Mexico 7 • Cost of living comfortably in Mexico is approximately 50-75% cheaper than in the U.S. 7 Development • Education levels in Mexico are rising as the labor force is becoming more skilled 8 • Mexico has 5% unemployment, yet 26% underemployment 8, 9 • Mexico has a high level of income inequality with a Gini coefficient of .47, which is one of the highest in the OECD and is just behind Chile and Brazil 2 • Mexico’s quality of infrastructure ranks 73rd out of 142 countries, behind Ukraine and Albania 10 • Corruption, concentration of power, political instability and violence are major obstacles to development 17Copyright © 2011 MSF Enterprises, LLC 2012 MSF Enterprises, LLC
  18. 18. Mexico: Supporting Charts Remittances to Mexico Mexican Poverty Levels *Chart from JP Morgan, data from CONEVAL Wages in the Manufacturing Sector Share of U.S. Manufacturing Imports Will share of U.S. manufacturing imports compress along with wages? *Chart from JP Morgan, data from Ministry of Finance *Chart from Hanson, Gordon (2010) Capital Investment in Travel & Tourism *Chart from World Travel and Tourism Council 18Copyright © 2012 MSF Enterprises, LLC
  19. 19. Macro Strategies U.S. • Real estate opportunities due to discounted prices China and low interest rates • Infrastructure investments are needed, which could boost • High growth in Oil & Gas industry could boost related construction, materials and utilities firms companies, especially midstream firms • Opportunity in consumer finance as consumers have room to • Baby boomer retirement may increase demand for borrow and credit cards were only introduced in last 10 years wealth management and assisted-living services • Privatized Chinese government assets may be a good way to • Market may present mispriced securities for investors invest in debt securities with a long-term horizon • Equities with high dividend yields may outperform India • High growth software services segment presents opportunities • Growth potential in infrastructure-related firms due to India’s Europe growing need for utilities, roads, etc. • Limit exposure to the euro zone and consider hedging • High projected growth of middle class presents opportunities for current exposure consumer goods companies • Opportunity in equities facing steep euro discount • Tech firms could outperform due to growing rate of technology despite having significant operations abroad adoption in the country • Yield opportunities for dividend-paying companies with a stable outlook • Pre-owned, repair-based and discount goods businesses may benefit from reduced spending Mexico • Play dips in the market and short weaker securities • Manufacturing sector may provide opportunity as outsourcing costs have become competitive with China • Gradual development of middle class may offer future outperformance of consumer goods companies Japan • Companies that cater to American preferences may benefit from • Aging population presents opportunities in nursing tourism and migrant retirement trends homes and assisted-living • Shift away from nuclear energy may boost investment and growth in alternative energies Brazil • Japanese pension funds may need to incorporate • Opportunities in oil sector due to increased production and alternative investments and other high return assets discovery of new basins to meet obligations • High growth in retail provides opportunities for consumer goods • Japanese debt may perform well as a safe haven in an companies uncertain global economy • Infrastructure-related firms may benefit from build-up in advance of 2014 World Cup and 2016 OlympicsCopyright © 2012 MSF Enterprises, LLC
  20. 20. Contact Information Michael Fields Managing Partner 717 17th St., Suite 2160 Denver, CO 80202 (303) 847-4649 mfields@msfenterprises.com Dan Urmann Crystal Parzik Chief Operating Officer Director of Marketing 717 17th St., Suite 2160 717 17th St., Suite 2160 Denver, CO 80202 Denver, CO 80202 (303) 847-4651 (303) 847-4650 durmann@msfenterprises.com cparzik@msfenterprises.com Nicholas Dier Austin Lindsey Associate Associate ndier@msfenterprises.com alindsey@msfenterprises.com Collin Ricker Maggie Ehrenreich Associate Associate cricker@msfenterprises.com mehrenreich@msfenterprises.comCopyright © 2012 MSF Enterprises, LLC
  21. 21. Sources U.S. Japan India 1. World Bank 1. World Bank 1. World Bank 2. U.S. Bureau of Public Debt, 2. Japan Ministry of Finance 2. CIA World Factbook Department of Treasury 3. The Wall St. Journal 3. India Department of 3. U.S. Bureau of Labor Statistics 4. Fitch Commerce 4. The Conference Board 5. Yahoo! News 4. ASSOCHAM 5. The Wall St. Journal 6. United Nations Population 5. Trading Economics 6. Bloomberg Division 6. World Economic Forum 7. Forbes 7. Bloomberg 7. U.S. Department of State 8. U.S. Energy Information 8. Trading Economics 8. International Monetary Fund Association 9. Thomson Reuters 9. Thomson Reuters 9. Employment Benefit Research 10. Associated Press 10. Bloomberg Businessweek Report 10. Barron’s China Mexico 11. Congressional Budget Office 1. World Bank 1. World Bank 12. Standard & Poor’s 2. National Bureau of Statistics 2. JP Morgan 13. MSCI, Thomson Reuters 3. Fitch 3. Ministry of Finance 4. Thomson Reuters 4. Yahoo! Finance Euro Zone 5. CIA World Factbook 5. World Travel and Tourism 1. World Bank 6. International Monetary Fund Council 2. European Commission 7. People’s Bank of China 6. United Nations World Tourism 3. Eurostat 8. St. Louis Federal Reserve Bank Organization 4. International Monetary Fund 9. Societe Generale 7. U.S.A Today 5. European Central Bank 10. UBS 8. INEGI 6. U.K. Office for National Statistics 11. The Economist 9. CIA World Factbook 7. Yahoo! Finance 12. BBC 10. World Economic Forum 8. Stoxx, Factset Research 13. Bloomberg 11. Bloomberg 9. European Securities Network 14. American Chamber of Commerce 10. Bloomberg, Federal Reserve in Shanghai Brazil Bank of Dallas 15. World Economic Forum 1. World Bank 2. Central Bank of Brazil 3. Trading Economics 4. The Economist 5. Yahoo! Finance 6. Bloomberg 21Copyright © 2012 MSF Enterprises, LLC

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