欢迎来到天天文库
浏览记录
ID:8224370
大小:685.58 KB
页数:23页
时间:2018-03-10
《德银-新兴市场-宏观经济-新兴市场宏观经济与策略聚集-20170922-em macro and strategy focus-deutsche bank》由会员上传分享,免费在线阅读,更多相关内容在行业资料-天天文库。
1、DeutscheBankMarketsResearchGlobalEconomicsDateEmergingMarketsForeignExchange22September2017UnitedStatesRatesCreditEditorsEMMacroandStrategyFocusDrausioGiacomelli(+1)212250-7355JedEvans(+1)212250-8605SebastianBrownEconomicsFocus:InAsia,weexpectCBSLtohikewhi
2、leBoTstaysonhold;Strategist–LatAmVietnam’sgrowthislikelytoaccelerateamidmixedinflationandtradedata.In(+1)212250-8191EMEA,boththeCNBandCBEarelikelytokeepratesonhold,weexpectPolishCPIinflationtoaccelerateto1.9%YoYinSeptember.InBrazil,watchforGautamKalanisign
3、sconfirminglowinflation,lowCADandpossibleuptickincollection.Strategist–EMEAFocusisonColombia,whereBanRepwilldebatebetweenpausingoreasing+44(20)754-57066(weexpect4.0%terminalrate).StrategyFocus:WecontinuetofavorhigherrealratesthataresupportedbyJulianaLeedom
4、esticfundamentals(BoPandinflation)and-incredit-curvetradesandSeniorEconomisthighercarry/betasovereignswithanoverallneutralstance.+852(2203)8312FX:USDweakness-notcarry-hasbeenthemaindeterminantofEMFXperformance.BoP,realrates,andeconomicupturnssupportBRLand
5、RUBGuilhermeMaronelongs.WeexpectCBTtocontinuetoanchorTRYlongs,butwefinditmoreStrategist-LatAmsensitivetopossibleboutsofUSDstrength.RecentPLNandHUF(+1)212250-8640underperformancebodeforlongsvsEUR),inourview.Thepost-earthquakeMXNselloffshouldretracegivenitsl
6、imitedeconomicimpact.ElinaRibakovaTheCLPremainssignificantlyovervalued-keepitasfunding.ChiefEconomist(+44)207547-1340Rates:Wefavorreceiverswherepositioningislighterandmonetarydynamics/pricing/carrymostfavorable.Keephigh-convictionRussialongsviaOFZandbulls
7、teepeninginXCCY,Israel(forward-starting)andPolandChristianWietoska(2Y2YIRS).WearemostcomfortablerecommendingreceivingintheStrategist–EMEAJan19
8、Jan20sectorinBrazil,patientlysoin3Y3YTIIE(tacticallypaying(+44)20754-5242410Yasahedge)andinColombia(1Y2YIBRandCol
9、tes20)onfurthereasing.Credit:Giventhepaceofinflows,weexpectinvestorstostaycautiousuntilcoreratessettle.High-yielderswithimprovingmacroconditionssuchasArgentinaandUkraineshouldcontinuetooutperform.Werecommend
此文档下载收益归作者所有