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1、MULTI-ASSETGEMsfundsflowsGLOBALEMERGINGMARKETSInflowstoEMfundsaccelerate,despiteFedhawkishnessEMinflowsledbyinstitutionalfundsLastweek’sequityflowsBertrandDelgadoDirector,SeniorEMStrategistUSDbn%AuMEMinvestorsaretakingadvantageoftherecentdipandaregrowingtheirallocationstoEMassetHSBCSecurities(USA
2、)Inc.bertrand.j.delgado@us.hsbc.comclasses,aspositioningandvaluationshouldbecleaner.AcombinationoflowUSTyields,aEMEAtotal+2125250745vulnerableUSD,lowcross-assetvolatilityandreboundingcommoditypricesstillprovidesaKishoreMuktinutalapati*supportivebackdropforEM,inourview.Also,recenteconomicdatafromt
3、heUS,eurozoneandLat-AmtotalEquityStrategistJapanremainsupportiveoftheglobaleconomyandHSBCEconomicsforeseesstabletostrongHSBCSecurities&CapitalMarketsIndiapvt.Ltd.AxJtotalkishoremuktinutalapati@hsbc.co.ingrowthinH22017.Likewise,EMgrowthandinflationarealsopointingtoasupportivebackdrop+918045552756a
4、headwhiletheEMcentralbankmonetarypolicyoutlookremainsneutral/dovish(p.7).GEMsJohnLomax*HeadofGlobalEmergingMarketEquityStrategyDMrisksassociatedwithbalancesheetreductionaremainlyskewedtowardstheUS,althoughitHSBCBankplcEMtotaljohn.lomax@hsbcib.comhasturnedtoadata-dependentenvironment,whiletheECBan
5、dBOJhavenotshownanysign+442079923712theywillstartwiththeirwithdrawalprocessanytimesoon.Moreover,weareoftheviewthatthe-1.00.01.02.03.0-1.0-0.50.00.5politicalandpolicyenvironmentinDMhasimprovedcomparedtoafewmonthsago,whichinturnIssuerofreport:Source:EPFRGlobal,HSBCHSBCSecurities(USA)Inc.shouldbesup
6、portiveofglobalgrowth,particularlyintheEU,andontrade.Lastweek’sbondflowsTherewerelargerinflowstoEMthantoDMintheweekended21June.WithinEMbondfunds,Published:Brazil,Mexico,IndonesiaandChinaattractedmostinflowsinUSD,whereasfrontiermarketsledUSDbn%AUM23June2017asapercentageofAUM.AmongEMequityfunds,Sou
7、thKorea,Taiwan,IndiaandChinaEMtotal*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,grabbedthemost,inUSD,whileSouthKorea,TaiwanandothersmallerEMssawthelargestByCurrencyandisnotregistered/qualifiedpursuanttoFINRAregu
