Tactical Stance

Strategic Stance

Best 15 Markets last Week

name	WeekChange
KAZAKHSTAN	6.80
VIETNAM	5.65
RUSSIA	4.23
CHINA	2.68
COLOMBIA	2.65
MOROCCO	2.40
HONG KONG	1.72
ZIMBABWE	1.57
SERBIA	1.33
CANADA	1.29
SLOVENIA	1.26
PAKISTAN	1.22
EGYPT	1.18
BOSNIA AND HERZEGOVINA	1.14
MALAYSIA	1.11

Worst 15 Markets Last Week

name	WeekChange
GREECE	-6.64
BAHRAIN	-6.27
LEBANON	-5.49
KUWAIT	-5.44
TURKEY	-5.39
UKRAINE	-4.24
BOTSWANA	-3.89
UNITED ARAB EMIRATES	-3.76
SPAIN	-3.48
HUNGARY	-3.46
DENMARK	-3.44
ARGENTINA	-3.42
QATAR	-3.04
BELGIUM	-2.59
CHILE	-2.33

Best 10 Market Last 12 Months

Country	ChangePct
ZIMBABWE	506.64
JAMAICA	97.93
ARGENTINA	53.33
AUSTRIA	52.50
POLAND	50.78
GHANA	45.72
CHINA	45.16
KOREA	40.69
ITALY	39.56
KAZAKHSTAN	39.42

Worst 10 Market Last 12 Months

Country	ChangePct
TUNISIA	-0.28
JORDAN	-0.47
NEW ZEALAND	-2.66
UKRAINE	-3.47
OMAN	-9.61
LEBANON	-12.47
ISRAEL	-15.57
PAKISTAN	-17.14
QATAR	-18.37
BOTSWANA	-20.93

Country Average Sovereign+Corporate USD Yields Ordered By YTD Yield Chance

country	Yield	YieldChange
Hong Kong	59.66	46.56
Venezuela	51.98	28.28
Lebanon	8.39	1.50
Canada	8.79	1.40
Israel	5.08	0.87
United States	5.84	0.10
Finland	2.80	0.08
Qatar	3.61	-0.01
Bahrain	5.72	-0.08
Pakistan	5.67	-0.09
France	6.11	-0.16
Oman	4.77	-0.17
Korea (South)	3.80	-0.22
New Zealand	5.21	-0.27
China	3.92	-0.32
Slovak Republic	2.41	-0.32
South Africa	5.11	-0.36
Philippines	3.24	-0.37
Jordan	5.87	-0.38
Germany	3.90	-0.44
Trinidad and Tobago	4.95	-0.46
United Arab Emirates	3.88	-0.47
Netherlands	4.15	-0.51
Chile	4.58	-0.55
Morocco	3.89	-0.55
Japan	3.27	-0.55
Thailand	2.90	-0.56
Azerbaijan	4.99	-0.67
Peru	3.55	-0.68
Turkey	5.36	-0.69
Guatemala	4.21	-0.69
Russian Federation	3.83	-0.70
Kuwait	3.83	-0.72
Ireland	5.65	-0.73
Poland	2.66	-0.75
Lithuania	2.27	-0.75
United Kingdom	4.64	-0.75
Gabon	6.94	-0.80
Romania	3.38	-0.81
Hungary	3.04	-0.82
Cote D'Ivoire (Ivory Coast)	5.84	-0.82
Colombia	4.36	-0.82
Taiwan	3.30	-0.84
Malaysia	3.34	-0.87
Mexico	4.39	-0.90
Panama	3.47	-0.91
Indonesia	3.77	-0.92
Paraguay	5.18	-0.92
Italy	5.15	-1.00
Croatia (Hrvatska)	3.21	-1.01
Tunisia	5.88	-1.01
Brazil	5.39	-1.03
Uruguay	3.74	-1.11
Costa Rica	5.86	-1.13
India	3.87	-1.14
Vietnam	3.51	-1.29
El Salvador	6.60	-1.31
Serbia	3.03	-1.33
Ecuador	7.28	-1.34
Kazakhstan	4.31	-1.41
Dominican Republic	4.87	-1.43
Egypt	4.99	-1.50
Kenya	6.29	-1.55
Zambia	7.50	-1.60
Nigeria	5.48	-1.61
Senegal	4.04	-1.67
Ghana	6.62	-1.72
Sri Lanka	4.55	-1.75
Argentina	5.84	-1.77
Ethiopia	6.20	-1.82
Jamaica	6.89	-1.86
Angola	8.16	-1.96
Iraq	7.16	-2.09
Ukraine	6.60	-2.10
Luxembourg	8.63	-2.31
Mongolia	5.41	-2.91

Fund flows Last Week

Focus	Objective	Asset Class	Flow USD mn
Commodities	INDUSTRIAL METALS	Commodity	-107.58
Commodities	PRECIOUS METAL SECTOR	Equity	1824.97
Commodities	PRECIOUS METALS	Commodity	513.28
Commodities	PRECIOUS METALS	Mixed Allocation	2.91
country	AUSTRALIA	Equity	-84.65
country	AUSTRALIA	Fixed Income	-58.21
country	AUSTRALIA	Mixed Allocation	-0.04
country	BRAZIL	Equity	459.49
country	BRAZIL	Fixed Income	-69.80
country	CHINA	Equity	-843.81
country	CHINA	Fixed Income	-53.91
Country	EGYPT	Equity	-0.34
country	INDIA	Equity	-565.22
country	INDIA	Fixed Income	-17.63
country	ISRAEL	Equity	0.13
country	JAPAN	Equity	-712.41
country	JAPAN	Fixed Income	-97.21
country	JAPAN	Mixed Allocation	1.78
country	KOREA	Equity	-41.23
country	POLAND	Equity	8.80
country	RUSSIA	Equity	160.41
country	RUSSIA	Fixed Income	-30.02
country	SOUTH AFRICA	Equity	-2.63
country	SPAIN	Equity	28.60
Country	TAIWAN	Equity	-23.48
country	TURKEY	Equity	-0.51
country	UNITED KINGDOM	Equity	-88.44
industry	BASIC MATERIALS SECTOR	Equity	804.18
industry	COMMUNICATIONS SECTOR	Equity	320.02
industry	ENERGY SECTOR	Equity	-1557.02
industry	ENERGY SECTOR	Mixed Allocation	-0.09
industry	FINANCIAL SECTOR	Equity	-440.23
industry	HEALTH CARE SECTOR	Equity	-496.53
industry	INDUSTRIAL SECTOR	Equity	-271.45
industry	MULTIPLE SECTOR	Equity	-8.78
industry	NATURAL RESOURCES SECTOR	Equity	-79.21
industry	REAL ESTATE SECTOR	Alternative	-1.15
industry	REAL ESTATE SECTOR	Equity	950.60
industry	TECHNOLOGY SECTOR	Equity	1432.83
industry	UTILITIES SECTOR	Equity	-517.04
region	AFRICAN REGION	Equity	-4.12
region	AFRICAN REGION	Fixed Income	5.48
region	ASIAN PACIFIC REGION	Equity	-89.73
region	ASIAN PACIFIC REGION	Fixed Income	230.25
region	ASIAN PACIFIC REGION	Mixed Allocation	-404.80
region	ASIAN PACIFIC REGION EX JAPAN	Equity	-1252.90
region	ASIAN PACIFIC REGION EX JAPAN	Fixed Income	-6.81
region	ASIAN PACIFIC REGION EX JAPAN	Mixed Allocation	190.61
region	EASTERN EUROPEAN REGION	Equity	167.78
region	EASTERN EUROPEAN REGION	Fixed Income	5.55
region	EASTERN EUROPEAN REGION	Mixed Allocation	-0.45
region	EUROPEAN REGION	Equity	-1149.79
region	EUROPEAN REGION	Fixed Income	212.02
region	EUROPEAN REGION	Mixed Allocation	25.99
region	LATIN AMERICAN REGION	Equity	283.39
region	LATIN AMERICAN REGION	Fixed Income	138.79
region	MIDDLE EAST REGION	Equity	-5.62
region	MIDDLE EAST REGION	Fixed Income	2.09
region	NORDIC REGION	Equity	-314.66
region	NORTH AMERICAN REGION	Equity	93.91
region	NORTH AMERICAN REGION	Fixed Income	-39.99
Risk	GOVERNMENT BOND	Alternative	-1.89
Risk	GOVERNMENT BOND	Equity	0.06
Risk	GOVERNMENT BOND	Fixed Income	648.04
Risk	GOVERNMENT BOND	Mixed Allocation	-0.81
Risk	INFLATION PROTECTED	Brazil	-4.57
Risk	INFLATION PROTECTED	Fixed Income	551.18
Risk	LONG SHORT	Alternative	-24.00
Risk	LONG SHORT	Equity	193.45
Risk	LONG SHORT	Fixed Income	-3.54
Risk	LONG SHORT	Mixed Allocation	1.57
Sector	AGRICULTURE	Commodity	50.94
Sector	AGRICULTURE	Equity	0.00
Sector	CONSUMER DISCRETIONARY	Equity	36.13
Sector	CONSUMER STAPLES	Equity	16.69
segment	BRIC	Equity	-18.04
segment	BRIC	Fixed Income	-14.13
segment	DEVELOPED MARKETS	Equity	230.90
segment	EMEA	Equity	-3.34
segment	EMEA	Fixed Income	6.25
segment	EMERGING MARKETS	Equity	3896.01
segment	GCC	Equity	-0.09
segment	GCC	Fixed Income	-0.08
segment	GCC	Mixed Allocation	-1.70
segment	MENA	Equity	-0.97
segment	MENA	Fixed Income	-2.41
Size	LARGE-CAP	Equity	-8936.50
Size	MID-CAP	Commodity	-0.92
Size	MID-CAP	Equity	-937.12
Size	SMALL-CAP	Equity	-2032.83

Chart: Legacy Soviet Assets Free – United Wagon, Yandex…etc

There are only 8 stocks out of 50 in the RTS Index that do not Depend on legacy Soviet assets. Even some retailers rent stores built in Soviet times

Source: ML

Download file in Power Point

Comment

Weekly performance is between 2017-11-10 and 2017-11-03

Best global markets last week EFM ASIA +0.53%, USA +0.12%, EM (EMERGING MARKETS) +0.10%,

While worst global markets last week EUROPE -1.64%, EM LATIN AMERICA -1.52%, FM (FRONTIER MARKETS) -1.34%,

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Asia stocks muted as China data disappoints

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European equities stable at open

European Equities Offer Profit Despite Politics

Don't Back US Shale To Keep Oil Prices Down

Houthi Rebels Threaten To Attack Saudi Oil Tankers

ArcelorMittal sees average realised steel price rise year-on-year

US hot-dipped galvanized sheet steel prices slip

Gold Rate Today: Gold, silver up in morning deals

PRECIOUS-Gold prices steady as dollar holds up on higher US ...

Best last week among various stock markets were KAZAKHSTAN +6.80%, VIETNAM +5.65%, RUSSIA +4.23%, CHINA +2.68%, COLOMBIA +2.65%, MOROCCO +2.40%, HONG KONG +1.72%, ZIMBABWE +1.57%, SERBIA +1.33%, CANADA +1.29%,

While worst last week among various stock markets were GREECE -6.64%, BAHRAIN -6.27%, LEBANON -5.49%, KUWAIT -5.44%, TURKEY -5.39%, UKRAINE -4.24%, BOTSWANA -3.89%, UNITED ARAB EMIRATES -3.76%, SPAIN -3.48%, HUNGARY -3.46%,

Best YTD among various country equities were ZIMBABWE +418.85%, JAMAICA +76.20%, GHANA +65.93%, ARGENTINA +62.00%, CHINA +51.11%, AUSTRIA +50.27%, KAZAKHSTAN +48.96%, POLAND +45.80%, KOREA +44.11%, VIETNAM +36.58%,

While worst YTD among various country equities were PAKISTAN -25.34%, QATAR -22.38%, OMAN -16.14%, BOTSWANA -14.18%, ISRAEL -12.76%, LEBANON -12.20%, UKRAINE -4.07%, JORDAN -3.90%, NEW ZEALAND -1.57%, BAHRAIN -0.68%,

Markets have been rising on fears of attack on North Korea, then they were rising as the threat of North Korea risk off was less. After some huff and puff - Rob decided to try and raise some money for his future automotive engineering business.	Initial Team	4 Wheel drive and thoughts about business
Rear Engine Transmission Shift Problem	6 Wheeler in the Making	Rob has a new plan
Bicycle - a more reliable transportation	Rob has built a woodie	Body on Frame

MidLincoln Rural Craft Piece	MidLincoln Rural Craft Piece	MidLincoln Rural Craft Piece
MidLincoln Rural Craft Piece

ticker	name	country	sector	PeriodChange
-	LAFARGE AFRICA PLC RIGHTS	-	Materials	100.00
VRX	VALEANT PHARMACEUTICALS INTERNATIO	Canada	Health Care	34.82
1177	SINO BIOPHARMACEUTICAL LTD	China	Health Care	32.73
WFT	WEATHERFORD INTERNATIONAL PLC	Ireland	Energy	24.46
6758	SONY CORP	Japan	Consumer Discretionary	21.81
5406	KOBE STEEL LTD	Japan	Materials	20.32
6473	JTEKT CORP	Japan	Industrials	18.68
QCOM	QUALCOMM INC	United States	Information Technology	18.13
6506	YASKAWA ELECTRIC CORP	Japan	Information Technology	17.65
WB	WEIBO ADR REPRESENTING CORP CLASS	China	Information Technology	17.01

Company	Country	Sector	Reported
Allianz SE	GERMANY	Financials	11/10/2017
Nippon Telegraph & Telephone Corp	JAPAN	Telecommunication Services	11/10/2017
Farglory Land Development Co Ltd	TAIWAN	Real Estate	11/13/2017
Kroton Educacional SA	BRAZIL	Consumer Discretionary	11/10/2017
Centrais Eletricas Brasileiras SA	BRAZIL	Utilities	11/13/2017
Centrais Eletricas Brasileiras SA	BRAZIL	Utilities	11/13/2017
NCSoft Corp	SOUTH KOREA	Information Technology	11/10/2017
Quanta Computer Inc	TAIWAN	Information Technology	11/10/2017
T&D Holdings Inc	JAPAN	Financials	11/13/2017
Lojas Americanas SA	BRAZIL	Consumer Discretionary	11/10/2017
Lojas Americanas SA	BRAZIL	Consumer Discretionary	11/10/2017
Unimicron Technology Corp	TAIWAN	Information Technology	11/14/2017
Reliance Communications Ltd	INDIA	Telecommunication Services	11/14/2017
CPFL Energia SA	BRAZIL	Utilities	11/10/2017
Mitsubishi UFJ Financial Group Inc	JAPAN	Financials	11/14/2017
Sun Art Retail Group Ltd	HONG KONG	Consumer Staples	11/10/2017
Alstom SA	FRANCE	Industrials	11/14/2017
Tingyi Cayman Islands Holding Corp	CHINA	Consumer Staples	11/14/2017
Bank of the Philippine Islands	PHILIPPINES	Financials	11/10/2017
Vodafone Group PLC	BRITAIN	Telecommunication Services	11/14/2017

Legacy Soviet Assets Free – United Wagon, Yandex…etc Download file in Power Point	Default of Venezuelan Corpoelec Download file in Power Point	Dollar DXY Index is testing resistance at 94.4 Download file in Power Point
US Rail Car Producers and Russia’s United Wagon Download file in Power Point	Industrials, Capital Goods Companies in Focus Download file in Power Point	United Wagon a play on Russian Economic Rebound Download file in Power Point
Frontier Markets Trade – Pakistan vs. Vietnam Download file in Power Point	US Treasuries drive emerging markets bonds Download file in Power Point	Indexes Focus on Countries vs. Sector Focus Download file in Power Point

ticker	name	country	sector	PeriodChange
-	RHB BANK	-	-	-100.00
BBRI	BANK RAKYAT INDONESIA (PERSERO) OR	Indonesia	Financials	-78.95
CMIG2	CIA ENERGETICA DE MINAS GERAIS RTS	Brazil	Utilities	-75.68
EVHC	ENVISION HEALTHCARE CORP	United States	Health Care	-40.67
ATC	ALTICE CLASS A NV	Netherlands	Consumer Discretionary	-35.74
MNK	MALLINCKRODT	United Kingdom	Health Care	-29.40
NWL	NEWELL BRANDS INC	United States	Consumer Discretionary	-27.58
VWS	VESTAS WIND SYSTEMS A/S	Denmark	Industrials	-26.17
LDO	LEONARDO FINMECCANICA SPA	Italy	Industrials	-24.68
UAA	UNDER ARMOUR INC CLASS A	United States	Consumer Discretionary	-23.71

Company	Country	Sector	EstDivYield	Reported
Electricite de France SA	FRANCE	Utilities	8.10	10/4/2017
Inter Pipeline Ltd	CANADA	Energy	6.69	10/20/2017
Malayan Banking Bhd	MALAYSIA	Financials	6.43	9/25/2017
Orica Ltd	AUSTRALIA	Materials	6.38	11/9/2017
Westpac Banking Corp	AUSTRALIA	Financials	6.30	11/13/2017
Cosan SA Industria e Comercio	BRAZIL	Energy	6.19	10/17/2017
Pembina Pipeline Corp	CANADA	Energy	5.97	10/24/2017
Staples Inc	UNITED STATES	Consumer Discretionary	5.38	9/21/2017
NRG Energy Inc	UNITED STATES	Utilities	4.93	10/31/2017
Globe Telecom Inc	PHILIPPINES	Telecommunication Services	4.48	11/13/2017
Exelon Corp	UNITED STATES	Utilities	4.47	11/14/2017
AES Corp/VA	UNITED STATES	Utilities	4.28	10/31/2017
Enbridge Inc	CANADA	Energy	4.18	11/14/2017
Nissan Motor Co Ltd	JAPAN	Consumer Discretionary	4.03	9/27/2017
Weyerhaeuser Co	UNITED STATES	Real Estate	4.00	10/26/2017
Hang Seng Bank Ltd	HONG KONG	Financials	3.86	10/17/2017
Sime Darby Bhd	MALAYSIA	Industrials	3.56	11/13/2017
Toyota Motor Corp	JAPAN	Consumer Discretionary	3.53	9/27/2017
Axiata Group Bhd	MALAYSIA	Telecommunication Services	3.12	10/5/2017
Hong Leong Bank Bhd	MALAYSIA	Financials	3.11	10/30/2017

Company	Country	Sector	EstDivYield	Reported
Royal Dutch Shell PLC	NETHERLANDS	Energy	8.36	11/16/2017
Royal Dutch Shell PLC	NETHERLANDS	Energy	8.36	11/16/2017
Murphy Oil Corp	UNITED STATES	Energy	6.24	11/14/2017
GlaxoSmithKline PLC	BRITAIN	Health Care	5.83	11/16/2017
Marathon Oil Corp	UNITED STATES	Energy	5.40	11/14/2017
CenterPoint Energy Inc	UNITED STATES	Utilities	5.39	11/15/2017
Tate & Lyle PLC	BRITAIN	Consumer Staples	4.84	11/16/2017
Chevron Corp	UNITED STATES	Energy	4.76	11/15/2017
Costco Wholesale Corp	UNITED STATES	Consumer Staples	4.65	11/16/2017
Southern Co/The	UNITED STATES	Utilities	4.60	11/17/2017
Marks & Spencer Group PLC	BRITAIN	Consumer Discretionary	4.59	11/16/2017
Duke Energy Corp	UNITED STATES	Utilities	4.54	11/16/2017
Link REIT	HONG KONG	Real Estate	4.48	11/21/2017
Exelon Corp	UNITED STATES	Utilities	4.47	11/14/2017
Lenovo Group Ltd	CHINA	Information Technology	4.38	11/15/2017
International Paper Co	UNITED STATES	Materials	4.35	11/14/2017
Terna Rete Elettrica Nazionale SpA	ITALY	Utilities	4.21	11/20/2017
Enbridge Inc	CANADA	Energy	4.18	11/14/2017
L Brands Inc	UNITED STATES	Consumer Discretionary	4.16	11/16/2017
Consolidated Edison Inc	UNITED STATES	Utilities	4.05	11/14/2017

Tactical Stance

Strategic Stance

Best 15 Markets last Week

Worst 15 Markets Last Week

Best 10 Market Last 12 Months

Worst 10 Market Last 12 Months

Country Average Sovereign+Corporate USD Yields Ordered By YTD Yield Chance

Fund flows Last Week

Chart: Legacy Soviet Assets Free – United Wagon, Yandex…etc

Comment

ML Comics: Markets have been rising on fears of attack on North Korea, then they were rising as the threat of North Korea risk off was less. After some huff and puff - Rob decided to try and raise some money for his future automotive engineering business.

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