汇丰银行-新兴市场-投资策略-新兴市场月度股权流动：不要担忧量化紧缩-20171004-hsbc-monthly gems equity flows don’t fret the qt

《汇丰银行-新兴市场-投资策略-新兴市场月度股权流动：不要担忧量化紧缩-20171004-hsbc-monthly gems equity flows don’t fret the qt》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、MonthlyGEMsEquityFlowsEQUITYSTRATEGYGLOBALEMERGINGMARKETSDon’tfrettheQTFollowingtheFed’sannouncementofquantitativetightening,EMequitiescameunderpressureKishoreMuktinutalapati*EquityStrategist,Frontier&EmergingMarketsWeseereasonswhyinvestorsshouldnotbeworriedabouttheFed’snewc

2、ourseoftighteningHSBCSecurities&CapitalMarkets(India)PvtLtdkishoremuktinutalapati@hsbc.co.in+918045552756EMequityinflowmomentumremainsunderpinnedbycheapervaluationsandunder-ownershipJohnLomax*HeadofGlobalEmergingMarketEquityStrategyHSBCBankplc(UK)john.lomax@hsbcib.comOn20Sept

3、ember,theFOMCformallyannouncedthestartofquantitativeInrelationtoflows,wecontinuetoseeEMequityinflowmomentum+442079923712tightening(QT)inOctober.QTisaprogrambywhichtheFedwillshrinkitsremainingsupportedbyboth“pull”and“push”factors(fordetailsonUSD4.5trnbalancesheetthatgrewrapidly

4、duetoseveralepisodesof‘push-and-pull’factorsseeGEMCapitalFlows:UptrendexpectedtoIssuerofreport:HSBCSecurities&CapitalMarkets(India)PvtLtdquantitativeeasingadoptedsincetheglobalfinancialcrisisof2008/09.remainintactin2018,DrMuratUlgenetal,23August2017).IntermsofOurUSeconomistsex

5、pecttheQTtostartslowly,lastforaboutthreepullfactors,awideninggrowthdifferentialwithDMinfavourofEM,revivalPublished:years,andtoreverseaboutone-third(USD1.3trn),ofthetotalsecuritiesincommodityprices,higherrealinterestrates,improvingEMcorporate04October2017purchasesmadeduringsucc

6、essiveroundsofQE(fordetailsseeHelloprofitmargins,favourablevaluationsandanunderweightpositioninglobal*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,quantitativetightening,KevinLoganetal,20September2017).portfoliosareallsupportiveoffurtherinflowsintoEMequities.Onthepushand

7、isnotregistered/qualifiedpursuanttoFINRAregulationsside,abenignexternalbackdrop,upholdingriskappetiteandrecord-lowFollowingthisannouncementfromtheFOMC,EMequitiescameunderViewHSBCGlobalResearchat:cross-assetvolatilityareconducivetofurtherinflowsintotheassetclass.pressure(MSCIEM

8、USDindexlost4%intheweekended28September)https://www.research.