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March 22, 2017

Best 15 Markets Yesterday

CountryChangePct
NIGERIA2.22
GHANA2.20
BOTSWANA0.88
BRAZIL0.75
PERU0.65
KENYA0.54
BOSNIA AND HERZEGOVINA0.40
MAURITIUS0.38
ISRAEL0.31
PORTUGAL0.29
GREECE0.27
VIETNAM0.26
ARGENTINA0.24
SPAIN0.24
USA0.19

Worst 15 Markets Yesterday

CountryChangePct
SRI LANKA-1.66
POLAND-1.60
JAPAN-1.46
KAZAKHSTAN-1.45
NORWAY-1.38
KUWAIT-1.32
SINGAPORE-1.27
PHILIPPINES-1.22
HUNGARY-1.22
INDIA-1.21
SAUDI ARABIA DOMESTIC-1.13
IRELAND-1.10
TURKEY-1.01
NETHERLANDS-0.93
CROATIA-0.92

Best 10 Markets YTD

CountryChangePct
ARGENTINA30.05
KAZAKHSTAN28.40
BAHRAIN21.65
UKRAINE21.21
POLAND20.34
KOREA17.29
JAMAICA16.01
ROMANIA14.55
MEXICO14.40
CHINA14.16

Worst 10 Markets YTD

CountryChangePct
OMAN-8.86
SRI LANKA-7.95
ZIMBABWE-6.93
GREECE-6.56
SAUDI ARABIA DOMESTIC-4.69
RUSSIA-4.08
KENYA-3.76
GHANA-2.23
NIGERIA-2.17
NEW ZEALAND-0.35

Best 10 Markets Last 12 months

CountryChangePct
KAZAKHSTAN41.88
ZIMBABWE39.71
BRAZIL38.82
BULGARIA36.24
PAKISTAN34.81
JAMAICA30.90
PERU30.31
UKRAINE26.00
SERBIA24.08
CROATIA23.03

Worst 10 Markets Last 12 months

CountryChangePct
GHANA-32.29
NIGERIA-31.89
BOSNIA AND HERZEGOVINA-16.83
BOTSWANA-16.42
SLOVENIA-14.37
TURKEY-14.28
TUNISIA-13.00
KENYA-12.39
ISRAEL-11.82
DENMARK-11.29

Country USD Yields and Week Changes

CountryAverage YieldYield Average WkChange % pts
Venezuela23.550.43
United States0.980.10
Pakistan5.060.06
Ukraine8.710.06
Azerbaijan5.350.00
Paraguay5.94-0.01
Vietnam4.62-0.02
Russian Federation4.14-0.02
Kazakhstan4.71-0.03
Slovak Republic2.63-0.03
Malaysia3.53-0.04
Morocco3.58-0.04
Philippines3.37-0.04
Mongolia6.70-0.05
Trinidad and Tobago4.45-0.05
Lithuania2.77-0.05
Poland2.99-0.06
Jordan6.42-0.06
South Africa4.77-0.07
China3.09-0.07
Romania3.92-0.07
Panama3.59-0.08
Sri Lanka5.64-0.08
Cote D'Ivoire (Ivory Coast)6.78-0.09
Uruguay4.57-0.09
Oman4.54-0.09
Mexico4.85-0.10
Gabon7.08-0.10
Hungary3.67-0.10
Indonesia4.28-0.11
El Salvador8.24-0.11
Jamaica6.03-0.12
Costa Rica6.61-0.12
Chile3.17-0.12
India4.05-0.13
Serbia4.00-0.13
Turkey5.48-0.14
Argentina6.54-0.14
Tunisia6.79-0.15
Peru3.95-0.16
Croatia (Hrvatska)3.83-0.16
Colombia4.33-0.16
Lebanon6.19-0.18
Egypt6.35-0.19
Kenya7.14-0.20
Brazil4.99-0.21
Dominican Republic5.64-0.22
Ghana8.59-0.24
Ethiopia7.57-0.25
Ecuador8.11-0.27
Zambia8.02-0.29
Iraq8.19-0.29
Angola8.99-0.46

Chart: Ukraine - unexpected winner this year

Ukraine UX Index Up 21% YTD, despite some escalation with Russia. It is also one of the best markets this week. MSCI Ukraine is up 3% WTD

Source: ML, Bloomberg

Download file in Power Point


Comment

Weekly performance is between 2017-03-22 and 2017-03-17

Best global markets last week FM (FRONTIER MARKETS) +0.26%, EM (EMERGING MARKETS) +0.15%, EFM ASIA +0.09%,

While worst global markets last week USA -1.30%, EUROPE -0.55%, EM LATIN AMERICA -0.07%,
  • The Cape measure also suggests US equities are overvalued
  • Record Number of Fund Managers Say US Equities Are Overvalued
  • Will the rally in emerging markets continue?
  • Emerging Markets Are on a Tear
  • China stocks fall on domestic liquidity concerns, Trump doubts
  • Hong Kong, China stocks fall as global market sentiment turns bearish
  • Are European equities undervalued? Funds invested in 'cheap ...
  • European equities hit highest level since 2015
  • Oil Prices Continue To Face Pressure From Brimming Inventories
  • The Trump bump for shares is dented – but watch where the oil price ...
  • MOC: Average finished steel price in China up 0.7 percent
  • Steel Prices: Cold-Rolled Coil Hits a 5-Year High, Will They ...
  • Gold rate today: Track Gold price in India and market outlook
  • Gold prices surge in Dubai, will it rise further?

    Best since the start of the week among various stock markets were UKRAINE +3.03%, BOTSWANA +2.38%, GHANA +2.26%, KENYA +2.21%, TUNISIA +1.42%, SOUTH AFRICA +1.35%, RUSSIA +1.25%, KOREA +0.99%, VIETNAM +0.98%, THAILAND +0.94%,

    While worst since the start of the week among various stock markets were EGYPT -3.42%, HUNGARY -2.97%, POLAND -2.53%, NEW ZEALAND -2.39%, JAMAICA -1.80%, SAUDI ARABIA DOMESTIC -1.63%, BANGLADESH -1.62%, SINGAPORE -1.62%, INDIA -1.55%, PHILIPPINES -1.53%,

    News

    Best 10 Market Since the begining of the week


    UKRAINE 3.03


  • London court decision on Ukraine's debt to Russia expected after ...
  • Ukraine MP claims ex-president's party secretly paid ex-Trump aide ...
  • The Prime Minister of Ukraine contacted Elon Musk after he pledged ...
  • Ukraine's economic growth indicators need revision in wake of ...
  • The II Ukrainian Gas Investment Forum will take place on March 23 ...
  • Nolan Peterson: Why Is Ukraine's Population Shrinking?
  • Ukraine and Canada: A History of Settlement and a Future for ...
  • Expert says Poroshenko's support of Donbass blockade brings snap ...
  • London court decision on Ukraine's debt to Russia expected after ...

    BOTSWANA 2.38


  • Botswana president Ian Khama meets German Chancellor Merkel ...
  • Botswana: Ministers Clash Over Air Botswana
  • Botswana cenbank sees economic growth above 4 pct in next two ...
  • 'MITI created over 6000 new jobs in 2016'
  • Should the retirement age be raised to 70?
  • BITC parts ways with Sejoe
  • BRIEF-361 Degrees International says FY revenue rose 13 pct
  • Shrenuj Nears Debt Deal to Ease Liquidity Crisis

    GHANA 2.26


  • Ghana: Why does president Akufo-Addo need an “elephant-sized ...
  • Ghana: Why does president Akufo-Addo need an “elephant-sized ...
  • Economic Growth : I will not compete with private sector – Nana ...
  • Economic Growth : I will not compete with private sector – Nana ...
  • No Assembly in Greater Accra is open-defecation free
  • GNCC, Indian businesses strategize to boost Ghana's exports
  • Ghana's budget deficit hovering around GHȼ13.3 billion
  • BTA Holds 3rd BTA / GOLD COAST Business Summit on Ghana's ...

    KENYA 2.21


  • How Kenyans robbed the President of Kenya and shouldered a ...
  • Somalia's new prime minister names 26-minister cabinet
  • Navigating huge recurrent bill a headache for Rotich in 2018 Budget
  • Rwanda Attracts More Kenyan Investors with New Incentives
  • 6 challenges before the new government in UP, whose GDP is ...
  • Women's trousers and shorts top list of Kenyan exports to the US
  • Budget Office asks CS Henry Rotich to raid cash-rich betting industry
  • Sh51 billion loan adds to Kenya's debt burden

    TUNISIA 1.42


  • Sheikha Moza meets Tunisia president, PM
  • Merkel to Meet With Tunisia's President, Prime Minister on Friday
  • With Economic Growth Expected to Double This Year, Why Is ...
  • Tunisia investment conference aims to kickstart economy
  • Tunisia's Leader Vows to Deliver on Demands of the Revolution
  • Tunisia exports the highest number of ISIL fighters of any country in ...
  • Tunisia: budget deficit exceeds 4 billion dinars at end November
  • Serinus Announces 2016 Financial and Operating Results

    SOUTH AFRICA 1.35


  • South Africa: President Zuma Salutes Heroes Who Fought for ...
  • Ukraine mulling purchases of coal in US, Australia and South Africa
  • Fall in mining and manufacturing shrinks South Africa's economic ...
  • Structural Issues Mount as South Africa's Economy Slides Into ...
  • Wastewater could be key to tackling Africa's growing water scarcity
  • Eastern Cape produces 27% of South Africa's citrus
  • South Africa budget almost avoids tax hikes for businesses to plug ...
  • Barclays Africa Debt Sale Misses Target as Banks Issue More
    Econ events
    momenteventForecastConsensus
    2017-03-22Inflation Rate MoM FEB0.004
    2017-03-22Inflation Rate YoY FEB0.064
    2017-03-22Current Account Q4ZAR-180B
    2017-03-22Core Inflation Rate YoY FEB0.054

    Ex Div Stocks yesterday:
    CompanyCountrySectorReported
    FirstRand LtdSOUTH AFRICAFinancials3/22/2017
    Growthpoint Properties LtdSOUTH AFRICAReal Estate3/22/2017
    Imperial Holdings LtdSOUTH AFRICAConsumer Discretionary3/22/2017
    MMI Holdings Ltd/South AfricaSOUTH AFRICAFinancials3/22/2017
    MTN Group LtdSOUTH AFRICATelecommunication Services3/22/2017
    Rand Merchant Investment Holdings LtdSOUTH AFRICAFinancials3/22/2017
    Truworths International LtdSOUTH AFRICAConsumer Discretionary3/22/2017

    Ex Div Stocks Today:
    CompanyCountrySectorReported
    RMB Holdings LtdSOUTH AFRICAFinancials3/23/2017

    RUSSIA 1.25


  • FBI investigation continues into Trump-Russia links
  • Alexei Navalny accuses Russian prime minister Dmitry Medvedev of ...
  • Russian economy to grow 2% this year – economic development ...
  • Turkey-Russia Investment Fund expected to give momentum to ...
  • PRESS DIGEST - RUSSIA - March 16
  • Cherkizovo looks abroad, driving Russian switch to poultry exports
  • Russian tax plan could put pressure on budget and inflation - audit ...
  • Tele2 Russia debt increases in 2016
    Econ events
    momenteventForecastConsensus
    2017-03-21Real Wage Growth YoY FEB0.023
    2017-03-21Unemployment Rate FEB0.056
    2017-03-21Retail Sales YoY FEB-0.027
    2017-03-24Interest Rate Decision 0.095

    Companies Reported Yesterday Include:
    CompanyCountrySectorReported
    Etalon Group LtdRUSSIAReal Estate3/22/2017

    Companies that will report Today:
    CompanyCountrySectorReported
    RusHydro PJSCRUSSIAUtilities3/23/2017
    RusHydro PJSCRUSSIAUtilities3/23/2017
    PhosAgro PJSCRUSSIAMaterials3/23/2017
    PhosAgro PJSCRUSSIAMaterials3/23/2017

    KOREA 0.99


  • Ousted S Korean President Park Geun-hye questioned for 14 hours
  • Time for South Korea to beef up the role of the prime minister
  • With global economy turning toward recovery, S. Korea stuck in low ...
  • Alibaba affiliate Ant Financial expands global footprint with South ...
  • High-Level Event Tackles Integration and Industrialization Issues in ...
  • Korea's exports up 14.8% in Mar 1-20, to extend double-digit growth
  • China Vs. the Koreas: Food'n'Nukes
  • Joint effort to bail out Korea's debt-laden shipper Hanjin
    Econ events
    momenteventForecastConsensus
    2017-03-24Consumer Confidence MAR95.09

    VIETNAM 0.98


  • Rivlin meets with Vietnamese President Tran Dai Quang
  • PM Lee to make official visit to Vietnam
  • Vietnam's economic growth to see little change in 2017
  • VN banks hopeful for mortgage market growth
  • Vietnam rethinks contentious two-child policy
  • New US tax plan seen impacting Vietnam exports
  • Vietnam's Budget Airline Founder Is Southeast Asia's Only Woman ...
  • Making Victims Pay

    THAILAND 0.94


  • Duterte wraps up southeast Asia tour in Thailand
  • Thai police say they have found plot to kill prime minister
  • Thailand 2016 growth up but below junta target
  • 'Thailand 4.0 Means Opportunity Thailand': Government taking steps ...
  • Ageing population to be a drag on Thai share of World GDP: report
  • New crisis seen as unlikely, economists say, but caution urged
  • The Truth About Thailand's 2017 Defense Budget 'Hike'
  • Thai gains seen in US rate hike
    Econ events
    momenteventForecastConsensus
    2017-03-22Unemployment Rate FEB0.011

    Worst 10 Market Since Begining of the Week


    EGYPT -3.42


  • Egypt's president to visit Washington in April
  • President Trump to host Iraqi Prime Minister at White House
  • Egypt's year-on-year growth shrinks to 3.8% in Q2 of 2016/17
  • Egypt investment minister, UK ambassador sign $150 mln loan ...
  • Forget ISIS, Egypt's Population Boom Is its Biggest Threat
  • Food industry exports came next at a 2.07 percent growth rate with ...
  • But sources close to Al-Masry Al-Youm said the budget exceeds one ...
  • Yields Fall at Egypt Debt Sale as Weaker Pound Lures Foreigners
    Companies that will report Today:
    CompanyCountrySectorReported
    Egyptian Financial Group-Hermes Holding CoEGYPTFinancials3/23/2017

    HUNGARY -2.97


  • Hungary PM says restricting the number of migrants and protecting ...
  • Macedonia President Says His Country Grateful To Hungary For ...
  • HUNGARY: Hungary: Prime Minister Viktor Orbán speaks harshly ...
  • PwC reveals Hungarian CEOs' mindset in sixth survey
  • JCRA Becomes Fourth Major Credit Rating Agency To Upgrade ...
  • Hungary PM says restricting the number of migrants and protecting ...
  • ForMin Melescanu had a meeting in Budapest with his Hungarian ...
  • Hungary may revise 2017 budget in light of March deficit - minister
  • Energy analyst: New nuclear reactors will heavily increase ...

    POLAND -2.53


  • Polish president hands awards to employee-friendly firms
  • Polish PM questions credibility of polls showing government slide
  • Poland economic growth likely to accelerate to 3.0 pct in 2017 and ...
  • Poland's investment declines at fastest pace in 6 years
  • Poland Can't Get Enough of Ukrainian Migrants
  • HSBC: Rapid growth forecast for Polish service exports
  • The Poland ETF Is A Speculative Buy
  • Poland - Factors to Watch March 1
    Econ events
    momenteventForecastConsensus
    2017-03-23Unemployment Rate FEB0.085

    NEW ZEALAND -2.39


  • Ex-IRA leader Martin McGuinness' body carried home
  • New Zealand accused of cover-up over Afghan civilian deaths
  • NZ's economic growth model pushing environmental limits - report
  • Chinese giant Huawei to build cloud computing data centre in NZ
  • ASB predicts migration will stay strong for the next three years ...
  • Untapped potential for New Zealand exports of healthy foods
  • New Zealand Budget 2016: Winners and Losers
  • Is Air New Zealand Limited's (NZSE:AIR) Balance Sheet A Threat To ...

    JAMAICA -1.80


  • Jamaica mourns passing of JCDC boss, former JTA president
  • Contribution to the 2017/18 Budget Debate by Prime Minister ...
  • Those economic growth rate predictions...
  • Stay focused amidst the good news
  • Great need to ensure senior citizens are protected
  • Jamaica rum exports projected to grow
  • Fitch: Jamaica Budget Shows Broad Fiscal Policy Continuity
  • 'A good budget'

    SAUDI ARABIA DOMESTIC -1.63


  • Saudi oil minister praises Trump 'bond,' says US relationship has ...
  • Saudi king's Asia tour trumpets Aramco's moves downstream
  • Saudi Arabia's Full Statement to Bloomberg on Its 2017 Agenda
  • DBS: strong importation of capital goods to drive current account to ...
  • China's water footprint: an example for future policymakers
  • Singapore's non-oil domestic exports post 11.5% yoy growth in Nov
  • A $100 billion global arms race Trump wants to win
  • Saudi Arabia Plans Domestic Sukuk to Help Boost Market

    BANGLADESH -1.62


  • President's XI to face Bangladesh
  • Bangladesh Prime Minister Sheikh Hasina to visit India from April 7-10
  • Good governance key to higher economic growth
  • IMF Staff Completes 2017 Article IV Mission to Bangladesh
  • The vital link between forests and energy
  • After remittance, Bangladesh exports fall too
  • Bangladesh budget for 2017-18 fiscal to top Tk 4 trillion: Finance ...
  • Policy to make best use of aid money on way

    SINGAPORE -1.62


  • Jean-Luc Butel appointed as president of Church of Jesus Christ of ...
  • PM Lee to make official visit to Vietnam
  • Economists now more upbeat on Singapore economic growth
  • Stewardship and Responsible Investing are Important Principles for ...
  • Singapore population rises 1.3% to 5.61 million
  • Singapore exports rise at fastest pace since 2012
  • What goes into balancing the Singapore budget?
  • Singapore debt wall fuels concerns as Ezra stumbles
    Econ events
    momenteventForecastConsensus
    2017-03-23Inflation Rate MoM FEB0.003
    2017-03-23Inflation Rate YoY FEB0.01
    2017-03-23Core Inflation Rate YoY FEB0.014
    2017-03-24Industrial Production MoM FEB-0.008
    2017-03-24Industrial Production YoY FEB0.068

    INDIA -1.55


  • 25 years after Babri demolition: Will Modi choose Advani as ...
  • Beware the other side of India's prime minister
  • Indian economic growth slows in December quarter of 2016
  • McAfee looks to ramp up India investment
  • Asia's Water Politics Near the Boiling Point
  • Chemicals, construction material exports stand at $27 bn by ...
  • Finances of the Nation ~ I
  • Abraaj sets sights on India's debt investments
    Econ events
    momenteventForecastConsensus
    2017-03-22Current Account Q4$-4.5B
    2017-03-24Foreign Reserves 17/MAR$ 363.9B

    PHILIPPINES -1.53


  • Duterte backtracks on gay marriage in Philippines
  • Duterte wraps up southeast Asia tour in Thailand
  • PH, Thailand boost economic, agri, tourism ties
  • Philippines' investment grade status stays
  • Compete with others to penetrate global halal market, Ong reminds ...
  • Philippines exports grow at fastest rate in 3 years
  • Local governments not spending enough on social services ...
  • Philippines debt balloons to P6 trillion as of September
    Econ events
    momenteventForecastConsensus
    2017-03-23Interest Rate Decision 0.03
    2017-03-24Consumer Confidence Q112

    Ex Div Stocks Today:
    CompanyCountrySectorReported
    Metro Pacific Investments CorpPHILIPPINESFinancials3/23/2017

    Our Recent Research Reports

  • 2017-03-22 ML Weekly
  • 2017-03-21 ML Fund Atlas Weekly Fund Flows
  • 2017-03-20 ML Fixed Income Weekly
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