Investment Insights Dezember 2011 - DWS Investments

EconomicsGDP growthin percentInflationin percentKey interest ratesofficial, in percent2010 2011 20122010 2011 2012Current* 3month12monthUSA 3.0 1.8 2.3Eurozone 1.8 1.6 -0.5UK 1.8 1.1 1.3Japan 4.1 -0.4 0.5Asia ex Japan 9.5 7.6 7.2Latin America 6.3 4.1 3.6EMEA 4.7 4.3 3.8World 5.1 3.7 3.5USA 1.6 3.3 3.2Eurozone 1.6 2.7 1.8UK 3.3 4.5 3.2Japan -0.7 -0.3 -0.3Asia ex Japan 4.6 6.0 4.0Latin America 8.4 8.2 8.2EMEA 7.6 7.1 6.7USA 0.25 0.25 0.25(Fed funds)Eurozone 1.25 1.00 1.00(Ref. rate)UK 0.50 0.50 0.50(Base rate)Japan 0.10 0.10 0.10(Ref. rate)Fiscal balancesin percent of GDP2010 2011 2012USA -8.8 -8.5 -6.2Eurozone -6.0 -4.7 -3.7UK -10.3 -8.2 -6.9Japan -8.7 -8.7 -9.1Asia ex Japan -2.9 -2.3 -2.9Latin America -2.4 -2.0 -1.8EMEA -4.7 -2.1 -2.3Current account balancesin percent of GDP2010 2011 2012USA -3.2 -3.1 -2.7Eurozone -0.5 -0.7 -0.3UK -2.5 -2.5 -2.4Japan 3.6 2.2 1.9Asia ex Japan 4.0 3.1 2.3Latin America -0.9 -0.9 -1.3EMEA 0.3 0.3 -0.5MarketsEquitiesindex levelsKey sovereign bond yields (10-year)in percentCurrenciesCurrent* 3month12monthCurrent* 3month12monthCurrent* 3month 12 monthUSA(S&P 500) 1,247 1,305 1,375Eurozone 2,330 2,275 2,360(EuroSTOXX 50)Germany (DAX) 6,089 6,000 6,500UK (FTSE 100) 5,505 5,650 6,000Japan (Nikkei) 8,435 8,750 9,200Asia ex Japan 456 500 535(MSCI, $)Latin America 3,670 3,750 4,050(MSCI, $)USA 2.08 2.25 2.75Eurozone 2.27 1.90 2.30UK 2.14 2.60 3.10Japan 1.08 1.00 1.25EUR/USD 1.35 1.30 1.35USD/JPY 77.63 77.00 80.00EUR/CHF 1.23 1.25 1.25GBP/USD 1.57 1.55 1.55EUR/GBP 0.86 0.87 0.87CommoditiesCurrent* 3month12monthOil ($, WTI) 100 95 100Gold ($) 1,750 1,750 1,850Light blue colored forecasts indicate upward revisions and italicized forecasts indicatedownward revisions to the numbers published in last month’s Investment Insights.*As of December 1, 20112010 and current numbers are actual. 2011, 2012, 3 month and 12 month numbers areDeutsche Bank forecasts, as of December 1, 2011Sources: Deutsche Bank, PWM Global Investment Committee; Deutsche Bank, Global Markets.Past performance is not indicative of future returns. No assurance can be given that anyforecast or target will be achieved. Forecasts are based on assumptions, estimates, opinionsand hypothetical models or analysis which may prove to be incorrect.Investment Insights December 2011 Page 23