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1、GEMsfundsflowsMULTI-ASSETGLOBALEMERGINGMARKETSEMfundsaddedoverUSD25bnsincemid-MarchUSD4bnalongintheweekended26AprilLastweek’sequityflowsBertrandDelgadoDirector,SeniorEMStrategistUSDbn%AuMHSBCSecurities(USA)Inc.EMfundsandrelatedassetsshouldcontinuetobenefitfromanimprovedChina-EMg
2、rowthbertrand.j.delgado@us.hsbc.comEMEAtotaloutlook,rangeboundUST10yryield(2.2-2.5%),softerUSDandlowcrossassetvolatility.Easy+2125250745globalandEMinflationpressureswilllikelykeepmarketexpectationstowardsEMcentralbankKishoreMuktinutalapati*Lat-AmtotalEquityStrategist,Frontier&Em
3、ergingMarketsmonetarypolicyactionsintheneutral/dovishcamp(p.7),whichispositiveforlocaldebtHSBCSecurities&CapitalMarkets(India)PvtLtdmarkets.Moreover,FrenchelectionresultshasreducedDMpoliticalandpolicyrisk.Yet,AxJtotalkishoremuktinutalapati@hsbc.co.in+918045552756concernsaboutUSt
4、radepolicyandgeopoliticalrisksremaininplace.WeareconstructiveonJohnLomax*EMandseepullbacksasacontinuedbuyingopportunityasthediscussionswehadwithGEMsHeadofGlobalEmergingMarketsEquityinvestorsandpolicymakerduringtheIMF-WBmeetingsstillsuggestabenignoutlook.StrategyEMtotalHSBCBankpl
5、cjohn.lomax@hsbcib.comStrongerinflowstoEMoverDMfundsin%ofAuMterms,intheweekended26April.Among+442079923712EMbondfunds,Brazil,MexicoandIndonesiareceivedthelargestinflowsinUSDterms,while-1.00.01.02.0-0.4-0.20.00.20.4frontiermarketsledin%ofAUMterms.WithinEMequityfunds,China,Indiaan
6、dTaiwanSource:EPFRGlobal,HSBCIssuerofreport:HSBCSecurities(USA)Inc.grabbedthelargestinflows,inUSDterms.StronginstitutionalfundflowsledtheboostinflowsLastweek’sbondflowstobondsandequityfunds(p.13).InDM,USfundsledgainsamongbondfunds,whileallDMUSDbn%AUMPublished:equityfundsshowedga
7、ins,ledbyUS,JapanandGermany.28April2017EMtotalByCurrencyHSBC’searlysignallingsystemstillsuggestsstrongappetiteforEMfundsacrosstheboard(p.*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,Localandisnotregistered/qualifiedpursuanttoFINRAregulations14).Likewise,EMfundflowsmomentu
8、m(p.5)anddispersionindicators(p.8)showsHardcons
