汇丰银行-新兴市场-资本市场-资本流入之后伴随而来的是资本流出-20170818-gems funds flows outflows after a long streak of inflows-20170818-hsbc

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1、GEMsfundsflowsMULTI-ASSETGLOBALEMERGINGMARKETSOutflowsafteralongstreakofinflowsMarginaloutflowsfrombondfundsbutmorefromequityfundsLastweek’sequityflowsBertrandDelgadoDirector,SeniorGEMsMulti-AssetStrategistUSDbn%AuMHSBCSecurities(USA)Inc.IthasbeenavolatileweekforEMfundflowsandperformance,ending

2、withmarginaloutflowsbertrand.j.delgado@us.hsbc.comEMEAtotalfromEMbondsbutsizableredemptionsfromEMequityfunds.Performancecontinuestobe+12125250745solidforEMbonds,whichreachednewy-t-dhighs,butgainsforEMequitiesslowedafteraKishoreMuktinutalapati*Lat-AmtotalEquityStrategistsolidperformancesofarthis

3、year.Inourview,easinggeopoliticalrisksrelatedtoNorthKoreaHSBCSecurities&CapitalMarketsIndiaPvtLtdandasomewhatdovishFedcomparedtothemarket’sexpectationshouldremainsupportingAxJtotalkishoremuktinutalapati@hsbc.co.in+918045552756factorsforEM.AlthoughrecenteventsinBarcelonaandrisingconcernsaboutthe

4、feasibilityofJohnLomax*theUSadministrationtodeliveritspro-growthorreflationarypolicies(taxcutsandinfrastructureGEMsHeadofGlobalEmergingMarketEquityStrategyspending)havehitriskaversionsomewhat,thelattermightactuallybepositiveforEMasitHSBCBankplcshouldkeepUSTyieldslow,theUSDsoftandtheFedonagradua

5、listpath.EMtotaljohn.lomax@hsbcib.com+442079923712EMfundssufferedredemptionsafter21weeksofinflowswhileDMfundspostedmarginalgains-2.0-1.00.01.02.0-0.4-0.20.0Issuerofreport:intheweekended16August.WithinEMbondfunds,withdrawalsfromColombiaandSouthSource:EPFRGlobal,HSBCHSBCSecurities(USA)Inc.Koreaov

6、ershadowedinflowstoIndia,ThailandandChinainUSDandasapercentageofLastweek’sbondflowsPublished:AUM.AmongEMequityfunds,China,IndiaandRussiasufferedthelargestredemptionsinUSDbn%AUM18August2017USD,whileRussia,ChinaandFrontiermarketsexperiencedthedeepestlossesasaEMtotalpercentageofAuMterms.Largeroutf

7、lowsfromETFandinstitutionalfundscomparedtoinflows*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,ByCurrencyandisnotregistered/qualifiedpursuanttoFINRAregulationstonon-ETFandretailfundshurtEMbondfunds,whileredemptionsfromnon-ET