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Tactical Stance

Strategic Stance




Markets last Month From Best to Worst
Click On the Country Link to Go to Country Monthly Page

*Not All the Countries Have Associated Country Pages
nameMonthChange
ZIMBABWE86.41
GHANA10.81
ARGENTINA10.34
IRELAND6.09
GERMANY5.55
RUSSIA4.32
BOTSWANA4.24
FRANCE4.21
BRAZIL4.16
VIETNAM4.14
ISRAEL3.99
BANGLADESH3.96
NORWAY3.80
ITALY3.55
CANADA3.51
PHILIPPINES3.25
UNITED KINGDOM3.20
SWEDEN3.05
PAKISTAN2.99
MAURITIUS2.94
THAILAND2.77
OMAN2.70
NETHERLANDS2.41
KOREA1.97
TRINIDAD AND TOBAGO1.96
AUSTRIA1.95
SWITZERLAND1.91
USA1.90
BELGIUM1.89
CHILE1.80
CZECH REPUBLIC1.73
PORTUGAL1.71
KUWAIT1.66
JAPAN1.27
FINLAND0.96
CHINA0.84
SPAIN0.81
SRI LANKA0.47
JAMAICA0.43
COLOMBIA0.42
BOSNIA AND HERZEGOVINA0.28
SAUDI ARABIA DOMESTIC0.26
MALAYSIA0.23
PERU-0.28
DENMARK-0.36
HONG KONG-0.70
INDONESIA-0.78
NIGERIA-0.90
LEBANON-1.34
SINGAPORE-1.38
SERBIA-1.82
UNITED ARAB EMIRATES-2.22
FM AFRICA-2.34
JORDAN-2.38
NEW ZEALAND-2.38
TUNISIA-2.57
SLOVENIA-2.73
EGYPT-2.90
ROMANIA-3.20
MOROCCO-3.20
TAIWAN-3.43
QATAR DOMESTIC-3.55
MEXICO-3.59
INDIA-3.74
KAZAKHSTAN-3.78
CROATIA-3.93
BAHRAIN-4.03
POLAND-4.22
BULGARIA-4.31
LITHUANIA-4.90
HUNGARY-5.25
QATAR-5.46
KENYA-6.04
ESTONIA-6.37
SOUTH AFRICA-6.99
UKRAINE-7.07
TURKEY-9.72
GREECE-14.12

Markets YTD From Best to Worst
Click On the Country Link to Go to Country Monthly Page

nameYTD Change
ZIMBABWE235.30
GHANA70.57
ARGENTINA51.58
AUSTRIA40.20
JAMAICA40.13
POLAND38.70
CHINA36.40
TURKEY35.22
KENYA30.90
MAURITIUS30.86
CHILE30.19
KOREA28.52
NIGERIA28.00
MEXICO27.66
KAZAKHSTAN27.53
NETHERLANDS27.46
DENMARK26.61
ITALY25.52
BULGARIA24.58
ESTONIA24.39
SPAIN24.18
HUNGARY23.63
FRANCE22.97
SWEDEN21.61
INDIA21.57
HONG KONG21.16
FINLAND20.80
PORTUGAL20.61
KUWAIT20.51
GERMANY20.29
PERU20.09
BRAZIL19.98
ROMANIA19.89
CZECH REPUBLIC19.54
NORWAY18.66
SLOVENIA18.16
BELGIUM16.97
THAILAND16.79
VIETNAM16.51
TAIWAN16.49
FM AFRICA16.01
SINGAPORE15.95
CROATIA15.64
SWITZERLAND14.71
SERBIA14.46
IRELAND12.19
BOSNIA AND HERZEGOVINA11.84
LITHUANIA11.32
UNITED KINGDOM11.11
MALAYSIA10.76
USA10.73
INDONESIA10.33
JAPAN9.79
GREECE9.17
COLOMBIA8.99
PHILIPPINES8.76
SOUTH AFRICA8.73
SRI LANKA8.27
BANGLADESH7.88
BAHRAIN7.46
UKRAINE7.13
TUNISIA6.61
CANADA6.53
TRINIDAD AND TOBAGO6.35
EGYPT3.61
SAUDI ARABIA DOMESTIC3.41
NEW ZEALAND2.92
UNITED ARAB EMIRATES0.73
MOROCCO-2.22
JORDAN-2.40
ISRAEL-3.38
RUSSIA-4.12
BOTSWANA-7.14
LEBANON-7.99
OMAN-13.17
QATAR DOMESTIC-18.10
QATAR-20.16
PAKISTAN-24.72

Best 10 Market Last 12 Months

CountryChangePct
ZIMBABWE406.54
JAMAICA74.89
GHANA56.33
AUSTRIA55.96
BULGARIA50.38
POLAND48.64
ITALY41.89
ARGENTINA41.44
HUNGARY39.65
KUWAIT36.47

Worst 10 Market Last 12 Months

CountryChangePct
SRI LANKA-0.40
LEBANON-0.53
TRINIDAD AND TOBAGO-1.60
SLOVENIA-2.13
NEW ZEALAND-6.26
PAKISTAN-11.63
OMAN-12.28
ISRAEL-14.30
QATAR-17.67
BOTSWANA-17.72

Country USD Yields and YTD Changes

CountryAverage YieldYield Average WkChange % pts
Venezuela32.278.75
United States1.030.27
Oman4.48-0.22
Slovak Republic2.39-0.34
Philippines3.20-0.42
Trinidad and Tobago4.38-0.45
Pakistan5.08-0.45
South Africa4.76-0.50
Jordan5.98-0.52
China2.88-0.57
Lebanon6.35-0.59
Colombia3.91-0.68
Peru3.58-0.68
Morocco3.17-0.68
Russian Federation3.81-0.69
Tunisia6.16-0.73
Chile3.09-0.77
Azerbaijan4.59-0.78
Kazakhstan4.10-0.78
Lithuania2.24-0.78
India3.48-0.79
Panama3.05-0.83
Poland2.56-0.85
Romania3.31-0.88
Mexico4.29-0.89
Paraguay5.16-0.94
Hungary2.92-0.95
Malaysia3.34-0.96
Jamaica5.30-0.99
Indonesia3.71-0.99
Cote D'Ivoire (Ivory Coast)5.89-1.00
Gabon6.70-1.04
Croatia (Hrvatska)3.09-1.06
Uruguay3.77-1.08
Turkey4.80-1.10
El Salvador7.32-1.20
Ecuador7.29-1.26
Costa Rica5.88-1.28
Brazil4.53-1.35
Vietnam3.67-1.37
Kenya6.41-1.43
Serbia3.03-1.47
Egypt4.98-1.51
Dominican Republic4.76-1.56
Zambia7.42-1.68
Iraq7.46-1.79
Ghana6.56-1.79
Argentina6.33-1.81
Ethiopia6.10-1.92
Sri Lanka4.50-1.92
Angola8.07-2.05
Ukraine6.53-2.07
Mongolia5.75-2.57

Fund flows Last Month

FocusObjectiveAsset ClassFlow USD mn
CommoditiesPRECIOUS METALSCommodity4083.87
segmentEMERGING MARKETSEquity2419.48
RiskGOVERNMENT BONDFixed Income2272.74
regionEUROPEAN REGIONFixed Income1877.31
CommoditiesPRECIOUS METAL SECTOREquity1110.01
industryTECHNOLOGY SECTOREquity1107.23
regionASIAN PACIFIC REGIONEquity1028.67
segmentDEVELOPED MARKETSEquity1020.41
regionASIAN PACIFIC REGION EX JAPANFixed Income899.69
RiskINFLATION PROTECTEDFixed Income649.27
regionLATIN AMERICAN REGIONEquity570.63
SectorCONSUMER STAPLESEquity561.76
regionASIAN PACIFIC REGIONFixed Income553.95
industryBASIC MATERIALS SECTOREquity507.51
RiskLONG SHORTEquity491.18
regionASIAN PACIFIC REGION EX JAPANMixed Allocation418.65
regionNORTH AMERICAN REGIONEquity353.64
regionLATIN AMERICAN REGIONFixed Income325.88
industryREAL ESTATE SECTOREquity320.19
regionEASTERN EUROPEAN REGIONEquity304.77
regionASIAN PACIFIC REGIONMixed Allocation291.28
industryCOMMUNICATIONS SECTOREquity221.65
countryUNITED KINGDOMEquity220.79
SizeLARGE-CAPEquity212.56
countryRUSSIAEquity205.27
countryBRAZILEquity169.56
countrySPAINEquity157.78
countryCHINAFixed Income129.66
regionNORTH AMERICAN REGIONFixed Income123.06
SectorAGRICULTURECommodity106.29
countryBRAZILFixed Income98.10
CountryTAIWANEquity88.56
regionNORDIC REGIONEquity86.09
countryINDIAFixed Income80.54
regionEUROPEAN REGIONMixed Allocation57.76
segmentBRICFixed Income43.98
segmentEMEAEquity42.56
RiskLONG SHORTFixed Income28.17
regionEASTERN EUROPEAN REGIONFixed Income27.46
industryINDUSTRIAL SECTOREquity23.57
RiskGOVERNMENT BONDAlternative19.55
segmentEMEAFixed Income19.47
CommoditiesPRECIOUS METALSMixed Allocation17.72
countryPOLANDEquity13.73
countryTURKEYEquity10.69
regionMIDDLE EAST REGIONEquity9.87
regionMIDDLE EAST REGIONFixed Income8.15
RiskINFLATION PROTECTEDBrazil6.59
segmentGCCMixed Allocation5.59
regionAFRICAN REGIONFixed Income5.35
RiskLONG SHORTMixed Allocation2.81
countryISRAELEquity2.62
countryJAPANMixed Allocation1.54
industryENERGY SECTORMixed Allocation0.47
RiskGOVERNMENT BONDEquity0.31
SectorAGRICULTUREEquity0.02
CountryEGYPTEquity-0.01
countryAUSTRALIAMixed Allocation-0.23
segmentGCCFixed Income-0.51
RiskGOVERNMENT BONDMixed Allocation-0.56
SizeMID-CAPCommodity-0.92
industryREAL ESTATE SECTORAlternative-1.84
segmentMENAFixed Income-2.29
regionEASTERN EUROPEAN REGIONMixed Allocation-5.77
industryMULTIPLE SECTOREquity-6.59
regionAFRICAN REGIONEquity-7.93
countrySOUTH AFRICAEquity-8.02
segmentGCCEquity-13.37
countryKOREAEquity-16.03
countryRUSSIAFixed Income-25.91
segmentMENAEquity-26.61
countryJAPANFixed Income-48.03
countryAUSTRALIAFixed Income-52.97
RiskLONG SHORTAlternative-62.65
segmentBRICEquity-88.44
countryAUSTRALIAEquity-88.60
CommoditiesINDUSTRIAL METALSCommodity-121.29
countryINDIAEquity-195.54
regionEUROPEAN REGIONEquity-219.69
industryNATURAL RESOURCES SECTOREquity-235.65
industryFINANCIAL SECTOREquity-515.08
regionASIAN PACIFIC REGION EX JAPANEquity-597.19
countryJAPANEquity-681.74
industryUTILITIES SECTOREquity-786.86
countryCHINAEquity-899.26
SectorCONSUMER DISCRETIONARYEquity-990.78
SizeMID-CAPEquity-1999.42
SizeSMALL-CAPEquity-2499.26
industryENERGY SECTOREquity-3408.05
industryHEALTH CARE SECTOREquity-3912.75

Commodities Monthly Performance

NameUnitsLastPriceCurrencyMonthChange USDpct
ECX Emissions (ICE)EUR/MT6.89USD33.63
Orange Juice (ICE)USd/lb.155USD17.83
NickelUSD/MT12150USD14.30
Silver/Indian Rupee SpotINR/t oz.1153.7781INR10.35
Rubber (Tokyo)JPY/kg221JPY10.06
Silver SpotUSD/t oz.18.0462USD9.95
Gasoil (Nymex)USD/MT530.5USD9.72
Silver (Comex)USD/t oz.17.96USD9.59
Heating Oil (Nymex)USd/gal.177.99USD9.23
Silver (Tokyo)JPY/g63JPY8.95
Lumber (CME)USD/1000 board feet399.5USD8.56
Silver/British Pound SpotGBP/t oz.13.6687GBP8.09
Gold/Indian Rupee SpotINR/t oz.86141.1953INR7.67
Gold (Tokyo)JPY/g4665JPY7.39
Silver/Euro SpotEUR/t oz.14.9903EUR7.34
Gold (Comex)USD/t oz.1348.1USD7.30
Gold SpotUSD/t oz.1347.53USD7.27
Silver/Japanese Yen SpotJPY/t oz.1944.46JPY7.22
3Mo Zinc (LME)USD/MT3129USD6.97
3Mo Copper (LME)USD/MT6898.5USD6.46
SteelUSD/MT552.5USD6.25
Cotton #2 (ICE)USd/lb.76.15USD5.90
Gold/British Pound SpotGBP/t oz.1020.61GBP5.44
Brent IndexUSD/bbl.53.97USD4.73
Crude Oil (Tokyo)JPY/kl36050JPY4.70
Gold/Euro SpotEUR/t oz.1119.21EUR4.70
Gold/Japanese Yen SpotJPY/t oz.145184.125JPY4.60
Brent Crude (ICE)USD/bbl.54.28USD4.10
Kerosene (Tokyo)JPY/kl49340JPY4.09
Palladium SpotUSD/t oz.936.13USD4.09
Platinum SpotUSD/t oz.1009.89USD4.04
3Mo Aluminum (LME)USD/MT2107USD3.79
Sugar #11 (ICE)USd/lb.14.26USD3.48
Soybean Oil (CBOT)USd/lb.34.85USD3.11
Copper (Comex)USd/lb.302.9USD2.94
Natural Gas (Nymex)USD/MMBtu2.902USD2.83
RBOB Gasoline (Nymex)USd/gal.166.44USD2.69
3Mo Tin (LME)USD/MT20750USD2.67
Rough Rice (CBOT)USD/cwt12.425USD2.31
S&P GSCI2289.075USD1.83
Canola (ICE)CAD/MT491.7CAD1.57
Feeder Cattle (CME)USd/lb.148.3USD1.56
UBS Bloomberg CMCI5.18883.964USD1.47
Bloomberg Commodity-0.09172.9164USD1.38
Rogers International12.062255.37USD1.36
Reuters/Jefferies CRB0.75184.4869USD0.74
Cocking CoalCNY/MT#N/A Field Not ApplicableCNY#N/A N/A
Wool (ASX)#N/A N/AUSD#N/A N/A
Soybean (CBOT)USd/bu.965.75USD-0.77
WTI Crude Oil (Nymex)USD/bbl.48.27USD-1.83
Soybean Meal (CBOT)USD/T.301.3USD-2.11
Cocoa (ICE)USD/MT1960USD-2.87
Live Cattle (CME)USd/lb.108.35USD-3.67
Ethanol (CBOT)USD/gal.1.531USD-3.95
Corn (CBOT)USd/bu.357.5USD-6.84
Wheat (CBOT)USd/bu.440USD-9.09
Coffee 'C' (ICE)USd/lb.127.9USD-10.40
Oats (CBOT)USd/bu.232.5USD-15.99
Lean Hogs (CME)USd/lb.61.625USD-26.22

Commodities YTD Performance

NameUnitsLastPriceCurrencyYTDChange USDpct
Palladium SpotUSD/t oz.936.13USD37.47
Rough Rice (CBOT)USD/cwt12.425USD32.82
Lumber (CME)USD/1000 board feet399.5USD26.18
3Mo Copper (LME)USD/MT6898.5USD24.62
3Mo Aluminum (LME)USD/MT2107USD24.45
3Mo Zinc (LME)USD/MT3129USD21.47
NickelUSD/MT12150USD21.26
Copper (Comex)USd/lb.302.9USD20.89
ECX Emissions (ICE)EUR/MT6.89USD19.57
Gold SpotUSD/t oz.1347.53USD17.43
Gold (Comex)USD/t oz.1348.1USD17.05
Gold (Tokyo)JPY/g4665JPY16.78
Feeder Cattle (CME)USd/lb.148.3USD13.68
Silver SpotUSD/t oz.18.0462USD13.30
Silver (Tokyo)JPY/g63JPY13.11
Silver (Comex)USD/t oz.17.96USD12.33
Platinum SpotUSD/t oz.1009.89USD11.82
SteelUSD/MT552.5USD11.62
Gold/Indian Rupee SpotINR/t oz.86141.1953INR9.93
Gold/British Pound SpotGBP/t oz.1020.61GBP9.80
Canola (ICE)CAD/MT491.7CAD9.70
Gold/Japanese Yen SpotJPY/t oz.145184.125JPY8.15
Cotton #2 (ICE)USd/lb.76.15USD7.78
Silver/Indian Rupee SpotINR/t oz.1153.7781INR6.92
Silver/British Pound SpotGBP/t oz.13.6687GBP6.22
Gasoil (Nymex)USD/MT530.5USD5.89
Cocking CoalCNY/MT#N/A Field Not ApplicableCNY5.35
Silver/Japanese Yen SpotJPY/t oz.1944.46JPY4.92
Heating Oil (Nymex)USd/gal.177.99USD4.41
Crude Oil (Tokyo)JPY/kl36050JPY2.89
Gold/Euro SpotEUR/t oz.1119.21EUR2.42
Soybean Oil (CBOT)USd/lb.34.85USD1.25
UBS Bloomberg CMCI5.18883.964USD0.96
Kerosene (Tokyo)JPY/kl49340JPY0.35
Oats (CBOT)USd/bu.232.5USD0.11
Wool (ASX)#N/A N/AUSD#N/A N/A
RBOB Gasoline (Nymex)USd/gal.166.44USD-0.04
Silver/Euro SpotEUR/t oz.14.9903EUR-0.51
3Mo Tin (LME)USD/MT20750USD-1.78
Rogers International12.062255.37USD-2.09
Bloomberg Commodity-0.09172.9164USD-2.27
Soybean (CBOT)USd/bu.965.75USD-2.38
Brent IndexUSD/bbl.53.97USD-2.60
Soybean Meal (CBOT)USD/T.301.3USD-3.71
Brent Crude (ICE)USD/bbl.54.28USD-4.47
Ethanol (CBOT)USD/gal.1.531USD-4.67
Reuters/Jefferies CRB0.75184.4869USD-4.77
S&P GSCI2289.075USD-5.30
Wheat (CBOT)USd/bu.440USD-5.38
Corn (CBOT)USd/bu.357.5USD-5.92
Coffee 'C' (ICE)USd/lb.127.9USD-6.68
Lean Hogs (CME)USd/lb.61.625USD-6.84
Cocoa (ICE)USD/MT1960USD-7.81
Rubber (Tokyo)JPY/kg221JPY-7.98
Live Cattle (CME)USd/lb.108.35USD-8.95
WTI Crude Oil (Nymex)USD/bbl.48.27USD-10.15
Orange Juice (ICE)USd/lb.155USD-21.76
Natural Gas (Nymex)USD/MMBtu2.902USD-22.07
Sugar #11 (ICE)USd/lb.14.26USD-26.91
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Chart: DXY, Euro, Gold, S&P 500 and MSCI GEM Indexes

Factors behind pricing of major currencies is favorable for risk carry trade

Source: ML

Download file in Power Point

Recent Strategy Chart Art

DXY, Euro, Gold, S&P 500 and MSCI GEM Indexes

Download file in Power Point
Correction on Emerging Markets Local Bonds Markets - stimulated by switch into equities?

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Gold strength YTD provides some basis for some country equities

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Silk Roads Old and New

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In the previous version of Silk Road – Central and Northern Europe was not that important

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Emerging Market Currencies vs. USD in April are softer.

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Dollar (DXY) – Break Out is Likely

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Global Sector YTD Performance Materials Lead – Energy Lags

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Strategy

Markets have been doing great this year. But it is tough anyway. North Korea escalation is hanging above the markets as a sledge hammer, ready to fall anytime as a guillotine and cut the roots of the risk appetite. Similar effect, albeit much less bloody is the rate hike priced in for the Fed’s December meeting.

Regarding North Korea – its seems that Asian markets disregard that risk completely. China is up 36% YTD (to end of September) while Korea stocks are up 28% in the same time period. At first glance -the market performance in those countries implies that insiders in the region disregard the North Korean risk. On the other hand the rise in those markets can be a sign of investor’s blindness with regards to the NK risk event.

China markets have been strong this year as a proxy for GEM risk appetite that was very robust, and because of the MSCI rebalancing next year that will increase the weight of China in MSCI GEM index to 37% from current 28% (http://midlincoln.com/viewchart.php?v=x573.jpg) while S Korean stocks could be stronger on the back of weaker bonds markets in the country.

Markets are usually wrong, hopefully this year it is an exception.

Fed’s hike supposed to be priced in now but the curious events are unfolding on the bonds markets: Usually emerging markets bonds correlate well with developed market benchmarks. But this year DM markets bonds and US treasuries are weaker, but GEM bonds seem to disregard that. The dollar Eurobonds are stronger on the emerging markets while local GEM bonds don’t ever seem to stop. Part of that could be explained by US dollar weakness. But the paradigm of GEM bonds pricing would be tested comes December Fed’s meeting.

Our take on GEM bonds pricing paradoxes is that in the information age transparency of issuers has increased dramatically while increased markets access has made these instruments much more available to main institutional investors. Additional local fine tuning like markets access reform in Russia create additional special situations in local bonds markets. Leading global currencies are under the same sort of pressure and being conveniently used for carry trades.

Additionally dollar was weaker despite slightly weaker bond markets in the states for geopolitical reasons. Nobody doubts US global dominance, but the alienation of the country is slightly more evident mostly as a function of its remote geography. While Euro is under additional pressure followinngs events unfolding in Catalonia.

In Japan - yen seems to continue weaker as no sight of tightening is near in Japan.

It seems that all 3 major currencies are for one reason or the other a good carry trades currencies to chase higher risk assets. Equities in general, emerging market equities and commodities prices should react to that. And we have seen major moves in all of these markets this year.

Gold price seems the only asset priced correctly. It doesn’t belive in North Korean threat, but it does believe in a bad effect of US Fed hike. (commodities prices have not been updated due to tech reasons)

Choose A Country

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BRITAIN: UK Stocks-Factors to watch on Oct 16


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CHILE: Technical Reports on Gold Equities -- Royal Gold, Agnico Eagle ...


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COLOMBIA: Continental Gold Inc. (CNL:CA) Declines 5.76% for October 18


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DENMARK: Denmark shares higher at close of trade; OMX Copenhagen 20 up ...


EGYPT: Egypt outperforms regional markets as IMF praises reform progress


FINLAND: Finland shares higher at close of trade; OMX Helsinki 25 up 0.10%


FRANCE: French and Benelux stocks-Factors to watch on Oct 19


GERMANY: European stocks edge lower after Catalan statement


GREECE: Greek Banks Face 'Gangs' in Bad-Loans Battle With Defaulters


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HUNGARY: European Equity Benchmarks Close Higher; UK Unemployment ...


INDIA: Banks drag India stocks lower amid concerns over rising bad debt


INDONESIA: SE Asia stocks rise; Indonesia hits record, Thailand scales fresh 24 ...


IRELAND: Microsoft, GE Sign Wind Energy Agreement in Ireland


ISRAEL: Israel shares higher at close of trade; TA 35 up 0.26%


ITALY: European Stocks Euphoria Is Running High ... Maybe Too High


JAPAN: Are investor views on Japanese equities outdated?


KAZAKHSTAN: Broker Behind World-Beating Rally Stirs Kazakh Controversy


LEBANON: LCNB Corporation (LCNB) Moves Lower on Volume Spike for ...


MALAYSIA: Singapore stocks rise for third day, Malaysian equities little changed


MEXICO: Nafta angst leaves Mexican markets bruised


NETHERLANDS: Netherlands shares higher at close of trade; AEX up 0.19%


NEW ZEALAND: Australia shares post 7th day of gains; NZ also up


NIGERIA: Equities market trades lower by 0.08%


NORWAY: Norway wealth fund warns UK against listing change


OMAN: ME funds turn more cautious on equities


PAKISTAN: PSX witnesses seesaw session


PERU: Peru shares lower at close of trade; S&P Lima General down 0.20%


PHILIPPINES: Most SE Asia stocks end lower; Philippines drops on profit-taking


POLAND: Poland - Factors to Watch Oct 19


PORTUGAL: Spain Too Risky? Buy Portuguese Stocks, Invest Iberia Says


QATAR: Mideast funds positive on Qatar, more cautious toward regional ...


QATAR: Mideast funds positive on Qatar, more cautious toward regional ...


ROMANIA: Romania - Factors to watch on Oct. 19


RUSSIA: Robert Shiller's surprising case for buying Russian stocks


SINGAPORE: Singapore stocks rise for third day, Malaysian equities little changed


SOUTH AFRICA: Hear no evil, see no evil mantra for EM stocks


SOUTH KOREA: South Korean equities rally as rest of region lags


SPAIN: European stocks edge lower after Catalan statement


SWEDEN: Sweden shares higher at close of trade; OMX Stockholm 30 up 0.48%


SWITZERLAND: Transocean Ltd (Switzerland) (RIG) Dips 4.45% for October 18


TAIWAN: Taiwan shares higher at close of trade; Taiwan Weighted up 0.37%


THAILAND: SE Asia stocks rise; Indonesia hits record, Thailand scales fresh 24 ...


TURKEY: Pessimism Starts Paying Off for Turkey Stock Bears


UAE: Exclusive: UAE can become listings hub for Middle East and Africa ...


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VIETNAM: SE Asia Stocks-Philippines falls on profit-taking, Vietnam hits 10-yr ...


Comment

Monthly performance is between 2017-09-29 and 2017-08-31

Best global markets YTD EM (EMERGING MARKETS) +22.77%, EM LATIN AMERICA +22.42%, FM (FRONTIER MARKETS) +18.74%,

While worst global markets YTD USA 10.73%, EUROPE 18.25%, FM (FRONTIER MARKETS) 18.74%,

Best global markets last month EUROPE +3.23%, USA +1.90%, FM (FRONTIER MARKETS) +1.83%,

While worst global markets last month EM (EMERGING MARKETS) -0.55%, EFM ASIA -0.14%, EM LATIN AMERICA 1.52%,
  • US Equities: Room To Run
  • European stocks edge lower after Catalan statement
  • Unilever says emerging markets a bright spot amid poor Q3 weather
  • Will Emerging Markets Continue To Rally?
  • China stocks extend declines as growth slows; Nikkei aims at two ...
  • China stocks fall as GDP growth cools, property sales soft
  • European equities fail to take bullish bait from Asia
  • European stocks edge lower after Catalan statement
  • Major Crude Oil Draw Sends Oil Prices Higher
  • Shale band explains oil price struggle to top $60 a barrel
  • Gordon Johnson Calls ArcelorMittal Out On Steel Price 'Manipulation'
  • Iron ore price leaps again
  • Gold Rate Today: Prices Top
  • Gold Price Chart: Find all the latest gold rate chart and news

    Best last month among various countries' equity markets were ZIMBABWE +86.41%, GHANA +10.81%, ARGENTINA +10.34%, IRELAND +6.09%, GERMANY +5.55%, RUSSIA +4.32%, BOTSWANA +4.24%, FRANCE +4.21%, BRAZIL +4.16%, VIETNAM +4.14%,

    While worst last month among various countries' equity markets were GREECE -14.12%, TURKEY -9.72%, UKRAINE -7.07%, SOUTH AFRICA -6.99%, ESTONIA -6.37%, KENYA -6.04%, QATAR -5.46%, HUNGARY -5.25%, LITHUANIA -4.90%, BULGARIA -4.31%,

    Best YTD among various country equities were ZIMBABWE +240.94%, GHANA +72.10%, ARGENTINA +61.12%, JAMAICA +47.74%, AUSTRIA +46.44%, POLAND +43.92%, CHINA +40.45%, KAZAKHSTAN +34.15%, KOREA +31.70%, MAURITIUS +31.18%,

    While worst YTD among various country equities were PAKISTAN -22.83%, QATAR -18.20%, OMAN -13.97%, LEBANON -8.66%, BOTSWANA -8.41%, ISRAEL -3.00%, JORDAN -2.81%, RUSSIA -2.79%, SAUDI ARABIA DOMESTIC 3.29%, UNITED ARAB EMIRATES 3.53%,



    News

    Best 10 Markets Last Month


    ZIMBABWE 86.41


  • 'The president sleeps with one eye open': Mugabe reshuffles as ...
  • 'Zanu PF has unleashed terror'
  • Zimbabwe: Positive Economic Growth Pushes Up Demand for ...
  • Chinese investment spurs economic growth in Africa
  • 'The president sleeps with one eye open': Mugabe reshuffles as ...
  • 'SEZs to drive increased FDI, exports'
  • Zimbabwe: Budget Accountability Necessary for Progress
  • RBZ reschedules debt clearance

    GHANA 10.81


  • Ivorian President, Alassane Ouattara arrives in Ghana today
  • UK Legislator commends Ghana Government on cocoa initiatives
  • IMF projects almost 9% economic growth for Ghana
  • Government to mobilise to close infrastructure gap - Veep
  • Addressing the housing issue in Ghana
  • Ghana's exports rise to $ 8.9 billion
  • The return of NDC's Messiah and NPP's possible sixteen years in ...
  • Ghana's Debt –to-GDP ratio to reach 66.1% in 2018 – IMF

    ARGENTINA 10.34


  • Readout Of President Donald J. Trump's Call With President ...
  • DIARY-Political and General News Events from Oct 18
  • Update: The Economic Scenario ahead of Argentina's Legislative ...
  • Election tests Macri's promise to make Argentina 'normal' again
  • After years of economic woes, Argentina emerging as a market of ...
  • Dairy Exports to Hit $1b
  • Argentina's Budget Predicts 3.5% Economic Growth Next Year
  • Argentina's debt to saviour Messi

    IRELAND 6.09


  • Trump's claim of Irish corporate tax cut is 'fake news', says prime ...
  • Trump's claim of Irish corporate tax cut is 'fake news', says prime ...
  • World economic growth improving, as IMF upgrades Irish forecast
  • Ireland plans to grow deeper roots in sunny Florida
  • Population growth is highest in nine years
  • Northern Ireland exports hit £2.3bn as decline of sterling makes ...
  • Smokers and those with a sweet tooth the big losers of Ireland's ...
  • Ireland: Debt Recovery Update: Decline In Creditor Enforcement ...

    GERMANY 5.55


  • German president: New walls have gone up
  • Germany reauthorizes troop deployment in Kurdistan Region
  • Germany revises economic growth forecast upwards - report
  • Growth Opportunity Assessment of Healthcare IT Market in Germany ...
  • Germany's election results in charts and maps
  • IMF forecasts stronger global growth
  • Germany's budget surplus hits record high
  • Now excellent time to end high debt, loose policies: German official

    RUSSIA 4.32


  • 'Russia's Paris Hilton' announces run for president amid criticism
  • Russian prime minister strikes energy deals in Morocco
  • Russian Economic Growth Picks Up At End Of Q3
  • Foreign investments in Russia on the rise, spurred by economic ...
  • Another Worrying Sign For Russia's Dire Demographics
  • AM markets: wheat extends, relative, firmness vs soybeans
  • Putin Says Oil Pact With OPEC May Be Extended to End of 2018
  • Reporter

    BOTSWANA 4.24


  • Botswana President starts state visit to Malta
  • Botswana President starts state visit to Malta
  • Botswana: Economic Growth Satisfactory - Seretse
  • Global Competitiveness: Botswana inch up
  • Never cease fighting against poverty, inequality
  • Botswana sees better growth in 2017 growth on easing drought ...
  • Budget 2017/18: Govt's behemoth job creation task
  • Nzwere solidifies Seed Co market position

    FRANCE 4.21


  • Macron's budget is 'UNNECESSARILY UNFAIR': French president ...
  • Former Air France CEO Spinetta to assess future of French rail sector
  • UPDATE 1-Bank of France raises 2017 French economic growth ...
  • Diversification Strikes Again: Evidence From Global Equity Factors
  • Growth Opportunity Assessment of Healthcare IT Market in France ...
  • BUSINESS IN BRIEF 18/10
  • Macron to Bring French Public Spending to Lowest in 10 Years
  • France's Debt Is Euro-Zone's Largest

    BRAZIL 4.16


  • Accused of corruption, popularity near zero – why is Temer still ...
  • Why Brazil speaks first, and all your other questions on the UN ...
  • Brazil August Growth Lowest in Five months
  • JPMorgan Brazil Investment Trust PLC (JPB) Moved Up 0.09% on ...
  • How Brazil got hooked on to junk food
  • Brazilian Balance of Trade Hits record $5.178 billion Surplus in ...
  • Brazil sells dam operating licenses for $3.8 billion to foreign bidders
  • BRAZIL: Economists Raise 2017 GDP Growth Estimate From 0.70 ...

    VIETNAM 4.14


  • Vietnamese president requests absolute security for APEC meeting
  • Prime Minister congratulates US ambassador on successful term in ...
  • Vietnam's Economic Growth Surges to Above 7% as Exports Climb
  • Deputy PM wants ICT investment
  • YSP Southeast Asia's Vietnam ops to break even
  • Vietnam Exports Drive Growth
  • Vietnam's budget revenue up 13.9 pct in 9 months
  • Vietnam has a debt problem

    Worst 10 Market Last Month


    GREECE -14.12


  • Remarks by President Trump and Prime Minister Tsipras of Greece ...
  • Greece prime minister says US relationship at its best since WWII ...
  • Greece in recession again, despite growth predictions
  • Gov't attitude to investors questioned at London roadshow
  • IMF's position becomes clearer
  • The transatlantic meaning of Donald Trump: a US-EU Power Audit
  • Greek January-September government budget surplus slightly ...
  • Exclusive: Greece considers bond swap as looks to bailout exit ...

    TURKEY -9.72


  • Update: President Buhari presides over FEC, leaves for Turkey
  • Turkish PM reiterates support for united Iraq
  • World Bank likely to revise up Turkey's economy growth forecast
  • Turkey, Poland vow to raise bilateral trade to $10B during Erdoğan's ...
  • The lighting fixtures market in Turkey
  • Economy Minister Nihat Zeybekci: We will be number 1 in the world!
  • Turkey's budget deficit down over 60 pct in September
  • Turkey Debt Investors Face Rude Awakening After US Spat Heats Up

    UKRAINE -7.07


  • Saakashvili assails Ukraine president at mass Kiev rally
  • Thousands of anti-government protesters rally in Ukraine
  • Chatham House Report: Ukraine still 'fighting for survival as an ...
  • Chatham House Report: Ukraine still 'fighting for survival as an ...
  • Ukraine Reform Monitor: October 2017
  • The Last Hurdle for Ukraine's Recovery
  • Some $200 mln of 'Yanukovych family' to be transferred to state ...
  • No legal arguments favoring reversal of London court decision on ...

    SOUTH AFRICA -6.99


  • Nigerians Are Furious With a Giant Statue of South Africa's ...
  • Zuma reshuffles cabinet 'in bid to secure energy deal'
  • World Bank maintains South Africa's economic growth
  • Chinese investment spurs economic growth in Africa
  • OPINION: We're in deep trouble and need to pull together
  • Trade with Africa can underpin SA's growth, says Sihle Zikalala
  • South Africa Budget Target a Tough Task, Finance Minister Says
  • iShares MSCI South Africa (EZA) Declines 0.15% for Oct 18

    ESTONIA -6.37


  • Estonian President Says Russia's Show Of Force Raises Issues Of ...
  • Estonia's former PM Rõivas quits over sexual harassment scandal
  • Survey: Majority of Estonians believe in EU's positive impact
  • Research investment 'not a luxury, but a necessity,' Estonian leader ...
  • Estonian government approves 2018 state budget
  • August exports up eight, imports 12 percent on year
  • Estonia passes 2017 record level budget spending to bolster defense
  • Estonia's 2016 current account surplus was biggest since regaining ...

    KENYA -6.04


  • Kenyan election commissioner quits and flees country one week ...
  • Kenyan Election Authority in Disarray a Week Before Repeat Vote
  • Drawn-Out Vote in Kenya Has Increased Risks for Investors, IMF Says
  • Kenya Re ranked most attractive insurance firm for investment
  • With fast-growing youth population, Africa boasts enormous market ...
  • Somalia rises to third top buyer of Kenya goods
  • Kenya's budget estimates expected to hit Kshs 2.5 trillion
  • Kenya's debt to rise to 60pc of GDP in 2018 – Moody's Rating

    QATAR -5.46


  • Qatar Emir to meet President and PM on first state visit here
  • Singapore and Qatar enhance ties in legal, business areas
  • Qatar's economic growth is sustainable, says Doha Bank CEO
  • UPDATE 1-Qatar Investment Fund to broaden focus into Gulf ...
  • CMU's Qatar campus is sparking startup growth, but some of that ...
  • Qatar's economic growth is sustainable, says Doha Bank CEO
  • Qatar-Kuwait trade set to grow: Doha Bank
  • Qatar debt rating downgraded by S&P as riyal hits 11-year low

    HUNGARY -5.25


  • Hungary holds Soros-founded college in 'legal limbo'
  • Hungary's Government Attacks Journalists in New Soros Smears
  • CEE MARKETS-Crown hits 4-year high, rate hike bets weigh on bonds
  • Wage growth picks up to 2.2pc but continues to lag inflation; FTSE ...
  • Hungarian bravado in savings: Not toeing the CEE line
  • Putin, Hungarian PM discuss new nuclear power plant
  • UPDATE 1-Hungary's 2017 budget to target 2.4 pct/GDP deficit -PM ...
  • CEE MARKETS-Crown hits 4-year high, rate hike bets weigh on bonds

    LITHUANIA -4.90


  • Lithuania president says Brexit talks 'a little bit behind'
  • Lithuania's Prime Minister to meet with Pope Francis
  • Free Markets Make the World a Better Place
  • Baltics Seek Lockstep With High Tech States
  • Ireland's Jewish population rises by almost 30%
  • 21.6% year-on-year growth recorded in trade between Armenia and ...
  • 2018 budget draft submitted to Lithuania's government
  • Lithuania's international arbitration star

    BULGARIA -4.31


  • Bulgarian President: 'We Should Not Allow a Double Standard in the ...
  • Korea's Prime Minister Lee Nak-yon expected in Bulgaria
  • Wage growth in Bulgaria outstripping productivity growth ...
  • Bulgaria's current account surplus at 4.6 pct/GDP through August
  • Consulting markets of Bulgaria and Romania valued at $5.3 billion
  • Exports to non-EU Countries in the January-August Period Jumped ...
  • Bulgaria expects fiscal surplus of 2.4 pct at the end of September
  • State Debt Decreases in EU, Bulgaria in Q3 2016

    Top 10 Longs Based on Momentum

    Tickercompanycountryweek1month6monthsRankVolume_Avg_10DVolume_Avg_30Dvolume_avg_100D
    MRKV RMIDGC of Volga PJSCRUSSIA-1.6930.60142.6157.1768544000.00146663300.00104829900.00
    GEO LNGeorgian Mining CorpBRITAIN9.0328.06128.3455.14861030.70703020.001457810.00
    ORM LNOrmonde Mining PLCIRELAND9.1543.1192.3948.22610082.10526433.30463338.70
    2689 HKNine Dragons Paper Holdings LtdHONG KONG13.9043.4080.9446.0815711340.0015193210.0014111380.00
    USIM5 BZUsinas Siderurgicas de Minas Gerais SABRAZIL6.8848.6482.0945.8722453340.0017999090.0014952870.00
    IRKT RMIrkut Corp PJSCRUSSIA13.5242.4864.1340.04766810.00292463.30173448.00
    2007 HKCountry Garden Holdings Co LtdCHINA8.2225.8979.0637.7265597660.0047763800.0044058560.00
    HGTX3 BZCia HeringBRAZIL9.2230.9565.9435.371766020.001504757.001022312.00
    817 HKChina Jinmao Holdings Group LtdHONG KONG12.8222.4961.2032.1742490940.0034093530.0027049120.00
    EVR LNEvraz PLCRUSSIA-3.9330.8768.8231.924769079.003197063.002767380.00

    Top 10 Shorts Based on Momentum

    Tickercompanycountryweek1month6monthsRankVolume_Avg_10DVolume_Avg_30Dvolume_avg_100D
    GCLA LIGrupo Clarin SAARGENTINA-77.15-75.66-75.76-76.1940945.7021485.0716854.55
    SDRL NOSeadrill LtdBRITAIN-13.79-28.30-83.93-42.019562874.004443186.002882530.00
    DNR USDenbury Resources IncUNITED STATES-1.85-24.82-55.08-27.256953603.506128156.006090569.50
    AVM LNAvocet Mining PLCBRITAIN3.26-27.26-54.65-26.2291795.1049730.3029742.57
    TETH LNTethyan Resources PLCBRITAIN-15.16-12.22-36.13-21.17798069.00633553.00397126.10
    RUSS USDirexion Daily Russia Bear 3x SharesUNITED STATES-9.08-25.69-26.91-20.5681049.5073376.50106656.56
    PGAS IJPerusahaan Gas Negara Persero TbkINDONESIA-7.93-19.10-32.42-19.8257691370.0035378440.0031914370.00
    BANE RMBashneft PJSCRUSSIA-6.48-1.29-39.71-15.835707.004258.273914.65
    KR USKroger Co/TheUNITED STATES-4.86-9.15-26.54-13.5219697114.0014164089.0013456945.00
    SHG LNShanta Gold LtdGUERNSEY-4.0115.87-52.15-13.433079328.002317197.002048251.00

    Z-rankings Methodology - Top Global Long Picks

    TickerCompanySectorPE RATIO
    2016
    PE RATIO
    2017
    PE RATIO
    2018
    EV/EBITDA
    2016
    EV/EBITDA
    2017
    EV/EBITDA
    2018
    P/S
    2016
    P/S
    2017
    P/S
    2018
    P/B
    2016
    P/B
    2017
    P/B
    2018
    DIVIDEND YIELD
    2016
    DIVIDEND YIELD
    2017
    DIVIDEND YIELD
    2018
    GROSS MARGIN
    2016
    GROSS MARGIN
    2017
    GROSS MARGIN
    2018
    ROA
    2016
    ROA
    2017
    3008 TT zranksLargan Precision Co LtdInformation Technology12.625.018.18.817.513.15.512.69.64.87.75.92.81.41.957.470.271.833.327.7
    PAH3 GR zranksPorsche Automobil Holding SEConsumer Discretionary0.04.43.90.00.00.00.015,059.815,059.80.60.40.42.02.73.50.00.00.0-1.112.5
    CCK US zranksCrown Holdings IncMaterials13.914.813.310.59.99.50.81.00.949.111.27.70.00.00.016.120.520.64.05.4
    LB US zranksL Brands IncConsumer Discretionary24.114.313.711.77.57.22.31.11.00.00.00.04.25.25.442.839.840.015.711.2
    ABX CN zranksBarrick Gold CorpMaterials252.623.521.30.06.37.01.02.42.61.22.11.91.50.70.723.554.852.5-9.43.8
    RMH SJ zranksRMB Holdings LtdFinancials13.111.110.52,234.10.00.00.04,942.54,448.32.72.12.04.23.73.90.00.00.022.219.2
    AIR FP zranksAirbus SEIndustrials18.121.416.27.07.16.10.80.80.88.29.97.22.12.12.513.711.312.22.72.5
    SWMA SS zranksSwedish Match ABConsumer Staples20.717.516.415.613.012.84.03.23.1226.00.00.02.74.83.346.946.446.617.921.2
    388 HK zranksHong Kong Exchanges & Clearing LtdFinancials29.640.336.413.77.87.019.322.320.28.08.38.03.02.22.50.00.00.03.32.8
    DIGI MK zranksDiGi.Com BhdTelecommunication Services24.324.124.10.013.613.56.15.85.780.865.061.74.14.14.170.658.358.638.429.4

    Z-rankings Methodology Top Short Picks

    TickerCompanySectorPE RATIO
    2016
    PE RATIO
    2017
    PE RATIO
    2018
    EV/EBITDA
    2016
    EV/EBITDA
    2017
    EV/EBITDA
    2018
    P/S
    2016
    P/S
    2017
    P/S
    2018
    P/B
    2016
    P/B
    2017
    P/B
    2018
    DIVIDEND YIELD
    2016
    DIVIDEND YIELD
    2017
    DIVIDEND YIELD
    2018
    GROSS MARGIN
    2016
    GROSS MARGIN
    2017
    GROSS MARGIN
    2018
    ROA
    2016
    ROA
    2017
    GCHE RM zranksCherkizovo Group PJSCConsumer Staples7.69.86.57.26.65.30.60.60.50.90.90.80.01.13.824.926.727.46.35.1
    MRK US zranksMerck & Co IncHealth Care17.616.615.212.012.311.53.84.44.23.34.74.73.42.93.062.276.476.74.57.9
    MRK US zranksMerck & Co IncHealth Care17.616.615.212.012.311.53.84.44.23.34.74.73.42.93.062.276.476.74.57.9
    TDC US zranksTeradata CorpInformation Technology16.225.324.80.010.09.91.52.02.04.15.15.20.00.00.050.451.451.9-7.61.4
    TDC US zranksTeradata CorpInformation Technology16.225.324.80.010.09.91.52.02.04.15.15.20.00.00.050.451.451.9-7.61.4
    OML LN zranksOld Mutual PLCFinancials15.39.48.80.00.00.00.71.91.81.21.21.25.03.94.00.00.00.00.40.5
    OML LN zranksOld Mutual PLCFinancials15.39.48.80.00.00.00.71.91.81.21.21.25.03.94.00.00.00.00.40.5
    494 HK zranksLi & Fung LtdConsumer Discretionary13.513.011.710.39.59.00.30.20.22.31.00.95.37.27.411.511.711.95.53.9
    OKEY LI zranksO'Key Group SAConsumer Staples20.522.913.96.65.64.90.20.20.21.61.41.34.22.92.523.623.023.22.21.6
    SPLS US zranksStaples IncConsumer Discretionary8.911.511.85.15.15.30.30.40.41.11.81.75.44.84.726.226.926.93.77.3

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