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1、GEMsfundsflowsMULTI-ASSETGLOBALEMERGINGMARKETSInflowstoEMfundsre-accelerateTotalreturnsreachnewhighsy-t-dLastweek’sequityflowsBertrandDelgadoDirector,SeniorEMStrategistUSDbn%AuMHSBCSecurities(USA)Inc.Inflows,performanceandflowsmomentum,givenbenignglobalanddom
2、esticconditions,bertrand.j.delgado@us.hsbc.comEMEAtotalsupportsourconstructiveviewonEM(seeGEMsInvestor–WhyEMismoreresilient,July+21252507452017).Certainly,thelatestECBandBOJmonetarypolicymeetingsprovidesfurthersupporttoKishoreMuktinutalapati*Lat-AmtotalEquity
3、Strategistourviewofagradualmonetarypolicyadjustmentbyglobalcentralbanks,whichinturnshouldHSBCSecurities&CapitalMarketsIndiaPvtLtdhelpinkeepingcrossassetvolatilityrelativelylow.Meanwhile,China’sgrowthremainedonaAxJtotalkishoremuktinutalapati@hsbc.co.in+9180455
4、52756solidfootingin2Q17,withpositivesurprisesonmanufacturingandprivateinvestment,andshouldstayinstablemodeinthe2H17.Importantly,HSBCEconomicshighlightsthatChina’sGEMsJohnLomax*HeadofGlobalEmergingMarketEquityStrategyprivatesectorshouldtakeamoreprominentroleah
5、eadintheeconomygivenstructuralHSBCBankplcEMtotaljohn.lomax@hsbcib.comadjustments.Finally,marketexpectationsaboutEMcentralbanks’monetarypolicycoursein+442079923712thecoming12monthsremainsinneutral/dovishterritory(p.7),whichshouldsupportlocaldebt-1.00.01.02.03.
6、0-0.50.00.51.0markets.Issuerofreport:Source:EPFRGlobal,HSBCHSBCSecurities(USA)Inc.InflowstoEMreacceleratedandgrewatafasterpacethanDMfunds,in%AUM,intheweekLastweek’sbondflowsPublished:ended19July.WithinEMbondfunds,Mexico,BrazilandIndonesiagrabbedmostoftheUSDbn
7、%AUM21July2017inflowsinUSD,whileIndiaandFrontiermarketsaddedlargestinflowsin%ofAUM.AmongEMequityfunds,China,India,MexicoandBrazilcapturedthemost,inUSD,whileMexico,ChileEMtotal*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,ByCurrencyandisnotregistered/qua
8、lifiedpursuanttoFINRAregulationsandFrontiermarketssawlargestinflowsinAUM.Inflowsintonon-ETFandinstitutionalfundsLocalsupportedEMbondandequityfunds(p.13).InDM,USandGlobalfundsaddedthemostw
