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1、GEMsfundsflowsMULTI-ASSETGLOBALEMERGINGMARKETSPreferenceforlocalmarketscontinuesamongEMbondfundsStrongEMperformanceasvolatilityfallsLastweek’sequityflowsBertrandDelgadoDirector,SeniorEMStrategistUSDbn%AuMHSBCSecurities(USA)Inc.WemaintainaconstructiveviewonEMmarketsandsee“buyond
2、ips”astheappropriatebertrand.j.delgado@us.hsbc.comstrategytonavigatethecurrenttradingenvironment(seeGEMsInvestor–WhyEMismoreEMEAtotal+2125250745resilient,July2017).WestillseeasupportiveexternalbackdropforEM,ashawkishtalkbytheKishoreMuktinutalapati*Lat-AmtotalEquityStrategistFed
3、andECBmightnottranslateintohawkishaction.Moreover,crossassetvolislow,andHSBCSecurities&CapitalMarketsIndiaPvtLtdHSBCforeseeslowUSrates,softUSDandgradualistFedandECB.TheglobaleconomyandAxJtotalkishoremuktinutalapati@hsbc.co.in+918045552756worldtradearedoingwellwithoutpressuringi
4、nflation,whileweseeEmsgettinganewleaseonJohnLomax*lifefromthebrighteningEuropeanoutlook.GEMsHeadofGlobalEmergingMarketEquityStrategyHSBCBankplcMoreover,EMgrowthoutlookisbetter,anchoredbyamorestableChineseeconomyandEMtotaljohn.lomax@hsbcib.comcurrency.Balanceofpaymentshasimprove
5、d,reducingfundingneeds,whiletheinflation+442079923712outlookissubdued.ThiskeepsEMcentralbanksonaneutral,orevenalooseningbias.-0.50.00.51.0-0.50.00.5Issuerofreport:Finally,valuationsandpositioningarenotoverstretched.Source:EPFRGlobal,HSBCHSBCSecurities(USA)Inc.Lastweek’sbondflow
6、sDailyfinancialaccountportfolioflowsshowlargeinflowstobonds(sevencountries),mainlyS.Published:KoreaandIndia,andintoequities(eightcountries),mostlyS.Korea,S.AfricaandIndia(p.15).USDbn%AUM14July2017Meanwhile,HSBC’searlysignallingsystemsuggestssoftdemandforEMequitiesandbonds,EMtot
7、al*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,particularlyEXD,yetitremainsstablecomparedtorecentweeks(p.14).Similarly,EMfundByCurrencyandisnotregistered/qualifiedpursuanttoFINRAregulationsLocalflowsmomentum(p.5)anddispersionindicators(p.8)highlightfurthersoftnessforEXD.
8、HardViewHSBCGlobalResearchat:https://www.research.hsbc
