8u|| case 8ear case

valuaLlon are noL Loo hlgh

Larnlng yleld spread beLween bond yleld lncreaslng
PealLhy dlvldend yleld ln europe and uS markeL
8eLLer economlc daLa from uS
CL and lower raLes ln uS europe
Chlna lacLor
Ind|a LlquldlLy
Slow down ln AuLo meLals power lnfra oll gas very much ln prlce
8anks have prlced lower proflL and hlgher provlslon 8lg uefaulL and any blg bank fallure noL prlced ln
lnLeresL raLes expecLed Lo peak ouL lnflaLlon sLlll hlgh
ManufacLurlng slowlng
currency
ollclLlcal dlfferences across globe
Cll ls noL decllnlng
ueflclL spendlng
Many counLrles need Lo ralse debL ln 2012
?leld can go up ln Lhese counLrles
|ut|n fr bear case ss|b||ty
Mre L
Germany can change |ts stance n bnd purchase Un||ke|y
U
ecery |n nsu|ng market |n U
er rates |n Ind|a
Germany can change |ts stance n bnd purchase Un||ke|y
Germany can change |ts stance n bnd purchase Un||ke|y