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1、GEMsfundsflowsMULTI-ASSETGLOBALEMERGINGMARKETSInvestorscontinuetofavourEMoverDMWestayconstructiveonEM:BuyondipsLastweek’sequityflowsBertrandDelgadoDirector,SeniorGEMsMulti-AssetStrategistUSDbn%AuMHSBCSecurities(USA)Inc.TherecentFOMCdecisionscameinlinewithHSBC’slongheldviewofagradualandEMEAtotalbert
2、rand.j.delgado@us.hsbc.compredictabletighteningapproach,low-for-longerlong-endUSTyieldsandastable-to-softUSD.+2125250745TheinitialmarketreactionhasbeenlesssupportiveforEM,asthe“dots”stayedthesameforLat-AmtotalKishoreMuktinutalapati*EquityStrategist2017and2018versusexpectationsofsomewhatlowerFedfund
3、srateprojections,buttheHSBCSecurities&CapitalMarketsIndiaPvtLtdlongertermsprojection,or“dot”,didactuallycomedown.Domestically,theEMgrowthoutlookAxJtotalkishoremuktinutalapati@hsbc.co.in+918045552756hasstrengthened,ledbyChina,andmacrobalanceshaveimproved(smallerexternalexcesses,lowerinflationandhigh
4、errealinterestrates).Moreover,severallargeEMcountriesareGEMsJohnLomax*HeadofGlobalEmergingMarketEquityStrategyundergoingstructuralimprovements,likeChina,India,Indonesia,Argentina,BrazilandMexico.HSBCBankplcEMtotaljohn.lomax@hsbcib.comOverall,westillbelievethatsomeprofit-takingepisodesandspikesinvol
5、atilityshouldbetaken+442079923712asanopportunitytoaddEMriskasvaluationsandpositioningdonotappearoverlystretched.0.00.51.01.52.00.01.02.0Issuerofreport:NetinflowstoEMfundscontinuetogrowfasterthantoDMfundsforthefifthweekinarow,in%Source:EPFRGlobal,HSBCofAUM,duringtheweekended20September.AmongEMbondfu
6、nds,mostoftheinflowswentLastweek’sbondflowsHSBCSecurities(USA)Inc.toThailand,Mexico,IndiaandBrazilinUSDandtoIndia,ThailandandFrontiermarketsin%ofUSDbn%AUMAUM.WithinEMequityfunds,China,BrazilandSouthKoreacapturedthelargestdeposits,inPublished:EMtotal22September2017USD,whereasChile,BrazilandFrontierm
7、arketsgrabbedthemostinflowsinAUM.LargerinflowsByCurrencytonon-ETFandinstitutionalfundscontinuetosupportEMbondfunds,particularlyEXD,while*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,Localandisnotregis
