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《汇丰银行-资产配置-gems funds flows investors’ preference for em funds over dm persists-20170630-hsbc》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、GEMsfundsflowsMULTI-ASSETGLOBALEMERGINGMARKETSInvestors’preferenceforEMfundsoverDMpersistsButwatchoutforinvestors’moodswingsLastweek’sequityflowsBertrandDelgadoDirector,SeniorEMStrategistUSDbn%AuMHSBCSecurities(USA)Inc.InvestorsarecurrentlyreactingtoperceivedmorehawkishtonesbytheFed,E
2、CBandBOE.bertrand.j.delgado@us.hsbc.comEMEAtotalThishashurtglobalriskappetitesomewhatandincreasedcross-assetvolatilityfromverylow+2125250745levels.Aswehavementionedbefore,thecurrentdata-dependentenvironmentmightkeepKishoreMuktinutalapati*Lat-AmtotalEquityStrategistmarketsuneasyasinves
3、torstrytopredictDMcentralbankactions,sovolatilitymightpersist.HSBCSecurities&CapitalMarketsIndiaPvtLtdWestillexpectagradualstimuluswithdrawalbyDMcentralbanks.However,accompaniedbyAxJtotalkishoremuktinutalapati@hsbc.co.in+918045552756arelativelystableChinagrowthoutlook,range-boundtostr
4、ongcommoditypricesandsoundEMfundamentals,thisshouldnotbecounterproductiveforourbenignEMstory,“buyondips”.GEMsJohnLomax*HeadofGlobalEmergingMarketEquityStrategyHSBCBankplcOntheFed,HSBCexpectsagradualoveralltighteningcycletotheendof2018,withamixofEMtotaljohn.lomax@hsbcib.comlimitedrateh
5、ikesandreductionofthebalancesheet,supportingasoftUSDandlowUSTyield+442079923712-1.00.01.02.03.0-0.50.00.5outlook.OntheECB,weexpectdatatoconfirmthattighterconditionsarenecessary.HSBCIssuerofreport:Economicspredictsnoratehikesthrough2018butagradualtaperstartingyear-end2017.Source:EPFRGl
6、obal,HSBCHSBCSecurities(USA)Inc.Also,recentfinancialsystemwoes,particularlyinItaly,suggestcaution.OntheBOE,HSBCLastweek’sbondflowsPublished:doesnotforeseerateriseseitherthisornextyeargivenweakwages,aslowingeconomyandUSDbn%AUM30June2017Brexitrisks.Globally,range-boundoilprices,lowprodu
7、ctivityandsoftwagepressuresshouldEMtotalhelptokeepinflationlowinDM,socentralbanksshouldhavelessneedtobeaggressive.*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,ByCurrencyandisnotregistered/qualifiedpursuanttoFINRAregulationsLocalInvestors’preferenceforEMoverDMcontinued,asapercen
8、tageo
