EM (Strate)gist
gets to the
gist
of Emerging Markets FX, Bonds, Economics, Politics and Global Macro.
An online resource dedicated to news, information and insight for EM and Global macro investors.
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IIF bank lending - Asia vs Global EM
More Asian banks are reporting tighter funding conditions + faster rise in NPLs than their Global EM peers
China credit growth
Shadow bank loans still grew during 2H13 – albeit more slowly – to around 65% of GDP. By contrast, conventional bank loans have leveled off to <135% of GDP.
HSBC China growth contribution
HSBC China growth contribution
HSBC PMI Heatmap (5 Feb)
With EU and Japan improving, US data subject to weather disturbances and China PMI falling <50, HSBC asks: Can the world de-couple from China?
Summary Recommends
Summary of our key trades and recommendations (including entry points) for the 10 Asian local markets under our coverage
Vietnam VGBs
#10 – Vietnam VGBs: Only bright spot – Carry – will cheapen further on higher Inflation risks.
India GSecs
#9 – India GSecs: Correction period expected for bonds and INR
Thailand ThaiGBs
#8 – Thailand ThaiGBs: Lower downside in bond yields and heightened political risks may pressure THB weaker
