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May 24, 2017

Best 15 Markets Yesterday

CountryChangePct
BOTSWANA2.88
BRAZIL2.56
SOUTH AFRICA2.26
ZIMBABWE2.01
PAKISTAN1.99
FINLAND1.97
UKRAINE1.69
TURKEY1.39
RUSSIA1.30
SPAIN1.14
SWEDEN1.10
BULGARIA1.07
BAHRAIN0.81
GHANA0.68
KAZAKHSTAN0.57

Worst 15 Markets Yesterday

CountryChangePct
POLAND-2.02
INDIA-1.18
ISRAEL-1.10
PERU-0.91
GREECE-0.86
AUSTRIA-0.83
HUNGARY-0.72
SAUDI ARABIA DOMESTIC-0.64
CROATIA-0.60
INDONESIA-0.52
NORWAY-0.52
ESTONIA-0.48
UNITED KINGDOM-0.44
SERBIA-0.44
JORDAN-0.39

Best 10 Markets YTD

CountryChangePct
ARGENTINA40.07
AUSTRIA31.94
POLAND31.92
JAMAICA29.35
ROMANIA26.44
KOREA25.80
KAZAKHSTAN25.05
SPAIN25.02
GREECE24.33
TURKEY24.27

Worst 10 Markets YTD

CountryChangePct
OMAN-12.45
LEBANON-8.28
RUSSIA-6.83
TUNISIA-3.96
SAUDI ARABIA DOMESTIC-2.77
TRINIDAD AND TOBAGO-2.40
QATAR-2.14
QATAR DOMESTIC-1.92
JORDAN-1.28
EGYPT0.28

Best 10 Markets Last 12 months

CountryChangePct
AUSTRIA54.21
JAMAICA52.08
BULGARIA49.38
ZIMBABWE45.50
KAZAKHSTAN38.19
KOREA36.77
BRAZIL34.20
HUNGARY34.15
POLAND33.69
CHINA33.43

Worst 10 Markets Last 12 months

CountryChangePct
NIGERIA-28.16
TUNISIA-19.95
GHANA-15.14
BOTSWANA-14.60
OMAN-12.67
EGYPT-11.62
ISRAEL-10.59
SLOVENIA-8.85
BOSNIA AND HERZEGOVINA-7.10
ESTONIA-3.16

Country USD Yields and Week Changes

CountryAverage YieldYield Average WkChange % pts
Azerbaijan5.250.45
Brazil5.100.32
Lebanon6.270.22
Ukraine7.810.16
Oman4.800.16
Serbia3.590.15
Iraq7.950.14
Tunisia6.240.14
Trinidad and Tobago4.910.14
Egypt6.100.11
Argentina6.410.11
Bolivia5.060.10
Gabon6.660.10
Angola8.740.10
Croatia (Hrvatska)3.650.08
Cote D'Ivoire (Ivory Coast)6.400.07
Mongolia5.980.06
South Africa4.970.06
Pakistan5.110.06
Ecuador8.710.05
Dominican Republic5.340.04
Jamaica5.850.04
Ethiopia6.620.04
Turkey5.110.04
Nigeria6.920.03
El Salvador8.520.03
Ghana8.180.03
Sri Lanka5.310.02
Jordan5.890.02
United States1.010.02
Zambia7.740.01
Costa Rica6.190.01
Kazakhstan4.590.01
Paraguay5.540.01
Russian Federation3.930.00
Romania3.60-0.01
Panama3.52-0.01
Lithuania2.47-0.02
Hungary3.30-0.03
Peru3.81-0.03
Indonesia4.09-0.04
Colombia4.06-0.04
Kenya6.52-0.04
Vietnam4.26-0.04
Poland2.70-0.04
Uruguay4.27-0.05
Morocco3.36-0.05
Mexico4.45-0.05
Philippines3.25-0.06
Slovak Republic2.40-0.06
Venezuela24.86-0.09
Chile2.86-0.12
Malaysia3.34-0.13
China2.89-0.16
India3.72-0.18

Chart: Moody's downgrades China rating to A1 from Aa3, with stable outlook.. Although emerging markets are still doing very well this week. The longer term implications for GEM yields could be negative as well as for overall GEM risk.

  • China Real GDP Growth Not a good technical chart
  • Inflation is ticking up.. This is Not so bad, but still
  • Current account is stable – but the surpluses are long gone leaving Yuan somewhat less immune to capital flight
  • Sovereign borrowing is on the uptick

Source: ML

Download file in Power Point


Comment

Weekly performance is between 2017-05-23 and 2017-05-19

Best global markets week to date EM (EMERGING MARKETS) +0.88%, EM LATIN AMERICA +0.77%, EFM ASIA +0.73%,

While worst global markets week to date FM (FRONTIER MARKETS) 0.24%, EUROPE 0.42%, USA 0.70%,
  • US equities mark 4-session gains streak as concerns over Trump ease
  • US stocks CHAOS: Investors ditch almost $9 billion of equities as ...
  • EMERGING MARKETS-Emerging assets weaker with eye on China ...
  • Emerging markets remain a good bet and are under-owned despite ...
  • China stocks rattled by Moody's sovereign downgrade
  • Chinese Stocks Drop to Seven-Month Low After Moody's Downgrade
  • European stocks finish lower after Merkel says euro 'too weak'
  • Equity-Euro Correlation Boosts Appeal of European Stocks: Chart
  • Will Opec extend output cuts in bid to push up oil prices?
  • Is Canada's Oil Production Ready For A Resurgence?
  • US Steel Prices Fall in May, and This Might Just Be the Beginning
  • Steel Price Forecast, April 2017: US Steel to Invest in Plants
  • Gold rate today: Track Gold price in India and market outlook
  • Silver Jumps, Gold Price 'Stuck at $1245-65' as Oil Defies Trump ...

    Best since the start of the week among various stock markets were PAKISTAN +4.09%, ZIMBABWE +3.94%, TURKEY +3.58%, BOTSWANA +3.04%, SOUTH AFRICA +2.77%, FINLAND +2.33%, NEW ZEALAND +1.65%, KENYA +1.54%, SWEDEN +1.46%, KOREA +1.39%,

    While worst since the start of the week among various stock markets were SRI LANKA -1.60%, INDIA -1.13%, TUNISIA -1.11%, ISRAEL -1.10%, EGYPT -1.06%, ARGENTINA -1.01%, UNITED ARAB EMIRATES -0.71%, POLAND -0.70%, INDONESIA -0.70%, CROATIA -0.61%,

    News

    Best 10 Market Since the begining of the week


    PAKISTAN 4.09


  • President Trump proposes to convert US' grant to Pakistan into loan
  • Recapping Prime Minister's visit to China
  • Pakistan witnessing significant economic growth: Aizaz
  • PM touts Pakistan's investment prospects to Hong Kong forum
  • Population growth is linked to development: Aseefa Bhutto Zardari
  • Experts suggest reduction in taxes, increase in exports
  • PML-N's priorities versus allocations
  • Is Pakistan's debt really a problem?

    ZIMBABWE 3.94


  • Mnangagwa to be Zimbabwe President until 21 August 2018
  • Minister Gumbo's comments on NRZ workers reveal irresponsibility ...
  • Zimbabwe: AfDB Projects Zim GDP At 1,3pc
  • Allocations along Zim-Asset lines hailed
  • Govt appeals for $103m for HIV testing
  • Risky dependence. . . Call to diversify export market
  • Retention funds cost Zim millions
  • Zimbabwe's Debt Clearance Strategy Questioned

    TURKEY 3.58


  • Turkey condemns US over 'aggressive' acts against Erdogan's ...
  • The violence of ErdoÄŸan's bodyguards in Washington DC is Turkey's ...
  • Can Turkey disprove IMF's dismal economic growth forecast?
  • Referendum Result Puts Reform in Focus in Turkey
  • Turkey population continues to grow as hunting recedes
  • Forum Istanbul gathers Turkish, international experts
  • Turkey's budget deficit recorded at €4.6bn for Jan-April
  • Turkey debt stock reaches $223.4 billion in April
    Econ events
    momenteventForecastConsensus
    2017-05-23Business Confidence MAY111.9
    2017-05-23Capacity Utilization MAY78.80%

    BOTSWANA 3.04


  • Botswana to host the second Giants Club Summit
  • ISS Today: African leaders take the blame for the continent's ...
  • IMF bullish on Botswana growth prospects
  • Botswana: Investment Opportunity Available - Seretse
  • Senior entrepreneurship could curb Botswana's 60% dependency ...
  • SA's downgrade effects to spillover into Botswana
  • Botswana's budget deficit to widen to 1.4 pct of GDP in 2017/18
  • Shrenuj Nears Debt Deal to Ease Liquidity Crisis

    SOUTH AFRICA 2.77


  • Is South African President Jacob Zuma Overstepping His Authority ...
  • Former British Prime Minister Tony Blair graces South African soil to ...
  • IMF lifts South Africa's economic growth forecast amid ag growth
  • 'Nuclear can't work in current growth environment'
  • 'SA needs two million people in 10 years'
  • The guardians of South Africa's export fruit quality
  • South Africa: Budget Vote Debate 5 - Home Affairs
  • Fitch "very concerned" situation in South Africa not improving -union
    Econ events
    momenteventForecastConsensus
    2017-05-24Core Inflation Rate YoY APR4.90%
    2017-05-24Inflation Rate MoM APR0.50%
    2017-05-24Inflation Rate YoY APR5.70%
    2017-05-25Prime Overdraft Rate10.50%
    2017-05-25Interest Rate Decision7%
    2017-05-25PPI YoY APR5.10%
    2017-05-25PPI MoM APR

    Ex Div Stocks Today:
    CompanyCountrySectorReported
    Redefine Properties LtdSOUTH AFRICAReal Estate5/24/2017

    FINLAND 2.33


  • Former Finnish President Mauno Koivisto dies at 93
  • Finnish leaders condemn Manchester attack, police see no need to ...
  • Cities hurting, not promoting economic growth in Finland
  • European Semester Shows EU in the Eye of the Storm
  • Population projections reveal shocking future trends
  • EU must adopt a more vigorous defence of free trade
  • Finnish government to fall short of economic targets, analysts say
  • Decline and Fall: Finland's National Debt Beyond 1990s Crisis Level
    Econ events
    momenteventForecastConsensus
    2017-05-24Export Prices YoY APR4.60%
    2017-05-24Unemployment Rate APR9.90%
    2017-05-24PPI YoY APR4.30%
    2017-05-24Import Prices YoY APR12.10%

    NEW ZEALAND 1.65


  • PMA president on media freedom in Tonga
  • John Oliver strikes back at the prime minister of New Zealand
  • Visa proposals could leave migrants isolated - advisers
  • New Zealand government commits $178m to improving visitor ...
  • Election 2017: More to immigration than just saying 'yes' or 'no' to ...
  • NZ needs to add more value to its red meat exports to China, bank ...
  • New Zealand budget likely to print healthy picture of fiscal outlook ...
  • NZ Govt Bond tender number 603 results

    KENYA 1.54


  • 1 killed in northern Kenya after rally attended by President Kenyatta
  • Uhuru phones May, says Kenya stands with the UK after attack
  • Kenya needs 2M low-income homes for economic growth, says ...
  • Kenya reports mixed foreign investment results in 2016
  • Questions continue to be asked about ongoing food crisis
  • EAC wants Kenya exports to Europe protected
  • Henry Rotich unveils Kenya's Sh2.6 trillion Budget
  • How pension funds can help relieve Kenya's debt burden

    SWEDEN 1.46


  • Outgoing Swedish Ambassador to Seychelles pays farewell visit
  • Henrik Lundqvist joins Swedish throng in song at world title ...
  • 'Lack of cooperative spirit' raising economic risks in Sweden, says SEB
  • NA leader's European tour to foster ties with Sweden, Hungary ...
  • Sweden's Population Is About to Reach 10 Million
  • Swedish Economy Beats Survey, Giving Central Bank Hope
  • Shares in Hugo Boss rise on sales update as H&M fall
  • Sweden's Debt Office Fears Liquidity Is Suffering
    Econ events
    momenteventForecastConsensus
    2017-05-23Unemployment Rate APR6.70%
    2017-05-24PPI YoY APR6.10%
    2017-05-24PPI MoM APR0.30%
    2017-05-24Consumer Confidence MAY103.8
    2017-05-24Business Confidence MAY108.9

    KOREA 1.39


  • Former South Korean president Park Geun-hye on trial for corruption
  • S. Korean prime minister nominee offers conditional talks with N ...
  • South Korea's Moon names key cabinet members
  • Western Digital Corp (WDC) Share Value Rose While Korea ...
  • Africa's Population Boom - Burden or Opportunity?
  • S. Korea's Exports on Track for Growth for 7th Straight Month
  • S.Korea's budget carrier Jin Air to list by year-end amid increase in ...
  • North Korea owes Finland millions in decades-old debt
    Econ events
    momenteventForecastConsensus
    2017-05-23External Debt Q1$ 375.1B
    2017-05-25Interest Rate Decision1.25%
    2017-05-26Consumer Confidence MAY100.6

    Worst 10 Market Since Begining of the Week


    SRI LANKA -1.60


  • Sri Lankan president arrives in Australia
  • Sri Lankan plantation unions embrace Indian prime minister
  • Advantis Engineering enables Sri Lanka's economic growth through ...
  • Sri Lanka Investment and Business Conclave 2017 to draw FDI
  • Modi's Visit to Lanka: Avoid One Step Forward and Two Steps Back
  • * Positive outlook for Sri Lanka's exports in 1Q 2017
  • Budget deficit slashed to 5.4% amid expenditure cuts, higher revenue
  • Sri Lanka's debt overhang: Getting better or worse?

    INDIA -1.13


  • Manchester terror attack: Indian President, world leaders condemn ...
  • Africa top priority for India, says Prime Minister Narendra Modi
  • India's Book-Buying Habits Say A Lot About The Country's Economy
  • Kashmir dispute, religious strife 'risks' to India investment
  • India is world's most populous nation with 1.32bn people, academic ...
  • India's exports rise 20% in April to nearly $25 billion
  • Budget hotels seek lower GST tax rate
  • DB: India's Debt Profile Is Bad, But It Is Rapidly Improving
    Companies that will report Today:
    CompanyCountrySectorReported
    Bank of IndiaINDIAFinancials5/24/2017
    Subex LtdINDIAInformation Technology5/24/2017
    Tata Global Beverages LtdINDIAConsumer Staples5/24/2017
    Vedanta Resources PLCINDIAMaterials5/24/2017

    TUNISIA -1.11


  • Tunisia president to participate in US-Islamic summit in Riyadh
  • UPDATE 1-Tunisia forces clash with protesters, one killed, stations ...
  • Tunisia economic growth picks up in first quarter
  • Tunisia Seeks Foreign Investment to Cement Democratic Gains
  • Reinventing oneself in a fast-paced creative environment
  • UAE- Tunisa's exports down 3.3%, imports up 5.8% in Q1 2017
  • Tunisia: budget deficit exceeds 4 billion dinars at end November
  • Regional partners pledge billions in help for Tunisia

    ISRAEL -1.10


  • President Trump Meets With Prime Minister Netanyahu of Israel
  • Israeli Prime Minister Benjamin Netanyahu may be regretting forcing ...
  • Israel's economy is a study in contrasts
  • Insights
  • Israel's population to surge to 20 million by 2065
  • Israeli Exports to US Up 5 Percent to $3.1 Billion in First Quarter
  • Broward sheriff makes case for more money
  • Israel's debt-to-GDP ratio falls
    Econ events
    momenteventForecastConsensus
    2017-05-23Unemployment Rate APR4.20%
    2017-05-25Industrial Production MoM MAR1.30%
    2017-05-25Industrial Production YoY MAR2.70%

    Companies that will report Today:
    CompanyCountrySectorReported
    Frutarom Industries LtdISRAELMaterials5/24/2017
    Bank Hapoalim BMISRAELFinancials5/24/2017

    EGYPT -1.06


  • Donald Trump praises Egypt President al-Sisi and plans trip to Cairo
  • Prime minister opens “Ahlan Ramadan” fair, 200 companies ...
  • Government targets 4.6% economic growth in coming fiscal year ...
  • Egypt- Investment funds lose 3.3% of their assets during first quarter
  • Egypt's population to reach 119 million by 2030: report
  • Growth rate of Egypt's exports reaches 7.4% in 2016
  • Emerging Market Credit Daily Roundup
  • Yields Fall at Egypt Debt Sale as Weaker Pound Lures Foreigners

    ARGENTINA -1.01


  • Han meets visiting president of Argentina
  • Statement - Minister Duclos strengthens bilateral relationships with ...
  • SA could add to economic growth
  • Interview: Argentine energy minister sees $50/b oil supporting shale ...
  • A third of Argentina's population live in poverty, according to the ...
  • Argentina: Neuquen's cherries to enter China without tariffs
  • UPDATE 1-Argentina beats 2016 fiscal goal with deficit of 4.6 pct of ...
  • Argentina Debt Outlook Improving, Moody's Says
    Econ events
    momenteventForecastConsensus
    2017-05-23Consumer Confidence MAY42
    2017-05-23Interest Rate Decision26.25%
    2017-05-23Balance of Trade APR$400M

    UNITED ARAB EMIRATES -0.71


  • Egypt's president visits staunch ally United Arab Emirates
  • The Arab Strategy Forum attracts more than three thousand ...
  • Abu Dhabi economy showing signs of recovery, says official
  • Understanding investment and financial flows in Africa
  • United Arab Emirates country profile
  • Emirates SkyCargo is reaching into US market
  • UAE govt approves higher federal spending for 2015 - PM
  • UAE Bonds Pulling Away as Cash Reserves Beat OPEC Woes

    POLAND -0.70


  • Former Polish president Lech Walesa arrives at Cannes to attend ...
  • Poland's Prime Minister says country will accept no refugees as EU ...
  • Poland produces polished GDP growth
  • Poland's investment declines at fastest pace in 6 years
  • Poland population dropped by a million since joining EU
  • HSBC: Rapid growth forecast for Polish service exports
  • Capital Project Delays are Stifling Growth and Hurting Communities
  • Polish state bank BGK places 1.2 bln zlotys in bonds
    Econ events
    momenteventForecastConsensus
    2017-05-25Unemployment Rate APR7.70%

    INDONESIA -0.70


  • Indonesia president approves 2-year extension of forest moratorium
  • Julie Bishop Has Raised "Serious Concerns" With Indonesia Over ...
  • Indonesia Should Attract More Investment to Boost Economic Growth'
  • Bleak Q1-2017 Foreign Direct Investment Growth in Indonesia
  • Growth opportunities abound for Best World beyond China
  • Indonesia's April export, import growth slower than expected
  • Indonesia Gets Investment Grade Credit Rating Status from S&P'
  • Indonesia Expects $10b FDI Boost From S&P Rating Upgrade i

    CROATIA -0.61


  • Jacques Houdek criticizes the President of Croatia – and bitter ...
  • Croatian finance minister's narrow vote win puts pressure on PM
  • EBRD Increases GDP Growth Estimate for Croatia
  • Croatia wants to reduce public debt to 75 pct of GDP by end of 2019
  • Addressing Croatia's Population Problem: The New Ministry of Balls
  • Croatia's Exports Jump by 27% in January
  • Good news on fiscal front for 2016 in CEE, apart from Romania
  • Croatia wants to reduce public debt to 75 pct of GDP by end of 2019

    Our Recent Research Reports

  • 2017-05-23 ML Morning Meeting
  • 2017-05-22 ML Fixed Income Weekly
  • 2017-05-22 ML Weekly
  • 2017-05-19 ML Morning Meeting
  • 2017-05-19 ML Fund Atlas Weekly Flows

    Recent Chart Art

    Moody's downgrades China rating to A1 from Aa3, with stable outlook.. Although emerging markets are still doing very well this week. The longer term implications for GEM yields could be negative as well as for overall GEM risk.

    Download file in Power Point    		Argentina – why so hot?

    Download file in Power Point    		Former Austro-Hungarian Empire Countries Equities were among the leaders in the last 12 months.

    Download file in Power Point
    Brazil Yields Rise, Highlighting the Political Risk

    Download file in Power Point    		Emerging Market Funds Returned to Inflow

    Download file in Power Point    		 Brazil Impeachment

    Download file in Power Point
    Other Global Gloom Signs besides Trump Sell off In the States Yesterday -

    Download file in Power Point    		CEE Real Rates

    Download file in Power Point    		New Silk Road From Beijing to Barcelona

    Download file in Power Point