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October 5, 2017

Best 15 Markets Yesterday

CountryChangePct
BOTSWANA5.38
ZIMBABWE3.76
MOROCCO2.04
SOUTH AFRICA1.69
CHILE1.43
INDIA1.31
CZECH REPUBLIC1.06
VIETNAM0.87
RUSSIA0.86
SRI LANKA0.81
JAMAICA0.77
TURKEY0.72
INDONESIA0.68
HONG KONG0.67
LITHUANIA0.66

Worst 15 Markets Yesterday

CountryChangePct
ISRAEL-3.31
SPAIN-2.97
AUSTRIA-1.82
EGYPT-1.77
QATAR-1.75
UKRAINE-1.42
ITALY-1.27
BAHRAIN-1.21
GREECE-1.20
PAKISTAN-1.08
POLAND-0.74
KENYA-0.63
LEBANON-0.59
PORTUGAL-0.52
AUSTRALIA-0.52

Best 10 Markets YTD

CountryChangePct
ZIMBABWE266.64
GHANA72.27
ARGENTINA65.28
JAMAICA52.18
CHINA45.43
AUSTRIA44.39
POLAND42.66
CHILE35.54
KAZAKHSTAN33.41
KOREA31.70

Worst 10 Markets YTD

CountryChangePct
PAKISTAN-26.87
QATAR-20.00
OMAN-11.14
LEBANON-8.07
BOTSWANA-7.76
ISRAEL-4.30
JORDAN-2.83
RUSSIA-2.65
SAUDI ARABIA DOMESTIC3.45
EGYPT3.57

Best 10 Markets Last 12 months

CountryChangePct
ZIMBABWE445.26
JAMAICA74.00
GHANA56.30
AUSTRIA53.47
BULGARIA45.92
POLAND44.27
KUWAIT42.24
ARGENTINA42.11
ITALY41.55
PERU37.99

Worst 10 Markets Last 12 months

CountryChangePct
EGYPT-24.49
QATAR-19.06
PAKISTAN-17.97
BOTSWANA-17.29
ISRAEL-14.86
OMAN-7.66
NEW ZEALAND-6.33
TRINIDAD AND TOBAGO-1.78
LEBANON-0.67
TUNISIA0.26

Country USD Yields and Week Changes

CountryAverage YieldYield Average WkChange % pts
Jordan6.040.25
Tunisia6.240.24
Venezuela33.570.24
Nigeria6.930.23
Sri Lanka4.810.23
Ukraine6.800.17
Egypt5.830.14
Romania3.370.11
Kazakhstan4.440.11
Croatia (Hrvatska)3.080.09
Pakistan5.050.09
Lebanon6.590.08
Indonesia3.790.08
South Africa4.980.08
Slovak Republic2.350.08
Morocco3.000.08
Paraguay5.260.08
Mongolia5.800.08
Turkey4.890.07
Argentina6.070.07
Panama3.270.07
Poland2.580.07
Philippines3.250.06
Serbia3.040.06
Kenya6.520.06
India3.630.05
Peru3.980.04
Jamaica5.650.04
Russian Federation3.990.04
Uruguay3.800.04
Lithuania2.290.03
Hungary2.910.03
China2.950.02
Cote D'Ivoire (Ivory Coast)6.120.02
Trinidad and Tobago4.380.02
Malaysia3.380.02
Colombia3.890.01
Chile3.650.01
Senegal5.960.01
Oman4.710.00
United States1.020.00
Angola8.320.00
Mexico4.180.00
Brazil4.62-0.01
Bolivia4.83-0.02
Vietnam3.72-0.02
Azerbaijan4.79-0.02
Costa Rica5.87-0.03
Dominican Republic4.83-0.04
Ethiopia6.21-0.06
Ghana6.89-0.12
Ecuador8.16-0.12
Gabon6.90-0.18
Zambia7.45-0.19
Iraq7.04-0.19
El Salvador7.37-0.38

Chart: Spain's MADX has been a short going into referendum

The short has been exacerbated by the referendum results and likely to be extended

Source: ML

Download file in Power Point


Comment

Weekly performance is between 2017-10-04 and 2017-09-29

Best global markets week to date EM LATIN AMERICA +2.80%, EFM ASIA +1.92%, EM (EMERGING MARKETS) +1.86%,

While worst global markets week to date EUROPE 0.06%, USA 0.72%, FM (FRONTIER MARKETS) 1.39%,
  • US stocks add to record run after services data
  • Nikkei Asia300 Index advances tracking record US stocks
  • EMERGING MARKETS-Emerging markets rally with dollar bond ...
  • Why emerging markets could be a haven from potential shocks
  • Chinese stocks in Hong Kong touch 2-year high
  • Chinese stocks in Hong Kong rise on RRR cut, manufacturing data
  • Why now is an 'ideal time' to buy European stocks — and especially ...
  • Record August for investment industry as UK investors turn to ...
  • Strong Crude Draw Boosts Oil Prices
  • Shallow-Water Oil Auctions Fall Flat for Mexico
  • The Iron Ore Price Has A Lot Of Explaining To Do
  • Steel Price Outlook Rosy on the Back of Global Recovery, China Cuts
  • Gold price: ETF investors remain bullish
  • CHART: With gold price at 8-week low, bulls need a Trump ...

    Best since the start of the week among various stock markets were ZIMBABWE +7.54%, BRAZIL +4.06%, CHILE +3.74%, CHINA +3.54%, OMAN +3.28%, JAMAICA +3.00%, MOROCCO +2.98%, KUWAIT +2.96%, PERU +2.66%, ARGENTINA +2.58%,

    While worst since the start of the week among various stock markets were PAKISTAN -5.23%, SPAIN -4.81%, UKRAINE -3.03%, EGYPT -3.01%, GREECE -2.67%, QATAR -2.20%, BULGARIA -2.07%, PORTUGAL -2.02%, ESTONIA -1.71%, ITALY -1.63%,

    News

    Chose Your Country

    Best 10 Market Since the begining of the week


    ZIMBABWE 7.54%

  • macro bonds quick news
  • Zimbabwe President Robert Mugabe Watches as His Wife's Dirty ...
  • Zimbabwe's Tsvangirai discharged from SA hospital
  • Zimbabwe: 'Zim Has Potential for Economic Growth'
  • Khaya Moyo on economic growth policies
  • Zim's Aids-emergency ruling wins support
  • Export volumes increase
  • Zimbabwe budget deficit rose to $1.4 billion in 2016
  • Govt works on AirZim debt takeover

    BRAZIL 4.06%

  • macro strategy bonds quick news
  • Brazil: President Temer's Popularity Plummets to Just 3%
  • Ireland and France FURIOUS with EU over plan to import more beef ...
  • Brazilian Economic Growth, Political Growth Linked, Expert Says
  • JPMorgan Brazil Investment Trust PLC (JPB) Moved Up 0.09% on ...
  • There's a 'war between two food systems' — and the big food ...
  • Brazilian Balance of Trade Hits record $5.178 billion Surplus in ...
  • Brazil sells dam operating licenses for $3.8 billion to foreign bidders
  • BRAZIL: Economists Raise Estimate For 2017 GDP To 0.70%
    Econ events
    momenteventForecastConsensus
    2017-10-04Markit Services PMI SEP52
    2017-10-04Markit Composite PMI SEP51
    2017-10-06New Car Registrations MoM SEP
    2017-10-06Car Production MoM SEP
    2017-10-06Inflation Rate MoM SEP0.24
    2017-10-06Inflation Rate YoY SEP2.70%

    CHILE 3.74%

  • macro strategy bonds quick news
  • Pinera Maintains Lead for Chilean Presidential Election, Pollster Says
  • Chile's National Day
  • Chile to trim deficit in 2018 as growth rebounds
  • Copper Won't Lead Chile's Investment Recovery
  • Transelec And SunPower Finalize Acquisition Of Switchyard ...
  • How the 'tyranny of distance' affects the Australian economy
  • Chile 2018 budget proposal allows for $8.5 bln in debt -document
  • Chile minister pledges lower 2018 fiscal deficit
    Econ events
    momenteventForecastConsensus
    2017-10-05IMACEC Economic Activity YoY AUG
    2017-10-06Balance of Trade SEP
    2017-10-06Imports SEP
    2017-10-06Exports SEP
    2017-10-06Inflation Rate MoM SEP0.18%
    2017-10-06Inflation Rate YoY SEP2.20%
    2017-10-06Core Inflation Rate MoM SEP

    CHINA 3.54%

  • macro strategy bonds quick news
  • China president tightens grip on power weeks ahead of congress
  • How China and North Korea Are Helping The Prime Minister Keep ...
  • World Bank raises 2017, 2018 East Asia growth forecasts, sees ...
  • China investment growth hits 18-year low
  • Smart Chinese City Teaches A Business Growth Lesson
  • China August imports beat expectations, but exports disappoint
  • Using performance indicators for governing
  • Asia Sentinel: Pakistan's Costly Plunge Into China Debt
    Econ events
    momenteventForecastConsensus
    2017-10-05Foreign Exchange Reserves SEP$ 447.8B
    2017-10-06Wholesale Prices YoY SEP2%
    2017-10-06Inflation Rate MoM SEP-0.01%
    2017-10-06Inflation Rate YoY SEP1.10%
    2017-10-07Foreign Exchange Reserves SEP$ 3094.9B

    OMAN 3.28%

  • macro strategy bonds quick news
  • More Omani doctors needed, says Oman Medical Association ...
  • Nepal prime minister arrives in Oman on official visit
  • Labour shortage expected to hit Russia's potential economic growth
  • Ominvest to issue bonds
  • Qatar's population jumps back up after the summer lull
  • Oman exports 25m barrels of crude oil
  • Oman's budget deficit for first 5 months narrows by 20% on higher oil ...
  • S&P cuts Oman debt to junk as cheap oil shrinks external reserves

    JAMAICA 3.00%

  • macro bonds quick news
  • Jamaica Howard University Alumni Association Launched
  • Misleading Headline Sparks Row Between Jamaica's Press ...
  • LNG is catalyst for economic growth to wider Caribbean - stakeholder
  • JAMPRO and BOJ Governor promotes Jamaica in London
  • Jamaica ageing
  • Jamaica rum exports projected to grow
  • Property tax: what's the problem?
  • Briefing | Climb of Jamaica's foreign currency debt cause for concern

    MOROCCO 2.98%

  • macro bonds quick news
  • French President Macron to Visit Morocco in Early 2018
  • French Prime Minister likely to visit Morocco in November
  • Morocco's economic growth to jump to 4.3 pct in 2017: central bank
  • Morocco wants to build a new city from scratch—with China's help
  • Morocco: Reducing Gender Inequality Can Boost Growth
  • Morocco exports boosted by shipping route update
  • Morocco Cabinet Wins Parliamentary Backing, Set to Review Budget
  • Qatar Offers Visa-Free Entrance to 80 Countries, Morocco Not ...

    KUWAIT 2.96%

  • macro strategy bonds quick news
  • Remarks by President Trump and Emir Sabah al-Ahmed al-Jaber al ...
  • Kuwait to host donors conference on rebuilding Iraq, Prime Minister ...
  • Retail sector essential factor in economic growth despite competition
  • Strong banking sector to support credit growth
  • 73% of Kuwait population have bank accounts: CBK chief
  • Beximco in milestone achievement with Kuwait exports
  • Qatar-Kuwait trade set to grow: Doha Bank
  • Kuwait likely to approve law to enable 30-year bond issues –official

    PERU 2.66%

  • macro strategy bonds quick news
  • A Guide to the Fight Between Peru's President and Congress
  • Peru loses its prime minister. What next?
  • Latin Pacific: New Cabinet to help speed up Peru's economic growth
  • Peru's Kuczynski says corruption scandal slowing investment
  • Floods Hit Peru's Economy: Trouble on the Horizon?
  • Peru's exports total over US$27.4 bn as at August 2017
  • Rulfs Orchard expansion almost underway
  • Thunderbird Resorts 2017 Half-Year (Semi-Annual) Report Filed

    ARGENTINA 2.58%

  • macro strategy bonds quick news
  • Macri wants therapy-obsessed Argentina to pull itself together
  • Israel's prime minister Netanyahu will be visiting Argentina next week
  • Argentina's Economy Expands in July
  • Resetting relations with the provinces
  • Resetting relations with the provinces
  • China-Argentina ties have room to grow, say experts
  • Argentina's Budget Predicts 3.5% Economic Growth Next Year
  • Argentina refinances $1 bln in maturing treasury notes

    Worst 10 Market Since Begining of the Week


    PAKISTAN -5.23%

  • macro strategy bonds quick news
  • PML-N re-elects Nawaz Sharif as party president
  • Pakistan Foreign Minister Khawaja Asif Says India has Elected a ...
  • Youth, education to be at the forefront of future Pakistan-Germany ...
  • Pak fiscal, external sector vulnerabilities reappear: ADB
  • 'A disaster in the making': Pakistan's population surges to 207.7 million
  • Value Added Sector Behind Pakistan's Exports Upsurge
  • Pakistan Budget 2017-18: Total budget outlay is Rs 4.7 Trillion
  • Nawaz added whopping $35b to Pakistan's debt

    SPAIN -4.81%

  • macro strategy bonds quick news
  • Can Catalonia declare independence from Spain?
  • Trump kept calling the prime minister of Spain 'president'
  • Spanish stocks and bonds under pressure after Catalonia election
  • S&P keeps Spain's BBB+ debt rating, warns on Catalonia tensions
  • How Catalonia's bid for autonomy compares with other regions ...
  • Italy and Spain's exports compared in 5 charts
  • 'Catalexit' Is More Devastating to the Eurozone Than 'Grexit'
  • S&P Retains Spain's Debt Rating, Warns of Catalonia Tensions
    Econ events
    momenteventForecastConsensus
    2017-10-04Markit Services PMI SEP56.81
    2017-10-0510-Year Obligacion Auction
    2017-10-055-Year Bonos Auction
    2017-10-053-Year Bonos Auction
    2017-10-06Industrial Production YoY AUG2.82%

    UKRAINE -3.03%

  • macro strategy bonds quick news
  • Ex-Georgian President Saakashvili applies for asylum in Ukraine
  • Ukraine approves pension reform key to IMF programme
  • Burak Pehlivan: Turkey is an important partner for economic ...
  • Why Ukraine has little investment and how to fix it
  • Ukrainian Language Bill Facing Barrage Of Criticism From Minorities ...
  • The Last Hurdle for Ukraine's Recovery
  • The Spider and the Fly: Kiev-US Coal Deal to 'Bleed Ukraine's ...
  • Ukraine government sees 2018 external borrowing at $3 billion

    EGYPT -3.01%

  • macro strategy bonds quick news
  • The dancing, beer-drinking woman who would be Egypt's next ...
  • Population Growth Egypt's 'Biggest Challenge': Prime Minister
  • Saudi central bank paints rosy picture of economy
  • Egypt- Investment Minister signs 8 economic cooperation ...
  • Egypt's population stands at nearly 95 million
  • Egypt expects to agree Russian industrial zone before year-end
  • Egypt's fiscal progress falls short of IMF goals: Capital Economics
  • Egypt's Debt Is No Longer EM's Juiciest Amid Rush to Buy

    GREECE -2.67%

  • macro strategy bonds quick news
  • Greek president: All Balkan countries belong in the European Union
  • Leaders Of Bulgaria, Greece, Romania Back Serbia's EU Membership
  • 'Resurgent' Greece catches BlackRock's eye
  • Canadian mining firm threatens to suspend Greece investment
  • Births increased, deaths decreased in Greece last year
  • The transatlantic meaning of Donald Trump: a US-EU Power Audit
  • Fiscal Hole of 1.7 Billion Euros Appears in Greece's Budget
  • Macron LASHES OUT at IMF: No place for meddling fund in Europe ...

    QATAR -2.20%

  • macro strategy bonds quick news
  • Why closing the Taliban's Qatar office would be an error
  • Emir congratulates German president
  • Qatar: Economic Growth Slowed In Q2
  • Asian Growth Properties Limited (AGP.L) Shares Moving On Volume
  • Qatar's population jumps back up after the summer lull
  • Record trade surplus growth in August
  • Qatar-Kuwait trade set to grow: Doha Bank
  • Qatar debt rating downgraded by S&P as riyal hits 11-year low

    BULGARIA -2.07%

  • macro bonds quick news
  • Bulgarian President Will be on a Working Visit to Poland
  • Bulgarian, Romanian prime ministers open new border checkpoint ...
  • Bulgaria reports 1% economic growth in Q2 2017
  • Bulgarian Tourism Sector Forecasts 8.5% Growth in 2015
  • Bulgaria's population dropped by more than 51 000 in a year ...
  • Bulgaria's exports in 2016 were five per cent higher than in 2015 ...
  • Bulgaria expects fiscal surplus of 2.4 pct at the end of September
  • Bulgaria's Debt At BGN 23.048 B

    PORTUGAL -2.02%

  • macro strategy bonds quick news
  • Georgian President pays first official visit to Portugal
  • Portugal's opposition leader steps down after election defeat
  • Bank of Portugal forecasts 2.5 pct economic growth this year
  • S&P And The IMF Back The Portuguese Economy
  • Video recap: Porto Water Innovation Week
  • Portugal's Socialists secure victory in local elections
  • Portugal budget deficit narrows by end of first half, on target
  • Portugal's debt is creeping out of the junk heap

    ESTONIA -1.71%

  • macro bonds quick news
  • Estonian president: Catalans' situation not comparable with that of ...
  • Estonian Prime Minister to Juncker: Europe needs bold ideas
  • Nordea raises Estonia's economic growth forecast to 3.3 percent ...
  • Is This Tiny European Nation a Preview of Our Tech Future?
  • Report: Estonia unable to maintain population size without immigration
  • In July, imports in Estonia grew by 9%, exports by 6%
  • Estonia passes 2017 record level budget spending to bolster defense
  • Estonia's 2016 current account surplus was biggest since regaining ...

    ITALY -1.63%

  • macro strategy bonds quick news
  • Italy boss Gian Piero Ventura admits it would be a 'catastrophe' if his ...
  • Italian government gets economy bill through Senate despite friction
  • Italy's Economic Growth A Boon to Property Market
  • CdR Advance Capital SpA (CDR) Plunges -1.18% on Oct 4
  • Italy: Population Movement Emergency Appeal n° MDRIT002 ...
  • “Made in Italy” exports keep accelerating: 4% growth in the next four ...
  • EU Commission sees Italy's budget deficit on the rise
  • The sheer scale of Italy's debt threatens global GDP
    Econ events
    momenteventForecastConsensus
    2017-10-04Markit/ADACI Services PMI SEP55.48
    2017-10-06Retail Sales YoY AUG0.17%
    2017-10-06Retail Sales MoM AUG0.06%

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