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1、GEMsfundsflowsMULTI-ASSETGLOBALEMERGINGMARKETSInflowmomentumrevitalisedInflowstoEMfundsasEMassets’performanceatnewhighsy-t-dLastweek’sequityflowsBertrandDelgadoDirector,SeniorGEMsMulti-AssetStrategistUSDbn%AuMHSBCSecurities(USA)Inc.WemaintainourconstructiveviewonEMandexpectcapitalflows
2、intoEMtocontinuetogrowbertrand.j.delgado@us.hsbc.comEMEAtotalatasolidpace.AbenignexternalbackdropalongwithimprovedEMfundamentalsamid+2125250745moderatinginflation,smallerexternalimbalances,andstructuralreformsinsomelargeEMsareKishoreMuktinutalapati*Lat-AmtotalEquityStrategistallsupport
3、inginvestors’appetiteforEMrisk.OurconstructiveviewisbasedonwideningEM-HSBCSecurities&CapitalMarketsIndiaPvtLtdDM(DevelopedMarkets)growthdifferentialsinfavourofEM,relativelylowUSTyields,agentleAxJtotalkishoremuktinutalapati@hsbc.co.in+918045552756pick-upinvolatilityandsolidEMriskappetit
4、e.ThemainriskstoourpositiveviewaremoreJohnLomax*aggressiveFedandECBmonetarypolicyactions,worse-than-expectedeconomicperformanceGEMsHeadofGlobalEmergingMarketEquityStrategyinEMs,ledbyChina,andgeopoliticalmiscalculations(GEMCapitalFlows:UptrendexpectedHSBCBankplcEMtotaljohn.lomax@hsbcib.
5、comtoremainintactin2018,23August2017).+442079923712LargerinflowstoEMfundscomparedtoDMwerebackforthesecondconsecutiveweek,asa-1.00.01.02.0-0.20.00.20.4Issuerofreport:percentageofAUM,duringtheweekended30August.WithinEMbondfunds,mostoftheSource:EPFRGlobal,HSBCHSBCSecurities(USA)Inc.inflow
6、swenttoMexico,India,BrazilandIndonesiainUSDandtoIndiaandFrontiermarketsasLastweek’sbondflowsapercentageofAUM.AmongEMequityfunds,China,SouthKorea,IndiaandBrazilgainedPublished:USDbn%AUMthelargestdepositsinUSD,whereasFrontiermarkets,ColombiaandChileaddedthemost01September2017EMtotalinflo
7、wsinAUM.Largerinflowstonon-ETFandinstitutionalfundscontinuetosupportEMbond*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,ByCurrencyfunds,whilesolidgainsinETFandinstitutionalfundsliftedequityfunds(p.13).InDM,US,andisnotregistered/qualifiedpursuanttoFINRAregulationsLocalGlobalandE