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1、GEMsfundsflowsMULTI-ASSETGLOBALEMERGINGMARKETSInflowstoEMfundsremainstrongEMfundsaddsUSD5.9bnoverthelasttwoweeksLastweek’sequityflowsBertrandDelgadoDirector,SeniorEMStrategistUSDbn%AuMHSBCSecurities(USA)Inc.RecentFOMCactionsandconfusionabouttheoutlookforFO
2、MCmoves,issomewhathurtingbertrand.j.delgado@us.hsbc.comEMEAtotaltheappetiteforEMrisk.Strongperformancey-t-dmakesEMsusceptibletosomeprofittaking.+2125250745WepointouthoweverthatastheFedmightbringforwardbalancesheetreductiontothe4Q18,KishoreMuktinutalapati*L
3、at-AmtotalEquityStrategisttheFedmightkeepasofttighteningcycleahead,supportingHSBCviewofmoderateFedHSBCSecurities&CapitalMarketsIndiapvt.Ltd.fundsratetighteningcycle,aswellasrelativelysoftUSDandlowUST10yryields.Infact,AxJtotalkishoremuktinutalapati@hsbc.co.
4、in+918045552756HSBCEconomicsnowseesthenextFed25bpsratehikebytheendoftheyearandjustanother25bpshikein2018,whileHSBCFXStrategyperceivesthenewFOMCpolicyGEMsJohnLomax*HeadofGlobalEmergingMarketEquityStrategycombinationunsupportiveoftheUSD.Moreover,HSBCFixedInc
5、omestrategyhighlightsthatHSBCBankplcEMtotaljohn.lomax@hsbcib.comrecentFedactionsandoutlookwithrespecttothefedfundsratesarepricedsoupsideriskto+442079923712USTyieldsshouldbelimited.Moreover,wetakecomfortthatcrossassetvolatilityremains-1.00.01.02.0-1.0-0.50.
6、00.5subdued,Eurozonegrowthoutlookisimproving,andtheECBandBOJarenotinahurrytoIssuerofreport:Source:EPFRGlobal,HSBCHSBCSecurities(USA)Inc.abandontheircurrentloosemonetarypolicystance,allsupportiveforEM.Overall,weremainconstructiveonEMandcontinuetoseedipsasan
7、opportunitytoaddtoEMrisk.Lastweek’sbondflowsPublished:USDbn%AUM16June2017InflowstoEMbondandequityfundscontinueforthetwentiethandthirteenthconsecutiveEMtotalweek,respectively,intheweekended14June.WithinEMbondfunds,Brazil,Mexico,Russia*Employedbyanon-USaffil
8、iateofHSBCSecurities(USA)Inc,ByCurrencyandisnotregistered/qualifiedpursuanttoFINRAregulationsandIndonesiaattractedmostinflowsinUSDterms,whereasIndiaandfrontiermarketsledin%LocalofAUM.AmongEMequityfunds,Indiaf
