EFTA Document EFTA01466396

Deutsche Bank Markets Research Global Strategy GEM Equity Strategy Outlook 2014 Negative year in prospect but underperformance should slow GEM equities cheapness at aggregate level is misleading We would largely discount the apparent cheapness of GEM equity markets for 3 reasons - 1) Much of the value resides in the financial sector where investors are rightly sceptical about the declared level of NPLs, especially in the BRIC markets; 2) There is no sign of a reversal in the degrad