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1、GEMsfundsflowsMULTI-ASSETGLOBALEMERGINGMARKETSStayinvestedinEMandbuyondipsNetinflowstoEMremainstronglastweek,ataroundUSD2.8bnLastweek’sequityflowsBertrandDelgadoDirector,SeniorGEMsMulti-AssetStrategistWewereinWashingtonDCfortheIMFFallmeetingsandobservedtheinvestmentambienceUSDbn%AuMHSBCSecurities(US
2、A)Inc.bertrand.j.delgado@us.hsbc.comtowardsEMremainsquitepositive.Investors’moodreflectednotonlyexpectationsofrobustEMEAtotal+2125250745andsynchronizedglobalgrowthbutalsothatlowinflationinDMismoreapermanentratherKishoreMuktinutalapati*thantransitoryphenomenon.Similarly,investorsperceiveimprovementsi
3、ntheoutlookforEMLat-AmtotalEquityStrategistgrowth,wellcontainedinflation,andanongoingeasingpolicybiasforEM.Onrisks,FedpolicyHSBCSecurities&CapitalMarketsIndiaPvtLtdkishoremuktinutalapati@hsbc.co.inhasbeende-escalatedasariskandsotooChinaasamacrorisk.Onthelatter,ChineseAxJtotal+918045552756authorities
4、recentlyemphasizedatthe19thNationalPartyCongresstheircommitmenttoJohnLomax*GEMseconomicgrowth,deepeningsupply-sidereforms,andpromotingtheprivatesector,amongHeadofGlobalEmergingMarketEquityStrategyothers.Overall,wemaintainapositiveviewonEM,forcyclical,structuralandtechnicalHSBCBankplcEMtotaljohn.loma
5、x@hsbcib.comreasons.WerecognizethatthestrongperformanceacrossEMassetclassesy-t-dmakethem+442079923712pronetoperiodsofprofit-takingasweapproachyear-end,sowestillproposebuyingondips.-1.00.01.02.0-1.00.01.02.0Issuerofreport:Investors’preferenceforEMoverDMcontinuedforaninthstraightweekintheweekended18So
6、urce:EPFRGlobal,HSBCOctober,asapercentageofAUM.AmongEMbondfunds,mostoftheinflowswenttoThailand,HSBCSecurities(USA)Inc.MexicoandBrazilinUSDandtoFrontierandChileasapercentageofAUM.WithinEMequityfunds,China,BrazilandIndiawonthelargestdepositsinUSD,whereasUruguay,Mexico,Lastweek’sbondflowsPublished:Braz
7、ilandPerugrabbedthemostinflowsinAUM.Similarinflowstonon-ETFandinstitutionalUSDbn%AUM20October2017fundssupportedEMbonds,whileETFandinstitutionalfundskeptequityfundsafloat(p.13).InEMtotal*Employedbyanon
