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June 1, 2017

Best 15 Markets Yesterday

CountryChangePct
KENYA3.59
SLOVENIA2.78
EGYPT2.39
ROMANIA2.01
BAHRAIN1.95
JORDAN1.93
KAZAKHSTAN1.80
BOSNIA AND HERZEGOVINA1.50
BOTSWANA1.43
CROATIA1.42
DENMARK1.41
PORTUGAL1.12
HUNGARY1.02
SWITZERLAND0.94
LEBANON0.90

Worst 15 Markets Yesterday

CountryChangePct
PAKISTAN-3.25
RUSSIA-2.42
SOUTH AFRICA-2.39
QATAR-2.37
QATAR DOMESTIC-2.21
MEXICO-1.36
UNITED ARAB EMIRATES-1.27
BRAZIL-1.21
COLOMBIA-0.95
TAIWAN-0.90
NORWAY-0.87
CHINA-0.75
AUSTRIA-0.69
NIGERIA-0.63
CHILE-0.53

Best 10 Markets YTD

CountryChangePct
ARGENTINA46.48
JAMAICA31.70
ROMANIA31.33
POLAND31.26
AUSTRIA28.38
KOREA27.31
KAZAKHSTAN27.11
SPAIN24.57
TURKEY24.45
CHINA21.81

Worst 10 Markets YTD

CountryChangePct
OMAN-12.71
RUSSIA-10.99
LEBANON-6.26
TRINIDAD AND TOBAGO-4.91
QATAR-4.65
TUNISIA-3.96
QATAR DOMESTIC-3.89
SAUDI ARABIA DOMESTIC-3.57
UNITED ARAB EMIRATES-0.86
CANADA-0.72

Best 10 Markets Last 12 months

CountryChangePct
JAMAICA52.60
BULGARIA51.12
ZIMBABWE50.31
AUSTRIA46.23
ROMANIA40.61
BRAZIL38.21
KOREA36.94
ARGENTINA35.17
KAZAKHSTAN34.47
POLAND33.29

Worst 10 Markets Last 12 months

CountryChangePct
NIGERIA-26.89
TUNISIA-15.31
BOTSWANA-15.16
GHANA-12.45
BOSNIA AND HERZEGOVINA-11.19
OMAN-10.84
ISRAEL-10.77
EGYPT-5.90
SLOVENIA-5.28
ESTONIA-3.31

Country USD Yields and Week Changes

CountryAverage YieldYield Average WkChange % pts
Tunisia6.330.09
India3.770.05
China2.950.04
United States1.040.03
Malaysia3.360.02
Philippines3.270.02
Cote D'Ivoire (Ivory Coast)6.39-0.02
Uruguay4.24-0.02
Lebanon6.24-0.02
Lithuania2.45-0.03
Slovak Republic2.37-0.03
Pakistan5.08-0.03
Mongolia5.95-0.03
Colombia4.03-0.03
Chile2.83-0.03
Sri Lanka5.26-0.05
El Salvador8.47-0.05
Paraguay5.49-0.05
Mexico4.39-0.05
Peru3.76-0.05
Hungary3.25-0.06
Egypt6.04-0.06
Panama3.46-0.06
Romania3.54-0.06
Trinidad and Tobago4.84-0.07
Dominican Republic5.26-0.07
Ethiopia6.54-0.08
Poland2.61-0.09
Kazakhstan4.50-0.09
Vietnam4.17-0.09
Jordan5.80-0.09
Argentina6.32-0.10
Morocco3.26-0.10
Kenya6.41-0.11
Indonesia3.97-0.11
Brazil4.99-0.12
Russian Federation3.81-0.12
Ecuador8.57-0.14
Oman4.65-0.15
Jamaica5.70-0.16
Senegal6.08-0.16
Turkey4.93-0.16
Serbia3.42-0.17
Costa Rica6.02-0.17
Nigeria6.73-0.19
Ukraine7.62-0.19
Zambia7.55-0.19
Croatia (Hrvatska)3.45-0.20
Bolivia4.84-0.22
South Africa4.72-0.25
Azerbaijan4.97-0.28
Gabon6.37-0.29
Angola8.43-0.31
Ghana7.76-0.42
Venezuela24.33-0.54
Iraq7.31-0.64

Chart: In case of a deflation Gold Is likely to be a safe heaven again.

Given that its expensive to mine… there is quite little of it vs. other assets.. And there is fairly little of it left.

Source: ML

Download file in Power Point


Comment

Weekly performance is between 2017-05-31 and 2017-05-26

Best global markets week to date EUROPE +0.22%, FM (FRONTIER MARKETS)-0.01%, USA-0.15%,

While worst global markets week to date EM LATIN AMERICA -2.11%, EM (EMERGING MARKETS) -1.15%, EFM ASIA -0.65%,
  • US equities drift lower as banks, weak data weigh
  • ANALYSIS: Trump – from asset to liability for US equities?
  • Returns Soar as Emerging Markets Turn Less Volatile
  • Genesis Emerging Markets slashes management fee
  • Best Chinese Stocks To Buy And Watch
  • Chinese stocks leap, leading gains by Asian markets
  • The argument for owning European equities
  • Stephanie Flanders: The European equity turnaround has begun
  • Oil price forecast: Trump and US shale set to keep prices below $50
  • Is History Repeating Itself In The Oil Markets?
  • US Steel Prices Fall in May, and This Might Just Be the Beginning
  • Mining stocks fall after drop in iron prices
  • Gold rate per gram: Check out current gold price per gram
  • Gold Prices Split for Dollar, Euro and UK Investors as Trump-Merkel ...

    Best since the start of the week among various stock markets were KAZAKHSTAN +5.45%, EGYPT +3.37%, JORDAN +2.87%, BAHRAIN +2.60%, SLOVENIA +2.53%, CROATIA +2.27%, ROMANIA +2.16%, JAMAICA +2.12%, PORTUGAL +1.67%, LITHUANIA +1.57%,

    While worst since the start of the week among various stock markets were PAKISTAN -6.16%, SOUTH AFRICA -4.54%, MEXICO -3.22%, AUSTRIA -2.88%, QATAR -2.74%, QATAR DOMESTIC -2.21%, RUSSIA -2.07%, BRAZIL -1.83%, NORWAY -1.74%, ITALY -1.66%,

    News

    Best 10 Market Since the begining of the week


    KAZAKHSTAN 5.45


  • Kazakh President receives Dauren Abayev
  • MR. Sagintayev, Prime Minister of Kazakhstan surveys JAC project ...
  • UAE-Kazakhstan Business Forum launched in Kazakhstan's capital ...
  • Central Asia's Population Growth
  • EIA- Kazakhstan Oil Market Overview
  • Government proceeds with privatising state property, says vice ...
  • Kazakhstan's debt-to-GDP ratio is 24.6%

    EGYPT 3.37


  • Egypt's president attempts to further silence dissent with "draconian ...
  • Statement by the Prime Minister of Canada on the terrorist attack on ...
  • Egypt Raises $7bn In London In First Half Of 2017
  • 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
  • Egypt's 8-month budget deficit drops to 7% of GDP as revenues ...
  • Foreign Holdings of Egypt Debt Reach $7.5 Billion, Official Says
    Econ events
    momenteventForecastConsensus
    2017-05-31M2 Money Supply YoY APR
    2017-06-02Foreign Exchange Reserves MAY$ 29.3B

    JORDAN 2.87


  • Readout of President Donald J. Trump's Call with King Abdullah II of ...
  • Prime Minister Kvirikashvili meets with world leaders in Jordan
  • Plan launched to stimulate economic growth over 5 years
  • Jordan Strategy Forum calls for clear legal framework for investment ...
  • Worldwide ban on laptops & tablets in airline hand baggage now ...
  • How To Invest In Jordan
  • Jordan budget deficit stands at JOD192 million in Q1
  • Michael Jordan schooled Bow Wow

    BAHRAIN 2.60


  • Court orders last main opposition group in Bahrain dissolved
  • Amir receives Bahraini Prime Minister
  • Bahrain Expects Non-Oil Sector to Grow by 3% in 2017
  • BDO Consulting an authorised sponsor on Bahrain Investment Market
  • Up the creek again, without a paddle
  • 'Indian merchandise exports to 6 Gulf countries down 18.7% in 2015 ...
  • Analysis - Bahrain may need Saudi help to plug budget gap
  • Bahrain gets a piece of good news on economy

    SLOVENIA 2.53


  • Slovenia calls for recognition of nut cake after Pope's quip to ...
  • Slovenia calls for recognition of nut cake after Pope's quip to ...
  • Ratas: Estonia, Slovenia allies in development of digital technology
  • Investment, exports and Melania factor boost Slovenian growth
  • Lower EU funds could be felt by CEE, due to Brexit, but pain could ...
  • Europe's Instagram president
  • Investment, exports and Melania factor boost Slovenian growth (MG ...
  • Good news on fiscal front for 2016 in CEE, apart from Romania
  • JanÅ¡a says rail upgrade project overblown

    CROATIA 2.27


  • At NATO Summit, Croatian President Talks Briefly with Trump
  • Montenegro PM Makes Light of Trump's Brusque Shove
  • 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 trade deficit rises slightly in 2016 - final data
  • 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

    ROMANIA 2.16


  • The Latest: Romania's president to visit White House
  • Ratas meets with Romanian president, prime minister
  • Counties in Transylvania record the fastest economic growth in ...
  • Can Romania become Europe's energy security hub in shared ...
  • Romania's population drops by two million in ten years
  • Romania's exports and imports accelerate in March to new record ...
  • BRIEF-Delek Group Q1 revenue ILS 1.5 bln vs ILS 1.3 bln
  • S&P maintains Romania's debt rating

    JAMAICA 2.12


  • PetroCaribe safe - Agreements between Venezuela and Jamaica ...
  • PM Opens New $1.25 Billion Production Facility at Trade Winds Citrus
  • Economic Growth Continues – PIOJ
  • My Destination Experience Jamaica: Networking With $100B In ...
  • Ja's population grows 3.5 per cent
  • 18 Companies to Promote Products Under JAMPRO's Caribbean ...
  • Property tax: what's the problem?
  • Jamaica debt ratio falls to 120% of GDP

    PORTUGAL 1.67


  • EU, East Asia can do more in security cooperation: ex-Portugal ...
  • Portugal's Prime Minister expresses 'solidarity' after Manchester ...
  • Portugal's economic rebound accelerates at start of 2017
  • UPDATE 1-DBRS confirms Portugal investment-grade rating ...
  • Sustained growth for Portuguese festival market
  • Textile, clothing exports up 5%, beating 2020 sector target of €5bn
  • Portugal, From Europe's Periphery, Emerges as Bond Market Star
  • Portugal debt agency official says worried about liquidity, QE exit
    Econ events
    momenteventForecastConsensus
    2017-05-31GDP Growth Rate YoY Final Q12.80%
    2017-05-31GDP Growth Rate QoQ Final Q11%

    LITHUANIA 1.57


  • Lithuania's president to travel to Estonia for state visit
  • Donald Trump Shoves Grown Man To Be In Front Of Group Of Adults
  • Baltics: Estonia shows steepest economic growth in Q1
  • Innovation fund to boost Baltic investment
  • Lithuania posts EU's largest decrease in population for 2015 - Eurostat
  • SEB: Nordic Outlook: Global growth defy political uncertainty ...
  • A good time to feed the Baltic tiger
  • Moody's upgrades Lithuania's government bond ratings to A3; stable ...

    Worst 10 Market Since Begining of the Week


    PAKISTAN -6.16


  • Pakistan keen to enhance political, economic relations with ...
  • Pakistan prime minister Nawaz Sharif criticises high-handedness by ...
  • Pakistan's economic growth still hindered
  • PM touts Pakistan's investment prospects to Hong Kong forum
  • Pakistan's per capita income has seen growth and here's why
  • Pakistan economy crosses USD 300 billion mark for first time
  • Pakistan budget aims to increase revenues
  • Road repayments to peak at around $5 bn a year, says chief ...
    Econ events
    momenteventForecastConsensus
    2017-05-31Consumer Confidence MAY176
    2017-06-01Wholesale Prices YoY MAY5.80%
    2017-06-01Inflation Rate YoY MAY5.30%

    SOUTH AFRICA -4.54


  • Maimane: It's President Zuma first, South Africa last
  • How ANC presidential elections trump South Africa's constitution
  • Africa's economic growth in 2016 was driven by East Africa
  • Western Cape raises flag in the UK
  • South Africa: the "wait-and-see" economy
  • South Africa's rand poses big problems for currency traders
  • South Africa: Budget Vote Debate 5 - Home Affairs
  • Fitch "very concerned" situation in South Africa not improving -union
    Econ events
    momenteventForecastConsensus
    2017-05-31Balance of Trade APRZAR 5B
    2017-06-01Total New Vehicle Sales MAY
    2017-06-01Unemployment Rate Q126.70%
    2017-06-01Unemployed Persons Q16.1M
    2017-06-01ABSA Manufacturing PMI MAY51

    Companies Reported Yesterday Include:
    CompanyCountrySectorReported
    SPAR Group Ltd/TheSOUTH AFRICAConsumer Staples5/31/2017

    Ex Div Stocks yesterday:
    CompanyCountrySectorReported
    Life Healthcare Group Holdings LtdSOUTH AFRICAHealth Care5/31/2017

    MEXICO -3.22


  • Trump Toilet Paper? Mexican Businessman Takes a Swipe at ...
  • NAFTA talks will start in August. Here's what the plan looks like
  • Mexico central bank raises 2017 growth forecast
  • The End of Globalisation?
  • Study: China Struggles to Kick World-Leading Cigarette Habit
  • Investing: Bright outlook for emerging market bonds
  • New Mexico Lawmakers Express Relief at Budget Compromise
  • Mexico Debt Outlook Still Negative, Fitch Says
    Econ events
    momenteventForecastConsensus
    2017-05-31Banxico Inflation Report
    2017-06-01Markit Manufacturing PMI MAY51.8
    2017-06-01Monetary Policy Meeting Minutes
    2017-06-01Business Confidence MAY43

    AUSTRIA -2.88


  • Turkey blocks Nato partnerships in row with Austria
  • PM returns home from Austria
  • Austria's booming stock market belies political risks
  • The Top 10 Most Recession-Proof Countries in the World
  • Austrian Population Grows Solely Due to New Migrants
  • Austria aims to boost wine exports
  • Austrian central bank cuts GDP growth forecasts for 2016, 2017
  • Moody's changes outlook on Austria's Aaa rating to negative from ...
    Econ events
    momenteventForecastConsensus
    2017-05-31GDP Growth Rate YoY Final Q12%
    2017-05-31GDP Growth Rate QoQ Final Q10.60%
    2017-06-01Unemployment Rate MAY8.40%

    QATAR -2.74


  • Iran president holds phone conversation with Qatari emir over Gulf ...
  • Qatar-Kuwait talks on fraternal ties
  • Moody's upgrades UAE and Kuwait credit outlook, cuts Qatar's debt ...
  • With Growth On Agenda, Qatar Looks To Powering Its Private Sector
  • Nearly one-fourth of Qatar population is women
  • Economy minister says pacts to strengthen bonds
  • Doha Bank Exchange traded fund (ETF) in final phase
  • Moody's upgrades UAE and Kuwait credit outlook, cuts Qatar's debt ...

    QATAR DOMESTIC -2.21


  • In wake of Trump visit, Saudi-led Sunni bloc already splintering
  • Fingers point to Qatar as sponsor of terror
  • Gold rate per gram: Check out current gold price per gram
  • Consumer spending & inflation support Fed rate hike case
  • Asia, Middle-East state funds pip peers to emerge as most active ...
  • The Rhetoric of Regime Change
  • S'pore exports back in negative territory
  • US increased weapons sales in 2015 despite slight drop in global ...
  • Mission Concluding Statement

    RUSSIA -2.07


  • US President Trump blasts Russia probe
  • Prime Minister Narendra Modi In Russia: Officials Working Overtime ...
  • Kremlin gathers experts to tackle Russia's anaemic growth
  • Putin to take part in St. Petersburg International Economic Forum
  • Returns Soar as Emerging Markets Turn Less Volatile
  • In Eurasia, a New Generation Challenges Russia's Dominance
  • Russia's transit potential: new solutions for developing markets
  • Russia budget math breaks in Opec's favour, for now
  • CORRECTED-Ukraine dollar bonds fall after court ruling in $3bln ...
    Econ events
    momenteventForecastConsensus
    2017-05-31M2 Money Supply YoY APR
    2017-06-01Markit Manufacturing PMI MAY49.8

    BRAZIL -1.83


  • Clamour grows for Brazil's President Temer to resign
  • Brazil Finance Minister Meirelles says he is no presidential contender
  • Brazil Optimistic Despite Decline of UN Economic Forecast
  • São Paulo hosts Brazil Investment Forum 2017
  • Some investors bet Brazil has further room to fall
  • Brazil exports more limes to EU
  • Brazil Budget Gap Widens More Than Forecast as Revenue Falls
  • As Brazil Debt Risk Rises, Petrobras Issues Bonds
    Econ events
    momenteventForecastConsensus
    2017-05-31Brazil Investment Forum 2017
    2017-05-31Interest Rate Decision10.25%
    2017-05-31Consumer Confidence MAY103.9
    2017-05-31Unemployment Rate APR13.90%
    2017-06-01Markit Manufacturing PMI MAY50.3
    2017-06-01GDP Growth Rate YoY Q1-0.30%
    2017-06-01GDP Growth Rate QoQ Q10.60%
    2017-06-01Balance of Trade MAY$5.1B
    2017-06-02Industrial Production MoM APR0.40%
    2017-06-02Industrial Production YoY APR1.30%

    Ex Div Stocks Today:
    CompanyCountrySectorReported
    Itau Unibanco Holding SABRAZILFinancials6/1/2017

    NORWAY -1.74


  • Nordic prime ministers troll Trump's viral orb photograph
  • Prime Minister of Norway Mocks Trump on Facebook
  • Norway's economic recovery gathers pace
  • PPA signed for Mozambique's first solar power plant
  • Population growth slows down
  • Nordea, Carnegie Take Top Spots in 2017 Nordic Brokers Ranking
  • Norway 2017 budget reduces spending of cash from wealth fund
  • Energy sector putting strain on Norwegian economy
    Econ events
    momenteventForecastConsensus
    2017-05-31Loan Growth YoY APR5.40%
    2017-06-01NIMA Manufacturing PMI MAY54.9
    2017-06-02Unemployed Persons MAY96.77K

    ITALY -1.66


  • Did President Trump Give the Finger to the Italian Prime Minister?
  • Prime Minister Trudeau concludes successful visit to Italy and the ...
  • Italy on the mend but strong recovery still far away
  • Sale of Cimos successfully concludes
  • Italy's ageing and shrinking future
  • Italy exports soared 14.5% year-on-year in March
  • Italy: budget 2017 cuts corporate tax rate, offers business tax ...
  • Italy's debt head sees good demand for net BTP Italia bond
    Econ events
    momenteventForecastConsensus
    2017-05-31Inflation Rate MoM Prel MAY0%
    2017-05-31Inflation Rate YoY Prel MAY1.70%
    2017-05-31Harmonised Inflation Rate MoM Prel MAY0%
    2017-05-31Harmonised Inflation Rate YoY Prel MAY1.80%
    2017-05-31Unemployment Rate APR11.60%
    2017-06-01GDP Growth Rate YoY Final Q10.80%
    2017-06-01GDP Growth Rate QoQ Final Q10.20%
    2017-06-01Markit/ADACI Manufacturing PMI MAY56.4

    Our Recent Research Reports

  • 2017-05-30 ML Weekly
  • 2017-05-30 ML Global Sector Strategy Monthly
  • 2017-05-29 ML Fixed Income Weekly

    Recent Chart Art

    In case of a deflation Gold Is likely to be a safe heaven again.

    Download file in Power Point    		Choosing Utilities, Industrials and Consumer Staples is a conservative bet this year

    Download file in Power Point    		MSCI Emerging Markets Index, getting ready to test the previous highs resistance levels

    Download file in Power Point
    Brazil Yields Better

    Download file in Power Point    		Oil Price Rally Looks Exhausted

    Download file in Power Point    		Energy Sector Funds Flow Tick Down Unconvinced by OPEC

    Download file in Power Point
    Great Run in Emerging Markets this year +17% YTD, +26% 1-Year… There are no really acute drivers that are clearly on surface and its still below the levels where it was 3 years ago..

    Download file in Power Point    		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