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.
Intro
Calendar
Strategist's Notebook
Signals Project
Reference
Investment Principles
More
Visual Feed
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