• China Real GDP Growth Not a good technical chart
• Inflation is ticking up.. This is Not so bad, but still
• Current account is stable – but the surpluses are long gone leaving Yuan somewhat less immune to capital flight
• Sovereign borrowing is on the uptick

Source: ML

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Chart: Moody's downgrades China rating to A1 from Aa3, with stable outlook.. Although emerging markets are still doing very well this week. The longer term implications for GEM yields could be negative as well as for overall GEM risk. China Real GDP Growth Not a good technical chart Inflation is ticking up.. This is Not so bad, but still Current account is stable - but the surpluses are long gone leaving Yuan somewhat less immune to capital flight Sovereign borrowing is on the uptick Source: ML Download file in Power Point Comment Weekly performance is between 2017-05-23 and 2017-05-19 Best global markets week to date EM (EMERGING MARKETS) +0.88%, EM LATIN AMERICA +0.77%, EFM ASIA +0.73%, While worst global markets week to date FM (FRONTIER MARKETS) 0.24%, EUROPE 0.42%, USA 0.70%, US equities mark 4-session gains streak as concerns over Trump ease US stocks CHAOS: Investors ditch almost $9 billion of equities as ... EMERGING MARKETS-Emerging assets weaker with eye on China ... Emerging markets remain a good bet and are under-owned despite ... China stocks rattled by Moody's sovereign downgrade Chinese Stocks Drop to Seven-Month Low After Moody's Downgrade European stocks finish lower after Merkel says euro 'too weak' Equity-Euro Correlation Boosts Appeal of European Stocks: Chart Will Opec extend output cuts in bid to push up oil prices? Is Canada's Oil Production Ready For A Resurgence? US Steel Prices Fall in May, and This Might Just Be the Beginning Steel Price Forecast, April 2017: US Steel to Invest in Plants Gold rate today: Track Gold price in India and market outlook Silver Jumps, Gold Price 'Stuck at $1245-65' as Oil Defies Trump ... Best since the start of the week among various stock markets were PAKISTAN +4.09%, ZIMBABWE +3.94%, TURKEY +3.58%, BOTSWANA +3.04%, SOUTH AFRICA +2.77%, FINLAND +2.33%, NEW ZEALAND +1.65%, KENYA +1.54%, SWEDEN +1.46%, KOREA +1.39%, While worst since the start of the week among various stock markets were SRI LANKA -1.60%, INDIA -1.13%, TUNISIA -1.11%, ISRAEL -1.10%, EGYPT -1.06%, ARGENTINA -1.01%, UNITED ARAB EMIRATES -0.71%, POLAND -0.70%, INDONESIA -0.70%, CROATIA -0.61%,