After the U.S. skirted another recession this year and Europe heads into a recession now, Deutsche Bank Private Wealth Management has made its portfolio position bets for 2012 based on expected uneven global market conditions.

Deutsche’s 2012 outlook comes as the U.S. successfully beat back two threats to its economy earlier this year: the Arab Spring that kept oil prices artificially high and the earthquake in Japan that cramped the auto industry’s supplies.

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