Monthly Strategy November 2014

Table of Contents


GEM View Stance
Sectors Stance
Russia Stance
     Russia Valuations
     Russia Top Stock Picks
     Russia Top Bond Picks
     Russia Last Month Performance Review

Brazil Stance
     Brazil Valuations
     Brazil Top Stock Picks
     Brazil Top Bond Picks
     Brazil Last Month Performance Review

China Stance
     China Valuations
     China Top Stock Picks
     China Top Bond Picks
     China Last Month Performance Review

South Africa Stance
     South Africa Valuations
     South Africa Top Stock Picks
     South Africa Top Bond Picks
     South Africa Last Month Performance Review

India Stance
     India Valuations
     India Top Stock Picks
     India Top Bond Picks
     India Last Month Performance Review

Korea Stance
     Korea Valuations
     Korea Top Stock Picks
     Korea Top Bond Picks
     Korea Last Month Performance Review

Turkey Stance
     Turkey Valuations
     Turkey Top Stock Picks
     Turkey Top Bond Picks
     Turkey Last Month Performance Review

countryPub.gif

document cover features emerging markets dictators of the mid20th century Mao Zedong, Joseph Stalin, Charles Robberts Swart, Park Chung-hee, The Viscount Mountbatten of Burma, Cemal Gursel, Humberto de Alencar Castelo Branco















Performance Snapshot

Index 1 month Ch%YTD Ch%1 year Ch%
MSCI GEM 1.071.33-1.77
MSCI BRIC 2.420.87-2.27
MSCI World 0.622.675.63
MSCI EMEA 1.32-6.50-11.07
MSCI LATAM -0.38-1.33-8.55
MSCI EM ASIA 1.424.533.30

Indexes 1m performance %
IndexLastChnge
Borsa Istanbul 100 Index 80579.66 7.44
MICEX Index 1488.47 5.16
S&P BSE SENSEX Index 27865.83 4.82
Hong Kong Hang Seng Index 23998.06 4.64
Shanghai Stock Exchange Composite Index 2420.18 2.38
S&P 500 Index 2018.05 2.32
Nikkei 225 16413.76 2.06
Dow Jones Industrial Average 17390.52 2.04
Karachi Stock Exchange KSE100 Index 30376.53 1.81
Ibovespa Brasil Sao Paulo Stock Exchange Index 54628.60 0.95
FTSE/JSE Africa All Share Index 49722.88 0.78
Mexican Stock Exchange Mexican Bolsa IPC Index 45027.52 0.09
Russian Depositary Index USD 1328.47 -0.71
Jakarta Stock Exchange Composite Index 5089.55 -1.14
FTSE 100 Index 6546.47 -1.15
Korea Stock Exchange KOSPI Index 1964.43 -1.36
Warsaw Stock Exchange WIG Total Return Index 53949.58 -1.69
S&P/TSX Composite Index 14613.32 -2.32
Russian Trading System Cash Index 1091.44 -3.08

Currencies 1m performance %
TickerLastChnge
USDRUB:CUR 43.0095 8.47
USDNOK:CUR 6.7510 4.89
USDILs:CUR 3.8000 3.29
USDSEK:CUR 7.3934 2.54
USDJPY:CUR 112.3200 2.28
USDPLN:CUR 3.3757 1.92
USDCZK:CUR 22.1966 1.85
USDCOP:CUR 2057.6000 1.62
USDGBp:CUR 0.6252 1.31
USDBRL:CUR 2.4778 1.26
USDPEN:CUR 2.9215 1.08
USDHRK:CUR 6.1187 1.05
USDISK:CUR 122.2300 1.03
USDDKK:CUR 5.9428 0.76
USDSGD:CUR 1.2855 0.75
USDLTL:CUR 2.7565 0.75
USDEUR:CUR 0.7983 0.74
USDRON:CUR 3.5230 0.63
USDKRW:CUR 1068.8200 0.60
USDKWD:CUR 0.2901 0.55
USDCAD:CUR 1.1266 0.55
USDTHB:CUR 32.6000 0.47
USDMXN:CUR 13.4813 0.40
USDMYR:CUR 3.2895 0.32
USDPKR:CUR 102.7900 0.23
USDNZD:CUR 1.2828 0.09
USDTWD:CUR 30.4540 0.01
USDSAR:CUR 3.7517 0.01
USDOMR:CUR 0.3850 0.00
USDQAR:CUR 3.6414 -0.01
USDPHP:CUR 44.8800 -0.05
USDHUF:CUR 246.0000 -0.10
USDHKD:CUR 7.7550 -0.13
USDCNY:CUR 6.1130 -0.42
USDINR:CUR 61.3650 -0.60
USDIDR:CUR 12085.0000 -0.72
USDAUD:CUR 1.1366 -1.13
USDZAR:CUR 11.0395 -2.20
USDTRY:CUR 2.2229 -2.53
USDTRL:CUR 2222435.5000 -2.55

Bond rates 1m performance %
countryyield1wk1d1m1y
GREECE7.87%1.44-2+158+6
PORTUGAL3.20%0.07-11+15-289
ITALY2.34%0.01-11+2-173
SWITZERLAND0.44%-0.0200-48
SPAIN2.07%-0.06-8-4-190
JAPAN0.45%-0.07-1-7-14
CANADA2.04%-0.100-4-45
GERMANY0.84%-0.100-6-85
FRANCE1.18%-0.10-5-7-97
NETHERLANDS0.98%-0.10-3-7-105
HONG KONG1.79%-0.15+1-16-2
UNITED STATES2.34%-0.16+3-9-29
NEW ZEALAND3.96%-0.16-1-14-56
MEXICO (USD)3.35%-0.17-2-8-48
BRITAIN2.25%-0.17+2-8-40
AUSTRALIA3.28%-0.18-5-13-78
SINGAPORE2.27%-0.180-10+5
SOUTH KOREA2.66%-0.19-3-17-78
INDIA8.28%-0.21-1-20-40
BRAZIL (USD)4.00%-0.320-23-20

Commodities 1m performance %
nameunitsPriceChng
CBOT SOYBEAN MEALUSD/ST389.0030.84
CBOT CORNUSD/BU.376.7518.10
CBOT SOYBEANSUSD/BU.1049.2515.30
TOCOM RUBBERJPY/KG200.7013.78
CBOT WHEATUSD/BU.532.5012.46
ICE CANOLACAD/MT439.0011.39
CME ETHANOLUSD/GAL.1.7410.83
ICE ECX EMISSIONSEUR/MT6.358.73
CBOT SOYBEAN OILUSD/LB.34.807.08
ICE COTTON #2USD/LB.64.455.34
PALLADIUM SPOTUSD/T OZ.792.472.72
CME LIVE CATTLEUSD/LB.166.051.53
CBOT OATSUSD/BU.336.250.30
JAPANESE YEN SPOTJPY/T OZ.131776.28-0.58
TOCOM GOLDJPY/G4226.00-0.82
BRITISH POUND SPOTGBP/T OZ.738.29-0.89
EURO SPOTEUR/T OZ.936.83-2.07
ICE SUGAR #11USD/LB.16.04-2.49
CME LUMBERUSD/TBF324.10-2.73
ICE COFFEE "C"USD/LB.188.00-2.77
JAPANESE YEN SPOTJPY/T OZ.1815.49-2.83
TOCOM SILVERJPY/G58.20-2.84
GOLD SPOTUSD/T OZ.1172.94-2.85
CME FEEDER CATTLEUSD/LB.228.48-2.86
COMEX GOLDUSD/T OZ.1171.60-3.00
INDIAN RUPEE SPOTINR/T OZ.72072.81-3.32
PLATINUM SPOTUSD/T OZ.1236.50-3.51
CBOT ROUGH RICEUSD/CWT12.29-3.76
BRITISH POUND SPOTGBP/T OZ.10.10-3.81
ICE ORANGE JUICE CONCUSD/LB.138.85-4.08
EURO SPOTEUR/T OZ.12.91-4.23
US DOLLAR SPOTUSD/T OZ.16.16-5.05
COMEX SILVERUSD/T OZ.16.11-5.18
INDIAN RUPEE SPOTINR/T OZ.992.01-5.58
NYMEX HEATING OILUSD/GAL.251.09-5.73
NYMEX NATURAL GASUSD/MMBTU3.87-6.52
CME LEAN HOGSUSD/LB.88.03-6.60
TOCOM CRUDE OILJPY/KL60550.00-7.77
ICE GASOILUSD/MT741.25-7.86
TOCOM KEROSENEJPY/KL72480.00-8.82
CRUDE OIL (BRENT)USD/BBL.85.86-9.59
CRUDE OIL (WTI)USD/BBL.80.54-12.01
ICE COCOAUSD/MT2893.00-12.33
RBOB GASOLINEUSD/GAL.218.50-15.54

Best Stocks 1m %
stockcountrytickernamestockcurrentch
INBHEL:INBharat Heavy Electricals Ltd256.7028.00
SK051900:KSLG Household & Health Care Ltd62300023.61
INBOI:INBank of India285.3521.66
RUAFKS:RMAFK Sistema15.950021.48
SK011200:KSHyundai Merchant Marine Co Ltd1150021.18
BZJBSS3:BZJBS SA11.05020.77
INRECL:INRural Electrification Corp Ltd302.0020.53
INGAIL:INGAIL India Ltd528.8019.98
RUMGNT:RMMagnit11900.0019.96
INPOWF:INPower Finance Corp Ltd282.3518.88

Worst Stocks 1m %
stockcountrytickernamestockcurrentch
PHDMC:PMDMCI Holdings Inc16.2000-79.40
SK010620:KSHyundai Mipo Dockyard75900-35.13
SAANG:SJAngloGold Ashanti Ltd9350.00-32.49
SK010060:KSOCI Co Ltd92000-28.13
SK011070:KSLG Innotek Co Ltd84500-27.78
IDBUMI:IJBumi Resources Tbk PT138-27.37
SAHAR:SJHarmony Gold Mining Co Ltd1800.00-27.13
SK009540:KSHyundai Heavy Industries Co Ltd99200-25.41
BZOIBR4:BZOi SA1.300-25.29
SK030000:KSCheil Worldwide Inc16700-22.86

Best Stocks YTD %
stockcountrytickernamestockcurrentch
SK002790:KSAMOREPACIFIC Group1183000156.06
SK090430:KSAmorepacific Corp2300000130.23
INBPCL:INBharat Petroleum Corp Ltd724.75107.07
TUEREGL:TIEregli Demir ve Celik Fabrikalari TAS4.63097.86
BZKROT3:BZKroton Educacional SA17.66081.87
INADSEZ:INAdani Ports and Special Economic Zone Lt285.6580.68
INADE:INAdani Enterprises Ltd484.2579.88
SK034730:KSSK C&C Co Ltd24250079.63
SK012630:KSHyundai Development Co-Engineering & Con4035075.82
INWPL:INWockhardt Ltd757.8074.77

Worst Stocks YTD %
stockcountrytickernamestockcurrentch
THBGH:TBBangkok Dusit Medical Services PCL18.50-84.26
BZKLBN4:BZKlabin SA2.420-80.08
CH700:HKTencent Holdings Ltd123.600-75.04
RUSSA:LISistema JSFC8.075-74.82
PHDMC:PMDMCI Holdings Inc16.2000-71.07
BZOIBR4:BZOi SA1.300-64.19
TA1704:TTLCY Chemical Corp14.75-61.98
SK009540:KSHyundai Heavy Industries Co Ltd99200-61.25
MABAB:MKBumi Armada Bhd1.570-61.04
BZUSIM5:BZUsinas Siderurgicas de Minas Gerais SA5.700-60.00


















GEM View


Our Stance

We are publishing the second issue of our emerging market strategy on the eve of the G20 meeting in Brisbane.

Its been a sunset for the emerging markets in the past 5 years. It looks like GEMs ripped easy profits in the first 20 years following their market liberalisation. But they are now facing much more tedious period that requires fine tuning, structural reforms, political liberalisation as well as intense social capital creation.

Politics has also been a dampening factor for emerging markets. Problems in eastern Ukraine and Russian sanctions will take its toll on global and especially european growth. Meanwhile Russian president supported by pocket oligarchs, continued to play a buffoon and backing up forces and that destabilise in eastern Ukraine. While Ukrainian oligarchs opposing Russians look even more childish.

While Ukraine conflict knocked out chunky value from Russian, and Ukrainian assets. IS has been a dampening factor Turkish assets prices. While it looks like Turkey was able to pinpoint a strategy to maneuver through IS crisis.

Oil price drop however, if proves sustainable, provides more stimulus to importers so Europe as well as emerging market energy importers such as Turkey, Korea and China are set to benefit.

Meanwhile with the financial armory that was developed already the BRICKST (Brazil, Russia, China, Korea, South Africa and Turkey) started to play far more important role on the international capital markets.

The latest switch by Russia to drop managed currency policy and steps by China to liberalise its market access highlights another trend that BRICST central banks just like the ECB or the FED will become more important in contributing to global liquidity and not just when investing their reserves but also in providing local currency credit.


Russian economic growth has been so far saved by weaker currency and the fall of managed currency policy ..

Brazil markets tanked on the news of Dilma Rousseff reelection, reflecting perhaps on the investors future attitude towards Brazil. With old new president in Brazil, things are likely to be more predictable following the trends of the past 4 years. Brazil has been struggling with sluggish growth and rising prices.

China, feels still pretty risky, although recent dollar strength as well as drop in oil prices probably has helped to make China case slightly better. If oil prices continue its fall, China as the worlds largest importer is likely to benefit.
South Africa markets have been performing okay this year, slightly better than overall GEM benchmark. But we think that small outperformance could evaporate towards the year end.

India remained an outlier to the emerging markets along side with Turkey actually, performing strongly when most of the other GEM stocks tanked. New Indian PM Narendra Modi has been putting together government, appointing various officials to various roles.


Korea just like other energy importers Turkey, India and China has benefited from drop in oil prices. If the drop proves sustainable during the 4th quarter, Korea is likely to benefit.

Turkish market was one of the best performing equity markets in October, rebounding strongly last month after miserable performance in September. It has all means to maintain its outperformance into the year end.






Sector Performance 1m %
NameSectorch
Financials3.0
Consumer Staples1.7
Consumer Discretionary1.3
Utilities1.1
Health Care0.5
Communications-0.1
Technology-0.4
Industrials-0.6
Materials-1.6
Energy-2.0

Sector Performance YTD %
NameSectorch
Health Care17.4
Technology11.3
Financials9.8
Utilities8.3
Consumer Staples6.9
Consumer Discretionary5.1
Industrials1.4
Energy0.3
Communications0.3
Materials-5.5


















Sectors


Our Stance

Cumulative Revenue Growth Momentum In the Last Reported Quarter vs. Previous in % Across GEM Universe



Source:Midlincoln Research
NameSectorUniverseDivYieldPerformance12mAvg_PBAvg_PEROE_PctAvg_NetMarginAvg_PS
CommunicationsMedia Content0.84.68.428.728.120.65.7
CommunicationsTelecom3.62.05.419.327.010.91.8
Consumer Discretionary Automotive1.82.82.514.119.713.21.4
Consumer DiscretionaryApparel & Textile Products2.76.04.218.519.811.12.0
Consumer DiscretionaryAutomotive1.82.82.514.119.713.21.4
Consumer DiscretionaryConsumer Discretionary Srvcs1.941.78.121.543.619.74.3
Consumer DiscretionaryDistributors2.24.51.815.711.63.90.6
Consumer DiscretionaryHome & Office Products2.59.81.212.910.68.90.8
Consumer DiscretionaryLeisure Products2.511.06.121.928.09.52.0
Consumer DiscretionaryRetail Discretionary2.02.53.818.618.39.91.7
Consumer DiscretionaryTravel, Lodging & Dining1.44.73.124.015.48.61.7
Consumer StaplesConsumer Products1.514.66.826.525.39.92.5
Consumer StaplesDist/Whsl - Consumer Staples1.820.77.326.325.61.70.3
Consumer StaplesRetail Staples2.01.34.623.518.93.50.8
EnergyOil, Gas & Coal3.31.41.419.412.212.21.2
EnergyRenewable Energy0.0-10.61.914.913.17.01.0
FinancialsBanking2.613.81.510.513.517.51.9
FinancialsInstitutional Financial Srvc1.218.11.339.08.427.04.1
FinancialsInsurance1.719.62.013.414.013.22.2
FinancialsReal Estate Oper & Srvcs4.3-11.91.212.811.218.62.5
FinancialsREIT5.817.71.219.56.851.710.4
FinancialsSpecialty Finance3.529.62.310.718.929.53.1
Health CareBiotech & Pharma1.038.55.527.920.617.85.6
Health CareHealth Care Facilities/Srvcs1.223.94.526.618.59.72.9
Health CareMedical Equipment/Devices1.013.93.026.111.421.45.6
IndustrialsAerospace & Defense0.734.52.549.27.84.01.2
IndustrialsElectrical Equipment1.724.12.526.210.95.91.2
IndustrialsEngineering & Const Srvcs3.28.12.418.014.712.31.9
IndustrialsIndustrial Distribution2.4-7.91.38.014.36.80.6
IndustrialsMachinery2.09.32.816.915.212.32.2
IndustrialsManufactured Goods2.230.42.014.814.315.22.0
IndustrialsTransportation & Logistics1.517.22.4125.310.621.44.2
IndustrialsTransportation Equipment1.5-27.81.111.99.53.90.5
IndustrialsWaste&Envrnmt Srvc Equip&Fac1.445.35.225.620.920.75.4
MaterialsChemicals2.3-10.02.117.311.37.01.2
MaterialsConstruction Materials2.110.12.22066.215.911.01.7
MaterialsContainers & Packaging2.519.82.215.013.67.21.1
MaterialsForest & Paper Products1.314.21.329.26.47.11.6
MaterialsIron & Steel2.8-4.71.113.49.911.21.2
MaterialsMetals & Mining2.11.71.719.711.311.81.7
TechnologyDesign, Mfg & Distribution4.917.11.513.011.43.90.5
TechnologyHardware2.814.61.921.212.14.80.8
TechnologySemiconductors3.128.82.814.918.818.83.2
TechnologySoftware1.88.24.317.924.117.43.1
TechnologyTechnology Services1.131.07.120.933.422.04.6
UtilitiesUtilities2.614.11.813.412.714.11.9

Source: MidLincoln Research





Russia Performance Snapshot

Index 1 month Ch%YTD Ch%1 year Ch%
RTSI$:IND -3.08-24.35-23.24
MSCI Russia -2.24-24.07-26.93
MSCI GEM 1.071.33-1.77
MSCI BRIC 2.420.87-2.27
MSCI World 0.622.675.63

Indexes 1m performance %
IndexLastChnge
Borsa Istanbul 100 Index 80579.66 7.44
MICEX Index 1488.47 5.16
S&P BSE SENSEX Index 27865.83 4.82
Hong Kong Hang Seng Index 23998.06 4.64
Shanghai Stock Exchange Composite Index 2420.18 2.38
S&P 500 Index 2018.05 2.32
Nikkei 225 16413.76 2.06
Dow Jones Industrial Average 17390.52 2.04
Karachi Stock Exchange KSE100 Index 30376.53 1.81
Ibovespa Brasil Sao Paulo Stock Exchange Index 54628.60 0.95
FTSE/JSE Africa All Share Index 49722.88 0.78
Mexican Stock Exchange Mexican Bolsa IPC Index 45027.52 0.09
Russian Depositary Index USD 1328.47 -0.71
Jakarta Stock Exchange Composite Index 5089.55 -1.14
FTSE 100 Index 6546.47 -1.15
Korea Stock Exchange KOSPI Index 1964.43 -1.36
Warsaw Stock Exchange WIG Total Return Index 53949.58 -1.69
S&P/TSX Composite Index 14613.32 -2.32
Russian Trading System Cash Index 1091.44 -3.08

Currencies 1m performance %
TickerLastChnge
USDRUB:CUR 43.0095 8.47
USDNOK:CUR 6.7510 4.89
USDILs:CUR 3.8000 3.29
USDSEK:CUR 7.3934 2.54
USDJPY:CUR 112.3200 2.28
USDPLN:CUR 3.3757 1.92
USDCZK:CUR 22.1966 1.85
USDCOP:CUR 2057.6000 1.62
USDGBp:CUR 0.6252 1.31
USDBRL:CUR 2.4778 1.26
USDPEN:CUR 2.9215 1.08
USDHRK:CUR 6.1187 1.05
USDISK:CUR 122.2300 1.03
USDDKK:CUR 5.9428 0.76
USDSGD:CUR 1.2855 0.75
USDLTL:CUR 2.7565 0.75
USDEUR:CUR 0.7983 0.74
USDRON:CUR 3.5230 0.63
USDKRW:CUR 1068.8200 0.60
USDKWD:CUR 0.2901 0.55
USDCAD:CUR 1.1266 0.55
USDTHB:CUR 32.6000 0.47
USDMXN:CUR 13.4813 0.40
USDMYR:CUR 3.2895 0.32
USDPKR:CUR 102.7900 0.23
USDNZD:CUR 1.2828 0.09
USDTWD:CUR 30.4540 0.01
USDSAR:CUR 3.7517 0.01
USDOMR:CUR 0.3850 0.00
USDQAR:CUR 3.6414 -0.01
USDPHP:CUR 44.8800 -0.05
USDHUF:CUR 246.0000 -0.10
USDHKD:CUR 7.7550 -0.13
USDCNY:CUR 6.1130 -0.42
USDINR:CUR 61.3650 -0.60
USDIDR:CUR 12085.0000 -0.72
USDAUD:CUR 1.1366 -1.13
USDZAR:CUR 11.0395 -2.20
USDTRY:CUR 2.2229 -2.53
USDTRL:CUR 2222435.5000 -2.55

Bond rates 1m performance %
countryyield1wk1d1m1y
GREECE7.87%1.44-2+158+6
PORTUGAL3.20%0.07-11+15-289
ITALY2.34%0.01-11+2-173
SWITZERLAND0.44%-0.0200-48
SPAIN2.07%-0.06-8-4-190
JAPAN0.45%-0.07-1-7-14
CANADA2.04%-0.100-4-45
GERMANY0.84%-0.100-6-85
FRANCE1.18%-0.10-5-7-97
NETHERLANDS0.98%-0.10-3-7-105
HONG KONG1.79%-0.15+1-16-2
UNITED STATES2.34%-0.16+3-9-29
NEW ZEALAND3.96%-0.16-1-14-56
MEXICO (USD)3.35%-0.17-2-8-48
BRITAIN2.25%-0.17+2-8-40
AUSTRALIA3.28%-0.18-5-13-78
SINGAPORE2.27%-0.180-10+5
SOUTH KOREA2.66%-0.19-3-17-78
INDIA8.28%-0.21-1-20-40
BRAZIL (USD)4.00%-0.320-23-20

Commodities 1m performance %
nameunitsPriceChng
CBOT SOYBEAN MEALUSD/ST389.0030.84
CBOT CORNUSD/BU.376.7518.10
CBOT SOYBEANSUSD/BU.1049.2515.30
TOCOM RUBBERJPY/KG200.7013.78
CBOT WHEATUSD/BU.532.5012.46
ICE CANOLACAD/MT439.0011.39
CME ETHANOLUSD/GAL.1.7410.83
ICE ECX EMISSIONSEUR/MT6.358.73
CBOT SOYBEAN OILUSD/LB.34.807.08
ICE COTTON #2USD/LB.64.455.34
PALLADIUM SPOTUSD/T OZ.792.472.72
CME LIVE CATTLEUSD/LB.166.051.53
CBOT OATSUSD/BU.336.250.30
JAPANESE YEN SPOTJPY/T OZ.131776.28-0.58
TOCOM GOLDJPY/G4226.00-0.82
BRITISH POUND SPOTGBP/T OZ.738.29-0.89
EURO SPOTEUR/T OZ.936.83-2.07
ICE SUGAR #11USD/LB.16.04-2.49
CME LUMBERUSD/TBF324.10-2.73
ICE COFFEE "C"USD/LB.188.00-2.77
JAPANESE YEN SPOTJPY/T OZ.1815.49-2.83
TOCOM SILVERJPY/G58.20-2.84
GOLD SPOTUSD/T OZ.1172.94-2.85
CME FEEDER CATTLEUSD/LB.228.48-2.86
COMEX GOLDUSD/T OZ.1171.60-3.00
INDIAN RUPEE SPOTINR/T OZ.72072.81-3.32
PLATINUM SPOTUSD/T OZ.1236.50-3.51
CBOT ROUGH RICEUSD/CWT12.29-3.76
BRITISH POUND SPOTGBP/T OZ.10.10-3.81
ICE ORANGE JUICE CONCUSD/LB.138.85-4.08
EURO SPOTEUR/T OZ.12.91-4.23
US DOLLAR SPOTUSD/T OZ.16.16-5.05
COMEX SILVERUSD/T OZ.16.11-5.18
INDIAN RUPEE SPOTINR/T OZ.992.01-5.58
NYMEX HEATING OILUSD/GAL.251.09-5.73
NYMEX NATURAL GASUSD/MMBTU3.87-6.52
CME LEAN HOGSUSD/LB.88.03-6.60
TOCOM CRUDE OILJPY/KL60550.00-7.77
ICE GASOILUSD/MT741.25-7.86
TOCOM KEROSENEJPY/KL72480.00-8.82
CRUDE OIL (BRENT)USD/BBL.85.86-9.59
CRUDE OIL (WTI)USD/BBL.80.54-12.01
ICE COCOAUSD/MT2893.00-12.33
RBOB GASOLINEUSD/GAL.218.50-15.54

Best Stocks 1m %
stockcountrytickernamestockcurrentch
RUAFKS:RMAFK Sistema15.950021.48
RUMGNT:RMMagnit11900.0019.96
RUSSA:LISistema JSFC8.07517.03
RUCHMF:RMSeverstal OAO457.1016.16
RUMGNT:LIMagnit OJSC67.00016.00
RUTATN:RMTatneft OAO259.800011.98
RUSNGS:RMSurgutneftegas OAO28.795010.58
RUURKA:RMUralkali OJSC154.000010.12
RUGMKN:RMMMC Norilsk Nickel OJSC8033.009.74
RUIRAO:RMInter RAO JSC0.0095908.24

Worst Stocks 1m %
stockcountrytickernamestockcurrentch
RUTCS:LITinkoff CS3.700-21.11
RULSRG:LILSR Group2.920-20.22
RUTMKS:LITMK OAO7.830-13.96
RUMAIL:LIMail.RU24.240-13.77
RUAFLT:RMAeroflot38.2000-11.68
RUMFON:LIMegaFon OAO23.400-7.80
RUTRMK:RMTMK83.4000-5.87
RUFEES:RMFGC UES JSC0.05361-5.03
RUMBT:USMobile Telesystems OJSC14.3000-4.28
RUMFON:RMMegafon993.00-2.65

Best Stocks YTD %
stockcountrytickernamestockcurrentch
RUGMKN:RMMMC Norilsk Nickel OJSC8033.0048.59
RUCHMF:RMSeverstal OAO457.1045.16
RUTATN:RMTatneft OAO259.800026.04
RUHYDR:RMRusHydro JSC0.693021.92
RUSNGSP:RMSurgutneftegas OAO29.495014.02
RUTRNFP:RMAK Transneft OAO93990.009.80
RULKOH:RMLukoil OAO2120.005.68
RUMGNT:LIMagnit OJSC67.0003.88
RUSNGS:RMSurgutneftegas OAO28.79502.58
RUGAZP:RMGazprom OAO141.50001.80

Worst Stocks YTD %
stockcountrytickernamestockcurrentch
RUSSA:LISistema JSFC8.075-74.82
RUFEES:RMFGC UES JSC0.05361-40.05
RUMBT:USMobile Telesystems OJSC14.3000-33.55
RUTMKS:LITMK OAO7.830-31.91
RULSRG:LILSR Group2.920-29.64
RUMFON:LIMegaFon OAO23.400-29.56
RUSBERP:RMSberbank of Russia56.9000-28.51
RUSBER:RMSberbank of Russia76.2300-24.26
RUNVTK:LINovaTek OAO107.400-20.56
RUVTBR:RMVTB Bank OJSC0.03993-18.84

Sector Performance 1m %
NameSectorch
Consumer Staples11.6
Energy6.4
Materials2.0
Communications1.9
Utilities0.6
Technology0.3
Financials-6.3
Consumer Discretionary-11.7

Sector Performance YTD %
NameSectorch
Materials12.8
Energy4.5
Consumer Staples3.9
Utilities-6.8
Financials-25.3
Communications-35.2

Table of Contents


GEM View Stance
Sectors Stance
Russia Stance
     Russia Valuations
     Russia Top Stock Picks
     Russia Top Bond Picks
     Russia Last Month Performance Review

Brazil Stance
     Brazil Valuations
     Brazil Top Stock Picks
     Brazil Top Bond Picks
     Brazil Last Month Performance Review

China Stance
     China Valuations
     China Top Stock Picks
     China Top Bond Picks
     China Last Month Performance Review

South Africa Stance
     South Africa Valuations
     South Africa Top Stock Picks
     South Africa Top Bond Picks
     South Africa Last Month Performance Review

India Stance
     India Valuations
     India Top Stock Picks
     India Top Bond Picks
     India Last Month Performance Review

Korea Stance
     Korea Valuations
     Korea Top Stock Picks
     Korea Top Bond Picks
     Korea Last Month Performance Review

Turkey Stance
     Turkey Valuations
     Turkey Top Stock Picks
     Turkey Top Bond Picks
     Turkey Last Month Performance Review


















Russia


Our Stance

Russian economic growth has been so far saved by weaker currency and the fall managed currency policy,

Though devaluation came at cost. Ruble has been weakening for the last 8 months... Banks especially state banks were very well equipped with the knowledge on what to do when ruble volatility rises. Banks been borrowing at 8% annual rate and making 8% in one day in FX trade. While perhaps CBR has been supportive of the trade seeing it as a means of replenishing banks capital in times of rising NPLs. Ironically it looks like Russia needed two rates one to fund currency speculations (which is still strangely a large revenue line for many state and commercial banks) and another to fund business.

Banking sector under pressure. Russian banks have been enjoying low repo rates which they used to grow their assets. Since last year repo rates doubled while asset growth is at risk implying that soon banks equity will be under pressure when NPL rise. But in this crises banking system is more immune due to better currency match.

Still further oil price weakness will create problems for the budget. We think consumer sector which was a higher beta exposure on the oil price will be hit the hardest.

We somewhat favor Russian materials and energy stocks while while caution of telecoms and consumers.

Valuations


Russia Valuations
SectorSector MCap mn$Sector Mcap % in TotalPE 2014EGEM PE 2014EEst EPS Growth 14GEM EPS Growth
Energy228353.157.403.89.97.526.0
Materials60660.215.2511.416.344.848.5
Financials51275.912.896.310.310.115.1
Consumer Staples24268.96.1021.026.217.516.7
Communications22870.45.7510.021.58.216.6
Utilities9372.42.366.813.34.412.8
Consumer Discretionary1002.10.253.717.012.3
Technology0.00.0014.211.7

Stock Picks for November

CompanyPEROEDiv YieldChange YearPBPSNet Margin1m Change %

MMC Norilsk Nickel OJSC(Long)

8.334.512.64%+72.85%2.92.428.89.7
  • MMC Norilsk Nickel announces preliminary consolidated production
  • Steven Romick Buys One Stock in Q3, Headquartered in South Africa

    • Surgutneftegas OAO(Long)

    		4.113.87.38%+48.36%0.61.433.78.0
  • Russia Stocks Climb for 8th Day as Ruble Boosts Exporters
  • Putin Russia Has Most Profit, Worst Emerging Market Value

    • Tatneft OAO(Long)

    		5.519.83.21%+25.45%1.11.120.312.0
  • Russia Stocks Rise 9th Day as Weak Ruble Boosts Exporters
  • Состоялось очередное заседание Совета директоров ОАО ...

    • Moscow Exchange(Long)

    		10.315.83.99%+1.14%1.65.452.2-0.9
  • Moscow Exchange Chooses DataSpace as Primary Data Center ...
  • Moscow Exchange Preps Datacenter Move

    • Gazpromneft(Long)

    		2.924.96.52%+10.50%0.70.518.45.2
  • UPDATE 1-Russia's Gazprom Neft 9-month net profit up 3 pct y/y
  • Gazprom Neft develops all-encompassing geoscience IT system

    • VTB Bank OJSC(Short)

    		10.15.62.87%-7.59%0.60.66.05.0
  • At the meeting in Baku VTB Bank decided to reduce its sponsor and ...
  • New export restrictions on Russia

    • FGC UES JSC(Short)

    		2.64.70.63%-41.72%0.10.415.9-5.0

    Magnit OJSC(Short)

    		24.70.01.25%-4.75%0.00.00.016.0
  • Assets of Russian retailer Magnit exceed 18.4 billion Euro
  • QIWI Kiosks Will Be Installed in "Monetka" Supermarkets

    • Tinkoff CS(Short)

    		9.710.8-%-79.15%1.10.65.8-21.1
  • Giro d'Italia. Wyścig rozpocznie się 9 maja w Ligurii
  • D�part demain matin � Bonneval place de la Gr�ve pour le Paris ...

    • Mail.RU(Short)

    		17.713.3-%-42.58%2.47.039.8-13.8
  • Mail.ru pins hopes on Russian social network
  • Russia's Mail.ru Revenue Rises Despite Tough Trading Conditions

    • Bond Picks

    Souvereign Eurobonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    RUSSIAN (FEDERATION OF) 30111.87.50USDMar 31, 20304.454.980.26-1.00
  • Kremlin agents 'intimidated' couple trying to void adoption of ...
    • RUSSIAN (FEDERATION OF) 30111.87.50USDMar 31, 20304.454.980.26-1.00
  • Kremlin agents 'intimidated' couple trying to void adoption of ...
    • RUSSIAN (FEDERATION OF) 28163.012.75USDJun 24, 20287.776.030.19-2.70
  • Russian Troops, Tanks, Artillery And Air Defense Enter Ukraine ...
    • RUSSIAN (FEDERATION OF) 28163.012.75USDJun 24, 20287.776.030.19-2.70
  • Russian Troops, Tanks, Artillery And Air Defense Enter Ukraine ...
    • RUSSIAN (FEDERATION OF) 18123.911.00USDJul 24, 20183.114.040.22-1.60
  • Russian Federation chief apologises for 'Williams brothers' jibe

    • Corporate Eurobonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    VIMPELCOM HOLDINGS NV 2298.507.50USDMar 1, 20225.597.920.86-4.70
    VIMPELCOM HOLDINGS NV 2298.507.50USDMar 1, 20225.597.920.86-4.70
    SB CAPITAL SA 2298.256.13USDFeb 7, 20225.786.530.72-4.05
  • The Morning Ledger: Last-Minute Wriggling to Limit Health Law's ...
    • SB CAPITAL SA 2298.256.13USDFeb 7, 20225.786.530.72-4.05
  • The Morning Ledger: Last-Minute Wriggling to Limit Health Law's ...
    • METALLOINVEST FINANCE LTD 2089.255.63USDApr 17, 20204.658.270.97-3.75
  • Nautilus Minerals Announces Financial Results for Q3 2014

    • Local Currency Bonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    RUSSIAN FEDERATION 211.907.60RUBApr 14, 20214.8510.300.99-0.53
  • Gold medal win at Sochi has become a nightmare for 16-year-old ...
    • RUSSIAN FEDERATION 211.907.60RUBApr 14, 20214.8510.300.99-0.53
  • Gold medal win at Sochi has become a nightmare for 16-year-old ...
    • RUSSIAN FEDERATION 152.116.88RUBJul 15, 20150.639.731.07-0.48
  • Poor Capello: Russian Football Union struggling to pay Italian's $11 ...
    • RUSSIAN FEDERATION 152.116.88RUBJul 15, 20150.639.731.07-0.48
  • Poor Capello: Russian Football Union struggling to pay Italian's $11 ...
    • RUSSIAN FEDERATION 172.027.40RUBApr 19, 20172.1610.411.09-0.50
  • Russian warship drama stirs G20 protesters

    • Russia Last Month Review



    Russia RTSI$:IND Index lost-3.08% last month. To finish the month at 1091.44

    MSCI Russia Index lost-2.24% last month. Its overall down -26.93% since the beginning of the year.

    At the same time MSCI Emerging Markets Indexup1.07% last month and is up 1.33% YTD.

    RUB last month lost 8.47% against US dollar. To finish the month at 43.0095 per USD.

    While Brent oil price last month lost -9.59%. To finish the month at 85.86 $/bbl.

    Best stocks last month in Russia included AFK Sistema +21.48%, Magnit +19.96%, Sistema JSFC +17.03%, Severstal OAO +16.16%, Magnit OJSC +16.00%, Tatneft OAO +11.98%, Surgutneftegas OAO +10.58%, Uralkali OJSC +10.12%, MMC Norilsk Nickel OJSC +9.74%, Inter RAO JSC +8.24%, .

    Worst stocks last month included Tinkoff CS -21.11%, LSR Group -20.22%, TMK OAO -13.96%, Mail.RU -13.77%, Aeroflot -11.68%, MegaFon OAO -7.80%, TMK -5.87%, FGC UES JSC -5.03%, Mobile Telesystems OJSC -4.28%, Megafon -2.65%,

    Best stocks YTD included MMC Norilsk Nickel OJSC +48.59%, Severstal OAO +45.16%, Tatneft OAO +26.04%, RusHydro JSC +21.92%, Surgutneftegas OAO +14.02%, AK Transneft OAO +9.80%, Lukoil OAO +5.68%, Magnit OJSC +3.88%, Surgutneftegas OAO +2.58%, Gazprom OAO +1.80%,

    While worst stocks YTD included Sistema JSFC -74.82%, FGC UES JSC -40.05%, Mobile Telesystems OJSC -33.55%, TMK OAO -31.91%, LSR Group -29.64%, MegaFon OAO -29.56%, Sberbank of Russia -28.51%, Sberbank of Russia -24.26%, NovaTek OAO -20.56%, VTB Bank OJSC -18.84%,
    In terms of sector performance last month the best sectors included Consumer Staples +11.6%, Energy +6.4%, Materials +2.0%,

    While worst sector performance last month showed Consumer Discretionary -11.7%, Financials -6.3%, Technology 0.3%,

    YTD the best sectors remain Materials +12.8%, Energy +4.5%, Consumer Staples +3.9%,
    While the worst sectors are Communications -35.2%, Financials -25.3%, Utilities -6.8%,

    Some Political news headlines for Russia include:


  • The Day Chivalry Died at the Hands of Vladimir Putin
  • The Advantages of World Leaders Looking Silly
  • Serbia Honors Putin While Keeping Its Eyes on Ties to the West
  • Li Keqiang meets with Dmitry Medvedev in Moscow
  • A Look at the Top Issues at Asian Security Meeting
  • Reuters: Russian premier says no reason for ruble to weaken further
  • Li Keqiang and Prime Minister Dmitry Medvedev of Russia Co-chair ...
  • PRESS DIGEST - Bulgaria - Oct 10
  • Innovations 2.0: The technology sector is preparing for a reset
  • Russia, China may soon team up to ensure information security ...
  • ITU Plenipotentiary Conference: Internet Governance Diplomacy On ...
  • HM the King, Russian President hold talks
  • Russia, Belarus expand program of military drills due to new threats ...
  • Russia pledges not to control capital flows
  • Putin dismisses concerns as officials sound alarm over economy
  • VP: Iran Ready to Export High-Tech Products to Russia
  • Iran, Russia to Set Up Joint Academic Workgroup
  • General Shaikh Mohammed holds talks with Putin
  • Financial obstacles in Russia-Ukraine gas negotiations
  • Russia-Ukraine energy feud must be solved: Merkel
  • Shaikh Abdullah in Russia to strengthen bilateral ties
  • Russia to appeal European court's Yukos ruling by Oct. 30 - RIA ...
  • Russian PM to hold meeting of Foreign Investment Advisory Council

    While some economic events and news headlines include:



    Friday October 31 2014 Russia Raises Key Rate to 9.5%
    Russian central bank decided to increase the one-week repo rate by 150 bps to 9.5 percent on October 31st citing high inflation. Since the beginning of 2014, the benchmark interest rate rose four times by a total 400 bps. Friday October 17 2014 Russia Unemployment Rate Edges Up in September
    Russian jobless rate increased to 4.9 percent in September of 2014 from 4.8 percent in the previous month. It is the first increase since November last year, matching market forecasts. Friday October 10 2014 Russia Trade Surplus Widens in August
    Russian trade surplus increased slightly to USD 15.85 billion in August of 2014 from USD 14.17 billion a year earlier. Yet, imports recorded the highest annual loss since December of 2009. Friday October 03 2014 Russia Inflation Rate Up to 3-Year High
    Russian consumer prices rose by an annual 8 percent in August of 2014 compared with a 7.6 percent increase in July. The inflation rate accelerated for the second straight month to its highest since August of 2011. Monday September 29 2014 Russian Economy Advances 0.25% in Q2
    Russian GDP advanced 0.25 percent on quarter in the April to June period. Growth figures for the first three months of 2014 were revised to show the economy stalled instead of a previously
  • Russia Says Sanctions Hurting as Bank Moves to Defend Ruble
  • Putin has plunged Russia into a vicious cycle of economic decline
  • Sanctions Cut Siemens' Russian Growth Spurt Short
  • Russian investment falls again, confirming weak economic outlook
  • Did Russia Really Boost Its Birthrate by Promising New Mothers ...
  • Russia's demographic and public health challenges
  • Fallout from Ukraine conflict could hit growth
  • Russia's economic slowdown not to affect Azerbaijan's growth
  • Ruble devaluation compensates for loss of oil revenue
  • Sanctions, Oil Prices May Harm Russian Economy, Ministers Warn
  • Falling rouble creates debt payment headache for Russian companies

    Companies Reported last month include:



    2014-10-09 Magnit OJSC
    RU
  • Templeton Releases Closed-End Funds' Portfolio Allocation Updates
  • Templeton Releases Closed-End Funds' Portfolio Allocation Updates

    2014-10-09 Magnit
    RU
  • Navigating food ban, Russian retailer Magnit sees profits leap
  • Magnit Shrugs Off Russia Food Import Ban as Revenue Rises

    2014-10-24 Yandex
    RU
  • Yandex N.V. (YNDX) Q3 2014 Results - Earnings Call Transcript ...
  • Yandex Announces Third Quarter 2014 Financial Results

    2014-10-29 Rosneft OAO
    RU
  • The Morning Risk Report: Lawsky's Office Bucking Independent ...
  • Rosneft Must Keep Hands Off State Wealth Fund, Kudrin Says

    2014-10-30 X5 Group
    RU
  • X5 Retail Group Russia: Trading results from nine months of 2014
  • Huaneng Power International, Inc. First Set of Generation Unit of ...
  • Russia's X5 retail group says Q3 net income up 49%

    Best Stocks Last Month and News


    AFK Sistema+21.48%
  • Court settles Russian Prosecutor General's Office claim to AFK ...
    Magnit+19.96%
  • Russia's Magnit says October sales up 36 pct
    Sistema JSFC+17.03%
  • Sistema Shyam to foray into online video gaming
    Severstal OAO+16.16%
  • Petroleo Brasileiro SA Petrobras (PBR) Lagging In Pre-Market Activity
  • OAO Severstal Posts Loss In Q3 - Quick Facts
    Magnit OJSC+16.00%
  • Assets of Russian retailer Magnit exceed 18.4 billion Euro
    Tatneft OAO+11.98%
  • Russia Stocks Rise 9th Day as Weak Ruble Boosts Exporters
    Surgutneftegas OAO+10.58%
  • Russia Stocks Climb for 8th Day as Ruble Boosts Exporters
    Uralkali OJSC+10.12%
  • Tuesday preview: CRH and Capita report interims
    MMC Norilsk Nickel OJSC+9.74%
  • MMC Norilsk Nickel announces preliminary consolidated production
    Inter RAO JSC+8.24%

    Worst Stocks Last Month and News


    Tinkoff CS -21.11%
  • Giro d'Italia. Wyścig rozpocznie się 9 maja w Ligurii
    LSR Group -20.22%
  • LSR Group new contract sales up
    TMK OAO -13.96%
  • TMK May Consider Selling Shares in US Unit IPO to Cut Debt
    Mail.RU -13.77%
  • Mail.ru pins hopes on Russian social network
    Aeroflot -11.68%
  • Aeroflot LCC Pobeda receives AOC
    MegaFon OAO -7.80%
  • OAO MegaFon, Russia's second- biggest wireless operator ...
    TMK -5.87%
  • TMK May Consider Selling Shares in US Unit IPO to Cut Debt
    FGC UES JSC -5.03%

    Mobile Telesystems OJSC -4.28%
  • Mobile TeleSystems OJSC Given BB+ Credit Rating (MBT)
    Megafon -2.65%
  • RPT-UPDATE 2-Russia's Megafon confident spending on mobiles ...

    View Russia Econ Page






    • Brazil Performance Snapshot

    Index 1 month Ch%YTD Ch%1 year Ch%
    IBOV:IND 0.95
    MSCI Brazil 0.07-2.09-13.18
    MSCI GEM 1.071.33-1.77
    MSCI BRIC 2.420.87-2.27
    MSCI World 0.622.675.63

    Indexes 1m performance %
    IndexLastChnge
    Borsa Istanbul 100 Index 80579.66 7.44
    MICEX Index 1488.47 5.16
    S&P BSE SENSEX Index 27865.83 4.82
    Hong Kong Hang Seng Index 23998.06 4.64
    Shanghai Stock Exchange Composite Index 2420.18 2.38
    S&P 500 Index 2018.05 2.32
    Nikkei 225 16413.76 2.06
    Dow Jones Industrial Average 17390.52 2.04
    Karachi Stock Exchange KSE100 Index 30376.53 1.81
    Ibovespa Brasil Sao Paulo Stock Exchange Index 54628.60 0.95
    FTSE/JSE Africa All Share Index 49722.88 0.78
    Mexican Stock Exchange Mexican Bolsa IPC Index 45027.52 0.09
    Russian Depositary Index USD 1328.47 -0.71
    Jakarta Stock Exchange Composite Index 5089.55 -1.14
    FTSE 100 Index 6546.47 -1.15
    Korea Stock Exchange KOSPI Index 1964.43 -1.36
    Warsaw Stock Exchange WIG Total Return Index 53949.58 -1.69
    S&P/TSX Composite Index 14613.32 -2.32
    Russian Trading System Cash Index 1091.44 -3.08

    Currencies 1m performance %
    TickerLastChnge
    USDRUB:CUR 43.0095 8.47
    USDNOK:CUR 6.7510 4.89
    USDILs:CUR 3.8000 3.29
    USDSEK:CUR 7.3934 2.54
    USDJPY:CUR 112.3200 2.28
    USDPLN:CUR 3.3757 1.92
    USDCZK:CUR 22.1966 1.85
    USDCOP:CUR 2057.6000 1.62
    USDGBp:CUR 0.6252 1.31
    USDBRL:CUR 2.4778 1.26
    USDPEN:CUR 2.9215 1.08
    USDHRK:CUR 6.1187 1.05
    USDISK:CUR 122.2300 1.03
    USDDKK:CUR 5.9428 0.76
    USDSGD:CUR 1.2855 0.75
    USDLTL:CUR 2.7565 0.75
    USDEUR:CUR 0.7983 0.74
    USDRON:CUR 3.5230 0.63
    USDKRW:CUR 1068.8200 0.60
    USDKWD:CUR 0.2901 0.55
    USDCAD:CUR 1.1266 0.55
    USDTHB:CUR 32.6000 0.47
    USDMXN:CUR 13.4813 0.40
    USDMYR:CUR 3.2895 0.32
    USDPKR:CUR 102.7900 0.23
    USDNZD:CUR 1.2828 0.09
    USDTWD:CUR 30.4540 0.01
    USDSAR:CUR 3.7517 0.01
    USDOMR:CUR 0.3850 0.00
    USDQAR:CUR 3.6414 -0.01
    USDPHP:CUR 44.8800 -0.05
    USDHUF:CUR 246.0000 -0.10
    USDHKD:CUR 7.7550 -0.13
    USDCNY:CUR 6.1130 -0.42
    USDINR:CUR 61.3650 -0.60
    USDIDR:CUR 12085.0000 -0.72
    USDAUD:CUR 1.1366 -1.13
    USDZAR:CUR 11.0395 -2.20
    USDTRY:CUR 2.2229 -2.53
    USDTRL:CUR 2222435.5000 -2.55

    Bond rates 1m performance %
    countryyield1wk1d1m1y
    GREECE7.87%1.44-2+158+6
    PORTUGAL3.20%0.07-11+15-289
    ITALY2.34%0.01-11+2-173
    SWITZERLAND0.44%-0.0200-48
    SPAIN2.07%-0.06-8-4-190
    JAPAN0.45%-0.07-1-7-14
    CANADA2.04%-0.100-4-45
    GERMANY0.84%-0.100-6-85
    FRANCE1.18%-0.10-5-7-97
    NETHERLANDS0.98%-0.10-3-7-105
    HONG KONG1.79%-0.15+1-16-2
    UNITED STATES2.34%-0.16+3-9-29
    NEW ZEALAND3.96%-0.16-1-14-56
    MEXICO (USD)3.35%-0.17-2-8-48
    BRITAIN2.25%-0.17+2-8-40
    AUSTRALIA3.28%-0.18-5-13-78
    SINGAPORE2.27%-0.180-10+5
    SOUTH KOREA2.66%-0.19-3-17-78
    INDIA8.28%-0.21-1-20-40
    BRAZIL (USD)4.00%-0.320-23-20

    Commodities 1m performance %
    nameunitsPriceChng
    CBOT SOYBEAN MEALUSD/ST389.0030.84
    CBOT CORNUSD/BU.376.7518.10
    CBOT SOYBEANSUSD/BU.1049.2515.30
    TOCOM RUBBERJPY/KG200.7013.78
    CBOT WHEATUSD/BU.532.5012.46
    ICE CANOLACAD/MT439.0011.39
    CME ETHANOLUSD/GAL.1.7410.83
    ICE ECX EMISSIONSEUR/MT6.358.73
    CBOT SOYBEAN OILUSD/LB.34.807.08
    ICE COTTON #2USD/LB.64.455.34
    PALLADIUM SPOTUSD/T OZ.792.472.72
    CME LIVE CATTLEUSD/LB.166.051.53
    CBOT OATSUSD/BU.336.250.30
    JAPANESE YEN SPOTJPY/T OZ.131776.28-0.58
    TOCOM GOLDJPY/G4226.00-0.82
    BRITISH POUND SPOTGBP/T OZ.738.29-0.89
    EURO SPOTEUR/T OZ.936.83-2.07
    ICE SUGAR #11USD/LB.16.04-2.49
    CME LUMBERUSD/TBF324.10-2.73
    ICE COFFEE "C"USD/LB.188.00-2.77
    JAPANESE YEN SPOTJPY/T OZ.1815.49-2.83
    TOCOM SILVERJPY/G58.20-2.84
    GOLD SPOTUSD/T OZ.1172.94-2.85
    CME FEEDER CATTLEUSD/LB.228.48-2.86
    COMEX GOLDUSD/T OZ.1171.60-3.00
    INDIAN RUPEE SPOTINR/T OZ.72072.81-3.32
    PLATINUM SPOTUSD/T OZ.1236.50-3.51
    CBOT ROUGH RICEUSD/CWT12.29-3.76
    BRITISH POUND SPOTGBP/T OZ.10.10-3.81
    ICE ORANGE JUICE CONCUSD/LB.138.85-4.08
    EURO SPOTEUR/T OZ.12.91-4.23
    US DOLLAR SPOTUSD/T OZ.16.16-5.05
    COMEX SILVERUSD/T OZ.16.11-5.18
    INDIAN RUPEE SPOTINR/T OZ.992.01-5.58
    NYMEX HEATING OILUSD/GAL.251.09-5.73
    NYMEX NATURAL GASUSD/MMBTU3.87-6.52
    CME LEAN HOGSUSD/LB.88.03-6.60
    TOCOM CRUDE OILJPY/KL60550.00-7.77
    ICE GASOILUSD/MT741.25-7.86
    TOCOM KEROSENEJPY/KL72480.00-8.82
    CRUDE OIL (BRENT)USD/BBL.85.86-9.59
    CRUDE OIL (WTI)USD/BBL.80.54-12.01
    ICE COCOAUSD/MT2893.00-12.33
    RBOB GASOLINEUSD/GAL.218.50-15.54

    Best Stocks 1m %
    stockcountrytickernamestockcurrentch
    BZJBSS3:BZJBS SA11.05020.77
    BZMPLU3:BZMultiplus SA34.75017.72
    BZKROT3:BZKroton Educacional SA17.66014.82
    BZESTC3:BZEstacio Participacoes SA28.70012.81
    BZBRKM5:BZBraskem SA18.13011.91
    BZFIBR3:BZFibria Celulose SA30.01011.81
    BZBRFS3:BZBRF SA64.49010.73
    BZCCRO3:BZCCR SA18.4509.95
    BZBBAS3:BZBanco do Brasil SA27.7309.60
    BZITUB4:BZItau Unibanco Holding SA36.7508.50

    Worst Stocks 1m %
    stockcountrytickernamestockcurrentch
    BZOIBR4:BZOi SA1.300-25.29
    BZSANB11:BZBanco Santander Brasil SA/Brazil13.350-15.67
    BZPETR4:BZPetroleo Brasileiro SA15.280-15.53
    BZPETR3:BZPetroleo Brasileiro SA14.650-15.07
    BZSULA11:BZSul America SA13.160-13.53
    BZGETI4:BZAES Tiete SA18.710-13.18
    BZCSAN3:BZCosan SA Industria e Comercio34.590-12.07
    BZUSIM5:BZUsinas Siderurgicas de Minas Gerais SA5.700-10.52
    BZVALE5:BZVale SA21.550-9.38
    BZCSMG3:BZCia de Saneamento de Minas Gerais-COPASA28.220-8.97

    Best Stocks YTD %
    stockcountrytickernamestockcurrentch
    BZKROT3:BZKroton Educacional SA17.66081.87
    BZRADL3:BZRaia Drogasil SA22.49050.13
    BZESTC3:BZEstacio Participacoes SA28.70039.73
    BZBBSE3:BZBB Seguridade Participacoes SA33.06036.78
    BZBRFS3:BZBRF SA64.49033.19
    BZCTIP3:BZCETIP SA - Mercados Organizados31.40031.38
    BZBBDC4:BZBanco Bradesco SA37.32029.22
    BZEMBR3:BZEmbraer SA23.99027.27
    BZJBSS3:BZJBS SA11.05025.43
    BZCIEL3:BZCielo SA40.69024.68

    Worst Stocks YTD %
    stockcountrytickernamestockcurrentch
    BZKLBN4:BZKlabin SA2.420-80.08
    BZOIBR4:BZOi SA1.300-64.19
    BZUSIM5:BZUsinas Siderurgicas de Minas Gerais SA5.700-60.00
    BZCSNA3:BZCia Siderurgica Nacional SA8.250-42.51
    BZGOAU4:BZMetalurgica Gerdau SA13.400-42.49
    BZGGBR4:BZGerdau SA11.090-39.70
    BZVALE5:BZVale SA21.550-33.51
    BZBRPR3:BZBR Properties SA12.520-32.43
    BZBRAP4:BZBradespar SA16.740-32.17
    BZDTEX3:BZDuratex SA8.900-30.58

    Sector Performance 1m %
    NameSectorch
    Consumer Discretionary6.0
    Consumer Staples4.8
    Industrials1.3
    Financials1.2
    Materials-1.1
    Technology-3.0
    Health Care-4.8
    Utilities-4.8
    Communications-5.4
    Energy-9.6

    Sector Performance YTD %
    NameSectorch
    Consumer Staples10.7
    Consumer Discretionary10.0
    Financials8.7
    Technology-0.5
    Industrials-1.7
    Utilities-4.9
    Health Care-7.3
    Energy-8.1
    Communications-12.8
    Materials-31.8

    Table of Contents


    GEM View Stance
    Sectors Stance
    Russia Stance
         Russia Valuations
         Russia Top Stock Picks
         Russia Top Bond Picks
         Russia Last Month Performance Review

    Brazil Stance
         Brazil Valuations
         Brazil Top Stock Picks
         Brazil Top Bond Picks
         Brazil Last Month Performance Review

    China Stance
         China Valuations
         China Top Stock Picks
         China Top Bond Picks
         China Last Month Performance Review

    South Africa Stance
         South Africa Valuations
         South Africa Top Stock Picks
         South Africa Top Bond Picks
         South Africa Last Month Performance Review

    India Stance
         India Valuations
         India Top Stock Picks
         India Top Bond Picks
         India Last Month Performance Review

    Korea Stance
         Korea Valuations
         Korea Top Stock Picks
         Korea Top Bond Picks
         Korea Last Month Performance Review

    Turkey Stance
         Turkey Valuations
         Turkey Top Stock Picks
         Turkey Top Bond Picks
         Turkey Last Month Performance Review


















    Brazil


    Our Stance

    Brazil markets tanked on the news of Dilma Rousseff reelection, reflecting perhaps on the investors future attitude towards Brazil. With old new president in Brazil, things are likely to be more predictable following the trends of the past 4 years. Brazil has been struggling with sluggish growth and rising prices.

    Yet more painful for Brazil overall economic health is recent decline in oil prices which will exacerbate Petrobras problems.

    Inflation which has been creeping up has pushed Brazil central bank to tighten liquidity, announcing the most recent hike in the end of October. The backdrop that has created some opportunities in Brazil bond markets in our view.

    We favor Brazil consumers sectors as well as banks while we are less positive of materials and oil stocks.

    Valuations


    Brazil Valuations
    SectorSector MCap mn$Sector Mcap % in TotalPE 2014EGEM PE 2014EEst EPS Growth 14GEM EPS Growth
    Financials341271.539.1911.310.322.215.1
    Energy158787.218.249.09.910.826.0
    Materials132792.015.2513.216.338.848.5
    Consumer Staples66947.27.6923.826.237.816.7
    Utilities46233.35.3110.813.326.912.8
    Consumer Discretionary45421.45.2224.117.025.912.3
    Communications37124.54.2613.821.55.416.6
    Industrials32332.13.7121.117.614.712.7
    Health Care7674.50.8820.328.918.818.7
    Technology2186.20.2519.914.210.211.7

    Stock Picks for November

    CompanyPEROEDiv YieldChange YearPBPSNet Margin1m Change %

    Cia Energetica de Sao Paulo(Long)

    		4.021.04.81%+31.17%0.81.844.2-6.7
  • Brazil state grants environmental license to 807.5-MW Tres Irmaos ...
  • Stocks Update: Synergy Resources Corp (NYSEMKT:SYRG ...

    • Multiplus SA(Long)

    		16.5147.85.80%+25.20%24.43.118.817.7
  • Edward Luttwak, Doctor Honoris Causa al Universității de Vest ...
  • Resultado atrasado da MMX, Transpetro, reajuste da Light e 2 ...

    • CETIP SA - Mercados Organizados(Long)

    		18.027.30.73%+36.67%4.98.144.93.6
  • Brazil's Cetip posts record profit on revenue; debt expenses soar
  • Brazil's Cetip quarterly profit largely in line with estimates

    • CCR SA(Long)

    		22.944.68.46%+3.30%10.24.419.310.0
  • CCR a decis: Justitiabilii nu mai sunt obligati sa fie reprezentati de ...
  • CCR- Results for the 3rd quarter of 2014

    • Souza Cruz SA(Long)

    		18.578.94.29%-11.72%14.64.825.91.6
  • Earnings Analysis - Altria Group (MO)
  • S�o Paulo faz novo esfor�o para manter o sonho do t�tulo

    • BR Malls Participacoes SA(Short)

    		16.55.11.85%-10.73%0.96.036.12.9
  • BR Malls divulga pr�via do desempenho de vendas dos lojistas
  • Mato Grosso apresenta grande potencial de expans�o do mercado ...

    • Gerdau SA(Short)

    		17.03.72.07%-35.31%0.60.52.8-5.9
  • Gerdau SA (ADR) (GGB) Announces Dividend of $0.02
  • Gerdau SA - Consolidated Information

    • Usinas Siderurgicas de Minas Gerais SA(Short)

    		21.51.6-%-54.53%0.30.52.1-10.5
  • Get ready for $60 iron: Citigroup says slump to stay
  • CORRECTED-Brazil's Usiminas chairman says Ternium legal action ...

    • Sul America SA(Short)

    		8.013.60.29%-18.52%1.10.23.1-13.5
  • Brazil: Insurer SulAmerica mulls sale of its risk portfolio
  • STXNEWS LATAM-Profit at Brazil's SulAm�rica more than doubles ...

    • Suzano Papel e Celulose SA(Short)

    		52.42.21.06%+24.66%1.11.83.46.3
  • Webcast Alert: Suzano Papel e Celulose S.A. Announces Third ...
  • Ibovespa Falls as Embraer Tumbles Most in Month on Order Concern

    • Bond Picks

    Souvereign Eurobonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    BRAZIL (FEDERATIVE REPUBLIC OF) 41105.75.63USDJan 7, 204113.465.220.000.00
  • Dilma Rousseff wins close re-election vote
    • BRAZIL (FEDERATIVE REPUBLIC OF) 41105.75.63USDJan 7, 204113.465.220.000.00
  • Dilma Rousseff wins close re-election vote
    • BRAZIL FEDERATIVE REPUBLIC OF (GO 2391.002.63USDJan 5, 20237.193.920.10-0.60
  • Why MDGs a failure ?
    • BRAZIL FEDERATIVE REPUBLIC OF (GO 2391.002.63USDJan 5, 20237.193.920.10-0.60
  • Why MDGs a failure ?
    • BRAZIL FEDERATIVE REPUBLIC OF (GO 25100.34.25USDJan 7, 20258.114.210.04-0.30
  • Map of Conway Springs

    • Corporate Eurobonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    BRF BRASIL FOODS SA 22110.05.88USDJun 6, 20226.084.36-0.241.50
  • Biggest Movers in Consumer Noncyclical Stocks Now - OC DF ...
    • BRF BRASIL FOODS SA 22110.05.88USDJun 6, 20226.084.36-0.241.50
  • Biggest Movers in Consumer Noncyclical Stocks Now - OC DF ...
    • JBS INVESTMENTS GMBH 24105.77.25USDApr 3, 20245.886.36-0.271.50
    JBS INVESTMENTS GMBH 24105.77.25USDApr 3, 20245.886.36-0.271.50
    BANCO DO BRASIL (GRAND CAYMAN BRAN 23104.25.88USDJan 19, 20236.455.300.07-0.50

    Local Currency Bonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    BRAZIL (FEDERATIVE REPUBLIC OF) 2134.9610.00BRLJan 1, 20214.2812.340.54-3.51
  • Rubbing salt in wounds
    • BRAZIL (FEDERATIVE REPUBLIC OF) 2134.9610.00BRLJan 1, 20214.2812.340.54-3.51
  • Rubbing salt in wounds
    • BRAZIL (FEDERATIVE REPUBLIC OF) 1632.230.00BRLJul 1, 20161.5612.520.60-1.82
  • Brazilian President Leaves Qatar
    • BRAZIL (FEDERATIVE REPUBLIC OF) 1632.230.00BRLJul 1, 20161.5612.520.60-1.82
  • Brazilian President Leaves Qatar
    • BRAZIL (FEDERATIVE REPUBLIC OF) 1538.600.00BRLJan 1, 20150.1611.040.23-1.76
  • Day #096: Participatory budgeting

    • Brazil Last Month Review



    Brazil IBOV:IND Index gained 0.95% last month. To finish the month at 54628.60

    MSCI Brazil Index gained 0.07% last month. Its overall down -2.09% since the beginning of the year.

    At the same time MSCI Emerging Markets Index up 1.07% last month and is up 1.33% YTD.

    BRL last month lost -1.26% against US dollar. To finish the month at 2.4778 per USD.

    While Brent oil price last month lost -9.59%. To finish the month at 85.86 $/bbl.

    Best stocks last month in Brazil included JBS SA +20.77%, Multiplus SA +17.72%, Kroton Educacional SA +14.82%, Estacio Participacoes SA +12.81%, Braskem SA +11.91%, Fibria Celulose SA +11.81%, BRF SA +10.73%, CCR SA +9.95%, Banco do Brasil SA +9.60%, Itau Unibanco Holding SA +8.50%, .

    Worst stocks last month included Oi SA -25.29%, Banco Santander Brasil SA/Brazil -15.67%, Petroleo Brasileiro SA -15.53%, Petroleo Brasileiro SA -15.07%, Sul America SA -13.53%, AES Tiete SA -13.18%, Cosan SA Industria e Comercio -12.07%, Usinas Siderurgicas de Minas Gerais SA -10.52%, Vale SA -9.38%, Cia de Saneamento de Minas Gerais-COPASA -8.97%,

    Best stocks YTD included Kroton Educacional SA +81.87%, Raia Drogasil SA +50.13%, Estacio Participacoes SA +39.73%, BB Seguridade Participacoes SA +36.78%, BRF SA +33.19%, CETIP SA - Mercados Organizados +31.38%, Banco Bradesco SA +29.22%, Embraer SA +27.27%, JBS SA +25.43%, Cielo SA +24.68%,

    While worst stocks YTD included Klabin SA -80.08%, Oi SA -64.19%, Usinas Siderurgicas de Minas Gerais SA -60.00%, Cia Siderurgica Nacional SA -42.51%, Metalurgica Gerdau SA -42.49%, Gerdau SA -39.70%, Vale SA -33.51%, BR Properties SA -32.43%, Bradespar SA -32.17%, Duratex SA -30.58%,
    In terms of sector performance last month the best sectors included Consumer Discretionary +6.0%, Consumer Staples +4.8%, Industrials +1.3%,

    While worst sector performance last month showed Energy -9.6%, Communications -5.4%, Health Care -4.8%,

    YTD the best sectors remain Consumer Staples +10.7%, Consumer Discretionary +10.0%, Financials +8.7%,
    While the worst sectors are Materials -31.8%, Communications -12.8%, Energy -8.1%,

    Some Political news headlines for Brazil include:


  • President Obama Calls Dilma Rousseff to Congratulate Her on Re ...
  • Dilma Rousseff r��lue pr�sidente du Br�sil avec 51,45% des voix
  • Poll: Rousseff takes lead in Brazil president race
  • Marta Suplicy's resignation letter: a message to you, Rousseff
  • Brazilian President Dilma Rousseff re-elected in tight race
  • Ties with Arabs to grow in Rousseff's second term
  • Brazil''s President Rousseff on Tour of Northeastern States
  • Empurrando os lix�es com a barriga
  • Brazilian Minister of Culture offers Resignation
  • Marta Suplicy's resignation letter: a message to you, Rousseff
  • Mass resignations hit Brazilian cabinet
  • All The President's Men (In Brazil)
  • Dilma's New FinMin Still A Mystery In Brazil
  • EMERGING MARKETS-Brazil stocks, real sink on policy uncertainty
  • Brazil's Real Drops to Nine-Year Low Before Finance Appointment
  • Brazil's Rousseff Receives Credentials of Bulgarian Ambassador
  • Arab ambassadors, Brazilian FM convene
  • Brazil Joblessness Unexpectedly Dips to September Record Low
  • Brazil Debate Debuts Personal Barbs as Vote Nears
  • European Union threatens to veto France's 2015 budget
  • Brazilian Mines and Energy Minister Set to Leave His Post
  • Brazil Energy Minister Says He Won't Continue in 2nd Term
  • Brazil's energy minister confirms exit
  • Azerbaijan, Brazil ink Action Plan for cooperation
  • Azerbaijan, Brazil boost cooperation
  • COTED to engage private sectoCOTED to engage private sector on ...
  • What Raila Told ODM MPs in Night Meeting
  • Modi meets Russian PM, stresses strong ties
  • In a divided vote, Brazil's central bank raised the Selic rate 25 points ...
  • Brazil, Uruguay to Use National Currencies in Transactions

    While some economic events and news headlines include:



    Friday November 07 2014 Brazil Inflation Rate Slows in October
    Brazilian annual inflation rate slowed slightly to 6.59 percent in October of 2014 from 6.75 percent in September. On a monthly basis, consumer prices decelerated for the first time in three months.
    Tuesday November 04 2014 Brazil Trade Deficit Widens in October
    Brazilian trade gap increased to USD 1.18 billion in October of 2014 from a USD 0.22 billion shortfall a year earlier, as lower prices for key exports keep dragging sales down.
    Wednesday October 29 2014 Brazil Raises Selic Rate to 11.25%
    The Central Bank of Brazil decided to raise the benchmark interest rate by 25 bps to 11.25 percent on October 29th. It is the fourth rate hike in 2014 aiming to curb stubbornly high inflation.
    Monday October 27 2014 Rousseff to Rule Brazil For More 4 Years
    On Sunday, President Dilma Rousseff was re-elected with the smallest margin victory since 1994. She won 54.5 million votes (51.6 percent) as compared to 51 million votes her opponent A�cio Neves received. In her thank you speech, the President made clear that is willing to start a dialogue and bring the country together.
    Thursday October 23 2014 Brazil Unemployment Rate Falls in September
    Brazilian jobless rate decreased to 4.9 percent in September of 2014 from 5 percent in August, below market expectations. Although it is the lowest rate for a September month ever, the economic active population decreased.
    Wednesday October 08 2014 Brazil Inflation Rate Up to 3-Year High
    Brazilian annual inflation rate accelerated to 6.75 percent in September of 2014 from 6.51 percent in August. It is the highest rate since October of 2011, mainly driven by a rise in meat prices.
    Thursday October 09 2014 Brazil May be Braced for a New Leader
    The first round of Brazilian presidential elections was held on October 5th and no candidate got more than 50 percent of the votes. As a result, Dilma Rousseff - the current President and Aecio Neves � the leader of center right party will face up on October 26th for the second round. As Brazil�s growth wanes, the elections are dominated by economic agenda which include: tax reforms, foreign trade, inflation and central banks� independence.
    Tuesday October 07 2014 Who is Aecio Neves?
    In the first round of Brazil's presidential election, current President Dilma Rousseff emerged as the front-runner with 41.4 percent of the vote. Yet, the second place surprised many as Aecio Neves - a senator from the state of Minas Gerais, ousted Marina Silva - an environmental leader, with 33.7 percent of the vote.
    Wednesday October 01 2014 Brazil Posts Trade Deficit in September
    Brazilian trade balance swung into a USD 939 million gap in September of 2014, compared with a USD 2146 million surplus a year earlier. It is the first shortfall in seven months, as exports contracted for the second month in a row.

  • Brazil economic growth seen lower this year and next: Reuters poll
  • Brazil Ruling Party Splits Over Economy
  • Brazil's downturn fails to put off foreign investors
  • The Daily Startup: Spark Capital Makes First Brazil Deal With Growth ...
  • Industry Growth Slows in Brazil
  • Industry Growth Slowdown in Brazil
  • Brazil's economy faces grim Christmas
  • Brazil: Growth of domestic consumption could drastically reduce ...
  • Embraer sees no impact on defense unit from any Brazil budget cuts
  • Brazil Seeks to Change Budget Target as Economy Slows
  • Brazil Senate votes to cut state, civic debt, easing budget rigor

    Companies Reported last month include:



    2014-10-14 Localiza Rent a Car SA
    BZ
  • A Response to President Xi Jinping
  • LOCALIZA RENT A CAR S.A. to Present at the November 19 dbVIC ...
  • Smiles Surges Most in 15 Months on Localiza Car-Rental Deal

    2014-10-21 Souza Cruz SA
    BZ
  • Earnings Analysis - Altria Group (MO)

    2014-10-22 Natura Cosmeticos SA
    BZ


    2014-10-22 Fibria Celulose SA
    BZ
  • Fibria Celulose SA Receives Average Recommendation of "Hold ...
  • International Paper Beats on Q3 Earnings, Revenues Up Y/Y

    2014-10-23 Klabin SA
    BZ


    2014-10-23 Cia Hering
    BZ


    2014-10-24 Hypermarcas SA
    BZ
  • Brazil's Hypermarcas lifts profit with currency hedge
  • Brazil's Hypermarcas lifts profit with currency hedge

    2014-10-24 Petroleo Brasileiro SA
    BZ
  • Petrobras Delays Third-Quarter Earnings Amid Corruption Probes
  • Petroleo Brasileiro SA Petrobras (PBR) Lagging In Pre-Market Activity

    2014-10-24 Petroleo Brasileiro SA
    BZ
  • China FTA imminent as delegates gather
  • Petrobras Delays Third-Quarter Earnings Amid Corruption Probes
  • Petroleo Brasileiro SA Petrobras (PBR) Lagging In Pre-Market Activity

    2014-10-24 Tractebel Energia SA
    BZ
  • Brazil's September Industrial Production Unexpectedly Falls

    2014-10-27 M Dias Branco SA
    BZ


    2014-10-28 Odontoprev SA
    BZ


    2014-10-28 Cielo SA
    BZ
  • Has " civil servant fever " cooled down ?
  • Penny Stocks on the Move: Cielo S A (CIOXY), Akzo Nobel N.V. ...
  • Cielo - 13.8% Increase in Financial Volume and Net Income of R ...

    2014-10-29 Totvs SA
    BZ
  • TOTVS: 3Q14 - Earnings Release
  • TOTVS: 3Q14 - Earnings Release

    2014-10-29 Usinas Siderurgicas de Minas Gerais SA
    BZ
  • Get ready for $60 iron: Citigroup says slump to stay
  • Nippon Steel Profit Rises as Weaker Yen Counters Glut

    2014-10-29 Cia Brasileira de Distribuicao Grupo Pao
    BZ
  • Companhia Brasileira de Distribuicaos Q3 Sales Sluggish
  • Companhia Brasileira de Distribuicaos Q3 Sales Sluggish

    2014-10-29 WEG SA
    BZ
  • Solinger gedenken der Bombenopfer
  • Amkor Technology Announces Rulings in Tessera Proceedings

    2014-10-29 EDP - Energias do Brasil SA
    BZ
  • Alstom wins �14m Brazil wind link

    2014-10-30 Banco Bradesco SA
    BZ
  • Webcast Alert: Banco Bradesco S.A. Announces Conference of ...
  • Brazil Caixa Net Profit Increases Slightly as Provisions Charges Rose

    2014-10-30 Lojas Renner SA
    BZ
  • Brazilian retailer Lojas clocks 15.5% hike in Q3 sales
  • Brazilian retailer Lojas clocks 15.5% hike in Q3 sales

    2014-10-30 Vale SA
    BZ
  • Vale's Weaker Than Expected Financial Results
  • Vale S.A. (VALE) Stock Dips After Rio Tinto CEO's Comments

    2014-10-30 Vale SA
    BZ
  • Vale's Weaker Than Expected Financial Results
  • Vale S.A. (VALE) Stock Dips After Rio Tinto CEO's Comments

    2014-10-30 Banco Bradesco SA
    BZ
  • Brazil Caixa Net Profit Increases Slightly as Provisions Charges Rose

    2014-10-30 Cia Siderurgica Nacional SA
    BZ
  • Technical Coverage on Metals and Mining Equities - ArcelorMittal ...
  • Tata Steel Starts Debt Clean-Up After Corus Purchase Mess

    2014-10-30 BRF SA
    BZ
  • BRF S.A.'s (BRFS) CEO Pedro de Andrade Faria on Q3 2014 ...
  • Brazil's BRF posts $260 mln third-quarter profit

    2014-10-30 Sul America SA
    BZ
  • Hong Kong Protesters Retake Mong Kok Streets From Police
  • STXNEWS LATAM-Profit at Brazil's SulAm�rica more than doubles ...
  • STXNEWS LATAM-Profit at Brazil's SulAm�rica more than doubles ...

    2014-10-31 Suzano Papel e Celulose SA
    BZ
  • Webcast Alert: Suzano Papel e Celulose S.A. Announces Third ...

    Best Stocks Last Month and News


    JBS SA+20.77%
  • JBS Turning to Next Deal as Record Cash Reduces Leverage
    Multiplus SA+17.72%
  • Tam Nas Nuvens Vence A Categoria Revista Customizada Do 28� ...
    Kroton Educacional SA+14.82%
  • Rousseff Winners Kroton and Fibria Blunt Brazilian Stock Tumble
    Estacio Participacoes SA+12.81%
  • Ibovespa Tumbles Toward Bear Market as Rousseff's Win Sinks Real
    Braskem SA+11.91%
  • Braskem SA Rating Increased to Hold at TheStreet (BAK)
    Fibria Celulose SA+11.81%
  • With Fibria, You Do Want To Squeeze The Charmin (FBR)
    BRF SA+10.73%
  • Consumer Goods Sector Updates: Crown Holdings Inc. (CCK), BRF ...
    CCR SA+9.95%
  • Religia nu mai e obligatorie in scoli. CCR: Parintii sa faca cerere ...
    Banco do Brasil SA+9.60%
  • Banco do Brasil Head May Leave Post Soon
    Itau Unibanco Holding SA+8.50%
  • Itau Unibanco Holding SA (ADR) (ITUB) Declares Monthly Dividend ...

    Worst Stocks Last Month and News


    Oi SA -25.29%
  • Oi SA (OIBR) Q3 2014 Results - Earnings Call Transcript (OIBR)
    Banco Santander Brasil SA/Brazil -15.67%

    Petroleo Brasileiro SA -15.53%
  • Petroleo Brasileiro SA Petrobras (PBR) Lagging In Pre-Market Activity
    Petroleo Brasileiro SA -15.07%
  • Petroleo Brasileiro SA Petrobras (PBR) Lagging In Pre-Market Activity
    Sul America SA -13.53%
  • Brazil: Insurer SulAmerica mulls sale of its risk portfolio
    AES Tiete SA -13.18%
  • AES Tiete (AESYY) CEO Britaldo Soares on Q3 2014 Results ...
    Cosan SA Industria e Comercio -12.07%
  • Cosan Luxembourg S.A. Announces Consent Solicitation For 5.000 ...
    Usinas Siderurgicas de Minas Gerais SA -10.52%
  • Ibovespa Snaps Two-Day Decline as Vale Joins Commodity Advance
    Vale SA -9.38%
  • Vale SA (ADR) Earnings: Is There Beauty Hidden Inside This Beast?
    Cia de Saneamento de Minas Gerais-COPASA -8.97%
  • Professora denuncia arrombamento recorrente de escola em Betim

    View Brazil Econ Page






    • China Performance Snapshot

    Index 1 month Ch%YTD Ch%1 year Ch%
    SHCOMP:IND 2.38
    MSCI China 4.291.923.19
    MSCI GEM 1.071.33-1.77
    MSCI BRIC 2.420.87-2.27
    MSCI World 0.622.675.63

    Indexes 1m performance %
    IndexLastChnge
    Borsa Istanbul 100 Index 80579.66 7.44
    MICEX Index 1488.47 5.16
    S&P BSE SENSEX Index 27865.83 4.82
    Hong Kong Hang Seng Index 23998.06 4.64
    Shanghai Stock Exchange Composite Index 2420.18 2.38
    S&P 500 Index 2018.05 2.32
    Nikkei 225 16413.76 2.06
    Dow Jones Industrial Average 17390.52 2.04
    Karachi Stock Exchange KSE100 Index 30376.53 1.81
    Ibovespa Brasil Sao Paulo Stock Exchange Index 54628.60 0.95
    FTSE/JSE Africa All Share Index 49722.88 0.78
    Mexican Stock Exchange Mexican Bolsa IPC Index 45027.52 0.09
    Russian Depositary Index USD 1328.47 -0.71
    Jakarta Stock Exchange Composite Index 5089.55 -1.14
    FTSE 100 Index 6546.47 -1.15
    Korea Stock Exchange KOSPI Index 1964.43 -1.36
    Warsaw Stock Exchange WIG Total Return Index 53949.58 -1.69
    S&P/TSX Composite Index 14613.32 -2.32
    Russian Trading System Cash Index 1091.44 -3.08

    Currencies 1m performance %
    TickerLastChnge
    USDRUB:CUR 43.0095 8.47
    USDNOK:CUR 6.7510 4.89
    USDILs:CUR 3.8000 3.29
    USDSEK:CUR 7.3934 2.54
    USDJPY:CUR 112.3200 2.28
    USDPLN:CUR 3.3757 1.92
    USDCZK:CUR 22.1966 1.85
    USDCOP:CUR 2057.6000 1.62
    USDGBp:CUR 0.6252 1.31
    USDBRL:CUR 2.4778 1.26
    USDPEN:CUR 2.9215 1.08
    USDHRK:CUR 6.1187 1.05
    USDISK:CUR 122.2300 1.03
    USDDKK:CUR 5.9428 0.76
    USDSGD:CUR 1.2855 0.75
    USDLTL:CUR 2.7565 0.75
    USDEUR:CUR 0.7983 0.74
    USDRON:CUR 3.5230 0.63
    USDKRW:CUR 1068.8200 0.60
    USDKWD:CUR 0.2901 0.55
    USDCAD:CUR 1.1266 0.55
    USDTHB:CUR 32.6000 0.47
    USDMXN:CUR 13.4813 0.40
    USDMYR:CUR 3.2895 0.32
    USDPKR:CUR 102.7900 0.23
    USDNZD:CUR 1.2828 0.09
    USDTWD:CUR 30.4540 0.01
    USDSAR:CUR 3.7517 0.01
    USDOMR:CUR 0.3850 0.00
    USDQAR:CUR 3.6414 -0.01
    USDPHP:CUR 44.8800 -0.05
    USDHUF:CUR 246.0000 -0.10
    USDHKD:CUR 7.7550 -0.13
    USDCNY:CUR 6.1130 -0.42
    USDINR:CUR 61.3650 -0.60
    USDIDR:CUR 12085.0000 -0.72
    USDAUD:CUR 1.1366 -1.13
    USDZAR:CUR 11.0395 -2.20
    USDTRY:CUR 2.2229 -2.53
    USDTRL:CUR 2222435.5000 -2.55

    Bond rates 1m performance %
    countryyield1wk1d1m1y
    GREECE7.87%1.44-2+158+6
    PORTUGAL3.20%0.07-11+15-289
    ITALY2.34%0.01-11+2-173
    SWITZERLAND0.44%-0.0200-48
    SPAIN2.07%-0.06-8-4-190
    JAPAN0.45%-0.07-1-7-14
    CANADA2.04%-0.100-4-45
    GERMANY0.84%-0.100-6-85
    FRANCE1.18%-0.10-5-7-97
    NETHERLANDS0.98%-0.10-3-7-105
    HONG KONG1.79%-0.15+1-16-2
    UNITED STATES2.34%-0.16+3-9-29
    NEW ZEALAND3.96%-0.16-1-14-56
    MEXICO (USD)3.35%-0.17-2-8-48
    BRITAIN2.25%-0.17+2-8-40
    AUSTRALIA3.28%-0.18-5-13-78
    SINGAPORE2.27%-0.180-10+5
    SOUTH KOREA2.66%-0.19-3-17-78
    INDIA8.28%-0.21-1-20-40
    BRAZIL (USD)4.00%-0.320-23-20

    Commodities 1m performance %
    nameunitsPriceChng
    CBOT SOYBEAN MEALUSD/ST389.0030.84
    CBOT CORNUSD/BU.376.7518.10
    CBOT SOYBEANSUSD/BU.1049.2515.30
    TOCOM RUBBERJPY/KG200.7013.78
    CBOT WHEATUSD/BU.532.5012.46
    ICE CANOLACAD/MT439.0011.39
    CME ETHANOLUSD/GAL.1.7410.83
    ICE ECX EMISSIONSEUR/MT6.358.73
    CBOT SOYBEAN OILUSD/LB.34.807.08
    ICE COTTON #2USD/LB.64.455.34
    PALLADIUM SPOTUSD/T OZ.792.472.72
    CME LIVE CATTLEUSD/LB.166.051.53
    CBOT OATSUSD/BU.336.250.30
    JAPANESE YEN SPOTJPY/T OZ.131776.28-0.58
    TOCOM GOLDJPY/G4226.00-0.82
    BRITISH POUND SPOTGBP/T OZ.738.29-0.89
    EURO SPOTEUR/T OZ.936.83-2.07
    ICE SUGAR #11USD/LB.16.04-2.49
    CME LUMBERUSD/TBF324.10-2.73
    ICE COFFEE "C"USD/LB.188.00-2.77
    JAPANESE YEN SPOTJPY/T OZ.1815.49-2.83
    TOCOM SILVERJPY/G58.20-2.84
    GOLD SPOTUSD/T OZ.1172.94-2.85
    CME FEEDER CATTLEUSD/LB.228.48-2.86
    COMEX GOLDUSD/T OZ.1171.60-3.00
    INDIAN RUPEE SPOTINR/T OZ.72072.81-3.32
    PLATINUM SPOTUSD/T OZ.1236.50-3.51
    CBOT ROUGH RICEUSD/CWT12.29-3.76
    BRITISH POUND SPOTGBP/T OZ.10.10-3.81
    ICE ORANGE JUICE CONCUSD/LB.138.85-4.08
    EURO SPOTEUR/T OZ.12.91-4.23
    US DOLLAR SPOTUSD/T OZ.16.16-5.05
    COMEX SILVERUSD/T OZ.16.11-5.18
    INDIAN RUPEE SPOTINR/T OZ.992.01-5.58
    NYMEX HEATING OILUSD/GAL.251.09-5.73
    NYMEX NATURAL GASUSD/MMBTU3.87-6.52
    CME LEAN HOGSUSD/LB.88.03-6.60
    TOCOM CRUDE OILJPY/KL60550.00-7.77
    ICE GASOILUSD/MT741.25-7.86
    TOCOM KEROSENEJPY/KL72480.00-8.82
    CRUDE OIL (BRENT)USD/BBL.85.86-9.59
    CRUDE OIL (WTI)USD/BBL.80.54-12.01
    ICE COCOAUSD/MT2893.00-12.33
    RBOB GASOLINEUSD/GAL.218.50-15.54

    Best Stocks 1m %
    stockcountrytickernamestockcurrentch
    CH390:HKChina Railway Group Ltd4.78016.02
    CH1766:HKCSR Corp Ltd7.89015.52
    CH1186:HKChina Railway Construction Corp Ltd8.14015.30
    CH2039:HKChina International Marine Containers Gr18.10012.98
    CH2333:HKGreat Wall Motor Co Ltd34.00012.77
    CH902:HKHuaneng Power International Inc9.52012.26
    CH3898:HKZhuzhou CSR Times Electric Co Ltd33.35011.17
    CH6837:HKHaitong Securities Co Ltd13.30011.02
    CH3900:HKGreentown China Holdings Ltd8.07011.00
    CH1988:HKChina Minsheng Banking Corp Ltd7.7709.44

    Worst Stocks 1m %
    stockcountrytickernamestockcurrentch
    CH2883:HKChina Oilfield Services Ltd16.180-21.07
    CH3983:HKChina BlueChemical Ltd2.750-18.40
    CH1157:HKZoomlion Heavy Industry Science and Tech3.730-17.66
    CH883:HKCNOOC Ltd12.180-8.56
    CH3383:HKAgile Property Holdings Ltd4.370-8.39
    CH2238:HKGuangzhou Automobile Group Co Ltd6.900-8.12
    CH220:HKUni-President China Holdings Ltd7.170-7.60
    CH1025:HKWumart Stores Inc6.710-7.58
    CH489:HKDongfeng Motor Group Co Ltd11.980-6.11
    CH2727:HKShanghai Electric Group Co Ltd3.880-6.05

    Best Stocks YTD %
    stockcountrytickernamestockcurrentch
    CH2020:HKAnta Sports Products Ltd15.20059.66
    CH2727:HKShanghai Electric Group Co Ltd3.88039.07
    CH902:HKHuaneng Power International Inc9.52037.97
    CH1099:HKSinopharm Group Co Ltd30.30034.97
    CH1211:HKByd Co Ltd49.20033.51
    CH2357:HKAviChina Industry & Technology Co Ltd5.90033.18
    CH2600:HKAluminum Corp of China Ltd3.44028.84
    CH728:HKChina Telecom Corp Ltd4.94026.02
    CH2328:HKPICC Property & Casualty Co Ltd14.22024.52
    CH1766:HKCSR Corp Ltd7.89022.71

    Worst Stocks YTD %
    stockcountrytickernamestockcurrentch
    CH700:HKTencent Holdings Ltd123.600-75.04
    CH1157:HKZoomlion Heavy Industry Science and Tech3.730-47.76
    CH3383:HKAgile Property Holdings Ltd4.370-47.09
    CH1025:HKWumart Stores Inc6.710-46.75
    CH3983:HKChina BlueChemical Ltd2.750-43.53
    CH2007:HKCountry Garden Holdings Co Ltd3.050-34.97
    CH2883:HKChina Oilfield Services Ltd16.180-33.28
    CH3900:HKGreentown China Holdings Ltd8.070-31.26
    CH881:HKZhongsheng Group Holdings Ltd7.970-26.34
    CH2777:HKGuangzhou R&F Properties Co Ltd8.450-25.35

    Sector Performance 1m %
    NameSectorch
    Financials5.7
    Communications5.4
    Utilities5.2
    Industrials5.1
    Health Care4.3
    Technology4.0
    Consumer Discretionary0.8
    Materials0.2
    Consumer Staples-0.9
    Energy-3.6

    Sector Performance YTD %
    NameSectorch
    Technology22.4
    Utilities6.4
    Industrials3.8
    Health Care0.0
    Consumer Discretionary-0.8
    Materials-2.3
    Energy-5.1
    Financials-7.6
    Consumer Staples-17.4
    Communications-24.5

    Table of Contents


    GEM View Stance
    Sectors Stance
    Russia Stance
         Russia Valuations
         Russia Top Stock Picks
         Russia Top Bond Picks
         Russia Last Month Performance Review

    Brazil Stance
         Brazil Valuations
         Brazil Top Stock Picks
         Brazil Top Bond Picks
         Brazil Last Month Performance Review

    China Stance
         China Valuations
         China Top Stock Picks
         China Top Bond Picks
         China Last Month Performance Review

    South Africa Stance
         South Africa Valuations
         South Africa Top Stock Picks
         South Africa Top Bond Picks
         South Africa Last Month Performance Review

    India Stance
         India Valuations
         India Top Stock Picks
         India Top Bond Picks
         India Last Month Performance Review

    Korea Stance
         Korea Valuations
         Korea Top Stock Picks
         Korea Top Bond Picks
         Korea Last Month Performance Review

    Turkey Stance
         Turkey Valuations
         Turkey Top Stock Picks
         Turkey Top Bond Picks
         Turkey Last Month Performance Review


















    China


    Our Stance

    China, feels still pretty risky, although recent dollar strength as well as drop in oil prices probably has helped to make China case slightly better. If oil prices continue its fall, China as the worlds largest importer is likely to benefit.

    We see corporate debt is still a problem and this is reflected in corporate eurobond market where yields rose and prices declined for many issuers. We think that there is likely to be some stretched Chinese companies reporting bankruptcies unless central power in China launches some sort of stimulus program similar as in 2009 but so far the central power has been reluctant to engage into 2009 like stimulus, focusing on some ramification to the system, monitoring job creating, property prices and SME health
    China is on the path of liberalisation of its market access. A new exchange link launched in November will allow international investors to trade selected stocks on Shanghai's tightly restricted exchange and let mainland investors buy shares in Hong Kong
    We favor Chinese technology and utilities stocks while cautious of consumers and telecoms.

    Valuations


    China Valuations
    SectorSector MCap mn$Sector Mcap % in TotalPE 2014EGEM PE 2014EEst EPS Growth 14GEM EPS Growth
    Financials1150735.450.497.310.311.515.1
    Energy479814.821.0510.29.94.226.0
    Communications204014.18.9532.721.528.816.6
    Industrials125082.45.4911.717.67.512.7
    Consumer Discretionary68171.22.9912.317.09.912.3
    Consumer Staples67667.42.9725.526.214.516.7
    Materials67581.52.9710.516.34.648.5
    Utilities39628.01.749.813.315.812.8
    Health Care29630.81.3023.328.917.418.7
    Technology23733.21.0417.914.28.211.7

    Stock Picks for November

    CompanyPEROEDiv YieldChange YearPBPSNet Margin1m Change %

    Golden Eagle Retail Group Ltd(Long)

    		12.121.81.20%-16.54%2.63.831.05.2
  • Knutson v. Sirius XM Radio Inc.
  • Goldman Sachs Says China Developers Still 'Riskiest'

    • China Minsheng Banking Corp Ltd(Long)

    		4.521.42.50%+12.72%1.00.920.99.4
  • BRIEF-China Minsheng Banking plans to issue preference shares
  • China Leads Asian Shares Higher

    • Agricultural Bank of China Ltd(Long)

    		5.019.26.18%+3.56%1.01.223.74.7
  • Agricultural Bank of China Posts Weaker Profit Growth
  • China stocks mixed at midday as mainland banks decline

    • China Construction Bank Corp(Long)

    		4.919.36.50%+4.15%1.01.427.56.3
  • China Construction Bank to open offices in Chile - exec
  • RPT-UPDATE 1-China Construction Bank sees profits slow, bad ...

    • China Merchants Bank Co Ltd(Long)

    		5.020.35.27%+4.89%1.01.122.48.1
  • Hong Kong stocks add to recent gains as banks rise
  • China's Comac Gets More C919 Jet Orders

    • Shui On Land Ltd(Short)

    		13.52.43.35%-24.69%0.31.07.61.7
  • Millennium & Copthorne Hotels plc: Directorate Change
  • Billionaire Bond Drop Shows Builder Finance Pinch: China Credit

    • Uni-President China Holdings Ltd(Short)

    		35.56.20.86%-4.40%2.20.92.4-7.6
  • Uni-President Falls Most in 3 Years After Product Recall
  • Asian stocks advance on BOJ stimulus

    • China International Marine Containers Gr(Short)

    		17.011.21.76%+38.66%1.90.73.813.0

    China Coal Energy Co Ltd(Short)

    		40.71.42.11%+5.62%0.60.71.64.6
  • Coal India's Long Wall of Worries
  • BRIEF-China Coal Energy's 9-mth net profit down 79.3 pct

    • Yanzhou Coal Mining Co Ltd(Short)

    		18.93.40.37%-7.89%0.70.42.22.4
  • Yanzhou Coal Mining Co Ltd Lowered to �Sell� at Deutsche Bank ...
  • Deutsche Bank Lowers Yanzhou Coal Mining Co Ltd to Sell (YZC)

    • Bond Picks

    Souvereign Eurobonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    STATE GRID OVERSEAS INVESTMENT (20 2396.543.13USDMay 22, 20237.333.63-0.141.03
  • Social News 12/11
    • STATE GRID OVERSEAS INVESTMENT (20 2396.543.13USDMay 22, 20237.333.63-0.141.03
  • Social News 12/11
    • SINOPEC GROUP OVERSEAS DEVELOPMENT 17100.01.75USDApr 10, 20172.381.840.040.07
  • America's troubled anti-IS coalition: Can BRICS be a possible ...
    • SINOPEC GROUP OVERSEAS DEVELOPMENT 17100.01.75USDApr 10, 20172.381.840.040.07
  • America's troubled anti-IS coalition: Can BRICS be a possible ...
    • SINOPEC GROUP OVERSEAS DEVELOPMENT 23104.14.38USDOct 17, 20237.403.86-0.090.60
  • China oil giants' overseas buying spree loses steam

    • Corporate Eurobonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    CNOOC FINANCE (2012) LTD 42108.35.00USDMay 2, 204215.024.52-0.213.40
  • 海康10亿被卖内幕三年亏损过亿
    • CNOOC FINANCE (2012) LTD 42108.35.00USDMay 2, 204215.024.52-0.213.40
  • 海康10亿被卖内幕三年亏损过亿
    • COUNTRY GARDEN HOLDINGS CO LTD 18106.611.13USDFeb 23, 20180.577.143.15-1.70
  • Meet Prospect.3 curator Franklin Sirmans and new CAC curator ...
    • COUNTRY GARDEN HOLDINGS CO LTD 18106.611.13USDFeb 23, 20180.577.143.15-1.70
  • Meet Prospect.3 curator Franklin Sirmans and new CAC curator ...
    • SINOPEC GROUP OVERSEAS DEVELOPMENT 23104.84.38USDOct 17, 20237.413.76-0.231.60
  • China oil giants' overseas buying spree loses steam

    • China Last Month Review



    China SHCOMP:IND Index gained 2.38% last month. To finish the month at 2420.18

    MSCI China Index gained 4.29% last month. Its overall up 1.92% since the beginning of the year.

    At the same time MSCI Emerging Markets Index up 1.07% last month and is up 1.33% YTD.

    CNY last month gained 0.42% against US dollar. To finish the month at 6.1130 per USD.

    While Brent oil price last month lost -9.59%. To finish the month at 85.86 $/bbl.

    Best stocks last month in China included China Railway Group Ltd +16.02%, CSR Corp Ltd +15.52%, China Railway Construction Corp Ltd +15.30%, China International Marine Containers Gr +12.98%, Great Wall Motor Co Ltd +12.77%, Huaneng Power International Inc +12.26%, Zhuzhou CSR Times Electric Co Ltd +11.17%, Haitong Securities Co Ltd +11.02%, Greentown China Holdings Ltd +11.00%, China Minsheng Banking Corp Ltd +9.44%, .

    Worst stocks last month included China Oilfield Services Ltd -21.07%, China BlueChemical Ltd -18.40%, Zoomlion Heavy Industry Science and Tech -17.66%, CNOOC Ltd -8.56%, Agile Property Holdings Ltd -8.39%, Guangzhou Automobile Group Co Ltd -8.12%, Uni-President China Holdings Ltd -7.60%, Wumart Stores Inc -7.58%, Dongfeng Motor Group Co Ltd -6.11%, Shanghai Electric Group Co Ltd -6.05%,

    Best stocks YTD included Anta Sports Products Ltd +59.66%, Shanghai Electric Group Co Ltd +39.07%, Huaneng Power International Inc +37.97%, Sinopharm Group Co Ltd +34.97%, Byd Co Ltd +33.51%, AviChina Industry & Technology Co Ltd +33.18%, Aluminum Corp of China Ltd +28.84%, China Telecom Corp Ltd +26.02%, PICC Property & Casualty Co Ltd +24.52%, CSR Corp Ltd +22.71%,

    While worst stocks YTD included Tencent Holdings Ltd -75.04%, Zoomlion Heavy Industry Science and Tech -47.76%, Agile Property Holdings Ltd -47.09%, Wumart Stores Inc -46.75%, China BlueChemical Ltd -43.53%, Country Garden Holdings Co Ltd -34.97%, China Oilfield Services Ltd -33.28%, Greentown China Holdings Ltd -31.26%, Zhongsheng Group Holdings Ltd -26.34%, Guangzhou R&F Properties Co Ltd -25.35%,
    In terms of sector performance last month the best sectors included Financials +5.7%, Communications +5.4%, Utilities +5.2%,

    While worst sector performance last month showed Energy -3.6%, Consumer Staples -0.9%, Materials 0.2%,

    YTD the best sectors remain Technology +22.4%, Utilities +6.4%, Industrials +3.8%,
    While the worst sectors are Communications -24.5%, Consumer Staples -17.4%, Financials -7.6%,

    Some Political news headlines for China include:


  • A Response to President Xi Jinping
  • Chinese President Xi Jinping meets with his Mexican counterpart in ...
  • Xi Jinping's Rapid Rise in China Presents Challenges to the US
  • Vice-President Li Yuanchao says Tokyo should be sincere on ties
  • Li Yuanchao Meets with President Abdul Hamid of Bangladesh
  • China, Singapore vow to enhance defense cooperation
  • PM Modi to meet Chinese premier Li Keqiang today
  • The best moments from Obama's China trip in GIFs
  • China sea disputes to be settled via talks
  • Still No Action from the UN Climate Summit Meeting
  • Singapore and China to Establish Sino-Singapore Guangzhou ...
  • China streamlines investment procedure
  • China Has Shown Way in Fighting Ebola
  • [Beijing Forum 2014] The starting point of a new decade:11th ...
  • On China's Assistance to Africa in the Fight Against Ebola By the ...
  • Hank Paulson Targets Climate Change Via China's Building Codes
  • Obama Faulted for Having Fewer China Experts for Task
  • China plans $16.3bn fund to construct new Silk Road
  • ZAP and Jonway Auto Receive Accolades from China Vice Premier ...
  • Apple's Cook Discusses User-Data With China Vice Premier
  • Ma Kai to Attend the 15th Western China International Fair
  • United States and China Sign Climate Agreement
  • POLITICO Playbook
  • The Sino-American comedy of errors
  • China Said to Plan Merging Nation's Largest Trainmakers
  • OCCUPY CENTRAL OCCUPY CENTRAL - DAY 18: Full coverage ...
  • OCCUPY CENTRAL - DAY 19: Full coverage of the day's events
  • No Breakthrough in Dialogue Between Hong Kong Government ...
  • China's Military Auditing Office now under Central Military ...
  • Xi stresses CPC's absolute leadership over army
  • Party mouthpiece compares Xi with Deng as the 'new architect of ...
  • Russia and China reach high-speed agreement
  • Thursday's News in Brief
  • Rare and Wonderful: Politics of the flower
  • House of Raeford to shutter turkey cook plant in Hoke County; 400 ...
  • China FTA imminent as delegates gather
  • Coveney trade mission to China pushes for beef access
  • Irish beef a step closer to getting back into China market
  • Petroleo Brasileiro SA Petrobras (PBR) Lagging In Pre-Market Activity
  • Pre-Market Laggard: Petroleo Brasileiro SA Petrobras (PBR)
  • Petroleo Brasileiro SA Petrobras (PBR.A) Marked As A Dead Cat ...
  • Asia-Pacific ministers endorse trade, graft pacts
  • Official Conclusion of Korea-China FTA Around the Corner
  • On track for China trade agreement: PM
  • Future Afghani diplomats trained
  • Volkswagen Extends Cooperation with Chinese Partner FAW Group
  • Dar calls on Chinese finance minister
  • New Asian infrastructure bank attracts 21 nations
  • Modern fiscal system a prerequisite for a China based on rule of law
  • Full text of Foreign Minister Wang Yi's speech at Lanting Forum
  • Wang Yi: China Will Support the Just Cause of Palestinian People ...
  • Japanese and Chinese foreign ministers meet after deal to curb ...
  • Has " civil servant fever " cooled down ?
  • China to build more car charging facilities
  • S. Korea, China hold ministerial talks on industrial cooperation
  • China's Internet of Things market breaks 500 billion yuan
  • As China Urbanizes, Fears Grow That Cropland Is Vanishing
  • China to help Guyana with mineral mapping
  • Central Gov't Tells Big Cities to Protect Their Arable Land
  • S'pore, China discuss ways to boost military ties
  • China and Iran Deepening Naval Ties, Iran Calls for Bilateral Blue ...
  • Singapore, China looking to boost military ties
  • New China counterterrorism initiative to focus on intelligence ...
  • Vietnam, China meet to step up crime-fighting cooperation
  • China tightens security checks ahead of APEC meetings
  • Overhaul of Chinese science spending looms
  • Xi Jinping and Vladimir Putin Send Congratulatory Letters to Pujiang ...
  • IMF claim that China has overtaken US gets cool response
  • Qualcomm probe in China may change firm's business model
  • Business delegation continues promoting Bahrain in China
  • Bahrain Business Delegation Concludes Visit to China & Hong Kong
  • Network service providers in China ordered to provide user data
  • Worries over PBOC's ambitious bid to liberalise deposit rates
  • Chinese Central Bank Confirms New Liquidity Tool as It Holds Off on ...
  • Chinese President Leaves Beijing for G20 Summit
  • If You Want Rule of Law, Respect Ours
  • Cui Tiankai: Why US, China should work together
  • One More Question on free trade agreement for Cui Tiankai
  • conference conducive to building consensus on Afghanistan
  • Is Hong Kong the future of China?
  • APEC 2014: China Talks Peace and Trade, Hong Kong Protests ...
  • What You Should Know About Hong Kong SAR
  • Xi Jinping gives Hong Kong Chief Executive Leung Chun-ying a gift ...
  • Hong Kong Leader Reaffirms Unbending Stance on Elections
  • Leung Chun-ying's Authoritarian Nature
  • Who's who at Hong Kong's students vs government debate
  • Proposals to end impasse 'unrealistic'
  • HK residents say no to blockades and disorder
  • A battle for the streets: clashes between Occupy activists and ...
  • Brazilian retailer Lojas clocks 15.5% hike in Q3 sales
  • Ibovespa Leads Global Rallies on Speculation Neves Will Prevail
  • TV stations wait for Exco word on license
  • Talking Points, November 7, 2014
  • Hong Kong expects to finalise Asean free trade agreement by 2016
  • Vale's Weaker Than Expected Financial Results
  • Vale posts surprise loss, shares dive
  • Lower Iron Ore Prices And Shipments Weigh On Vale's Q3 Results ...
  • Violent clashes in Mong Kok cast doubt on government's plans to ...
  • OCCUPY CENTRAL OCCUPY CENTRAL - DAY 18: Full coverage ...
  • OCCUPY CENTRAL - DAY 19: Full coverage of the day's events
  • Sha Tin enters mix amid Lohas race
  • Short budget puts early education plan at risk, lawmaker says
  • SED continues duty visit to Germany
  • SED visits Europe for exchanges on vocational education
  • Eco Asia Conference promotes market intelligence exchange at Eco ...
  • End Occupy protests to give small businesses a chance to recover ...
  • Brokers accept delay in stock through train scheme
  • La "revoluci�n de los paraguas"
  • OCCUPY CENTRAL OCCUPY CENTRAL - DAY 18: Full coverage ...
  • OCCUPY CENTRAL - DAY 19: Full coverage of the day's events
  • The Heart of Romance | Genre Spotlight: Romance
  • BRF S.A.'s (BRFS) CEO Pedro de Andrade Faria on Q3 2014 ...
  • BRF's Operational Improvements Shining Through
  • BRF SA Upgraded to Neutral at Zacks (BRFS)
  • Judge refuses to delay injunction that lets police help clear protesters
  • Battle of wills in Occupy waiting game
  • Protesters' prosecutions call for a sensible approach
  • Old-age payouts likely to rise 4.2pc
  • Apologetic ATV finally pays salary to 900 staff
  • Occupy not slowing Connect says Tsang
  • Hong Kong Protesters Retake Mong Kok Streets From Police
  • Protesters in Hong Kong on Edge as Police Track Their Online ...
  • Hong Kong police beat protester in violent crackdown on ...
  • Talking Points, November 12, 2014
  • Higher wages not big factor in Zhuhai bridge cost overrun, union says
  • HK$5 billion extra for HZM Bridge portals
  • HKMA scraps 20000 yuan daily conversion cap in landmark reform
  • Bankers' support for scrapping of daily yuan conversion cap decisive
  • Tsang lobbies for bigger RQFII slice
  • Manpower boost for Judiciary
  • Female barrister reports magistrate over 'feet lick' query
  • Legco chief denies rules flouted in agenda spat
  • Dissolving Legco if reform bill vetoed could solve impasse, Occupy ...
  • Mistrust between Hong Kong and Beijing is now a threat to 'one ...
  • Arrest of Occupy Central marshals damages trust in police ...
  • Hong Kong authorities vow to probe alleged police beating at ...
  • Ken Tsang seeks court order to reveal names of alleged police ...
  • Century 21 Continues Global Expansion
  • Trend Analysis Report - Realogy Holdings Corp (RLGY),FireEye Inc ...
  • Wynn Resorts Beats Q3 Earnings on Growth in Las Vegas - Analyst ...
  • Macau govt drafts cautious budget on weaker GGR: Chui
  • Candy Factory
  • SAFP head: Various considerations for salary hike
  • Gambling website impunity
  • Zhuhai authorities expanding checkpoints for Cross Border ...
  • 'The Female Gaze' Is a Collection of Films That Buck Male-Centric ...
  • Casino rule 1: the house always wins
  • The Record: Bankruptcies, Oct. 13
  • Public works secretary not ready to retire
  • New head of Macau govt gaming policy soon: reports
  • Public Works boss retirement adds wild card to Cotai
  • Ho Chio Meng: urgent need for mutual legal assistance in criminal ...
  • New head of Macau govt gaming policy soon: reports
  • New broom sweeps clean

    While some economic events and news headlines include:



    Monday November 10 2014 China's Inflation Rate Steady in October
    China's annual inflation rate was recorded at 1.6 percent in October, unchanged from the previous month. The politically sensitive food prices accelerated to 2.5 percent while non-food cost rose at a slower 1.2 percent.
    Saturday November 08 2014 China Trade Surplus Widens 46.5%
    Chinese trade surplus increased to USD 45.4 billion in October of 2014 from a USD 31 billion surplus a year earlier. Exports rose more than expected driven by sales to the United States and Asia while imports slowed.
    Tuesday October 21 2014 China GDP Growth at Five-Year Low
    In the third quarter of 2014, China's gross domestic product expanded 7.3 percent year-on-year, slumping to a five-year low. The slowdown was driven by lower property investment, dwindling credit growth and weakening industrial production.
    Tuesday October 21 2014 China Quarterly GDP Growth at 1.9% in Q3
    The Chinese GDP expanded a quarter-on-quarter seasonally adjusted 1.9 percent in the third quarter of 2014, slowing from a 2 percent expansion in the previous three months, but above market expectations.
    Wednesday October 15 2014 China Inflation Slows Further in September
    China annual inflation rate eased to 1.6 percent in September of 2014, down further from 2.0 percent in the previous month and below market forecasts. The politically sensitive food prices increased 2.3 percent year-on-year, lower than a 3.0 percent rise in August while non-food prices grew 1.3 percent, softening from a 1.5 percent increase a month ago.
    Monday October 13 2014 China Trade Surplus Widens in September
    China trade surplus increased to USD 31.0 billion in September of 2014 from USD 15.2 billion a year earlier, as exports grew more than expected while imports rebounded.
  • Growth Slows, but Xi Is Confident in China's 'New Normal' Economy
  • Beijing urged to cut economic growth targets
  • China investment growth near 13-year low
  • US Firms Scale Back Chinese Investments As Growth Slows
  • Population controls 'will not solve environment issues'
  • Foreign grad population is increasing from India, but not China
  • Annual China trade growth slows in October in further sign of fragility
  • India pips China, Bangladesh in apparel exports growth to US for ...
  • Crumbling of Oil Prices Make Russia and China Closer
  • After a Bump in Sales, Walmart Braces for a Competitive Holiday ...
  • S&P says it will be tough for China to revive debt-laden corporates

    Companies Reported last month include:



    2014-10-03 Chongqing Rural Commercial Bank
    CH
  • BACKGROUND: China
  • BACKGROUND: China

    2014-10-22 Datang International Power Generation Co
    CH
  • Can China's Bid to Turn Coal to Gas Be Stopped?
  • The week ahead...

    2014-10-22 ZTE Corp
    CH
  • ZTE Q3 net profit jumps 191 pct on 4G growth in China
  • EZchip Semiconductor's (EZCH) CEO Eli Fruchter on Q3 2014 ...

    2014-10-22 Huaneng Power International Inc
    CH
  • Huaneng Power International, Inc. Net Profit for the First Three ...
  • Huaneng Power International, Inc. Net Profit for the First Three ...

    2014-10-24 Zijin Mining Group Co Ltd
    CH
  • PRESS DIGEST- Canada - Nov 4
  • Zijing Mining net profit rises 10% vs year earlier

    2014-10-24 Great Wall Motor Co Ltd
    CH
  • China's Great Wall Motor Profit Slides
  • SAIC, Chinese partner with GM, Volkswagen, posts 4.7 pct rise in Q3 ...

    2014-10-24 Zhuzhou CSR Times Electric Co Ltd
    CH
  • Chinese companies make strides in the UK

    2014-10-24 Shanghai Pharmaceuticals Holding Co Ltd
    CH
  • The Morning Ledger: Blue-Chip Shares in China Swell on New ...
  • The Morning Ledger: Blue-Chip Shares in China Swell on New ...

    2014-10-27 Wumart Stores Inc
    CH


    2014-10-27 Jiangsu Expressway Co Ltd
    CH
  • The week ahead...

    2014-10-27 China Construction Bank Corp
    CH
  • RPT-UPDATE 1-China Construction Bank sees profits slow, bad ...
  • RPT-UPDATE 1-China Construction Bank sees profits slow, bad ...

    2014-10-27 China Oilfield Services Ltd
    CH
  • Recon Reports Lower First Quarter Results But Maintains Full Year ...
  • PRESS DIGEST- Wall Street Journal - Nov 14

    2014-10-27 China Coal Energy Co Ltd
    CH
  • Glencore to shutter Australian coal mines for three weeks
  • NEW YORK, NY - The commercial bank BB&T is buying ...

    2014-10-27 China Shenhua Energy Co Ltd
    CH
  • China's Shenhua Energy posts steepest profit fall in nearly 6 years
  • Shengua Energy net profit down by 18.5pct YoY in Q3

    2014-10-27 CSR Corp Ltd
    CH
  • Ellipz Lighting USA Registers as a Public-Benefit Corporation and ...
  • SEC to Approve �Exchange-Traded Managed Funds�

    2014-10-27 Weichai Power Co Ltd
    CH
  • Westport Reports Third Quarter Fiscal 2014 Financial Results
  • Westport Reports Third Quarter Fiscal 2014 Financial Results

    2014-10-27 Yanzhou Coal Mining Co Ltd
    CH
  • Markets Live: Banks sink market
  • Markets Live: Banks sink market

    2014-10-28 Haitong Securities Co Ltd
    CH
  • Asian Stocks Heading for Week High as China Shares Climb
  • Chinese stocks hit three-year high; Japan extends gains

    2014-10-28 Sinopec Shanghai Petrochemical Co Ltd
    CH
  • Shanghai Petrochemical Announces Results for the Third Quarter of ...
  • One-Time Gain Helps Sinopec Beat Estimate After Oil Slump

    2014-10-28 Ping An Insurance Group Co of China Ltd
    CH
  • Ping An Insurance Q3 profit doubles
  • Ping An Insurance's Q3 net profit rises 90%

    2014-10-28 Anhui Conch Cement Co Ltd
    CH
  • Best Asian Stock Ideas Today
  • China Stocks Post Biggest Weekly Loss in 4 Months on IPO Concern

    2014-10-28 China Telecom Corp Ltd
    CH
  • China Telecom Jan-Sept net income up 9.7 pct
  • China Telecom Jan-Sept net income up 9.7 pct

    2014-10-29 China Shipping Container Lines Co Ltd
    CH
  • Wednesday Papers: Bill for shutting nuclear plants will reach $100bn
  • Maersk Line Considers Buying More Triple-E Megaships

    2014-10-29 Jiangxi Copper Co Ltd
    CH
  • BioteQ Reports Q3 2014 Financial and Operating Results
  • BioteQ Reports Q3 2014 Financial and Operating Results

    2014-10-29 Bank of Communications Co Ltd
    CH
  • �Moneyball for business�
  • PRESS DIGEST- Wall Street Journal - Nov 14

    2014-10-29 China Merchants Bank Co Ltd
    CH
  • Kingold Jewelry Reports Financial Results For The Third Quarter ...
  • Kingold Jewelry Reports Financial Results For The Third Quarter ...

    2014-10-29 PetroChina Co Ltd
    CH
  • PetroChina Company Limited (PTR) Posts Quarterly Earnings ...
  • Canada Pension Plan head sees investment opportunities in oil patch

    2014-10-29 Byd Co Ltd
    CH
  • Buffett 'Backed' BYD Company Sees FY14 Profit Drop 22 Percent
  • Chinese Stocks in Hong Kong Halt Two-Day Rally on Profit Concern

    2014-10-29 Air China Ltd
    CH
  • Analysis: Obama's moves defying label of lame duck
  • Air China Q3 net profit down 8.8 pct yr-on-yr

    2014-10-29 China CITIC Bank Corp Ltd
    CH
  • CNIT Secures RMB 1 Billion Revolving Credit Line with China CITIC ...
  • China Citic Bank net profit slips 2% on bad loans

    2014-10-29 China International Marine Containers Gr
    CH


    2014-10-29 Guangzhou Automobile Group Co Ltd
    CH
  • G-20, Fed Minutes, Obamacare, Japan GDP: Week Ahead Nov. 15-22
  • G-20, Fed Minutes, Obamacare, Japan GDP: Week Ahead Nov. 15-22

    2014-10-30 China COSCO Holdings Co Ltd
    CH
  • China's Cosco Holdings posts third quarter profit on improving ...
  • Why We Believe Noah Holdings Is Poised For Success (NOAH)

    2014-10-30 China Minsheng Banking Corp Ltd
    CH
  • Why We Believe Noah Holdings Is Poised For Success (NOAH)
  • Why We Believe Noah Holdings Is Poised For Success (NOAH)

    2014-10-30 ICBC
    CH
  • China Lodging Group's (HTHT) CEO Qi Ji on Q3 2014 Results ...
  • ICBC's Q3 net profit rises 8% on interest income

    2014-10-30 BBMG Corp
    CH


    2014-10-30 Aluminum Corp of China Ltd
    CH
  • Aluminum Corp. of China Limited (ACH) Announces Quarterly Results
  • Rusal To Ride Aluminum Rebound

    2014-10-30 China Railway Group Ltd
    CH
  • News and events from around Morris County
  • Is Inequality a Bigger Threat than the Islamic State?

    2014-10-30 China Pacific Insurance Group Co Ltd
    CH
  • Markets Live: Telstra saves the day
  • Noah Holdings Limited Announces Unaudited Financial Results for ...

    2014-10-30 CITIC Securities Co Ltd
    CH
  • China's CITIC Securities posts 44 pct rise in Q3 profit
  • China shares rise on c.bank liquidity support, HK follows

    2014-10-30 New China Life Insurance Co Ltd
    CH
  • StanCorp Boosts Shareholder Value with 18% Dividend Hike
  • Chinese Buyer of Waldorf Astoria Said to Plan $2 Billion IPO

    2014-10-30 Bank of China Ltd
    CH
  • Bad loans rise at China's four largest banks
  • Bank of China net profit up 5% on interest income

    2014-10-30 Agricultural Bank of China Ltd
    CH
  • Legacy of the Wall
  • Agricultural Bank of China net profit rises 6%

    2014-10-30 China Railway Construction Corp Ltd
    CH
  • China Zenix Auto International's (ZX) CEO Junqiu Gao on Q3 2014 ...
  • Paladin Energy: Financial Report for the Three Months Ended 30 ...

    2014-10-30 Zoomlion Heavy Industry Science and Tech
    CH
  • Inflation Approaches a 5-Year Low in China
  • Zoomlion 3Q14 Profit Warning: Endless Disappointment

    2014-10-30 China Southern Airlines Co Ltd
    CH
  • G-20, Fed Minutes, Obamacare, Japan GDP: Week Ahead Nov. 15-22
  • Why Need to Watch: KeyCorp. (NYSE:KEY), Itau Unibanco Holding ...

    2014-10-30 China Communications Construction Co Ltd
    CH
  • Kingold Jewelry Reports Financial Results For The Third Quarter ...
  • Kingold Jewelry Reports Financial Results For The Third Quarter ...

    2014-10-30 Tsingtao Brewery Co Ltd
    CH
  • Five Ways to Play Chinese Markets Before Exchanges Link

    2014-10-30 Shanghai Electric Group Co Ltd
    CH
  • BrightSource, Shanghai Electric Group partner to bring CSP to China
  • Why We Believe Noah Holdings Is Poised For Success (NOAH)

    2014-10-31 China National Building Material Co Ltd
    CH
  • STR Holdings (STRI) Q3 2014 Results - Earnings Call Transcript ...
  • STR Holdings (STRI) Q3 2014 Results - Earnings Call Transcript ...

    2014-10-31 China Petroleum & Chemical Corp
    CH
  • Riot Prep Could Fuel Ferguson Violence
  • The Tragic History of Southern Food

    2014-10-31 China Longyuan Power Group Corp
    CH
  • US pollock sellers push for higher prices hampered by dollar ...
  • Longyuan Profit Falls on Weak Generation Amid Less Windy Weather

    Best Stocks Last Month and News


    China Railway Group Ltd+16.02%
  • Chinese-led consortium wins Mexico high-speed rail project
    CSR Corp Ltd+15.52%
  • Chinese trainmakers set to go head to head for California deal
    China Railway Construction Corp Ltd+15.30%
  • Chinese-led consortium wins Mexico high-speed rail project
    China International Marine Containers Gr+12.98%

    Great Wall Motor Co Ltd+12.77%
  • China's Great Wall Motor Profit Slides
    Huaneng Power International Inc+12.26%
  • Huaneng Power International, Inc. First Set of Generation Unit of ...
    Zhuzhou CSR Times Electric Co Ltd+11.17%
  • Countdown Begins to the China Outbound Conference 2014
    Haitong Securities Co Ltd+11.02%
  • Banks Finish Preparations for Shanghai-Hong Kong Trading Link
    Greentown China Holdings Ltd+11.00%
  • Top developers turn to overseas funding
    China Minsheng Banking Corp Ltd+9.44%
  • BRIEF-China Minsheng Banking plans to issue preference shares

    Worst Stocks Last Month and News


    China Oilfield Services Ltd -21.07%
  • How to play the historic opening of China's stock market
    China BlueChemical Ltd -18.40%
  • Century Completes Continuation and Announces New Audit ...
    Zoomlion Heavy Industry Science and Tech -17.66%
  • Zoomlion 3Q14 Profit Warning: Endless Disappointment
    CNOOC Ltd -8.56%
  • China CNOOC executive under probe for suspected graft - prosecutor
    Agile Property Holdings Ltd -8.39%
  • Agile Property gets critical extension for part of $475 mln loan
    Guangzhou Automobile Group Co Ltd -8.12%
  • G-20, Fed Minutes, Obamacare, Japan GDP: Week Ahead Nov. 15-22
    Uni-President China Holdings Ltd -7.60%
  • Uni-President Falls Most in 3 Years After Product Recall
    Wumart Stores Inc -7.58%

    Dongfeng Motor Group Co Ltd -6.11%
  • Nissan cuts global sales outlook on China slowdown
    Shanghai Electric Group Co Ltd -6.05%
  • BrightSource, Shanghai Electric Group partner to bring CSP to China

    View China Econ Page






    • South Africa Performance Snapshot

    Index 1 month Ch%YTD Ch%1 year Ch%
    JALSH:IND 0.78
    MSCI South Africa 6.296.513.35
    MSCI GEM 1.071.33-1.77
    MSCI BRIC 2.420.87-2.27
    MSCI World 0.622.675.63

    Indexes 1m performance %
    IndexLastChnge
    Borsa Istanbul 100 Index 80579.66 7.44
    MICEX Index 1488.47 5.16
    S&P BSE SENSEX Index 27865.83 4.82
    Hong Kong Hang Seng Index 23998.06 4.64
    Shanghai Stock Exchange Composite Index 2420.18 2.38
    S&P 500 Index 2018.05 2.32
    Nikkei 225 16413.76 2.06
    Dow Jones Industrial Average 17390.52 2.04
    Karachi Stock Exchange KSE100 Index 30376.53 1.81
    Ibovespa Brasil Sao Paulo Stock Exchange Index 54628.60 0.95
    FTSE/JSE Africa All Share Index 49722.88 0.78
    Mexican Stock Exchange Mexican Bolsa IPC Index 45027.52 0.09
    Russian Depositary Index USD 1328.47 -0.71
    Jakarta Stock Exchange Composite Index 5089.55 -1.14
    FTSE 100 Index 6546.47 -1.15
    Korea Stock Exchange KOSPI Index 1964.43 -1.36
    Warsaw Stock Exchange WIG Total Return Index 53949.58 -1.69
    S&P/TSX Composite Index 14613.32 -2.32
    Russian Trading System Cash Index 1091.44 -3.08

    Currencies 1m performance %
    TickerLastChnge
    USDRUB:CUR 43.0095 8.47
    USDNOK:CUR 6.7510 4.89
    USDILs:CUR 3.8000 3.29
    USDSEK:CUR 7.3934 2.54
    USDJPY:CUR 112.3200 2.28
    USDPLN:CUR 3.3757 1.92
    USDCZK:CUR 22.1966 1.85
    USDCOP:CUR 2057.6000 1.62
    USDGBp:CUR 0.6252 1.31
    USDBRL:CUR 2.4778 1.26
    USDPEN:CUR 2.9215 1.08
    USDHRK:CUR 6.1187 1.05
    USDISK:CUR 122.2300 1.03
    USDDKK:CUR 5.9428 0.76
    USDSGD:CUR 1.2855 0.75
    USDLTL:CUR 2.7565 0.75
    USDEUR:CUR 0.7983 0.74
    USDRON:CUR 3.5230 0.63
    USDKRW:CUR 1068.8200 0.60
    USDKWD:CUR 0.2901 0.55
    USDCAD:CUR 1.1266 0.55
    USDTHB:CUR 32.6000 0.47
    USDMXN:CUR 13.4813 0.40
    USDMYR:CUR 3.2895 0.32
    USDPKR:CUR 102.7900 0.23
    USDNZD:CUR 1.2828 0.09
    USDTWD:CUR 30.4540 0.01
    USDSAR:CUR 3.7517 0.01
    USDOMR:CUR 0.3850 0.00
    USDQAR:CUR 3.6414 -0.01
    USDPHP:CUR 44.8800 -0.05
    USDHUF:CUR 246.0000 -0.10
    USDHKD:CUR 7.7550 -0.13
    USDCNY:CUR 6.1130 -0.42
    USDINR:CUR 61.3650 -0.60
    USDIDR:CUR 12085.0000 -0.72
    USDAUD:CUR 1.1366 -1.13
    USDZAR:CUR 11.0395 -2.20
    USDTRY:CUR 2.2229 -2.53
    USDTRL:CUR 2222435.5000 -2.55

    Bond rates 1m performance %
    countryyield1wk1d1m1y
    GREECE7.87%1.44-2+158+6
    PORTUGAL3.20%0.07-11+15-289
    ITALY2.34%0.01-11+2-173
    SWITZERLAND0.44%-0.0200-48
    SPAIN2.07%-0.06-8-4-190
    JAPAN0.45%-0.07-1-7-14
    CANADA2.04%-0.100-4-45
    GERMANY0.84%-0.100-6-85
    FRANCE1.18%-0.10-5-7-97
    NETHERLANDS0.98%-0.10-3-7-105
    HONG KONG1.79%-0.15+1-16-2
    UNITED STATES2.34%-0.16+3-9-29
    NEW ZEALAND3.96%-0.16-1-14-56
    MEXICO (USD)3.35%-0.17-2-8-48
    BRITAIN2.25%-0.17+2-8-40
    AUSTRALIA3.28%-0.18-5-13-78
    SINGAPORE2.27%-0.180-10+5
    SOUTH KOREA2.66%-0.19-3-17-78
    INDIA8.28%-0.21-1-20-40
    BRAZIL (USD)4.00%-0.320-23-20

    Commodities 1m performance %
    nameunitsPriceChng
    CBOT SOYBEAN MEALUSD/ST389.0030.84
    CBOT CORNUSD/BU.376.7518.10
    CBOT SOYBEANSUSD/BU.1049.2515.30
    TOCOM RUBBERJPY/KG200.7013.78
    CBOT WHEATUSD/BU.532.5012.46
    ICE CANOLACAD/MT439.0011.39
    CME ETHANOLUSD/GAL.1.7410.83
    ICE ECX EMISSIONSEUR/MT6.358.73
    CBOT SOYBEAN OILUSD/LB.34.807.08
    ICE COTTON #2USD/LB.64.455.34
    PALLADIUM SPOTUSD/T OZ.792.472.72
    CME LIVE CATTLEUSD/LB.166.051.53
    CBOT OATSUSD/BU.336.250.30
    JAPANESE YEN SPOTJPY/T OZ.131776.28-0.58
    TOCOM GOLDJPY/G4226.00-0.82
    BRITISH POUND SPOTGBP/T OZ.738.29-0.89
    EURO SPOTEUR/T OZ.936.83-2.07
    ICE SUGAR #11USD/LB.16.04-2.49
    CME LUMBERUSD/TBF324.10-2.73
    ICE COFFEE "C"USD/LB.188.00-2.77
    JAPANESE YEN SPOTJPY/T OZ.1815.49-2.83
    TOCOM SILVERJPY/G58.20-2.84
    GOLD SPOTUSD/T OZ.1172.94-2.85
    CME FEEDER CATTLEUSD/LB.228.48-2.86
    COMEX GOLDUSD/T OZ.1171.60-3.00
    INDIAN RUPEE SPOTINR/T OZ.72072.81-3.32
    PLATINUM SPOTUSD/T OZ.1236.50-3.51
    CBOT ROUGH RICEUSD/CWT12.29-3.76
    BRITISH POUND SPOTGBP/T OZ.10.10-3.81
    ICE ORANGE JUICE CONCUSD/LB.138.85-4.08
    EURO SPOTEUR/T OZ.12.91-4.23
    US DOLLAR SPOTUSD/T OZ.16.16-5.05
    COMEX SILVERUSD/T OZ.16.11-5.18
    INDIAN RUPEE SPOTINR/T OZ.992.01-5.58
    NYMEX HEATING OILUSD/GAL.251.09-5.73
    NYMEX NATURAL GASUSD/MMBTU3.87-6.52
    CME LEAN HOGSUSD/LB.88.03-6.60
    TOCOM CRUDE OILJPY/KL60550.00-7.77
    ICE GASOILUSD/MT741.25-7.86
    TOCOM KEROSENEJPY/KL72480.00-8.82
    CRUDE OIL (BRENT)USD/BBL.85.86-9.59
    CRUDE OIL (WTI)USD/BBL.80.54-12.01
    ICE COCOAUSD/MT2893.00-12.33
    RBOB GASOLINEUSD/GAL.218.50-15.54

    Best Stocks 1m %
    stockcountrytickernamestockcurrentch
    SAAPN:SJAspen Pharmacare Holdings Ltd39344.0016.92
    SASHP:SJShoprite Holdings Ltd15978.0014.15
    SABGA:SJBarclays Africa Group Ltd17416.0013.00
    SAWHL:SJWoolworths Holdings Ltd/South Africa7839.0012.13
    SATRU:SJTruworths International Ltd7550.0011.11
    SARMI:SJRMI Holdings3932.0011.07
    SAREM:SJRemgro Ltd25298.0010.95
    SANPN:SJNaspers Ltd137264.0010.25
    SANED:SJNedbank Group Ltd24024.009.76
    SAFSR:SJFirstRand Ltd4720.009.72

    Worst Stocks 1m %
    stockcountrytickernamestockcurrentch
    SAANG:SJAngloGold Ashanti Ltd9350.00-32.49
    SAHAR:SJHarmony Gold Mining Co Ltd1800.00-27.13
    SAGFI:SJGold Fields Ltd3640.00-17.67
    SASOL:SJSasol Ltd54919.00-10.46
    SAEXX:SJExxaro Resources Ltd11500.00-10.38
    SAAGL:SJAnglo American PLC23184.00-8.15
    SANHM:SJNortham Platinum Ltd3397.00-7.74
    SAIMP:SJImpala Platinum Holdings Ltd8029.00-7.71
    SALHC:SJLife Healthcare Group Holdings Ltd4170.00-6.38
    SAARI:SJAfrican Rainbow Minerals Ltd13590.00-5.15

    Best Stocks YTD %
    stockcountrytickernamestockcurrentch
    SARMI:SJRMI Holdings3932.0046.66
    SAAPN:SJAspen Pharmacare Holdings Ltd39344.0044.14
    SAMPC:SJMr Price Group Ltd22815.0041.44
    SASAP:SJSappi Ltd4357.0037.40
    SAINL:SJInvestec Ltd10070.0036.97
    SAFSR:SJFirstRand Ltd4720.0035.87
    SASLM:SJSanlam Ltd6965.0032.92
    SABGA:SJBarclays Africa Group Ltd17416.0031.72
    SARMH:SJRMB Holdings Ltd6121.0031.07
    SANTC:SJNetcare Ltd3335.0030.53

    Worst Stocks YTD %
    stockcountrytickernamestockcurrentch
    SAASR:SJAssore Ltd20469.00-40.84
    SAKIO:SJKumba Iron Ore Ltd27545.00-36.68
    SAIMP:SJImpala Platinum Holdings Ltd8029.00-33.64
    SAHAR:SJHarmony Gold Mining Co Ltd1800.00-31.40
    SAARI:SJAfrican Rainbow Minerals Ltd13590.00-26.14
    SAANG:SJAngloGold Ashanti Ltd9350.00-23.61
    SAEXX:SJExxaro Resources Ltd11500.00-20.96
    SANHM:SJNortham Platinum Ltd3397.00-18.83
    SARLO:SJReunert Ltd5821.00-14.82
    SAAMS:SJAnglo American Platinum Ltd34796.00-12.57

    Sector Performance 1m %
    NameSectorch
    Financials7.7
    Consumer Discretionary7.7
    Consumer Staples6.2
    Communications5.2
    Health Care5.0
    Industrials3.5
    Technology-2.1
    Materials-8.1
    Energy-10.4

    Sector Performance YTD %
    NameSectorch
    Health Care24.9
    Financials22.5
    Consumer Discretionary18.0
    Communications15.6
    Consumer Staples6.2
    Industrials-1.3
    Energy-6.7
    Materials-13.9
    Technology-14.8

    Table of Contents


    GEM View Stance
    Sectors Stance
    Russia Stance
         Russia Valuations
         Russia Top Stock Picks
         Russia Top Bond Picks
         Russia Last Month Performance Review

    Brazil Stance
         Brazil Valuations
         Brazil Top Stock Picks
         Brazil Top Bond Picks
         Brazil Last Month Performance Review

    China Stance
         China Valuations
         China Top Stock Picks
         China Top Bond Picks
         China Last Month Performance Review

    South Africa Stance
         South Africa Valuations
         South Africa Top Stock Picks
         South Africa Top Bond Picks
         South Africa Last Month Performance Review

    India Stance
         India Valuations
         India Top Stock Picks
         India Top Bond Picks
         India Last Month Performance Review

    Korea Stance
         Korea Valuations
         Korea Top Stock Picks
         Korea Top Bond Picks
         Korea Last Month Performance Review

    Turkey Stance
         Turkey Valuations
         Turkey Top Stock Picks
         Turkey Top Bond Picks
         Turkey Last Month Performance Review


















    South Africa


    Our Stance

    South Africa markets have been performing okay this year, slightly better than overall GEM benchmark. But we think that small outperformance could evaporate towards the year end. SA performance has been deteriorating since midyear following S&P downgrade. Last week Moody�s downgrade although largely expected weighed on the negative side of SA markets.

    SA debt levels have been growing fast. In the last 5 years its sovereign leverage levels rose from a quarter of the GDP to almost half of the economy this year. At the same time economic prospects as well as internal political backdrop have been deteriorating somewhat with problems in the mining industry and in the SA ANC party and the unions.

    We favor healthcare, financials and consumer discretionary stocks on the SA market while we like less materials and energy stocks.

    Valuations


    South Africa Valuations
    SectorSector MCap mn$Sector Mcap % in TotalPE 2014EGEM PE 2014EEst EPS Growth 14GEM EPS Growth
    Communications106542.924.9428.321.560.616.6
    Financials104950.924.5713.010.39.715.1
    Materials71965.516.8519.616.3231.748.5
    Consumer Staples48011.011.2419.026.214.816.7
    Energy35346.58.279.69.90.926.0
    Health Care31530.77.3824.828.915.218.7
    Consumer Discretionary25813.56.0414.717.013.212.3
    Industrials2058.90.4812.017.67.012.7
    Technology962.00.2311.514.211.7

    Stock Picks for November

    CompanyPEROEDiv YieldChange YearPBPSNet Margin1m Change %

    Life Healthcare Group Holdings Ltd(Long)

    		22.842.23.19%+13.12%9.63.615.6-6.4
  • -- Private equity firm TDR Capital to acquire British housing ...
  • Awards presented at gala recognize service

    • Truworths International Ltd(Long)

    		11.437.85.58%-13.89%4.32.824.211.1
  • Truworths Appoints Garbino of Kiabi as CEO as Shares Slump
  • Craig Martin: Truworths plunge due to balance sheet fragility, not ...

    • Mr Price Group Ltd(Long)

    		26.254.82.12%+58.85%14.43.714.07.5
  • Get ready for $60 iron: Citigroup says slump to stay
  • A 'Name Your Own Price' Money Manager

    • Woolworths Holdings Ltd/South Africa(Long)

    		19.248.33.11%+17.44%9.31.58.012.1

    PPC Ltd(Long)

    		12.378.95.68%-8.41%9.71.714.20.1
  • PPC shareholder said to increase stake before meeting request
  • PPC Ex-CEO Says Expansion at Risk Without $200 Million Funds

    • AngloGold Ashanti Ltd(Short)

    		12.310.6-%-30.27%1.30.75.9-32.5
  • AngloGold Ashanti Sees Low Prices as Biggest Challenge
  • AngloGold Ashanti (AU) Stock Drops to One-Year Low as Gold ...

    • Harmony Gold Mining Co Ltd(Short)

    		0.00.0-%-46.09%0.30.50.0-27.1
  • Harmony Gold Mining Company (HMY) Jumps: Stock Up 7.7%
  • Harmony Gold (HMY) Records Loss in Q1, Revenues Rise

    • African Rainbow Minerals Ltd(Short)

    		10.510.74.29%-24.53%1.13.028.5-5.2
  • African Union Steps Up Its Financial Support For Victims Of The ...
  • AfDB President to Attend African Business Roundtable On Ebola in ...

    • Assore Ltd(Short)

    		10.117.64.61%-44.59%1.812.8127.2-4.8
  • A tough week for equities, fear index rising
  • SA stocks slide in line with other equities markets

    • Barloworld Ltd(Short)

    		12.012.13.01%+6.79%1.50.32.83.5
  • Barloworld May Lose Cash in Collapse of African Bank's Ellerine
  • BRIEF-Barloworld sees FY HEPS from cont ops to be 8 pct to 12 pct ...

    • Bond Picks

    Souvereign Eurobonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    REPUBLIC OF SOUTH AFRICA 19114.76.88USDMay 27, 20193.893.36-0.070.00
  • The angry bid to destroy the G20
    • REPUBLIC OF SOUTH AFRICA 19114.76.88USDMay 27, 20193.893.36-0.070.00
  • The angry bid to destroy the G20
    • SOUTH AFRICA (REPUBLIC OF) 20109.25.50USDMar 9, 20204.653.58-0.110.40
  • Some 200 Irish volunteers 'deflated' that President Higgins cannot ...
    • SOUTH AFRICA (REPUBLIC OF) 20109.25.50USDMar 9, 20204.653.58-0.110.40
  • Some 200 Irish volunteers 'deflated' that President Higgins cannot ...
    • SOUTH AFRICA (REPUBLIC OF) 25112.25.88USDSep 16, 20258.134.44-0.040.20
  • Fourth ship with South African coal to arrive at Illichivsk port on Nov ...

    • Corporate Eurobonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    ESKOM HOLDINGS LTD 21102.05.75USDJan 26, 20215.195.43-0.010.00
  • Rescue of South Africa's Eskom Awaiting Verdict by S&P
    • ESKOM HOLDINGS LTD 21102.05.75USDJan 26, 20215.195.43-0.010.00
  • Rescue of South Africa's Eskom Awaiting Verdict by S&P
    • STANDARD BANK PLC 19115.08.13USDDec 2, 20194.154.82-0.311.30
  • Morgan Stanley central in Chinese stock dispute
    • STANDARD BANK PLC 19115.08.13USDDec 2, 20194.154.82-0.311.30
  • Morgan Stanley central in Chinese stock dispute
    • ANGLOGOLD ASHANTI HOLDINGS PLC 2293.345.13USDAug 1, 20226.256.220.66-3.89
  • Anglogold puts mines up for sale as CEO seeks to reduce debt

    • Local Currency Bonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    SOUTH AFRICA (REPUBLIC OF) 179.298.25ZARSep 15, 20172.506.78-0.230.02
  • Some 200 Irish volunteers 'deflated' that President Higgins cannot ...
    • SOUTH AFRICA (REPUBLIC OF) 179.298.25ZARSep 15, 20172.506.78-0.230.02
  • Some 200 Irish volunteers 'deflated' that President Higgins cannot ...
    • SOUTH AFRICA (REPUBLIC OF) 416.936.50ZARFeb 28, 20419.958.70-0.120.08
  • Thursday, November 20
    • SOUTH AFRICA (REPUBLIC OF) 416.936.50ZARFeb 28, 20419.958.70-0.120.08
  • Thursday, November 20
    • SOUTH AFRICA (REPUBLIC OF) 218.646.75ZARMar 31, 20215.057.45-0.220.08
  • Coal seller from South African Republic to publish contract to prove ...

    • South Africa Last Month Review



    South Africa JALSH:IND Index gained 0.78% last month. To finish the month at 49722.88

    MSCI South Africa Index gained 6.29% last month. Its overall up 6.51% since the beginning of the year.

    At the same time MSCI Emerging Markets Index up 1.07% last month and is up 1.33% YTD.

    ZAR last month gained 2.2% against US dollar. To finish the month at 11.0395 per USD.

    While Brent oil price last month lost -9.59%. To finish the month at 85.86 $/bbl.

    Best stocks last month in South Africa included Aspen Pharmacare Holdings Ltd +16.92%, Shoprite Holdings Ltd +14.15%, Barclays Africa Group Ltd +13.00%, Woolworths Holdings Ltd/South Africa +12.13%, Truworths International Ltd +11.11%, RMI Holdings +11.07%, Remgro Ltd +10.95%, Naspers Ltd +10.25%, Nedbank Group Ltd +9.76%, FirstRand Ltd +9.72%, .

    Worst stocks last month included AngloGold Ashanti Ltd -32.49%, Harmony Gold Mining Co Ltd -27.13%, Gold Fields Ltd -17.67%, Sasol Ltd -10.46%, Exxaro Resources Ltd -10.38%, Anglo American PLC -8.15%, Northam Platinum Ltd -7.74%, Impala Platinum Holdings Ltd -7.71%, Life Healthcare Group Holdings Ltd -6.38%, African Rainbow Minerals Ltd -5.15%,

    Best stocks YTD included RMI Holdings +46.66%, Aspen Pharmacare Holdings Ltd +44.14%, Mr Price Group Ltd +41.44%, Sappi Ltd +37.40%, Investec Ltd +36.97%, FirstRand Ltd +35.87%, Sanlam Ltd +32.92%, Barclays Africa Group Ltd +31.72%, RMB Holdings Ltd +31.07%, Netcare Ltd +30.53%,

    While worst stocks YTD included Assore Ltd -40.84%, Kumba Iron Ore Ltd -36.68%, Impala Platinum Holdings Ltd -33.64%, Harmony Gold Mining Co Ltd -31.40%, African Rainbow Minerals Ltd -26.14%, AngloGold Ashanti Ltd -23.61%, Exxaro Resources Ltd -20.96%, Northam Platinum Ltd -18.83%, Reunert Ltd -14.82%, Anglo American Platinum Ltd -12.57%,
    In terms of sector performance last month the best sectors included Financials +7.7%, Consumer Discretionary +7.7%, Consumer Staples +6.2%,

    While worst sector performance last month showed Energy -10.4%, Materials -8.1%, Technology -2.1%,

    YTD the best sectors remain Health Care +24.9%, Financials +22.5%, Consumer Discretionary +18.0%,
    While the worst sectors are Technology -14.8%, Materials -13.9%, Energy -6.7%,

    Some Political news headlines for South Africa include:


  • G20 Brisbane: South African President Jacob Zuma arrives
  • State of the ANC: The big picture with Jacob Zuma in the centre
  • South African police investigate �14.5m bill to refurbish Jacob Zuma ...
  • "Nuclear and the Future" By Safcei's Founding Patron, Bishop Geoff ...
  • Geoff Davies
  • Zuma can run, but he can't hide - Mmusi Maimane
  • A quarter of South Africans regularly go hungry
  • DISCOP Africa, the Continent's Largest International TV Content ...
  • Beyond 2014: Creating a new Cape Town through design
  • Mashatile: ANC in Gauteng 'could persuade' mother body to scrap e ...
  • Government's in no rush to bring SA up to speed
  • Judge has left Madonsela in limbo
  • Muthambi to 'revive' digital migration
  • Minister of Economic Development, Mr Ebrahim Patel
  • Op-Ed: Minister Patel and eNCA's 'feel good' documentaries
  • Who Really Runs the South African Show?
  • Media remarks by Ms Maite Nkoana-Mashabane, Minister of ...
  • G20 to Focus On Global Growth
  • President Zuma in Australia for G20
  • NUM to Hold Its Women Structure Elective Conference
  • Op-Ed: 16 days of no violence against women and children ...
  • 'Mining bill shows us where we stand'
  • Senzo Meyiwa shot dead: South Africa reacts in outrage
  • Family, friends gather after Linee's passing
  • Recent live reporting posts
  • South Africa: Mapping the long walk to freedom
  • Australia plans to ban import of lion trophies from South Africa
  • Zayed Future Energy Prize Jury Identifies 2015 Winners
  • Recent live reporting posts
  • Marcus: Wage hikes of over 8 percent unsustainable
  • South Africa's CPI Targeting Doesn't Harm Growth, Marcus Says
  • South African wage hikes of over 8 pct unsustainable: central bank's ...
  • CREEPING SHARIAH
  • National Cathedral to host first Muslim prayer
  • Suhaib Webb Goes to Washington

    While some economic events and news headlines include:



    Friday October 31 2014 South Africa Trade Deficit Narrows in September
    South African trade gap decreased to ZAR 2.91 billion in September of 2014 from a revised 16.7 billion shortfall in the previous month as exports to Europe and America surged.
    Thursday October 30 2014 South Africa Unemployment Rate Marginally Unchanged
    South African jobless rate was little changed at 25.4 percent in the third quarter of 2014 from 25.5 percent in the previous period. Yet, the number of people who stopped looking for a job increased 3.9 percent and the labor force participation rate fell 0.2 percent to 57.1 percent.
    Wednesday October 22 2014 South Africa Inflation Rate Slows to 5.9%
    South African annual inflation rate eased to 5.9 percent in September from 6.4 percent in August. It is the lowest rate in seven months as food and transport prices slowed.
    Tuesday September 30 2014 South Africa Trade Deficit at 7-Month High
    South African trade gap widened to ZAR 16.3 billion in August of 2014 from a revised ZAR 6.83 billion shortfall in the previous month. It is the highest trade deficit since January, hurt by a drop in exports.
  • South Africa economic growth forecast slashed
  • South Africa's 2015 economic growth forecast is 'magic': Bruggemans
  • SA's investment grade status at risk
  • Troubled South Africa Spells Opportunity for Investors
  • England v South Africa: Springbok rugby - still torn over race?
  • How to succeed in selling to consumers in South Africa
  • Allan Gray: What's wrong with South African economy
  • IT exports from Infopark up 53%
  • South Africa sees slightly wider 2014/15 budget deficit of 4.1 pct of ...
  • South African economic growth to plummet to 1.4%. Nene warns ...
  • Moody's Lowers South Africa's Foreign Debt Rating

    Companies Reported last month include:



    2014-10-16 Pick n Pay Stores Ltd
    SA
  • S.Africa's Pick n Pay H1 profit fails to impress, shares drop
  • Pick n Pay Aims to Bridge Income Divide Under Ex-Tesco Chief

    2014-10-31 Redefine Properties Ltd
    SA
  • Redefine's full-year results unpacked by CE, Andrew Konig
  • BRIEF-Redefine Properties FY net asset value rises 12.1 pct

    Best Stocks Last Month and News


    Aspen Pharmacare Holdings Ltd+16.92%
  • GlaxoSmithKline plc (ADR) (NYSE:GSK) Buys Stake in Aspen ...
    Shoprite Holdings Ltd+14.15%
  • Shoprite will take over some of failed retailer Ellerine's leases
    Barclays Africa Group Ltd+13.00%
  • Numpties not welcome in currency traders' club
    Woolworths Holdings Ltd/South Africa+12.13%

    Truworths International Ltd+11.11%
  • Truworths Appoints Garbino of Kiabi as CEO as Shares Slump
    RMI Holdings+11.07%
  • Fitch Assigns Zalagh Holdings B+(mar); Outlook Stable
    Remgro Ltd+10.95%
  • DIARY-South Africa corporate events to May 2015
    Naspers Ltd+10.25%
  • Strong performances by Naspers, SABMiller help lift JSE
    Nedbank Group Ltd+9.76%
  • PPC of South Africa Has Six Candidates on Shortlist for CEO
    FirstRand Ltd+9.72%
  • FirstRand Unit WesBank to Offer Nigerian Vehicle Finance

    Worst Stocks Last Month and News


    AngloGold Ashanti Ltd -32.49%
  • AngloGold Ashanti Sees Low Prices as Biggest Challenge
    Harmony Gold Mining Co Ltd -27.13%
  • Harmony Gold Mining Company (HMY) Jumps: Stock Up 7.7%
    Gold Fields Ltd -17.67%
  • Gold Fields (GFI) Stock Falls as Gold Prices Once Again Decline
    Sasol Ltd -10.46%
  • Sasol to build $8.1 billion chemical manufacturing complex in ...
    Exxaro Resources Ltd -10.38%
  • Sesa Sterlite to invest $782 m for zinc deposits in Africa
    Anglo American PLC -8.15%
  • Anglo American plc's "Outperform" Rating Reiterated at Credit ...
    Northam Platinum Ltd -7.74%
  • Northam Platinum Boosts Black Stakes in $600 Million Deal
    Impala Platinum Holdings Ltd -7.71%
  • Impala Platinum directors go without pay gains for third year
    Life Healthcare Group Holdings Ltd -6.38%
  • Is Inequality a Bigger Threat than the Islamic State?
    African Rainbow Minerals Ltd -5.15%
  • African Union Steps Up Its Financial Support For Victims Of The ...

    View South Africa Econ Page






    • India Performance Snapshot

    Index 1 month Ch%YTD Ch%1 year Ch%
    SENSEX:IND 4.82
    MSCI India 3.8127.6027.28
    MSCI GEM 1.071.33-1.77
    MSCI BRIC 2.420.87-2.27
    MSCI World 0.622.675.63

    Indexes 1m performance %
    IndexLastChnge
    Borsa Istanbul 100 Index 80579.66 7.44
    MICEX Index 1488.47 5.16
    S&P BSE SENSEX Index 27865.83 4.82
    Hong Kong Hang Seng Index 23998.06 4.64
    Shanghai Stock Exchange Composite Index 2420.18 2.38
    S&P 500 Index 2018.05 2.32
    Nikkei 225 16413.76 2.06
    Dow Jones Industrial Average 17390.52 2.04
    Karachi Stock Exchange KSE100 Index 30376.53 1.81
    Ibovespa Brasil Sao Paulo Stock Exchange Index 54628.60 0.95
    FTSE/JSE Africa All Share Index 49722.88 0.78
    Mexican Stock Exchange Mexican Bolsa IPC Index 45027.52 0.09
    Russian Depositary Index USD 1328.47 -0.71
    Jakarta Stock Exchange Composite Index 5089.55 -1.14
    FTSE 100 Index 6546.47 -1.15
    Korea Stock Exchange KOSPI Index 1964.43 -1.36
    Warsaw Stock Exchange WIG Total Return Index 53949.58 -1.69
    S&P/TSX Composite Index 14613.32 -2.32
    Russian Trading System Cash Index 1091.44 -3.08

    Currencies 1m performance %
    TickerLastChnge
    USDRUB:CUR 43.0095 8.47
    USDNOK:CUR 6.7510 4.89
    USDILs:CUR 3.8000 3.29
    USDSEK:CUR 7.3934 2.54
    USDJPY:CUR 112.3200 2.28
    USDPLN:CUR 3.3757 1.92
    USDCZK:CUR 22.1966 1.85
    USDCOP:CUR 2057.6000 1.62
    USDGBp:CUR 0.6252 1.31
    USDBRL:CUR 2.4778 1.26
    USDPEN:CUR 2.9215 1.08
    USDHRK:CUR 6.1187 1.05
    USDISK:CUR 122.2300 1.03
    USDDKK:CUR 5.9428 0.76
    USDSGD:CUR 1.2855 0.75
    USDLTL:CUR 2.7565 0.75
    USDEUR:CUR 0.7983 0.74
    USDRON:CUR 3.5230 0.63
    USDKRW:CUR 1068.8200 0.60
    USDKWD:CUR 0.2901 0.55
    USDCAD:CUR 1.1266 0.55
    USDTHB:CUR 32.6000 0.47
    USDMXN:CUR 13.4813 0.40
    USDMYR:CUR 3.2895 0.32
    USDPKR:CUR 102.7900 0.23
    USDNZD:CUR 1.2828 0.09
    USDTWD:CUR 30.4540 0.01
    USDSAR:CUR 3.7517 0.01
    USDOMR:CUR 0.3850 0.00
    USDQAR:CUR 3.6414 -0.01
    USDPHP:CUR 44.8800 -0.05
    USDHUF:CUR 246.0000 -0.10
    USDHKD:CUR 7.7550 -0.13
    USDCNY:CUR 6.1130 -0.42
    USDINR:CUR 61.3650 -0.60
    USDIDR:CUR 12085.0000 -0.72
    USDAUD:CUR 1.1366 -1.13
    USDZAR:CUR 11.0395 -2.20
    USDTRY:CUR 2.2229 -2.53
    USDTRL:CUR 2222435.5000 -2.55

    Bond rates 1m performance %
    countryyield1wk1d1m1y
    GREECE7.87%1.44-2+158+6
    PORTUGAL3.20%0.07-11+15-289
    ITALY2.34%0.01-11+2-173
    SWITZERLAND0.44%-0.0200-48
    SPAIN2.07%-0.06-8-4-190
    JAPAN0.45%-0.07-1-7-14
    CANADA2.04%-0.100-4-45
    GERMANY0.84%-0.100-6-85
    FRANCE1.18%-0.10-5-7-97
    NETHERLANDS0.98%-0.10-3-7-105
    HONG KONG1.79%-0.15+1-16-2
    UNITED STATES2.34%-0.16+3-9-29
    NEW ZEALAND3.96%-0.16-1-14-56
    MEXICO (USD)3.35%-0.17-2-8-48
    BRITAIN2.25%-0.17+2-8-40
    AUSTRALIA3.28%-0.18-5-13-78
    SINGAPORE2.27%-0.180-10+5
    SOUTH KOREA2.66%-0.19-3-17-78
    INDIA8.28%-0.21-1-20-40
    BRAZIL (USD)4.00%-0.320-23-20

    Commodities 1m performance %
    nameunitsPriceChng
    CBOT SOYBEAN MEALUSD/ST389.0030.84
    CBOT CORNUSD/BU.376.7518.10
    CBOT SOYBEANSUSD/BU.1049.2515.30
    TOCOM RUBBERJPY/KG200.7013.78
    CBOT WHEATUSD/BU.532.5012.46
    ICE CANOLACAD/MT439.0011.39
    CME ETHANOLUSD/GAL.1.7410.83
    ICE ECX EMISSIONSEUR/MT6.358.73
    CBOT SOYBEAN OILUSD/LB.34.807.08
    ICE COTTON #2USD/LB.64.455.34
    PALLADIUM SPOTUSD/T OZ.792.472.72
    CME LIVE CATTLEUSD/LB.166.051.53
    CBOT OATSUSD/BU.336.250.30
    JAPANESE YEN SPOTJPY/T OZ.131776.28-0.58
    TOCOM GOLDJPY/G4226.00-0.82
    BRITISH POUND SPOTGBP/T OZ.738.29-0.89
    EURO SPOTEUR/T OZ.936.83-2.07
    ICE SUGAR #11USD/LB.16.04-2.49
    CME LUMBERUSD/TBF324.10-2.73
    ICE COFFEE "C"USD/LB.188.00-2.77
    JAPANESE YEN SPOTJPY/T OZ.1815.49-2.83
    TOCOM SILVERJPY/G58.20-2.84
    GOLD SPOTUSD/T OZ.1172.94-2.85
    CME FEEDER CATTLEUSD/LB.228.48-2.86
    COMEX GOLDUSD/T OZ.1171.60-3.00
    INDIAN RUPEE SPOTINR/T OZ.72072.81-3.32
    PLATINUM SPOTUSD/T OZ.1236.50-3.51
    CBOT ROUGH RICEUSD/CWT12.29-3.76
    BRITISH POUND SPOTGBP/T OZ.10.10-3.81
    ICE ORANGE JUICE CONCUSD/LB.138.85-4.08
    EURO SPOTEUR/T OZ.12.91-4.23
    US DOLLAR SPOTUSD/T OZ.16.16-5.05
    COMEX SILVERUSD/T OZ.16.11-5.18
    INDIAN RUPEE SPOTINR/T OZ.992.01-5.58
    NYMEX HEATING OILUSD/GAL.251.09-5.73
    NYMEX NATURAL GASUSD/MMBTU3.87-6.52
    CME LEAN HOGSUSD/LB.88.03-6.60
    TOCOM CRUDE OILJPY/KL60550.00-7.77
    ICE GASOILUSD/MT741.25-7.86
    TOCOM KEROSENEJPY/KL72480.00-8.82
    CRUDE OIL (BRENT)USD/BBL.85.86-9.59
    CRUDE OIL (WTI)USD/BBL.80.54-12.01
    ICE COCOAUSD/MT2893.00-12.33
    RBOB GASOLINEUSD/GAL.218.50-15.54

    Best Stocks 1m %
    stockcountrytickernamestockcurrentch
    INBHEL:INBharat Heavy Electricals Ltd256.7028.00
    INBOI:INBank of India285.3521.66
    INRECL:INRural Electrification Corp Ltd302.0020.53
    INGAIL:INGAIL India Ltd528.8019.98
    INPOWF:INPower Finance Corp Ltd282.3518.88
    INJPA:INJaiprakash Associates Ltd31.1517.77
    INUNSP:INUnited Spirits Ltd2763.8516.01
    INCBK:INCanara Bank402.2514.52
    INLT:INLarsen & Toubro Ltd1655.4513.70
    INTPWR:INTata Power Co Ltd93.8513.62

    Worst Stocks 1m %
    stockcountrytickernamestockcurrentch
    INDLFU:INDLF Ltd124.75-17.63
    INWPRO:INWipro Ltd563.70-7.78
    INHCLT:INHCL Technologies Ltd1608.40-7.77
    INCAIR:INCairn India Ltd285.15-7.25
    INTCS:INTata Consultancy Services Ltd2607.85-6.29
    INWPL:INWockhardt Ltd757.80-4.99
    INIDEA:INIdea Cellular Ltd162.75-4.57
    INMM:INMahindra & Mahindra Ltd1306.20-4.35
    INJSP:INJindal Steel & Power Ltd161.80-3.83
    INUTCEM:INUltratech Cement Ltd2548.45-3.72

    Best Stocks YTD %
    stockcountrytickernamestockcurrentch
    INBPCL:INBharat Petroleum Corp Ltd724.75107.07
    INADSEZ:INAdani Ports and Special Economic Zone Lt285.6580.68
    INADE:INAdani Enterprises Ltd484.2579.88
    INWPL:INWockhardt Ltd757.8074.77
    INPOWF:INPower Finance Corp Ltd282.3574.67
    INTTAN:INTitan Industries Ltd393.5070.75
    INLICHF:INLIC Housing Finance Ltd362.0567.65
    INCIPLA:INCipla Ltd/India666.5564.95
    INLT:INLarsen & Toubro Ltd1655.4555.25
    INGAIL:INGAIL India Ltd528.8054.17

    Worst Stocks YTD %
    stockcountrytickernamestockcurrentch
    INJPA:INJaiprakash Associates Ltd31.15-41.61
    INJSP:INJindal Steel & Power Ltd161.80-38.13
    INDLFU:INDLF Ltd124.75-26.01
    INRCOM:INReliance Communications Ltd106.15-18.75
    INCAIR:INCairn India Ltd285.15-11.95
    INUBBL:INUnited Breweries Ltd698.35-8.69
    INMMFS:INMahindra & Mahindra Financial Services L293.75-7.14
    INIDEA:INIdea Cellular Ltd162.75-4.35
    INWPRO:INWipro Ltd563.702.47
    INRPWR:INReliance Power Ltd76.354.59

    Sector Performance 1m %
    NameSectorch
    Industrials12.3
    Utilities10.4
    Financials8.5
    Materials5.7
    Energy3.8
    Consumer Discretionary3.2
    Communications3.1
    Consumer Staples1.5
    Health Care0.0
    Technology-3.8

    Sector Performance YTD %
    NameSectorch
    Industrials53.7
    Health Care46.4
    Consumer Discretionary46.2
    Energy41.7
    Financials37.0
    Utilities28.4
    Technology16.7
    Consumer Staples15.7
    Materials14.8
    Communications5.2

    Table of Contents


    GEM View Stance
    Sectors Stance
    Russia Stance
         Russia Valuations
         Russia Top Stock Picks
         Russia Top Bond Picks
         Russia Last Month Performance Review

    Brazil Stance
         Brazil Valuations
         Brazil Top Stock Picks
         Brazil Top Bond Picks
         Brazil Last Month Performance Review

    China Stance
         China Valuations
         China Top Stock Picks
         China Top Bond Picks
         China Last Month Performance Review

    South Africa Stance
         South Africa Valuations
         South Africa Top Stock Picks
         South Africa Top Bond Picks
         South Africa Last Month Performance Review

    India Stance
         India Valuations
         India Top Stock Picks
         India Top Bond Picks
         India Last Month Performance Review

    Korea Stance
         Korea Valuations
         Korea Top Stock Picks
         Korea Top Bond Picks
         Korea Last Month Performance Review

    Turkey Stance
         Turkey Valuations
         Turkey Top Stock Picks
         Turkey Top Bond Picks
         Turkey Last Month Performance Review


















    India


    Our Stance

    India remained an outlier to the emerging markets along side with Turkey actually, performing strongly when most of the other GEM stocks tanked. New Indian PM Narendra Modi has been putting together government, appointing various officials to various roles.
    One of the most recent positive developments for india was the news that inflation has been contained. India has been in curbing domestic liquidity for a year or so in order to fight the rising prices. It looks like finally the effort has been instrumental in achieving result.

    There has been some exaltation about India story this year, but nevertheless India still has upside and growth potential.

    Its economy is still very small relative to its population

    We favor Indian industrial, consumer discretionary as well as Indian health care stocks.
    While we favor less communications, materials and consumer staples stocks.

    Valuations


    India Valuations
    SectorSector MCap mn$Sector Mcap % in TotalPE 2014EGEM PE 2014EEst EPS Growth 14GEM EPS Growth
    Financials186049.819.3912.910.311.915.1
    Energy175334.518.2712.39.910.526.0
    Technology160859.816.7620.414.217.311.7
    Consumer Staples93029.79.6934.726.215.416.7
    Health Care74075.87.7230.828.921.218.7
    Consumer Discretionary65183.76.7916.917.018.812.3
    Materials52765.65.5022.516.360.348.5
    Utilities51707.85.3913.613.34.112.8
    Communications45113.44.7027.621.517.416.6
    Industrials44272.94.6127.717.622.912.7

    Stock Picks for November

    CompanyPEROEDiv YieldChange YearPBPSNet Margin1m Change %

    Coal India Ltd(Long)

    		13.339.08.30%+32.64%5.23.224.17.8
  • Coal India Ltd to mine 1000 million tonnes coal by 2019
  • Coal India Limited

    • Canara Bank(Long)

    		6.88.81.11%+60.17%0.60.46.014.5
  • Canara Bank Q2 profit flat at Rs 626.8 cr, provisions spike
  • Bull's Eye: Buy Canara Bank, SAIL, Ashok Leyland

    • Divis Laboratories Ltd(Long)

    		26.229.41.15%+70.83%7.79.034.52.8
  • Divi's Lab Q2 net up 12 pc
  • Divis Laboratories Q2 net profit rises to Rs. 229.64 crores

    • Hindalco Industries Ltd(Long)

    		11.17.00.65%+31.48%0.80.33.15.6
  • Hindalco Industries Ltd to announce Q2 results on Nov 13, 2014
  • Hindalco revives plans to raise Rs3,000 crore through QIP

    • Hero MotoCorp Ltd(Long)

    		22.147.11.03%+44.85%10.42.310.56.5
  • Sell Hero MotoCorp Ltd with a stop loss of Rs 2490: Sandeep Wagle
  • Bain Capital raises $400 million selling shares in Hero MotoCorp ...

    • Reliance Power Ltd(Short)

    		20.55.2-%-1.26%1.14.019.78.4
  • Reliance Power starts solar thermal plant after 18-month delay
  • Reliance Power Ltd to announce Q2 results on Nov 12, 2014

    • Piramal Enterprises Ltd(Short)

    		67.32.26.57%+54.59%1.53.14.65.9
  • Piramal Enterprises to invest $2 billion in real estate projects in next ...
  • Buy Piramal Enterprises Ltd with a target of Rs 810: Sandeep Wagle

    • Reliance Communications Ltd(Short)

    		24.33.3-%-23.76%0.81.14.38.2
  • Reliance Communications Ltd to consider Q2 results on Nov 14, 2014
  • Reliance Communications Limited

    • United Spirits Ltd(Short)

    		106.411.9-%+10.35%12.73.63.416.0
  • Buy United Spirits Ltd with a target of Rs 2780: Sandeep Wagle
  • United Spirits moves to run Diageo brands in India

    • Siemens Ltd(Short)

    		102.57.50.55%+53.11%7.72.52.45.3
  • Siemens ups offer to buy Indian arm's metals tech unit after ...
  • Siemens Ltd clarifies on setting up new centres in Gujarat

    • Bond Picks

    Corporate Eurobonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    RELIANCE HOLDINGS USA INC 22109.85.40USDFeb 14, 20226.033.88-0.150.90
  • Entree Gold Announces Third Quarter 2014 Results
    • RELIANCE HOLDINGS USA INC 22109.85.40USDFeb 14, 20226.033.88-0.150.90
  • Entree Gold Announces Third Quarter 2014 Results
    • VEDANTA RESOURCES PLC 18113.09.50USDJul 18, 20183.145.560.31-1.50
  • Sesa Sterlite Beats Expectations, Hopes Lifting of Goa Mining Ban ...
    • VEDANTA RESOURCES PLC 18113.09.50USDJul 18, 20183.145.560.31-1.50
  • Sesa Sterlite Beats Expectations, Hopes Lifting of Goa Mining Ban ...
    • BHARTI AIRTEL INTERNATIONAL NETHER 23105.75.13USDMar 11, 20236.794.35-0.161.10

    India Last Month Review



    India SENSEX:IND Index gained 4.82% last month. To finish the month at 27865.83

    MSCI India Index gained 3.81% last month. Its overall up 27.60% since the beginning of the year.

    At the same time MSCI Emerging Markets Index up 1.07% last month and is up 1.33% YTD.

    INR last month gained 0.6% against US dollar. To finish the month at 61.3650 per USD.

    While Brent oil price last month lost -9.59%. To finish the month at 85.86 $/bbl.

    Best stocks last month in India included Bharat Heavy Electricals Ltd +28.00%, Bank of India +21.66%, Rural Electrification Corp Ltd +20.53%, GAIL India Ltd +19.98%, Power Finance Corp Ltd +18.88%, Jaiprakash Associates Ltd +17.77%, United Spirits Ltd +16.01%, Canara Bank +14.52%, Larsen & Toubro Ltd +13.70%, Tata Power Co Ltd +13.62%, .

    Worst stocks last month included DLF Ltd -17.63%, Wipro Ltd -7.78%, HCL Technologies Ltd -7.77%, Cairn India Ltd -7.25%, Tata Consultancy Services Ltd -6.29%, Wockhardt Ltd -4.99%, Idea Cellular Ltd -4.57%, Mahindra & Mahindra Ltd -4.35%, Jindal Steel & Power Ltd -3.83%, Ultratech Cement Ltd -3.72%,

    Best stocks YTD included Bharat Petroleum Corp Ltd +107.07%, Adani Ports and Special Economic Zone Lt +80.68%, Adani Enterprises Ltd +79.88%, Wockhardt Ltd +74.77%, Power Finance Corp Ltd +74.67%, Titan Industries Ltd +70.75%, LIC Housing Finance Ltd +67.65%, Cipla Ltd/India +64.95%, Larsen & Toubro Ltd +55.25%, GAIL India Ltd +54.17%,

    While worst stocks YTD included Jaiprakash Associates Ltd -41.61%, Jindal Steel & Power Ltd -38.13%, DLF Ltd -26.01%, Reliance Communications Ltd -18.75%, Cairn India Ltd -11.95%, United Breweries Ltd -8.69%, Mahindra & Mahindra Financial Services L -7.14%, Idea Cellular Ltd -4.35%, Wipro Ltd 2.47%, Reliance Power Ltd 4.59%,
    In terms of sector performance last month the best sectors included Industrials +12.3%, Utilities +10.4%, Financials +8.5%,

    While worst sector performance last month showed Technology -3.8%, Health Care 0.0%, Consumer Staples 1.5%,

    YTD the best sectors remain Industrials +53.7%, Health Care +46.4%, Consumer Discretionary +46.2%,
    While the worst sectors are Communications 5.2%, Materials 14.8%, Consumer Staples 15.7%,

    Some Political news headlines for India include:


  • Prakash Javadekar is now MoS (Independent Charge) of ...
  • Dr. Jitender Singh Assumes Charge of Ministry for Development of ...
  • Cabinet Expansion: Manohar Parrikar gets Defence, Harsh Vardhan ...
  • Prakash Javadekar is now MoS (Independent Charge) of ...
  • Modi Cabinet rejig: Manohar Parrikar new Defence Minister, Suresh ...
  • Modi Cabinet portfolios announced, Manohar Parrikar gets Defence ...
  • Will soon reopen closed galleries at National Museum: Union ...
  • Shripad Naik's demotion: Son vents frustration on Facebook
  • Modi Cabinet rejig: Manohar Parrikar new Defence Minister, Suresh ...
  • Prakash Javadekar is now MoS (Independent Charge) of ...
  • India Reaches Breakthrough With US on Global Trade Pact
  • Union Commerce & Industry Minister Smt Nirmala Sitaraman ...
  • Clarity on coal e-auction process by November end: Piyush Goyal
  • Piyush Goyal bats for SAARC power grid
  • Piyush Goyal Inaugurates Global Energy Technology Summit
  • Women & Child Development Minister Maneka Gandhi to launch Bal ...
  • Change in mindset needed to tackle female foeticide: Maneka Gandhi
  • BJP distances itself from Maneka's letter to Jayalalithaa
  • Water Resources ministry joins Facebook
  • Inter-linking of rivers to be completed in a decade: Uma Bharati
  • Team Modi's New Ministers
  • Union urban development minister M Venkaiah Naidu adopts ...
  • M. Venkaiah Naidu makes a Commitment to Support APMCHUD in ...
  • National housing scheme named after Sardar Vallabhbhai Patel
  • Australian Delegation Calls on Tribal Affairs Minister Jual Oram
  • Union Tribal Affairs Minister Jual Oram on Chilika cleaning
  • Jual Oram Launches Vanbandhu Kalyan Yojana Meeting of the ...
  • Government mulls increase in import duty on steel: Narendra Singh ...
  • Steel Minister presented with dividend of '9.72 crore by MECON
  • Government to soon take action to counter steel imports from China
  • Gehlot and Sudarshan Bhagat visit Dilli Haat on 3rd day of ...
  • Ministers of State take charge
  • No invite to Modi for Nehru Event: BJP Slams Congress
  • Nitin Gadkari Visits Palk Strait to Study Alternate Route For ...
  • SAARC Motor Vehicle Agreement will be a Path-breaking ...
  • Union Transport Minister Nitin Gadkari caught on camera riding ...
  • New concerns rise over Burmese treatment of Rohingya Muslims
  • In cabinet rejig, Jaitley gets IB, Gowda loses railways and ...
  • Social News 10/11
  • Ministry plans to use rural job scheme for skill development
  • Alfred Jabu rapped for poor rural growth centres
  • Battling Ebola: Africans 'will win this war'
  • Ministry of Road Transport & Highways Signs MoU with Ministry of ...
  • Nitin Gadkari Reviews Progress of Highway Projects in Uttar ...
  • Indian Minister Gadkari feted by Patanjali Yogpeeth
  • Suresh Prabhu replaces Sadananda Gowda as Indian railway minister
  • Train carrying automobiles flagged off
  • DV Sadananda Gowda paid price for being Mr Clean
  • List of ministers and portfolios of Narendra Modi government
  • The reshuffle starts: Narendra Modi govt replaces Arvind Mayaram ...
  • Narendra Modi's Cabinet: Manohar Parrikar gets Defence, Suresh ...
  • Substantial legislations in Parliament session: Venkaiah Naidu
  • BJP ready to trust all parties but Congress
  • Government to go the extra mile to accomodate opposition ...
  • An open letter to the MHRD, MCA and Panchayati Raj
  • 24 bills to be tabled in next Winter Session
  • Probe into Fund Misuse in Central Scheme
  • Sushma Swaraj says welfare of expatriates is priority
  • Indian foreign minister Sushma Swaraj begins official visit to UAE
  • Indian minister wins support of 'super rich' business persons
  • Dr.Najma Heptulla Inaugurates Office of Maulana Azad National ...
  • Why put two Muslims in minority affairs? Modi should move beyond ...
  • Consultative Committee on Minority Affairs Discusses "Seekho aur ...
  • Government mulls increase in import duty on steel: Narendra Singh ...
  • Labour Minister Sh Narendra Singh Tomar calls for 'balanced ...
  • Government to soon take action to counter steel imports from China
  • New MoS Giriraj Singh assumes charge of Ministry of MSME
  • Giriraj Singh takes charge at MSME ministry
  • MSME Ministry gets ISO Certificate; becomes first
  • Why Sandton residents wanted to get rid of its 'ugly' name
  • National Airport will get better, while Dulles will stay decrepit, for ...
  • More native teachers to lose jobs
  • Sh. Ravi Shankar Prasad Minister of Communications & IT, releases ...
  • It looks like India's going to get a web filter
  • Law Ministry Halts the Fast Track Courts To Put Pendency on Slow ...
  • Labour Minister Sh Narendra Singh Tomar calls for 'balanced ...
  • PM Narendra Modi to chair first meeting of revamped union council ...
  • List of Narendra Modi's ministers
  • Government reforming regulatory bodies governing higher ...
  • India to have National Innovation Initiative in primary and secondary ...
  • Pondicherry University VC under fire over alleged financial ...
  • Today in Pics: Narendra Modi meets President of Myanmar U Thein ...
  • India can't afford to be seen as a 'bureaucratic nightmare': Naidu
  • Complete list: PM Narendra Modi's Cabinet as on November 9
  • Maoists in turmoil but could attack soft targets: Rajnath Singh
  • Maoists down but not out: Rajnath Singh
  • Union Home Minister Rajnath Singh meets Deputy Prime Minister of ...
  • Will Anant Geete quit Modi govt?
  • Team Modi's New Ministers
  • Marred by Sena boycott, Modi inducts 21 faces in ministry expansion
  • Harsh Vardhan relieved from Health Ministry, may hold Delhi ...
  • In cabinet rejig, Jaitley gets IB, Gowda loses railways and ...
  • Jaitley gets I&B, Gowda loses railways and Harshvardhan health ...
  • Finance Minister Arun Jaitley takes additonal charge of the I&B ...
  • Finance Minister Arun Jaitley takes additional charge of Information ...
  • Finance Minister Arun Jaitley vows to amend land acquisition act ...
  • External Affairs Minister Sushma Swaraj seeks increased UAE ...
  • External Affairs Minister Sushma Swaraj to visit UAE
  • External Affairs Minister Sushma Swaraj pays tribute to India ...
  • Capital cost, labour regime, infrastructure are high on FM Arun ...
  • Labour regime, infra high on Arun Jaitley's agenda
  • India needs 440 new helicopters, says Arun Jaitley
  • India to appoint new defence minister in cabinet expansion
  • Arun Jaitley to be the new I&B Minister
  • Sri Lankan Defence Secretary Gotabaya Rajapaksa Meets Defence ...
  • Supply more wheat, State food corporation tells Ram Vilas Paswan
  • Brands pose big challenge for small firms, says Ram Vilas Paswan
  • Ram Vilas Paswan invites European Union to collaborate in quality ...
  • Ravi Shankar Prasad releases Commemorative Postage Stamp to ...
  • Govt to Push for BPOs in Small Towns, Cities: Ravi Shankar Prasad
  • 'Fast, transparent' deals to be Modi government mantra
  • Airports Authority, Pawan Hans to be listed, says Aviation Minister
  • DGCA team to inspect Udaipur airport highly vulnerable to stray ...
  • India releases draft civil aviation policy, seeks to reduce ATF costs ...
  • State ministers fail Modi test
  • Govt has no plans to raise urea prices, says Ananth Kumar
  • Sukhbir Singh Badal hosts Gurupurab function in Delhi
  • Adopt a village: Agriculture Minister Radha Mohan Singh to scientists
  • Agriculture minister Radha Mohan Singh seeks PPP model in ...
  • Centre will revamp FCI, crop insurance: Radha Mohan Singh
  • Pakistan scuttled UN resolution against terrorism: Ajit Kumar Doval
  • NSA Ajit Doval's new status effectively dwarfs many in Cabinet
  • India's National Security Advisor Opens The Munich Security ...
  • 500 Top Australian CEOs Will Attend Prime Minister Narendra ...
  • 'Look East' Policy Now Turned Into 'Act East' Policy: Prime Minister ...
  • After Prime Minister Narendra Modi's Radio Success, Manohar ...
  • Vice President Ansari inaugurates 'Mathrubhumi Delhi Book Fair'
  • Students from JK call on Vice President Ansari
  • Vice commends India for continuos support
  • President Pranab Mukherjee, PM Narendra Modi invited to National ...
  • President Pranab Mukherjee to deliver NIT convocation address on ...
  • Defence forces should cut dependence on imported wares ...
  • Prakash Javadekar is now MoS (Independent Charge) of ...
  • Arun Jaitley is the new I&B Minister
  • Major changes in the New Council of Ministers
  • Prakash Javadekar is now MoS (Independent Charge) of ...
  • Arun Jaitley Takes Charge as Information and Broadcasting Minister
  • Arun Jaitley is the new I&B Minister
  • Piyush Goyal bats for SAARC power grid
  • Piyush Goyal Inaugurates Global Energy Technology Summit
  • Clarity on coal e-auction process by November end: Piyush Goyal
  • Visit of Delegation led by the Minister of State (Independent Charge ...
  • List of Narendra Modi's ministers
  • Existing deep-water gas finds are not eligible for premium: Oil Minister
  • Prakash Javadekar is now MoS (Independent Charge) of ...
  • Cabinet Expansion: Manohar Parrikar gets Defence, Harsh Vardhan ...
  • Execute or be executed: What Modi's cabinet reshuffle means for ...
  • Piyush Goyal bats for SAARC power grid
  • Piyush Goyal Inaugurates Global Energy Technology Summit
  • Clarity on coal e-auction process by November end: Piyush Goyal
  • Prakash Javadekar is now MoS (Independent Charge) of ...
  • Cabinet Expansion: Manohar Parrikar gets Defence, Harsh Vardhan ...
  • Dr. Jitender Singh Assumes Charge of Ministry for Development of ...
  • List of Narendra Modi's ministers
  • Rudy takes charge in 'borrowed space'
  • PM Narendra Modi to chair first meeting of revamped union council ...
  • Prakash Javadekar is now MoS (Independent Charge) of ...
  • Cabinet Expansion: Manohar Parrikar gets Defence, Harsh Vardhan ...
  • General VK Singh takes charge of Statistics Ministry
  • List of Narendra Modi's ministers
  • List of Council of Ministers in Modi's cabinet
  • Narendra Modi hardsells dreams of Varanasi's weavers
  • Shripad Naik's demotion: Son vents frustration on Facebook
  • Dr Mahesh Sharma gets Independent Charge of Tourism & Culture ...
  • Modi Cabinet rejig: Manohar Parrikar new Defence Minister, Suresh ...
  • Narendra Modi Cabinet Expansion Full List: Manohar Parrikar gets ...
  • Cabinet expansion: Portfolio allocations and PM Modi's message
  • Former NSA Chief Hayden Questions Prosecution of New York ...
  • Narendra Modi Cabinet Expansion Full List: Manohar Parrikar gets ...
  • India, US resolve impasse over food security; clear way for WTO deal
  • Kiss of Love - Moral Police listening?
  • Convincing India of inflation risks is Raghuram Rajan's next big fight
  • Bond market expects Raghuram Rajan to cut rates
  • Reserve Bank of India (RBI) governor Raghuram Rajan...
  • Remarks at Diwali Celebration
  • Kerry marks Indian festival of lights
  • Out of the 'darkness': UN War Crimes Commission records hailed as ...
  • Out of the 'darkness': UN War Crimes Commission records go public ...
  • 'India's re-election to UNHRC is endorsement of its position'

    While some economic events and news headlines include:



    Tuesday October 14 2014 India WPI Inflation Falls to New Five-Year Low in September
    Indian annual wholesale price inflation was recorded at 2.38 percent in September of 2014, slowing from a 3.74 percent increase in August. It is the lowest rate since October of 2009, mainly due to a fall in prices of food and petrol.
    Monday October 13 2014 India Consumer Inflation Down to Record Low
    Indian consumer inflation slowed for the second consecutive month to 6.46 percent in September of 2014, from a revised 7.73 percent in August. It is the lowest rate on record mainly driven by lower food prices.
    Tuesday September 30 2014 India Keeps Policy Rate at 8%
    At its September 30th meeting, the Reserve Bank of India left the repo rate on hold at 8 percent, waiting for more evidence that inflation rate is slowing.
  • India 'only major economy' to see improved momentum: OECD
  • Pickup in output, cooling inflation brighten India outlook
  • India waits for Modi to dig economy out of investment hole
  • Reuters Poll - Indias growth pace to pick up as reforms draw ...
  • Government-Run Sterilization Program to Curb Population Growth in ...
  • Deadly sterilization surgeries blamed on India's population control ...
  • India pips China, Bangladesh in apparel exports growth to US for ...
  • Auto parts maker Wheels India to focus on exports to sustain growth
  • India raises tax rates on petrol and diesel
  • OMC stocks slump as govt hikes excise duty on petrol, diesel
  • Indian FX/debt factors to watch - Nov 13

    Companies Reported last month include:



    2014-10-10 Infosys Ltd
    IN
  • Corporates offer to adopt tourist spots, give them a makeover
  • 4 High-Profit Margin Stocks: SouFun Holdings Ltd (NYSE:SFUN ...

    2014-10-17 HCL Technologies Ltd
    IN
  • HCL Tech quarterly profit up 32 percent, shares fall over 9 percent
  • HCL Tech shares drop over 9% on missing revenue forecast

    2014-10-22 Housing Development Finance Corp
    IN
  • India's Sensex Swings After Record Close as Sun Pharma Advances
  • Why We Believe Noah Holdings Is Poised For Success (NOAH)

    2014-10-22 Kotak Mahindra Bank Ltd
    IN
  • Kotak Mahindra Bank surges over 4% on strong Q2 results
  • Kotak Mahindra Bank net profit up 23%

    2014-10-22 Asian Paints Ltd
    IN
  • Asian Paints Q2 net at Rs 347.30 crore
  • Asian Paints Q2 Stand-alone Profit Up 5%

    2014-10-28 Ranbaxy Laboratories Ltd
    IN
  • UPDATE 1-India's Sun Pharma's second quarter profit jumps
  • Sun Pharma Q2 Profit Rises 15% But Lags Estimates

    2014-10-31 Mahindra & Mahindra Ltd
    IN
  • Shares of IT firms surge after Tech Mahindra posts strong results
  • Mahindra Holidays & Resorts Q2 profit at Rs 24.71 crore

    Best Stocks Last Month and News


    Bharat Heavy Electricals Ltd+28.00%
  • Bharat Heavy Electricals Limited recruitment for apprentice posts
    Bank of India+21.66%
  • Reserve Bank of India to remain cautious despite drop in inflation ...
    Rural Electrification Corp Ltd+20.53%
  • Rural Electrification Corporation Ltd to announce Q2 results on Nov ...
    GAIL India Ltd+19.98%
  • GAIL India Limited recruiting for 17 posts
    Power Finance Corp Ltd+18.88%
  • Buy Power Finance Corporation with a target of Rs 253: Vijay ...
    Jaiprakash Associates Ltd+17.77%
  • Jaiprakash Associates reports net loss of Rs106.5 crore in Q2
    United Spirits Ltd+16.01%
  • United Spirits' disclosure offers closer look at deals with UB
    Canara Bank+14.52%
  • Buy Canara Bank, says Sudarshan Sukhani
    Larsen & Toubro Ltd+13.70%
  • India's Larsen & Toubro Profit Rises
    Tata Power Co Ltd+13.62%
  • Tata Power Company Limited

    Worst Stocks Last Month and News


    DLF Ltd -17.63%
  • Should you be worried about the DLF ban?
    Wipro Ltd -7.78%
  • India's Wipro sees rosier end to year as US clients spend
    HCL Technologies Ltd -7.77%
  • HCL Technologies Limited
    Cairn India Ltd -7.25%
  • Cairn India's flagship fields can't produce oil beyond 200000 bpd
    Tata Consultancy Services Ltd -6.29%
  • Tata Consultancy Services Limited
    Wockhardt Ltd -4.99%
  • Wockhardt Q2 Net at Rs 3.63 crore
    Idea Cellular Ltd -4.57%
  • Buy Idea Cellular Ltd with a target of Rs 174: Prakash Gaba
    Mahindra & Mahindra Ltd -4.35%
  • Mahindra Cars and Commercial Vehicles' Prices Increased
    Jindal Steel & Power Ltd -3.83%
  • CBI starts new inquiry against Jindal Steel and Power Limited for ...
    Ultratech Cement Ltd -3.72%
  • UltraTech Cement Limited

    View India Econ Page






    • Korea Performance Snapshot

    Index 1 month Ch%YTD Ch%1 year Ch%
    KOSPI:IND -1.36
    MSCI Korea -3.15-7.35-7.74
    MSCI GEM 1.071.33-1.77
    MSCI BRIC 2.420.87-2.27
    MSCI World 0.622.675.63

    Indexes 1m performance %
    IndexLastChnge
    Borsa Istanbul 100 Index 80579.66 7.44
    MICEX Index 1488.47 5.16
    S&P BSE SENSEX Index 27865.83 4.82
    Hong Kong Hang Seng Index 23998.06 4.64
    Shanghai Stock Exchange Composite Index 2420.18 2.38
    S&P 500 Index 2018.05 2.32
    Nikkei 225 16413.76 2.06
    Dow Jones Industrial Average 17390.52 2.04
    Karachi Stock Exchange KSE100 Index 30376.53 1.81
    Ibovespa Brasil Sao Paulo Stock Exchange Index 54628.60 0.95
    FTSE/JSE Africa All Share Index 49722.88 0.78
    Mexican Stock Exchange Mexican Bolsa IPC Index 45027.52 0.09
    Russian Depositary Index USD 1328.47 -0.71
    Jakarta Stock Exchange Composite Index 5089.55 -1.14
    FTSE 100 Index 6546.47 -1.15
    Korea Stock Exchange KOSPI Index 1964.43 -1.36
    Warsaw Stock Exchange WIG Total Return Index 53949.58 -1.69
    S&P/TSX Composite Index 14613.32 -2.32
    Russian Trading System Cash Index 1091.44 -3.08

    Currencies 1m performance %
    TickerLastChnge
    USDRUB:CUR 43.0095 8.47
    USDNOK:CUR 6.7510 4.89
    USDILs:CUR 3.8000 3.29
    USDSEK:CUR 7.3934 2.54
    USDJPY:CUR 112.3200 2.28
    USDPLN:CUR 3.3757 1.92
    USDCZK:CUR 22.1966 1.85
    USDCOP:CUR 2057.6000 1.62
    USDGBp:CUR 0.6252 1.31
    USDBRL:CUR 2.4778 1.26
    USDPEN:CUR 2.9215 1.08
    USDHRK:CUR 6.1187 1.05
    USDISK:CUR 122.2300 1.03
    USDDKK:CUR 5.9428 0.76
    USDSGD:CUR 1.2855 0.75
    USDLTL:CUR 2.7565 0.75
    USDEUR:CUR 0.7983 0.74
    USDRON:CUR 3.5230 0.63
    USDKRW:CUR 1068.8200 0.60
    USDKWD:CUR 0.2901 0.55
    USDCAD:CUR 1.1266 0.55
    USDTHB:CUR 32.6000 0.47
    USDMXN:CUR 13.4813 0.40
    USDMYR:CUR 3.2895 0.32
    USDPKR:CUR 102.7900 0.23
    USDNZD:CUR 1.2828 0.09
    USDTWD:CUR 30.4540 0.01
    USDSAR:CUR 3.7517 0.01
    USDOMR:CUR 0.3850 0.00
    USDQAR:CUR 3.6414 -0.01
    USDPHP:CUR 44.8800 -0.05
    USDHUF:CUR 246.0000 -0.10
    USDHKD:CUR 7.7550 -0.13
    USDCNY:CUR 6.1130 -0.42
    USDINR:CUR 61.3650 -0.60
    USDIDR:CUR 12085.0000 -0.72
    USDAUD:CUR 1.1366 -1.13
    USDZAR:CUR 11.0395 -2.20
    USDTRY:CUR 2.2229 -2.53
    USDTRL:CUR 2222435.5000 -2.55

    Bond rates 1m performance %
    countryyield1wk1d1m1y
    GREECE7.87%1.44-2+158+6
    PORTUGAL3.20%0.07-11+15-289
    ITALY2.34%0.01-11+2-173
    SWITZERLAND0.44%-0.0200-48
    SPAIN2.07%-0.06-8-4-190
    JAPAN0.45%-0.07-1-7-14
    CANADA2.04%-0.100-4-45
    GERMANY0.84%-0.100-6-85
    FRANCE1.18%-0.10-5-7-97
    NETHERLANDS0.98%-0.10-3-7-105
    HONG KONG1.79%-0.15+1-16-2
    UNITED STATES2.34%-0.16+3-9-29
    NEW ZEALAND3.96%-0.16-1-14-56
    MEXICO (USD)3.35%-0.17-2-8-48
    BRITAIN2.25%-0.17+2-8-40
    AUSTRALIA3.28%-0.18-5-13-78
    SINGAPORE2.27%-0.180-10+5
    SOUTH KOREA2.66%-0.19-3-17-78
    INDIA8.28%-0.21-1-20-40
    BRAZIL (USD)4.00%-0.320-23-20

    Commodities 1m performance %
    nameunitsPriceChng
    CBOT SOYBEAN MEALUSD/ST389.0030.84
    CBOT CORNUSD/BU.376.7518.10
    CBOT SOYBEANSUSD/BU.1049.2515.30
    TOCOM RUBBERJPY/KG200.7013.78
    CBOT WHEATUSD/BU.532.5012.46
    ICE CANOLACAD/MT439.0011.39
    CME ETHANOLUSD/GAL.1.7410.83
    ICE ECX EMISSIONSEUR/MT6.358.73
    CBOT SOYBEAN OILUSD/LB.34.807.08
    ICE COTTON #2USD/LB.64.455.34
    PALLADIUM SPOTUSD/T OZ.792.472.72
    CME LIVE CATTLEUSD/LB.166.051.53
    CBOT OATSUSD/BU.336.250.30
    JAPANESE YEN SPOTJPY/T OZ.131776.28-0.58
    TOCOM GOLDJPY/G4226.00-0.82
    BRITISH POUND SPOTGBP/T OZ.738.29-0.89
    EURO SPOTEUR/T OZ.936.83-2.07
    ICE SUGAR #11USD/LB.16.04-2.49
    CME LUMBERUSD/TBF324.10-2.73
    ICE COFFEE "C"USD/LB.188.00-2.77
    JAPANESE YEN SPOTJPY/T OZ.1815.49-2.83
    TOCOM SILVERJPY/G58.20-2.84
    GOLD SPOTUSD/T OZ.1172.94-2.85
    CME FEEDER CATTLEUSD/LB.228.48-2.86
    COMEX GOLDUSD/T OZ.1171.60-3.00
    INDIAN RUPEE SPOTINR/T OZ.72072.81-3.32
    PLATINUM SPOTUSD/T OZ.1236.50-3.51
    CBOT ROUGH RICEUSD/CWT12.29-3.76
    BRITISH POUND SPOTGBP/T OZ.10.10-3.81
    ICE ORANGE JUICE CONCUSD/LB.138.85-4.08
    EURO SPOTEUR/T OZ.12.91-4.23
    US DOLLAR SPOTUSD/T OZ.16.16-5.05
    COMEX SILVERUSD/T OZ.16.11-5.18
    INDIAN RUPEE SPOTINR/T OZ.992.01-5.58
    NYMEX HEATING OILUSD/GAL.251.09-5.73
    NYMEX NATURAL GASUSD/MMBTU3.87-6.52
    CME LEAN HOGSUSD/LB.88.03-6.60
    TOCOM CRUDE OILJPY/KL60550.00-7.77
    ICE GASOILUSD/MT741.25-7.86
    TOCOM KEROSENEJPY/KL72480.00-8.82
    CRUDE OIL (BRENT)USD/BBL.85.86-9.59
    CRUDE OIL (WTI)USD/BBL.80.54-12.01
    ICE COCOAUSD/MT2893.00-12.33
    RBOB GASOLINEUSD/GAL.218.50-15.54

    Best Stocks 1m %
    stockcountrytickernamestockcurrentch
    SK051900:KSLG Household & Health Care Ltd62300023.61
    SK011200:KSHyundai Merchant Marine Co Ltd1150021.18
    SK088350:KSHanwha Life Insurance Co Ltd821018.30
    SK096770:KSSK Innovation Co Ltd8750014.38
    SK016360:KSSamsung Securities Co Ltd4780014.22
    SK105560:KSKB Financial Group Inc4200012.45
    SK036570:KSNCSoft Corp14700011.36
    SK000080:KSHite Jinro Co Ltd2645010.90
    SK032830:KSSamsung Life Insurance Co Ltd11650010.43
    SK010140:KSSamsung Heavy Industries Co Ltd260509.92

    Worst Stocks 1m %
    stockcountrytickernamestockcurrentch
    SK010620:KSHyundai Mipo Dockyard75900-35.13
    SK010060:KSOCI Co Ltd92000-28.13
    SK011070:KSLG Innotek Co Ltd84500-27.78
    SK009540:KSHyundai Heavy Industries Co Ltd99200-25.41
    SK030000:KSCheil Worldwide Inc16700-22.86
    SK006360:KSGS Engineering & Construction Corp28100-19.48
    SK051910:KSLG Chem Ltd200000-19.35
    SK004800:KSHyosung Corp63500-16.99
    SK000720:KSHyundai Engineering & Construction Co Lt48550-16.44
    SK086280:KSHyundai Glovis Co Ltd266000-16.22

    Best Stocks YTD %
    stockcountrytickernamestockcurrentch
    SK002790:KSAMOREPACIFIC Group1183000156.06
    SK090430:KSAmorepacific Corp2300000130.23
    SK034730:KSSK C&C Co Ltd24250079.63
    SK012630:KSHyundai Development Co-Engineering & Con4035075.82
    SK010520:KSHyundai Hysco Co Ltd6960067.71
    SK001040:KSCJ Corp17400049.36
    SK001740:KSSK Networks Co Ltd1095045.23
    SK047810:KSKorea Aerospace Industries Ltd4130042.66
    SK097950:KSCJ CheilJedang Corp39100041.92
    SK015760:KSKorea Electric Power Corp4645034.25

    Worst Stocks YTD %
    stockcountrytickernamestockcurrentch
    SK009540:KSHyundai Heavy Industries Co Ltd99200-61.25
    SK010620:KSHyundai Mipo Dockyard75900-56.63
    SK010060:KSOCI Co Ltd92000-51.83
    SK042660:KSDaewoo Shipbuilding & Marine Engineering18300-47.26
    SK010950:KSS-Oil Corp40650-45.22
    SK009830:KSHanwha Chemical Corp12150-43.36
    SK036570:KSNCSoft Corp147000-41.08
    SK030000:KSCheil Worldwide Inc16700-39.16
    SK012450:KSSamsung Techwin Co Ltd32800-39.03
    SK096770:KSSK Innovation Co Ltd87500-38.16

    Sector Performance 1m %
    NameSectorch
    Financials3.2
    Energy2.5
    Consumer Staples0.8
    Technology-0.4
    Consumer Discretionary-4.3
    Industrials-5.3
    Utilities-6.4
    Communications-7.2
    Materials-7.4
    Health Care-9.3

    Sector Performance YTD %
    NameSectorch
    Consumer Staples40.4
    Financials8.1
    Technology7.0
    Utilities4.6
    Health Care2.2
    Consumer Discretionary0.6
    Materials-7.9
    Communications-9.6
    Energy-15.4
    Industrials-17.2

    Table of Contents


    GEM View Stance
    Sectors Stance
    Russia Stance
         Russia Valuations
         Russia Top Stock Picks
         Russia Top Bond Picks
         Russia Last Month Performance Review

    Brazil Stance
         Brazil Valuations
         Brazil Top Stock Picks
         Brazil Top Bond Picks
         Brazil Last Month Performance Review

    China Stance
         China Valuations
         China Top Stock Picks
         China Top Bond Picks
         China Last Month Performance Review

    South Africa Stance
         South Africa Valuations
         South Africa Top Stock Picks
         South Africa Top Bond Picks
         South Africa Last Month Performance Review

    India Stance
         India Valuations
         India Top Stock Picks
         India Top Bond Picks
         India Last Month Performance Review

    Korea Stance
         Korea Valuations
         Korea Top Stock Picks
         Korea Top Bond Picks
         Korea Last Month Performance Review

    Turkey Stance
         Turkey Valuations
         Turkey Top Stock Picks
         Turkey Top Bond Picks
         Turkey Last Month Performance Review


















    Korea


    Our Stance

    Korea just like other energy importers Turkey, India and China has benefited from drop in oil prices. If the drop proves sustainable during the 4th quarter, Korea is likely to benefit. Its already strong net export position could be further strengthened on the back of lower oil prices and that can boost economic growth via increasing net exports. Yet Koreans are quite leveraged while won has strengthened this year relative to yen puting Korea into some disadvantage. Still Republic of Korea is among countries with highest economic growth expectations on the emerging markets. Although overall these expectations are far smaller now. Korea is in the monetary easing mode. It has already reduced its base rate this year by 50 btps to 2%. There could be further rate cuts by BOK. We favor consumer staples, financials as well as technology sectors.

    Valuations


    Korea Valuations
    SectorSector MCap mn$Sector Mcap % in TotalPE 2014EGEM PE 2014EEst EPS Growth 14GEM EPS Growth
    Technology269688.630.8310.814.27.611.7
    Consumer Discretionary142962.416.349.717.08.712.3
    Financials135533.215.4913.210.357.615.1
    Materials71792.28.2115.116.318.648.5
    Consumer Staples63578.67.2727.726.215.916.7
    Communications61166.86.9925.121.526.016.6
    Industrials60886.06.9616.917.612.612.7
    Utilities31990.33.6611.013.320.512.8
    Energy13063.91.4916.39.91865.326.0
    Health Care5835.80.67-0.028.918.7

    Stock Picks for November

    CompanyPEROEDiv YieldChange YearPBPSNet Margin1m Change %

    SK Hynix Inc(Long)

    		9.125.4-%+47.44%2.32.224.52.3
  • SK Hynix Q3 profit at record high on firm chip demand
  • SK hynix develops world's highest density backup memory chip

    • Daewoo Securities Co Ltd(Long)

    		23.74.0-%+18.38%0.92.811.88.2
  • BOK Seen Signaling Easing as Rate-Cut Bets Mount: Korea Markets
  • Scorpio Tankers Inc. Announces a 20% Increase to Its Quarterly ...

    • Coway Co Ltd(Long)

    		24.028.91.92%+46.59%6.93.012.5-2.9
  • Coway to invest more than RM1b
  • Coway mahu raih RM3.27b di Asia Tenggara

    • Samsung Card Co Ltd(Long)

    		13.16.81.44%+27.52%0.91.813.7-8.4
  • Samsung Card, KCC to sell shares in Samsung's Cheil IPO
  • New Galaxy S6 Concept With Premium Unibody Chassis

    • Samsung Fire & Marine Insurance Co Ltd(Long)

    		14.89.40.94%+20.52%1.40.74.62.9
  • Samsung Group heir apparent seeks small stakes in insurance ...
  • 李在镕正夯实对三星集团的控制

    • Hyundai Development Co-Engineering & Con(Short)

    		27.14.70.13%+61.30%1.30.62.2-4.8

    Hyundai Securities Co Ltd(Short)

    		312.00.1-%+27.04%0.51.30.43.3
  • Asian Stocks Heading for Week High as China Shares Climb
  • Emerging Stocks Rise as Chinese Shares Gain While Won Weakens

    • Daelim Industrial Co Ltd(Short)

    		33.31.60.13%-23.60%0.50.30.8-4.7
  • ETFE Market and Polyisobutylene Industry (Butyl Rubber) Global ...
  • Brunei River water deteriorates, Korean experts offer assistance

    • S-Oil Corp(Short)

    		153.70.62.56%-45.83%0.90.10.1-2.8
  • Grants to help new Muncie park, canning exhibit
  • South Korea's S-Oil offers up to 12 mln bbls diesel for 2015

    • GS Engineering & Construction Corp(Short)

    		71.40.8-%-10.09%0.60.10.2-19.5
  • Eight-home development gains approval in Howell
  • GS seeks to expand in Indonesia

    • Bond Picks

    Corporate Eurobonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    EXPORT-IMPORT BANK OF KOREA 21108.64.38USDSep 15, 20215.932.97-0.201.20
  • Export-Import Bank of Korea Incurs Huge Losses from Fund ...
    • EXPORT-IMPORT BANK OF KOREA 21108.64.38USDSep 15, 20215.932.97-0.201.20
  • Export-Import Bank of Korea Incurs Huge Losses from Fund ...
    • EXPORT-IMPORT BANK OF KOREA 17105.34.00USDJan 11, 20172.081.520.03-0.30
  • South Korean Phone Maker Pantech Files Bankruptcy in U.S.
    • EXPORT-IMPORT BANK OF KOREA 17105.34.00USDJan 11, 20172.081.520.03-0.30
  • South Korean Phone Maker Pantech Files Bankruptcy in U.S.
    • KOREA DEVELOPMENT BANK (THE) 17105.33.88USDMay 4, 20172.391.700.04-0.30
  • DIARY - Emerging Markets Economic Events to Nov 25

    • Local Currency Bonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    KOREA MONETARY STABILIZATION BOND 150.092.74KRWFeb 2, 20150.242.02-0.20-0.01
  • Markets Live: Fourth week of gains
    • KOREA MONETARY STABILIZATION BOND 150.092.74KRWFeb 2, 20150.242.02-0.20-0.01
  • Markets Live: Fourth week of gains
    • KOREA (REPUBLIC OF) 310.114.00KRWDec 10, 203112.502.83-0.340.00
  • U.S. Should Talk to North Korea, Whoever Is in Charge
    • KOREA (REPUBLIC OF) 310.114.00KRWDec 10, 203112.502.83-0.340.00
  • U.S. Should Talk to North Korea, Whoever Is in Charge
    • KOREA (REPUBLIC OF) 160.094.00KRWMar 10, 20161.302.07-0.21-0.01
  • South Korea kills BAE Systems F-16 upgrade programme

    • Korea Last Month Review



    Korea KOSPI:IND Index lost-1.36% last month. To finish the month at 1964.43

    MSCI Korea Index lost-3.15% last month. Its overall down -7.35% since the beginning of the year.

    At the same time MSCI Emerging Markets Index up 1.07% last month and is up 1.33% YTD.

    KRW last month lost -0.6% against US dollar. To finish the month at 1068.8200 per USD.

    While Brent oil price last month lost -9.59%. To finish the month at 85.86 $/bbl.

    Best stocks last month in Korea included LG Household & Health Care Ltd +23.61%, Hyundai Merchant Marine Co Ltd +21.18%, Hanwha Life Insurance Co Ltd +18.30%, SK Innovation Co Ltd +14.38%, Samsung Securities Co Ltd +14.22%, KB Financial Group Inc +12.45%, NCSoft Corp +11.36%, Hite Jinro Co Ltd +10.90%, Samsung Life Insurance Co Ltd +10.43%, Samsung Heavy Industries Co Ltd +9.92%, .

    Worst stocks last month included Hyundai Mipo Dockyard -35.13%, OCI Co Ltd -28.13%, LG Innotek Co Ltd -27.78%, Hyundai Heavy Industries Co Ltd -25.41%, Cheil Worldwide Inc -22.86%, GS Engineering & Construction Corp -19.48%, LG Chem Ltd -19.35%, Hyosung Corp -16.99%, Hyundai Engineering & Construction Co Lt -16.44%, Hyundai Glovis Co Ltd -16.22%,

    Best stocks YTD included AMOREPACIFIC Group +156.06%, Amorepacific Corp +130.23%, SK C&C Co Ltd +79.63%, Hyundai Development Co-Engineering & Con +75.82%, Hyundai Hysco Co Ltd +67.71%, CJ Corp +49.36%, SK Networks Co Ltd +45.23%, Korea Aerospace Industries Ltd +42.66%, CJ CheilJedang Corp +41.92%, Korea Electric Power Corp +34.25%,

    While worst stocks YTD included Hyundai Heavy Industries Co Ltd -61.25%, Hyundai Mipo Dockyard -56.63%, OCI Co Ltd -51.83%, Daewoo Shipbuilding & Marine Engineering -47.26%, S-Oil Corp -45.22%, Hanwha Chemical Corp -43.36%, NCSoft Corp -41.08%, Cheil Worldwide Inc -39.16%, Samsung Techwin Co Ltd -39.03%, SK Innovation Co Ltd -38.16%,
    In terms of sector performance last month the best sectors included Financials +3.2%, Energy +2.5%, Consumer Staples +0.8%,

    While worst sector performance last month showed Health Care -9.3%, Materials -7.4%, Communications -7.2%,

    YTD the best sectors remain Consumer Staples +40.4%, Financials +8.1%, Technology +7.0%,
    While the worst sectors are Industrials -17.2%, Energy -15.4%, Communications -9.6%,

    Some Political news headlines for Korea include:


  • Czech second-pillar pension system to close by January 2016
  • Wisut, Amnuay up for cabinet
  • Social News 13/11
  • Deputy Prime Minister Denies Responsibility for Takeover of Harvest
  • Korea Development Institute Opposes Choinomics
  • Finance minister urges fresh investment to overcome economic ...
  • Prime minister says N. Korea's attitude not understandable
  • Finnish PM to visit Seoul next week
  • NZ, South Korea free-trade agreement looks imminent
  • Park Geun-hye Supports China's FTAAP Initiative
  • Li Keqiang Meets with President Park Geun-hye of the Republic of ...
  • Korean President Park Geun-Hye says PyeongChang 2018 will be ...
  • Have a Meal with K-food (MAFRA ? Ministry of Agriculture, Food and ...
  • 2014 Korean Popular Culture and Arts Awards recipients revealed
  • Vietnam ministry blocks controversial cable car to world's largest cave
  • Ministry reshuffle angers sports community
  • Woman jailed for defrauding Ministry of Education
  • How Israel's Ministry of Education Spends State Funds
  • UNATU lashes at UNEB and ministry of Education
  • S. Korea, China to discuss ways to cut fine dust
  • Mexico Will Host COP-13 Conference
  • Governments Vow To Double Biodiversity Finance And Expand ...
  • Remarks With Republic of Korea Foreign Minister Yun Byung-se ...
  • Foreign Minister Wang Yi Meets with Foreign Minister Yun Byung-se ...
  • Foreign ministers of Japan, China and South Korea to hold talks by ...
  • Convention of Asia-Pacific women's associations opens in Seoul
  • Gov't to go migrant-friendly
  • Korea plans to focus on medical tourism
  • Korea to Send Healthcare Workers to Help Fight Ebola (Ministry for ...
  • Daugiau kaip puse elektros energijos LESTO ?iemet isigis bir?oje ...
  • Public figures lend support to WeAJa auction
  • Trial of Japan reporter for 'defamation' in S. Korea to begin Nov. 13
  • Gov't accused of cyber snooping
  • Brittin ACF Seoul Man
  • US, South Korea Delay Transfer of Wartime Control
  • Minister says North has tech for uranium bomb
  • Joint Statement of the 2014 United States - Republic of Korea ...
  • Gov't Ends Search for Ferry Disaster Victims
  • Captain in South Korea Ferry Tragedy Sentenced to 36 Years in ...
  • Government ends search for Sewol victims
  • ICT Minister Choi Confident of S. Korea's Successful Hosting of ...
  • ITU praises Belarus' efforts to promote ICT
  • S. Korean elected as head of ITU Standardization Bureau
  • Uncivilized civil servants
  • Gov't urgent on pension reforms by end of year
  • WeAJa gets a presidential donation
  • Jobless rate is really over 10%
  • Korea Development Institute Opposes Choinomics
  • Yen Advances Amid Denials Abe to Delay Sales Tax Increase
  • Ankara to host foreign ministers at Int. energy congress
  • Biz Bites: Corning Inc. CEO receives award in Korea
  • South Korea and China reach �effective conclusion� on FTA
  • Lippert vows close cooperation with unification ministry
  • South Korean Unification Minister On Advice From Germany ...
  • S. Korea launches education center for reunification
  • LG firms under anti-trust probe
  • KB board members refuse to quit
  • KB outside directors urged to quit
  • Banks need less gov't oversight, more expansion
  • Mobile industry called on carpet
  • Companies chided for not complying with telecom Act
  • KCC urges consumer patience over subsidy act
  • International watchdog holding off its rating of Human Rights ...
  • [Editorial] President's fitness equipment says something about ...
  • Blue House finally specifies Pres. Park's �missing seven hours�
  • Domestic politics in South Korea
  • North Korea's No. 2 official visits South for highest level face-to-face ...
  • North Korea Newsletter 332 (Oct. 2, 2014)
  • Bank of Korea Keeps Rate Unchanged as Lee Weighs Weak Yen
  • Bank of Korea keeps policy steady in Nov, dims rate cut outlook
  • Bank of Korea Governor Emphasizes Financial Cooperation among ...
  • New Ambassador to Korea Sworn In
  • [Newsmaker] New U.S. envoy faces daunting challenges
  • S. Korea, US sign MOU on housing cooperation
  • After Eritrea Monitor Resigns, UN Spox Cites Letterhead, No ...
  • Proposed UN resolution on N. Korea unlikely to pass through UN ...
  • The stateless Kurds are right about radical Islam, but the west is too ...

    While some economic events and news headlines include:



    Monday November 03 2014 South Korea Inflation Rate Edges Up in October
    South Korean annual inflation rate accelerated for the first time in five months to 1.2 percent in October of 2014 from 1.1 percent in the previous month. On a monthly basis, consumer prices fell for the second straight month.
    Saturday November 01 2014 South Korea Trade Surplus at Record High in October
    In October of 2014, South Korean trade surplus increased sharply to USD 7.50 billion from USD 4.87 billion a year earlier, boosted by increased demand from the US and China. Enjoying the black balance since February of 2012, the country saw the latest trade surplus is the largest in history.
    Friday October 24 2014 South Korean Economy Slows in Q3
    South Korean GDP advanced 3.2 percent year-on-year in the third quarter of 2014, down from a 3.5 percent expansion in the previous period. It is the weakest performance in five quarters as exports and facilities investment slowed sharply.
    Friday October 24 2014 South Korea GDP Expands 0.9% QoQ in Q3
    The South Korean economy advanced 0.9 percent on quarter in the three months to September compared with a 0.5 percent expansion in the previous period and due to a rebound in private consumption and higher construction investment.
    Wednesday October 15 2014 South Korea Jobless Rate Stable at 3.5% in September
    In September of 2014, South Korean seasonally adjusted unemployment rate was recorded at 3.5 percent, unchanged from the previous month, but higher than 3.0 percent a year earlier.
    Wednesday October 15 2014 South Korea Cuts Base Rate to Record Low at 2%
    At its October 15th meeting, South Korean Monetary Policy Committee lowered the base rate by 25 basis points to 2.0 percent to boost the country�s economic growth. It is the second rate cut in the last three months, bringing the policy rate to a record low.
    Wednesday October 01 2014 South Korea Inflation Continues to Slow in September
    South Korean annual inflation eased to 1.10 percent in September of 2014 from 1.40 percent in the previous month, and below market expectations. The rate was the slowest in the last seven months, helped by stable prices of food and healthcare services.
  • South Korea's Economic Growth Picks Up in Third Quarter
  • South Korea's Confused Growth Plan
  • [Herald Interview] 'Korea to step up investment in green technology'
  • Grand Central: BOE Needs Faster Wage Growth to Hit Target
  • Job growth in South Korea falls to 4-month low
  • Four Ds of South Korea's modern history
  • South Korea Sustains Growth in Exports to China in October
  • NEDA statement: PHL's 15.7% exports growth in Sept. leads East ...
  • Hockey not panicked by revenue fall
  • Denis Napthine: Why I am the man to lead our great state
  • Household debt soars by $462 billion in October

    Companies Reported last month include:



    2014-10-14 E-Mart Co Ltd
    SK


    2014-10-17 KT&G Corp
    SK
  • Earnings Analysis - Altria Group (MO)
  • (2nd LD) KT&G net up 198 pct in Q3 on strong sales

    2014-10-23 Daewoo Engineering & Construction Co Ltd
    SK
  • Scorpio Tankers Inc. Announces a 20% Increase to Its Quarterly ...
  • Teekay LNG Partners Reports Third Quarter 2014 Results

    2014-10-24 Hyundai Steel Co
    SK
  • Market Open: Traders await European consumer price data
  • S. Korea Economic Growth Picks Up on Consumption Rebound

    2014-10-24 POSCO
    SK
  • POSCO posts highest profit in five quarters on low iron ore costs
  • Posco Profit Plunges on Currency Loss, Dip in Steel Demand

    2014-10-24 Korean Air Lines Co Ltd
    SK
  • Dita De Boni: The yawning rich-poor Oz divide
  • BUSINESS IN BRIEF 13/11

    2014-10-29 SK Telecom Co Ltd
    SK
  • SK Telecom Q3 Earnings amp; Revenues Grow on LTE Strength
  • SK Telecom Q3 Earnings amp; Revenues Grow on LTE Strength

    2014-10-29 Korea Zinc Co Ltd
    SK
  • Asian Markets Mixed As Traders Look Ahead To Fed Policy
  • Nifty attains record closing high

    2014-10-29 Doosan Corp
    SK
  • ORBCOMM (ORBC) CEO Marc Eisenberg on Q3 2014 Results ...
  • ORBCOMM (ORBC) CEO Marc Eisenberg on Q3 2014 Results ...

    2014-10-29 Yuhan Corp
    SK
  • Yuhan Corp. to Be Listed One Tril. Won Club First among Korean ...

    2014-10-30 Samsung Fire & Marine Insurance Co Ltd
    SK
  • Illegal work in the Coromandel leads to $1800 fine
  • NYSE to take back policing duties from Wall Street watchdog

    2014-10-31 Dongbu Insurance Co Ltd
    SK
  • AM Best Upgrades Issuer Credit Rating of Dongbu Insurance Co., Ltd.

    2014-10-31 Hyundai Marine & Fire Insurance Co Ltd
    SK
  • What lurks beneath the waves

    Best Stocks Last Month and News


    LG Household & Health Care Ltd+23.61%
  • LG Household to acquire local cosmeceuticals maker CNP Cosmetics
    Hyundai Merchant Marine Co Ltd+21.18%
  • TSA to develop new guidelines for low-sulfur fuel
    Hanwha Life Insurance Co Ltd+18.30%

    SK Innovation Co Ltd+14.38%
  • S Korean refiners considering legal action over OW Bunker losses
    Samsung Securities Co Ltd+14.22%
  • Neuberger Berman Announces Partnership With Samsung ...
    KB Financial Group Inc+12.45%
  • Thursday Trending Tickers: Eaton Corporation plc (ETN), KB ...
    NCSoft Corp+11.36%
  • Korean game designer raises US$100 million from LINE Tencent ...
    Hite Jinro Co Ltd+10.90%
  • Myth and Truth in East Asia part 2
    Samsung Life Insurance Co Ltd+10.43%
  • Samsung heir apparent moves to tighten grip on group firms
    Samsung Heavy Industries Co Ltd+9.92%
  • Samsung heir apparent moves to tighten grip on group firms

    Worst Stocks Last Month and News


    Hyundai Mipo Dockyard -35.13%
  • Clean Marine wins Hyundai Mipo deal for EGCS tanker installation
    OCI Co Ltd -28.13%
  • OCI Seeks Listing Construction Business in Egypt and UAE
    LG Innotek Co Ltd -27.78%
  • Global Light Weapons Market Growing at a CAGR of 4.48% from ...
    Hyundai Heavy Industries Co Ltd -25.41%
  • The Contracts for LNG Tankers Built by Hyundai Heavy Industries ...
    Cheil Worldwide Inc -22.86%
  • /C O R R E C T I O N -- McKinney/
    GS Engineering & Construction Corp -19.48%
  • SOCAR specifies terms of completion of refinery construction in Turkey
    LG Chem Ltd -19.35%
  • LG Chem breaks ground for EV battery plant in China
    Hyosung Corp -16.99%
  • Hyosung to sell packaging unit to Standard Chartered PE for 415 bln ...
    Hyundai Engineering & Construction Co Lt -16.44%
  • Hyundai Earns REmmy Award For All-New American Headquarters
    Hyundai Glovis Co Ltd -16.22%
  • Markets - Firming rates give cause for optimism

    View Korea Econ Page






    • Turkey Performance Snapshot

    Index 1 month Ch%YTD Ch%1 year Ch%
    XU100:IND 7.44
    MSCI Turkey 10.4515.60-5.86
    MSCI GEM 1.071.33-1.77
    MSCI BRIC 2.420.87-2.27
    MSCI World 0.622.675.63

    Indexes 1m performance %
    IndexLastChnge
    Borsa Istanbul 100 Index 80579.66 7.44
    MICEX Index 1488.47 5.16
    S&P BSE SENSEX Index 27865.83 4.82
    Hong Kong Hang Seng Index 23998.06 4.64
    Shanghai Stock Exchange Composite Index 2420.18 2.38
    S&P 500 Index 2018.05 2.32
    Nikkei 225 16413.76 2.06
    Dow Jones Industrial Average 17390.52 2.04
    Karachi Stock Exchange KSE100 Index 30376.53 1.81
    Ibovespa Brasil Sao Paulo Stock Exchange Index 54628.60 0.95
    FTSE/JSE Africa All Share Index 49722.88 0.78
    Mexican Stock Exchange Mexican Bolsa IPC Index 45027.52 0.09
    Russian Depositary Index USD 1328.47 -0.71
    Jakarta Stock Exchange Composite Index 5089.55 -1.14
    FTSE 100 Index 6546.47 -1.15
    Korea Stock Exchange KOSPI Index 1964.43 -1.36
    Warsaw Stock Exchange WIG Total Return Index 53949.58 -1.69
    S&P/TSX Composite Index 14613.32 -2.32
    Russian Trading System Cash Index 1091.44 -3.08

    Currencies 1m performance %
    TickerLastChnge
    USDRUB:CUR 43.0095 8.47
    USDNOK:CUR 6.7510 4.89
    USDILs:CUR 3.8000 3.29
    USDSEK:CUR 7.3934 2.54
    USDJPY:CUR 112.3200 2.28
    USDPLN:CUR 3.3757 1.92
    USDCZK:CUR 22.1966 1.85
    USDCOP:CUR 2057.6000 1.62
    USDGBp:CUR 0.6252 1.31
    USDBRL:CUR 2.4778 1.26
    USDPEN:CUR 2.9215 1.08
    USDHRK:CUR 6.1187 1.05
    USDISK:CUR 122.2300 1.03
    USDDKK:CUR 5.9428 0.76
    USDSGD:CUR 1.2855 0.75
    USDLTL:CUR 2.7565 0.75
    USDEUR:CUR 0.7983 0.74
    USDRON:CUR 3.5230 0.63
    USDKRW:CUR 1068.8200 0.60
    USDKWD:CUR 0.2901 0.55
    USDCAD:CUR 1.1266 0.55
    USDTHB:CUR 32.6000 0.47
    USDMXN:CUR 13.4813 0.40
    USDMYR:CUR 3.2895 0.32
    USDPKR:CUR 102.7900 0.23
    USDNZD:CUR 1.2828 0.09
    USDTWD:CUR 30.4540 0.01
    USDSAR:CUR 3.7517 0.01
    USDOMR:CUR 0.3850 0.00
    USDQAR:CUR 3.6414 -0.01
    USDPHP:CUR 44.8800 -0.05
    USDHUF:CUR 246.0000 -0.10
    USDHKD:CUR 7.7550 -0.13
    USDCNY:CUR 6.1130 -0.42
    USDINR:CUR 61.3650 -0.60
    USDIDR:CUR 12085.0000 -0.72
    USDAUD:CUR 1.1366 -1.13
    USDZAR:CUR 11.0395 -2.20
    USDTRY:CUR 2.2229 -2.53
    USDTRL:CUR 2222435.5000 -2.55

    Bond rates 1m performance %
    countryyield1wk1d1m1y
    GREECE7.87%1.44-2+158+6
    PORTUGAL3.20%0.07-11+15-289
    ITALY2.34%0.01-11+2-173
    SWITZERLAND0.44%-0.0200-48
    SPAIN2.07%-0.06-8-4-190
    JAPAN0.45%-0.07-1-7-14
    CANADA2.04%-0.100-4-45
    GERMANY0.84%-0.100-6-85
    FRANCE1.18%-0.10-5-7-97
    NETHERLANDS0.98%-0.10-3-7-105
    HONG KONG1.79%-0.15+1-16-2
    UNITED STATES2.34%-0.16+3-9-29
    NEW ZEALAND3.96%-0.16-1-14-56
    MEXICO (USD)3.35%-0.17-2-8-48
    BRITAIN2.25%-0.17+2-8-40
    AUSTRALIA3.28%-0.18-5-13-78
    SINGAPORE2.27%-0.180-10+5
    SOUTH KOREA2.66%-0.19-3-17-78
    INDIA8.28%-0.21-1-20-40
    BRAZIL (USD)4.00%-0.320-23-20

    Commodities 1m performance %
    nameunitsPriceChng
    CBOT SOYBEAN MEALUSD/ST389.0030.84
    CBOT CORNUSD/BU.376.7518.10
    CBOT SOYBEANSUSD/BU.1049.2515.30
    TOCOM RUBBERJPY/KG200.7013.78
    CBOT WHEATUSD/BU.532.5012.46
    ICE CANOLACAD/MT439.0011.39
    CME ETHANOLUSD/GAL.1.7410.83
    ICE ECX EMISSIONSEUR/MT6.358.73
    CBOT SOYBEAN OILUSD/LB.34.807.08
    ICE COTTON #2USD/LB.64.455.34
    PALLADIUM SPOTUSD/T OZ.792.472.72
    CME LIVE CATTLEUSD/LB.166.051.53
    CBOT OATSUSD/BU.336.250.30
    JAPANESE YEN SPOTJPY/T OZ.131776.28-0.58
    TOCOM GOLDJPY/G4226.00-0.82
    BRITISH POUND SPOTGBP/T OZ.738.29-0.89
    EURO SPOTEUR/T OZ.936.83-2.07
    ICE SUGAR #11USD/LB.16.04-2.49
    CME LUMBERUSD/TBF324.10-2.73
    ICE COFFEE "C"USD/LB.188.00-2.77
    JAPANESE YEN SPOTJPY/T OZ.1815.49-2.83
    TOCOM SILVERJPY/G58.20-2.84
    GOLD SPOTUSD/T OZ.1172.94-2.85
    CME FEEDER CATTLEUSD/LB.228.48-2.86
    COMEX GOLDUSD/T OZ.1171.60-3.00
    INDIAN RUPEE SPOTINR/T OZ.72072.81-3.32
    PLATINUM SPOTUSD/T OZ.1236.50-3.51
    CBOT ROUGH RICEUSD/CWT12.29-3.76
    BRITISH POUND SPOTGBP/T OZ.10.10-3.81
    ICE ORANGE JUICE CONCUSD/LB.138.85-4.08
    EURO SPOTEUR/T OZ.12.91-4.23
    US DOLLAR SPOTUSD/T OZ.16.16-5.05
    COMEX SILVERUSD/T OZ.16.11-5.18
    INDIAN RUPEE SPOTINR/T OZ.992.01-5.58
    NYMEX HEATING OILUSD/GAL.251.09-5.73
    NYMEX NATURAL GASUSD/MMBTU3.87-6.52
    CME LEAN HOGSUSD/LB.88.03-6.60
    TOCOM CRUDE OILJPY/KL60550.00-7.77
    ICE GASOILUSD/MT741.25-7.86
    TOCOM KEROSENEJPY/KL72480.00-8.82
    CRUDE OIL (BRENT)USD/BBL.85.86-9.59
    CRUDE OIL (WTI)USD/BBL.80.54-12.01
    ICE COCOAUSD/MT2893.00-12.33
    RBOB GASOLINEUSD/GAL.218.50-15.54

    Best Stocks 1m %
    stockcountrytickernamestockcurrentch
    TUSISE:TITurkiye Sise ve Cam Fabrikalari AS3.38016.96
    TUVAKBN:TITurkiye Vakiflar Bankasi Tao4.78013.27
    TUTHYAO:TITurk Hava Yollari7.29012.67
    TUARCLK:TIArcelik AS13.65012.35
    TUISCTR:TITurkiye Is Bankasi5.5609.88
    TUEREGL:TIEregli Demir ve Celik Fabrikalari TAS4.6309.46
    TUTOASO:TITofas Turk Otomobil Fabrikasi AS13.9508.98
    TUYKBNK:TIYapi ve Kredi Bankasi AS4.8708.95
    TUFROTO:TIFord Otomotiv Sanayi AS28.4008.60
    TUGARAN:TITurkiye Garanti Bankasi AS8.6808.50

    Worst Stocks 1m %
    stockcountrytickernamestockcurrentch
    TUKOZAL:TIKoza Altin Isletmeleri AS14.350-15.34
    TUAEFES:TIAnadolu Efes Biracilik Ve Malt Sanayii A26.000-1.14
    TUTAVHL:TITAV Havalimanlari Holding AS18.6501.91
    TUCCOLA:TICoca-Cola Icecek AS50.7003.15
    TUENKAI:TIEnka Insaat ve Sanayi AS5.3803.46
    TUEKGYO:TIEmlak Konut Gayrimenkul Yatirim Ortaklig2.5005.04
    TUTUPRS:TITupras Turkiye Petrol Rafinerileri AS48.2505.46
    TUSAHOL:TIHaci Omer Sabanci Holding AS10.1505.95
    TUTTKOM:TITurk Telekomunikasyon AS6.3906.32
    TUBIMAS:TIBIM Birlesik Magazalar AS50.8006.61

    Best Stocks YTD %
    stockcountrytickernamestockcurrentch
    TUEREGL:TIEregli Demir ve Celik Fabrikalari TAS4.63097.86
    TUKCHOL:TIKOC Holding AS11.35040.12
    TUYKBNK:TIYapi ve Kredi Bankasi AS4.87037.57
    TUGARAN:TITurkiye Garanti Bankasi AS8.68033.95
    TUSISE:TITurkiye Sise ve Cam Fabrikalari AS3.38031.52
    TUAKBNK:TIAkbank TAS8.03031.21
    TUVAKBN:TITurkiye Vakiflar Bankasi Tao4.78030.25
    TUTAVHL:TITAV Havalimanlari Holding AS18.65028.62
    TUHALKB:TITurkiye Halk Bankasi AS14.85027.47
    TUTHYAO:TITurk Hava Yollari7.29025.69

    Worst Stocks YTD %
    stockcountrytickernamestockcurrentch
    TUKOZAL:TIKoza Altin Isletmeleri AS14.350-37.34
    TUENKAI:TIEnka Insaat ve Sanayi AS5.380-6.60
    TUCCOLA:TICoca-Cola Icecek AS50.7002.42
    TUTTKOM:TITurk Telekomunikasyon AS6.39012.11
    TUTCELL:TITurkcell Iletisim Hizmetleri AS12.90014.67
    TUAEFES:TIAnadolu Efes Biracilik Ve Malt Sanayii A26.00017.12
    TUTOASO:TITofas Turk Otomobil Fabrikasi AS13.95017.23
    TUARCLK:TIArcelik AS13.65018.18
    TUTUPRS:TITupras Turkiye Petrol Rafinerileri AS48.25021.23
    TUEKGYO:TIEmlak Konut Gayrimenkul Yatirim Ortaklig2.50021.95

    Sector Performance 1m %
    NameSectorch
    Consumer Discretionary10.7
    Financials8.5
    Communications7.4
    Energy6.8
    Materials3.7
    Utilities3.5
    Consumer Staples2.9
    Industrials1.9

    Sector Performance YTD %
    NameSectorch
    Materials30.7
    Energy30.7
    Financials28.8
    Industrials28.6
    Consumer Discretionary21.3
    Consumer Staples15.0
    Communications13.4
    Utilities-6.6

    Table of Contents


    GEM View Stance
    Sectors Stance
    Russia Stance
         Russia Valuations
         Russia Top Stock Picks
         Russia Top Bond Picks
         Russia Last Month Performance Review

    Brazil Stance
         Brazil Valuations
         Brazil Top Stock Picks
         Brazil Top Bond Picks
         Brazil Last Month Performance Review

    China Stance
         China Valuations
         China Top Stock Picks
         China Top Bond Picks
         China Last Month Performance Review

    South Africa Stance
         South Africa Valuations
         South Africa Top Stock Picks
         South Africa Top Bond Picks
         South Africa Last Month Performance Review

    India Stance
         India Valuations
         India Top Stock Picks
         India Top Bond Picks
         India Last Month Performance Review

    Korea Stance
         Korea Valuations
         Korea Top Stock Picks
         Korea Top Bond Picks
         Korea Last Month Performance Review

    Turkey Stance
         Turkey Valuations
         Turkey Top Stock Picks
         Turkey Top Bond Picks
         Turkey Last Month Performance Review


















    Turkey


    Our Stance

    Turkish market was one of the best performing equity markets in October, rebounding strongly last month after miserable performance in September. It has all means to maintain its outperformance into the year end. The remaining concerns are Turkey�s exposure to the volatile regional conflicts and sustainability of economic growth at 3-4% levels.

    Turkey was so far immune to Syria problems and ISIS problems. There is some pressure on employment in Turkey as refugees from Syria are abundant and are able to occupy low level jobs.

    It has also been noted that PKA forces have quite active in the South East while Turkey is maneuvering among factors in regional conflicts.

    One factor was exceptionally good for Turkey as well as India actually. And thats the oil price. There are all chances that net exports will grow on the back of falling oil prices, and that could be a surprise addition to GDP growth in 4th quarter.

    So far economic growth has been downgraded to c.3% levels. Still Turkey is one of the highest growth targets in GEM ex-ASIA space the rebounding exports could cause a upward revision to GDP measure.

    Lira was supported by a decision by Turkish central bank to hold on to repo rate at 8.25% level. Bank stocks rallied, as the 3rd quarter fairly weak profits have been mostly priced in while Turkish banks were singled as undervalued.

    Dollar strength and Lira weakness was well countered with TCB armor of maintaining rates and the talk of even possibly increasing the rates in November if the current rate levels are not enough.


    Banks have been good performers in October while Koza Altin was the worst performer on the materialised expectations that stock will be removed from the MSCI Turkey Standard index.

    We highlight on the valuation measures Turkish banks, consumer discretionary stocks, industrials and materials stocks. E.g. their earnings look cheap vs. growth.

    On the other hand utilities and consumer staples stocks are somewhat toppish.

    Valuations


    Turkey Valuations
    SectorSector MCap mn$Sector Mcap % in TotalPE 2014EGEM PE 2014EEst EPS Growth 14GEM EPS Growth
    Financials74065.443.469.010.313.715.1
    Communications22256.313.0611.621.58.116.6
    Consumer Staples18398.610.8029.226.217.216.7
    Energy18075.510.6111.19.926.0
    Consumer Discretionary16100.19.4512.617.018.512.3
    Materials10100.95.9310.116.38.048.5
    Utilities8423.04.9412.313.314.512.8
    Industrials3008.01.7613.317.612.7

    Stock Picks for November

    CompanyPEROEDiv YieldChange YearPBPSNet Margin 1m Change %

    Arcelik AS(Long)

    		13.116.03.38%+13.23%2.10.75.612.3
  • Ar�elik reports 3Q results
  • Turkey's Arcelik reports net profit down 3.3 pct

    • Tofas Turk Otomobil Fabrikasi AS(Long)

    		13.026.94.55%+16.03%3.51.07.89.0
  • EIB signs EUR 55 million agreement with T�rk Otomobil Fabrikası
  • KAP : TOFAS TURK OTOMOBIL FABRIKASI A.S. / TOASO [] OZEL ...

    • Ford Otomotiv Sanayi AS(Long)

    		14.624.53.55%+9.38%3.60.95.98.6
  • Avis Celebrates 40 Years of Operations in Turkey
  • KAP : FORD OTOMOTIV SANAYI A.S. / FROTO [FROTO] GENEL ...

    • Eregli Demir ve Celik Fabrikalari TAS(Long)

    		10.415.45.42%+76.13%1.61.413.09.5
  • KAP : EREGLI DEMIR VE CELIK FABRIKALARI T.A.S. / EREGL ...
  • Erdemir Vakfı'na kesilen cezada indirim

    • BIM Birlesik Magazalar AS(Long)

    		32.144.11.24%+20.91%14.11.13.36.6
  • (TEKRAR) KAP : BIM BIRLESIK MAGAZALAR A.S. / BIMAS ...
  • KAP : BIM BIRLESIK MAGAZALAR A.S. / BIMAS [] SGBF-GRUP ...

    • Turkiye Sise ve Cam Fabrikalari AS(Short)

    		11.29.41.28%+30.27%1.10.87.417.0
  • KAP : TURKIYE SISE VE CAM FABRIKALARI A.S. / SISE [ANACM ...
  • KAP : TURKIYE SISE VE CAM FABRIKALARI A.S. / SISE [] KAR ...

    • Anadolu Efes Biracilik Ve Malt Sanayii A(Short)

    		27.75.5-%0.00%1.51.45.2-1.1
  • ANADOLU EFES BIRACILIK VE MALT SANAYII AS / AEFES ...
  • KAP : ANADOLU EFES BIRACILIK VE MALT SANAYII A.S. / AEFES ...

    • Turkiye Halk Bankasi AS(Short)

    		7.615.71.59%-6.53%1.21.317.18.4
  • (TEKRAR) KAP : TURKIYE HALK BANKASI A.S. / HALKB ...
  • T�rkiye Halk Bankası ve Şekerbank Sermaye Artırımına Gitti

    • Yapi ve Kredi Bankasi AS(Short)

    		10.010.21.92%+11.06%1.01.313.18.9
  • KAP : YAPI VE KREDI BANKASI A.S. / YKBNK [] IHRAC BELGESI ...
  • Yapi Kredi pulls off bond print in nightmare market, TSKB takes pause

    • KOC Holding AS(Short)

    		11.513.11.42%+22.35%1.50.43.68.1
  • Ko� Holding posts profit above forecasts
  • Ko� Holding makes offer for duty-free shops of Istanbul's 3rd airport

    • Bond Picks

    Souvereign Eurobonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    TURKEY (REPUBLIC OF) 25123.07.38USDFeb 5, 20257.424.54-0.242.00
  • Meet Prospect.3 curator Franklin Sirmans and new CAC curator ...
    • TURKEY (REPUBLIC OF) 25123.07.38USDFeb 5, 20257.424.54-0.242.00
  • Meet Prospect.3 curator Franklin Sirmans and new CAC curator ...
    • TURKEY (REPUBLIC OF) 41110.06.00USDJan 14, 204113.235.29-0.233.40
  • Thursday, November 20
    • TURKEY (REPUBLIC OF) 41110.06.00USDJan 14, 204113.235.29-0.233.40
  • Thursday, November 20
    • TURKEY (REPUBLIC OF) 30173.611.88USDJan 15, 20308.724.93-0.192.60
  • Turkish Ultra-Nationalists Film Themselves Attacking Three ...

    • Corporate Eurobonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    TURKIYE GARANTI BANKASI AS 22101.65.25USDSep 13, 20226.405.06-0.301.85
  • Turkey - Factors to Watch on Nov 6
    • TURKIYE GARANTI BANKASI AS 22101.65.25USDSep 13, 20226.405.06-0.301.85
  • Turkey - Factors to Watch on Nov 6
    • TURKIYE IS BANKASI AS 17100.53.88USDNov 7, 20172.803.71-0.060.10
  • Emerging Stocks Gain as Chinese Brokers Climb, Ibovespa Advances
    • TURKIYE IS BANKASI AS 17100.53.88USDNov 7, 20172.803.71-0.060.10
  • Emerging Stocks Gain as Chinese Brokers Climb, Ibovespa Advances
    • YAPI VE KREDI BANKASI AS 2095.754.00USDJan 22, 20204.644.99-0.020.17
  • Turkcell'de kamu g�c�

    • Local Currency Bonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    TURKEY (REPUBLIC OF) 1644.659.00TRYJan 27, 20161.128.48-0.55-0.05
  • Terim's Turkey seeks Euro 2016 answers in friendly wıth Brazil
    • TURKEY (REPUBLIC OF) 1644.659.00TRYJan 27, 20161.128.48-0.55-0.05
  • Terim's Turkey seeks Euro 2016 answers in friendly wıth Brazil
    • TURKEY (REPUBLIC OF) 1841.776.30TRYFeb 14, 20182.848.40-0.620.54
  • Turkey mine: Hopes fade for 18 trapped coal miners
    • TURKEY (REPUBLIC OF) 1841.776.30TRYFeb 14, 20182.848.40-0.620.54
  • Turkey mine: Hopes fade for 18 trapped coal miners
    • TURKEY (REPUBLIC OF) 2344.628.80TRYSep 27, 20236.058.74-0.581.24
  • Unpredictable Euro qualifying resumes with likes of Iceland ...

    • Turkey Last Month Review



    Turkey XU100:IND Index gained 7.44% last month. To finish the month at 80579.66

    MSCI Turkey Index gained 10.45% last month. Its overall up 15.60% since the beginning of the year.

    At the same time MSCI Emerging Markets Index up 1.07% last month and is up 1.33% YTD.

    TRL last month gained 2.55% against US dollar. To finish the month at 2222435.5000 per USD.

    While Brent oil price last month lost -9.59%. To finish the month at 85.86 $/bbl.

    Best stocks last month in Turkey included Turkiye Sise ve Cam Fabrikalari AS +16.96%, Turkiye Vakiflar Bankasi Tao +13.27%, Turk Hava Yollari +12.67%, Arcelik AS +12.35%, Turkiye Is Bankasi +9.88%, Eregli Demir ve Celik Fabrikalari TAS +9.46%, Tofas Turk Otomobil Fabrikasi AS +8.98%, Yapi ve Kredi Bankasi AS +8.95%, Ford Otomotiv Sanayi AS +8.60%, Turkiye Garanti Bankasi AS +8.50%, .

    Worst stocks last month included Koza Altin Isletmeleri AS -15.34%, Anadolu Efes Biracilik Ve Malt Sanayii A -1.14%, TAV Havalimanlari Holding AS 1.91%, Coca-Cola Icecek AS 3.15%, Enka Insaat ve Sanayi AS 3.46%, Emlak Konut Gayrimenkul Yatirim Ortaklig 5.04%, Tupras Turkiye Petrol Rafinerileri AS 5.46%, Haci Omer Sabanci Holding AS 5.95%, Turk Telekomunikasyon AS 6.32%, BIM Birlesik Magazalar AS 6.61%,

    Best stocks YTD included Eregli Demir ve Celik Fabrikalari TAS +97.86%, KOC Holding AS +40.12%, Yapi ve Kredi Bankasi AS +37.57%, Turkiye Garanti Bankasi AS +33.95%, Turkiye Sise ve Cam Fabrikalari AS +31.52%, Akbank TAS +31.21%, Turkiye Vakiflar Bankasi Tao +30.25%, TAV Havalimanlari Holding AS +28.62%, Turkiye Halk Bankasi AS +27.47%, Turk Hava Yollari +25.69%,

    While worst stocks YTD included Koza Altin Isletmeleri AS -37.34%, Enka Insaat ve Sanayi AS -6.60%, Coca-Cola Icecek AS 2.42%, Turk Telekomunikasyon AS 12.11%, Turkcell Iletisim Hizmetleri AS 14.67%, Anadolu Efes Biracilik Ve Malt Sanayii A 17.12%, Tofas Turk Otomobil Fabrikasi AS 17.23%, Arcelik AS 18.18%, Tupras Turkiye Petrol Rafinerileri AS 21.23%, Emlak Konut Gayrimenkul Yatirim Ortaklig 21.95%,
    In terms of sector performance last month the best sectors included Consumer Discretionary +10.7%, Financials +8.5%, Communications +7.4%,

    While worst sector performance last month showed Industrials 1.9%, Consumer Staples 2.9%, Utilities 3.5%,

    YTD the best sectors remain Materials +30.7%, Energy +30.7%, Financials +28.8%,
    While the worst sectors are Utilities -6.6%, Communications 13.4%, Consumer Staples 15.0%,

    Some Political news headlines for Turkey include:


  • Forestry and water affairs minister: no water shortage for İstanbul
  • 'Turkey's obsession with development forces migration, reduces water'
  • ISIL may have smuggled oil into Turkey, minister says
  • Over 1000 tons of red meat smuggled into Turkey
  • Off-duty officer killed in Diyarbakır laid to rest
  • Turkey provides education for Syrian refugee children
  • Turkish President officially welcomed by his Turkmen counterpart
  • Orphans from around the world meet in Istanbul
  • Turkey uses defense industry as political instrument
  • Turkish minister to call for patience in solution process
  • Top Turkish officials discuss reconciliation process
  • Gov't vows to minimize job accidents after thousands die
  • Davutoğlu announces new occupational safety program
  • PM Davutoğlu to announce labor safety law amendments
  • Minister denies reports on crime statistics, contradicts past remarks
  • Minister: No party closures in politics anymore
  • G�len Movement did not manage to seize judiciary in HSYK elections
  • Interior Minister Ala confesses PKK starting to dominate cities
  • New internal security law authorizes police to open fire on protestors
  • New domestic security reform package details revealed
  • Minister of health assures measures being taken against Ebola, MERS
  • Health minister assuages Ebola concerns
  • In good health: Turkey builds hospital mega-complex Building ...
  • MURAT YETKİN > Something is bubbling beneath surface in Turkish ...
  • TURKEY'S FM PAYS OFFICIAL VISIT TO NEW ZEALAND
  • AK Party proposes bills that it won't be able to defend in the future
  • Turkish architects call on pope not to visit Ak Saray
  • Home with 250 rooms to be built in presidential complex
  • MURAT YETKİN > Something is bubbling beneath surface in Turkish ...
  • Gov't looks to reach out to disadvantaged Syrian children
  • Turkey has distributed aid to 3 million people in 2014
  • Mine owners to blame for tragedy, says minister
  • Turkey's EU accession blocked by some member states, EU Min ...
  • "Certain EU states blocking Turkey's accession"
  • European countries "misunderstand" situation in Kobani: Turkey's ...
  • Istanbul strait becomes travel route for wild swine
  • Minister G�ll�ce calls for midway in renovation of AKM
  • Turkey assures Pakistan of cooperation in power projects
  • Davutoğlu announces new occupational safety program
  • Turkish Minister says BOTAS and TPAO will continue projects in ...
  • Two weeks on, rescue efforts for 16 miners continue in Ermenek
  • Minister Nihat Zeybekci: Central Bank should cut rate
  • Number of economy-related ministries can be reduced: Economy ...
  • Turkey urges Greece to boost trade ties
  • Davutoğlu announces new occupational safety program
  • Turkish government announces ambitious economic goals
  • Internet: Turkey to develop national search engine, minister
  • Culture Minister encourages foreign film companies to shoot in Turkey
  • Turkey partners with Qatar in culture, arts and heritage
  • Istanbul to host prestigious museum conference
  • Turkey's Deputy PM Numan Kurtulmuş speaks on Islamophobia
  • Turkey calls for cooperation against Israeli attacks on Al-Aqsa Mosque
  • Turkey calls for unity against Israel
  • Davutoğlu in Australia for G-20 summit
  • Davutoğlu announces new occupational safety program
  • Number of economy-related ministries can be reduced: Economy ...
  • New bill to allow AK Party to create own police force
  • Ministry report: State institutions overspend on rent
  • MURAT YETKİN > Something is bubbling beneath surface in Turkish ...
  • A conversation with the deputy prime minister
  • MURAT YETKİN > Something is bubbling beneath surface in Turkish ...
  • Turkish gov't, HDP seek thaw in Kurdish bid talks
  • Davutoğlu announces new occupational safety program
  • Turkey won't be silent over al-Aqsa, says Davutoğlu
  • Prime minister's selection among oppressors
  • Turkish President Recep Tayyip Erdogan arrives in Afghanistan
  • A Grave Threat to the NATO Alliance (And It's Not Russia's Military)
  • Will Erdoğan or Davutoğlu decide the AKP candidate lists?
  • Turkey's first national car brand to be electric, says minister
  • Turkey keeps its role in COSME Program
  • Firm says close to developing first Turkish car
  • PM Davutoğlu to announce labor safety law amendments
  • Turkey in bid to reduce huge toll of workplace deaths
  • Minister: State bank writes off trapped miners' debts
  • German police investigate Gala fans over attempted manslaughter
  • Turkish sports min: Doping should be treated like narcotics
  • Olympic Highlights
  • Higher savings key for Turkish growth: Central Bank governor
  • Turkish Central Bank fails to combat inflation
  • Turkey's Central Bank Holds Interest Rates For Second Consecutive ...
  • Turkey uses national day to set out foreign policy
  • Calligraphy exhibition opens in Washington

    While some economic events and news headlines include:



    Monday November 03 2014 Turkish Inflation Rate Rises in October
    Turkish annual inflation rate accelerated to 8.96 percent in October of 2014 from 8.86 percent in September, as prices of food and cost of hotel, cafes and restaurants continued to rise.
    Friday October 31 2014 Turkey Trade Deficit Narrows on Falling Imports
    Turkish trade gap decreased to USD 6.93 billion in September of 2014 from a USD 7.5 billion shortfall a year earlier. Exports recorded the highest annual increase since April while imports shrank marginally.
    Thursday October 23 2014 Turkey Leaves Rates on Hold
    Central Bank of Turkey left its benchmark one-week repo rate unchanged at 8.25 percent on October 23rd as inflation rate remains high and lira continues to weaken.
    Wednesday October 15 2014 Turkey Unemployment Rate Up to 9.8%
    Turkish jobless rate increased for the second straight month to 9.8 percent in July of 2014 from 9.1 percent in the previous month. It is the highest rate in five months.
    Friday October 03 2014 Turkey Inflation Rate Eases in September
    Turkish annual inflation rate eased to 8.86 percent in September of 2014 from 9.54 percent in August, as food prices slowed, and below market forecasts.
    Tuesday September 30 2014 Turkish Trade Deficit Widens 13.5%
    Turkey�s trade gap increased to USD 8.04 billion in August of 2014 from a USD 7.08 billion shortfall a year earlier. It is the highest trade deficit since December of 2013.
    Tuesday September 30 2014 Turkey Trade Deficit Widens in August
    In August of 2014, the Turkish trade gap increased to USD 8.04 billion from a USD 7.08 billion shortfall a year earlier, as imports grew faster than exports, and above market expectations. In July, the country posted a USD 6.46 billion trade deficit.
  • No oil, but a young population: Turkey's economic growth prospects
  • OECD cuts growth forecast for Turkey
  • Foreign investors lose interest in Turkey amid low growth
  • Number of economy-related ministries can be reduced: Economy ...
  • No oil, but a young population: Turkey's economic growth prospects
  • 20 things you need to know about the G20
  • Iran's Exports to Europe Experience Eye-Catching Growth in March ...
  • Turkey files anti-dumping suit against polypropylene exports from ...
  • Nicolas Henin, one of four French hostages released by ISIS ...
  • Kurds Gain Economic Freedom From Baghdad as Oil Exports Rise
  • Most Turkish private sector foreign debt owed to Europe

    Companies Reported last month include:



    2014-10-22 Turk Telekomunikasyon AS
    TU
  • bne Turkey Daily List
  • bne Turkey Daily List

    2014-10-23 Turkcell Iletisim Hizmetleri AS
    TU
  • Turkcell Iletisim Hizmetleri : Third Quarter 2014 Results
  • Turkcell Iletisim Hizmetleri : Third Quarter 2014 Results

    2014-10-24 Turkiye Garanti Bankasi AS
    TU
  • Halkbank Reduces Profit Guidance on $490 Million Bad Loan
  • Turkey's Garanti, Yapı Kredi see lower profits

    2014-10-28 Eregli Demir ve Celik Fabrikalari TAS
    TU


    2014-10-30 Emlak Konut Gayrimenkul Yatirim Ortaklig
    TU


    2014-10-30 Ford Otomotiv Sanayi AS
    TU


    2014-10-30 Koza Altin Isletmeleri AS
    TU

    Best Stocks Last Month and News


    Turkiye Sise ve Cam Fabrikalari AS+16.96%
  • KAP : TURKIYE SISE VE CAM FABRIKALARI A.S. / SISE [ANACM ...
    Turkiye Vakiflar Bankasi Tao+13.27%
  • (TEKRAR) KAP : TURKIYE VAKIFLAR BANKASI T.A.O. / VAKBN ...
    Turk Hava Yollari+12.67%
  • THY'nin ���nc� �eyrek k�rı u�tu
    Arcelik AS+12.35%
  • Ar�elik reports 3Q results
    Turkiye Is Bankasi+9.88%
  • İş Bankası, Bank of Georgia ile işbirliği yaptı
    Eregli Demir ve Celik Fabrikalari TAS+9.46%
  • KAP : EREGLI DEMIR VE CELIK FABRIKALARI T.A.S. / EREGL ...
    Tofas Turk Otomobil Fabrikasi AS+8.98%
  • EIB signs EUR 55 million agreement with T�rk Otomobil Fabrikası
    Yapi ve Kredi Bankasi AS+8.95%
  • Yapi Kredi pulls off bond print in nightmare market, TSKB takes pause
    Ford Otomotiv Sanayi AS+8.60%
  • KAP : FORD OTOMOTIV SANAYI A.S. / FROTO [FROTO] GENEL ...
    Turkiye Garanti Bankasi AS+8.50%
  • KAP : TURKIYE GARANTI BANKASI A.S. / GARAN [] IZAHNAME ...

    Worst Stocks Last Month and News


    Koza Altin Isletmeleri AS -15.34%
  • KAP : KOZA ALTIN ISLETMELERI A.S. / KOZAL [] HABER VEYA ...
    Anadolu Efes Biracilik Ve Malt Sanayii A -1.14%
  • ANADOLU EFES BIRACILIK VE MALT SANAYII AS / AEFES ...
    TAV Havalimanlari Holding AS 1.91%
  • KAP : TAV HAVALIMANLARI HOLDING A.S. / TAVHL [] OZEL ...
    Coca-Cola Icecek AS 3.15%
  • Coca-Cola Icecek's (COACF) CEO Burak Basarir on Q3 2014 ...
    Enka Insaat ve Sanayi AS 3.46%
  • KAP : ENKA INSAAT VE SANAYI AS / ENKAI [] OZEL DURUM ...
    Emlak Konut Gayrimenkul Yatirim Ortaklig 5.04%
  • KAP : EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.S. ...
    Tupras Turkiye Petrol Rafinerileri AS 5.46%
  • T�praş'ın 9 aylık k�rı 1 milyar 246 milyon lira
    Haci Omer Sabanci Holding AS 5.95%
  • (TEKRAR) KAP : HACI OMER SABANCI HOLDING A.S. / SAHOL ...
    Turk Telekomunikasyon AS 6.32%
  • Turk Telekom marks international leadership in telecommunications ...
    BIM Birlesik Magazalar AS 6.61%
  • (TEKRAR) KAP : BIM BIRLESIK MAGAZALAR A.S. / BIMAS ...

    View Turkey Econ Page

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