EURO-AREA REAL ACTIVITY CONTINUES ITS POSITIVE TRAJECTORY … Growth momentum will restore Keynes’ “animal spirits” and investor appetite 130 120 lue110 al V an100 mi Eurozone Now-Casting Index o N 90 gn tias80 US Now-Casting Index Cw- 70 oN 60 50 Now-Casting Index: real activity index based on a model built on monthly and quarterly economic China Now-Casting Index indicators covering 1)production, 2) labour, 3) construction, 4)national and international trade, 5)services and 6) surveys 40 AGILITY FOR GROWTH Source: Euronext, Bloomberg, Gavekal, Macrobond, April 2016 11