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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
ZIMBABWE49.29
JAMAICA19.55
KOREA8.40
VIETNAM7.57
INDIA7.27
TAIWAN6.34
ARGENTINA5.59
HUNGARY4.99
CHILE4.98
SINGAPORE4.97
JAPAN4.60
KAZAKHSTAN4.34
CHINA3.96
PERU3.87
SERBIA3.43
POLAND3.28
THAILAND2.47
TRINIDAD AND TOBAGO2.29
SOUTH AFRICA2.26
USA2.18
CZECH REPUBLIC2.13
AUSTRIA2.09
NIGERIA1.78
UNITED ARAB EMIRATES1.73
BELGIUM1.63
GERMANY1.53
FRANCE1.45
DENMARK1.43
LEBANON1.14
PHILIPPINES0.94
NETHERLANDS0.84
SRI LANKA0.83
MOROCCO0.70
NORWAY0.67
IRELAND0.43
UNITED KINGDOM0.41
HONG KONG0.33
TURKEY0.06
FM AFRICA0.00
INDONESIA-0.01
SPAIN-0.19
SWEDEN-0.39
CANADA-0.41
MALAYSIA-0.51
JORDAN-0.53
BAHRAIN-0.56
KENYA-0.91
ESTONIA-1.01
EGYPT-1.30
LITHUANIA-1.34
ITALY-1.40
QATAR DOMESTIC-1.47
CROATIA-1.50
ROMANIA-1.55
SLOVENIA-1.58
SWITZERLAND-1.68
BOSNIA AND HERZEGOVINA-1.76
GHANA-1.85
PORTUGAL-1.87
OMAN-1.97
QATAR-2.01
BANGLADESH-2.07
GREECE-2.14
RUSSIA-2.28
FINLAND-2.40
BOTSWANA-3.07
ISRAEL-3.10
BRAZIL-3.36
KUWAIT-3.47
TUNISIA-3.65
MAURITIUS-3.71
SAUDI ARABIA DOMESTIC-3.99
BULGARIA-4.48
NEW ZEALAND-6.59
MEXICO-7.71
PAKISTAN-7.77
UKRAINE-7.78
COLOMBIA-9.01

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

nameYTD Change
ZIMBABWE400.58
JAMAICA67.53
GHANA67.42
ARGENTINA60.05
POLAND43.25
AUSTRIA43.12
CHINA41.81
KOREA39.32
CHILE36.67
TURKEY35.31
KAZAKHSTAN33.07
INDIA30.41
NIGERIA30.28
HUNGARY29.80
KENYA29.71
NETHERLANDS28.53
DENMARK28.42
MAURITIUS26.00
VIETNAM25.33
FRANCE24.75
PERU24.73
SPAIN23.95
TAIWAN23.88
ITALY23.77
ESTONIA23.14
GERMANY22.13
CZECH REPUBLIC22.09
SINGAPORE21.72
HONG KONG21.56
SWEDEN21.14
THAILAND19.67
NORWAY19.45
BULGARIA19.01
BELGIUM18.88
SERBIA18.39
PORTUGAL18.35
ROMANIA18.03
FINLAND17.90
MEXICO17.82
KUWAIT16.33
SLOVENIA16.29
FM AFRICA16.00
BRAZIL15.95
JAPAN14.83
CROATIA13.90
USA13.14
SWITZERLAND12.78
IRELAND12.67
UNITED KINGDOM11.56
SOUTH AFRICA11.19
INDONESIA10.32
MALAYSIA10.20
BOSNIA AND HERZEGOVINA9.88
LITHUANIA9.82
PHILIPPINES9.79
SRI LANKA9.17
TRINIDAD AND TOBAGO8.79
BAHRAIN6.87
GREECE6.84
CANADA6.10
BANGLADESH5.65
TUNISIA2.72
UNITED ARAB EMIRATES2.47
EGYPT2.26
SAUDI ARABIA DOMESTIC-0.71
COLOMBIA-0.84
UKRAINE-1.20
MOROCCO-1.53
JORDAN-2.92
NEW ZEALAND-3.86
RUSSIA-6.32
ISRAEL-6.38
LEBANON-6.94
BOTSWANA-9.99
OMAN-14.88
QATAR DOMESTIC-19.30
QATAR-21.76
PAKISTAN-30.57

Best 10 Market Last 12 Months

CountryChangePct
ZIMBABWE0.00
JAMAICA103.01
AUSTRIA52.98
ARGENTINA50.58
POLAND48.49
KAZAKHSTAN39.09
GHANA38.92
CHINA38.33
KOREA38.07
HUNGARY37.71

Worst 10 Market Last 12 Months

CountryChangePct
TUNISIA-0.94
UKRAINE-5.24
NEW ZEALAND-7.12
OMAN-10.24
ISRAEL-10.82
LEBANON-11.47
PAKISTAN-16.72
QATAR-17.59
BOTSWANA-23.57
EGYPT-25.53

Country USD Yields and YTD Changes

CountryAverage YieldYield Average WkChange % pts
Venezuela31.748.22
United States1.020.26
South Africa5.16-0.10
Oman4.54-0.16
Lebanon6.77-0.17
Pakistan5.26-0.27
Slovak Republic2.40-0.33
Philippines3.27-0.34
Trinidad and Tobago4.38-0.45
China2.96-0.50
Morocco3.26-0.59
Colombia3.98-0.60
Jordan5.87-0.63
Peru3.61-0.65
Russian Federation3.84-0.67
Azerbaijan4.70-0.67
India3.59-0.68
Chile3.14-0.73
Lithuania2.28-0.74
Kazakhstan4.13-0.75
Panama3.13-0.75
Poland2.64-0.77
Romania3.37-0.82
Gabon6.91-0.83
Hungary3.02-0.84
Turkey5.06-0.84
Mexico4.34-0.85
Tunisia6.01-0.88
Cote D'Ivoire (Ivory Coast)6.01-0.88
Malaysia3.40-0.90
Indonesia3.78-0.92
Paraguay5.18-0.92
Croatia (Hrvatska)3.17-0.98
Jamaica5.28-1.01
Uruguay3.78-1.07
Costa Rica5.96-1.20
Ecuador7.33-1.22
El Salvador7.26-1.26
Brazil4.59-1.29
Vietnam3.65-1.39
Serbia3.09-1.41
Dominican Republic4.80-1.52
Egypt4.96-1.53
Zambia7.56-1.55
Kenya6.25-1.59
Argentina6.49-1.65
Ghana6.57-1.79
Angola8.33-1.79
Ethiopia6.16-1.86
Sri Lanka4.53-1.90
Ukraine6.66-1.94
Iraq7.28-1.97
Mongolia5.38-2.94

Fund flows YTD

FocusObjectiveAsset ClassFlow USD mn
SizeLARGE-CAPEquity58088.38
regionEUROPEAN REGIONEquity27970.32
segmentEMERGING MARKETSEquity27088.20
SizeSMALL-CAPEquity20804.79
regionASIAN PACIFIC REGIONEquity14021.61
CommoditiesPRECIOUS METALSCommodity11431.44
regionASIAN PACIFIC REGION EX JAPANEquity9547.04
segmentDEVELOPED MARKETSEquity8853.39
RiskGOVERNMENT BONDFixed Income7226.77
regionEUROPEAN REGIONFixed Income7166.53
CommoditiesPRECIOUS METAL SECTOREquity7042.24
RiskINFLATION PROTECTEDFixed Income6709.56
industryENERGY SECTOREquity6402.07
industryBASIC MATERIALS SECTOREquity6075.67
industryHEALTH CARE SECTOREquity4220.98
industryTECHNOLOGY SECTOREquity3746.14
SectorCONSUMER DISCRETIONARYEquity3434.16
regionASIAN PACIFIC REGIONMixed Allocation3141.99
regionASIAN PACIFIC REGIONFixed Income2851.29
regionASIAN PACIFIC REGION EX JAPANFixed Income2676.91
SectorCONSUMER STAPLESEquity2125.29
RiskLONG SHORTEquity1950.49
countryBRAZILEquity1892.13
regionNORDIC REGIONEquity1806.14
regionLATIN AMERICAN REGIONEquity1475.29
countryJAPANEquity1387.15
countryUNITED KINGDOMEquity1301.16
countrySPAINEquity1278.63
countryINDIAEquity1166.51
CountryTAIWANEquity1129.16
industryCOMMUNICATIONS SECTOREquity1118.36
regionASIAN PACIFIC REGION EX JAPANMixed Allocation1048.48
regionLATIN AMERICAN REGIONFixed Income727.65
regionEUROPEAN REGIONMixed Allocation574.07
countryINDIAFixed Income424.69
regionEASTERN EUROPEAN REGIONEquity418.56
countryRUSSIAFixed Income412.64
SectorAGRICULTURECommodity355.04
industryREAL ESTATE SECTOREquity350.20
countryCHINAFixed Income284.64
regionNORTH AMERICAN REGIONEquity278.83
regionNORTH AMERICAN REGIONFixed Income246.05
regionMIDDLE EAST REGIONEquity241.57
segmentBRICEquity231.15
RiskGOVERNMENT BONDAlternative224.56
countryKOREAEquity222.23
RiskLONG SHORTFixed Income169.46
countryJAPANFixed Income151.71
segmentEMEAFixed Income125.58
countryPOLANDEquity91.61
countryTURKEYEquity75.19
countryAUSTRALIAFixed Income66.01
industryNATURAL RESOURCES SECTOREquity58.29
countryJAPANMixed Allocation41.85
regionMIDDLE EAST REGIONFixed Income37.95
CommoditiesINDUSTRIAL METALSCommodity37.90
countrySOUTH AFRICAEquity34.18
segmentEMEAEquity33.70
regionAFRICAN REGIONEquity33.55
regionAFRICAN REGIONFixed Income26.30
CountryEGYPTEquity10.97
countryISRAELEquity10.75
RiskLONG SHORTMixed Allocation10.63
segmentGCCFixed Income3.65
SizeMID-CAPCommodity2.97
industryENERGY SECTORMixed Allocation2.86
RiskGOVERNMENT BONDEquity0.58
SectorAGRICULTUREEquity0.03
countryAUSTRALIAMixed Allocation-1.25
segmentGCCMixed Allocation-5.37
industryREAL ESTATE SECTORAlternative-14.62
industryMULTIPLE SECTOREquity-15.92
RiskINFLATION PROTECTEDBrazil-27.48
regionEASTERN EUROPEAN REGIONMixed Allocation-31.20
RiskGOVERNMENT BONDMixed Allocation-35.03
segmentMENAFixed Income-41.76
segmentGCCEquity-44.72
segmentMENAEquity-60.33
RiskINFLATION PROTECTEDMixed Allocation-68.98
CommoditiesPRECIOUS METALSMixed Allocation-90.92
segmentBRICFixed Income-317.91
RiskLONG SHORTAlternative-354.21
industryFINANCIAL SECTOREquity-364.77
industryINDUSTRIAL SECTOREquity-401.86
countryBRAZILFixed Income-412.93
countryAUSTRALIAEquity-510.93
countryRUSSIAEquity-1132.86
regionEASTERN EUROPEAN REGIONFixed Income-1221.41
SizeMID-CAPEquity-2698.78
industryUTILITIES SECTOREquity-3389.35
countryCHINAEquity-4744.69

Commodities Monthly Performance

NameUnitsLastPriceCurrencyMonthChange USDpct
Crude Oil (Tokyo)JPY/kl42970.00JPY19.20
Kerosene (Tokyo)JPY/kl58390.00JPY18.34
WTI Crude Oil (Nymex)USD/bbl.57.03USD18.15
Brent Crude (ICE)USD/bbl.63.78USD17.50
Lumber (CME)USD/1000 board feet455.40USD13.99
Live Cattle (CME)USd/lb.1.2248USD13.04
Cocoa (ICE)USD/MT2185.00USD11.48
Natural Gas (Nymex)USD/MMBtu3.21USD10.61
ECX Emissions (ICE)EUR/MT7.55USD9.58
Heating Oil (Nymex)USd/gal.1.9439USD9.21
RBOB Gasoline (Nymex)USd/gal.1.8137USD8.97
Palladium SpotUSD/t oz.1010.74USD7.97
Gasoil (Nymex)USD/MT568.00USD7.07
Feeder Cattle (CME)USd/lb.1.5785USD6.44
Canola (ICE)CAD/MT516.00CAD4.94
Sugar #11 (ICE)USd/lb.0.14880000000000002USD4.35
Orange Juice (ICE)USd/lb.1.6085USD3.77
Soybean Meal (CBOT)USD/T.311.70USD3.45
Lean Hogs (CME)USd/lb.0.6318USD2.52
Copper (Comex)USd/lb.3.0839999999999996USD1.82
3Mo Zinc (LME)USD/MT3176.00USD1.50
Soybean Oil (CBOT)USd/lb.0.3504USD0.55
Gold/Japanese Yen SpotJPY/t oz.145737.31JPY0.38
Gold (Tokyo)JPY/g4670.00JPY0.11
Bloomberg Commodity-0.09172.9164USD0.00
UBS Bloomberg CMCI5.18883.964USD0.00
Reuters/Jefferies CRB0.75184.4869USD0.00
Rogers International12.062255.37USD0.00
S&P GSCI2289.075USD0.00
Brent IndexUSD/bbl.53.97USD0.00
NickelUSD/MT12150USD0.00
SteelUSD/MT552.5USD0.00
Corn (CBOT)USd/bu.3.575USD0.00
Wheat (CBOT)USd/bu.4.4USD0.00
Oats (CBOT)USd/bu.2.325USD0.00
Soybean (CBOT)USd/bu.9.6575USD0.00
3Mo Aluminum (LME)USD/MT2093.00USD-0.66
Silver/Japanese Yen SpotJPY/t oz.1929.72JPY-0.76
Coffee 'C' (ICE)USd/lb.1.264USD-1.17
3Mo Copper (LME)USD/MT6808.00USD-1.31
Gold/Euro SpotEUR/t oz.1104.10EUR-1.35
Silver (Tokyo)JPY/g62.00JPY-1.59
Silver/Euro SpotEUR/t oz.14.62EUR-2.47
Gold/Indian Rupee SpotINR/t oz.83637.38INR-2.91
Silver/Indian Rupee SpotINR/t oz.1107.48INR-4.01
Gold/British Pound SpotGBP/t oz.978.51GBP-4.12
Gold (Comex)USD/t oz.1286.50USD-4.57
Gold SpotUSD/t oz.1285.76USD-4.58
Silver/British Pound SpotGBP/t oz.12.96GBP-5.18
Silver (Comex)USD/t oz.17.02USD-5.23
Silver SpotUSD/t oz.17.03USD-5.63
Ethanol (CBOT)USD/gal.1.44USD-5.94
3Mo Tin (LME)USD/MT19425.00USD-6.39
Platinum SpotUSD/t oz.936.65USD-7.25
Rough Rice (CBOT)USD/cwt11.44USD-7.93
Cotton #2 (ICE)USd/lb.0.6887000000000001USD-9.56
Rubber (Tokyo)JPY/kg199.10JPY-9.91
Cocking CoalCNY/MT#N/A Field Not ApplicableCNY
Wool (ASX)#N/A N/AUSD

Commodities YTD Performance

NameUnitsLastPriceCurrencyYTDChange USDpct
Palladium SpotUSD/t oz.1010.74USD48.43
Lumber (CME)USD/1000 board feet455.40USD43.84
3Mo Aluminum (LME)USD/MT2093.00USD23.63
3Mo Zinc (LME)USD/MT3176.00USD23.29
Copper (Comex)USd/lb.3.0839999999999996USD23.09
3Mo Copper (LME)USD/MT6808.00USD22.99
Rough Rice (CBOT)USD/cwt11.44USD22.29
NickelUSD/MT12150USD21.26
Feeder Cattle (CME)USd/lb.1.5785USD21.00
Heating Oil (Nymex)USd/gal.1.9439USD14.06
Gasoil (Nymex)USD/MT568.00USD13.37
Crude Oil (Tokyo)JPY/kl42970.00JPY13.32
Brent Crude (ICE)USD/bbl.63.78USD12.25
Gold SpotUSD/t oz.1285.76USD12.05
Gold (Comex)USD/t oz.1286.50USD11.70
SteelUSD/MT552.5USD11.62
Kerosene (Tokyo)JPY/kl58390.00JPY9.69
ECX Emissions (ICE)EUR/MT7.55USD9.29
RBOB Gasoline (Nymex)USd/gal.1.8137USD8.92
Gold/Japanese Yen SpotJPY/t oz.145737.31JPY8.56
Gold (Tokyo)JPY/g4670.00JPY7.46
Silver SpotUSD/t oz.17.03USD6.92
Gold/Indian Rupee SpotINR/t oz.83637.38INR6.80
Silver (Comex)USD/t oz.17.02USD6.45
WTI Crude Oil (Nymex)USD/bbl.57.03USD6.16
Gold/British Pound SpotGBP/t oz.978.51GBP5.27
Wheat (CBOT)USd/bu.4.4USD4.64
Canola (ICE)CAD/MT516.00CAD3.86
Platinum SpotUSD/t oz.936.65USD3.71
Silver/Japanese Yen SpotJPY/t oz.1929.72JPY3.61
Live Cattle (CME)USd/lb.1.2248USD2.92
Silver (Tokyo)JPY/g62.00JPY2.82
Cocoa (ICE)USD/MT2185.00USD2.78
Silver/Indian Rupee SpotINR/t oz.1107.48INR2.30
Soybean Oil (CBOT)USd/lb.0.3504USD1.80
Oats (CBOT)USd/bu.2.325USD1.75
Gold/Euro SpotEUR/t oz.1104.10EUR1.03
UBS Bloomberg CMCI5.18883.964USD0.96
Silver/British Pound SpotGBP/t oz.12.96GBP0.47
Corn (CBOT)USd/bu.3.575USD0.00
Soybean Meal (CBOT)USD/T.311.70USD-0.38
Rogers International12.062255.37USD-2.09
Bloomberg Commodity-0.09172.9164USD-2.27
Cotton #2 (ICE)USd/lb.0.6887000000000001USD-2.52
Brent IndexUSD/bbl.53.97USD-2.60
Silver/Euro SpotEUR/t oz.14.62EUR-3.38
Lean Hogs (CME)USd/lb.0.6318USD-4.49
Soybean (CBOT)USd/bu.9.6575USD-4.62
Reuters/Jefferies CRB0.75184.4869USD-4.77
S&P GSCI2289.075USD-5.30
Coffee 'C' (ICE)USd/lb.1.264USD-7.77
3Mo Tin (LME)USD/MT19425.00USD-8.05
Ethanol (CBOT)USD/gal.1.44USD-10.34
Natural Gas (Nymex)USD/MMBtu3.21USD-13.80
Orange Juice (ICE)USd/lb.1.6085USD-18.80
Sugar #11 (ICE)USd/lb.0.14880000000000002USD-23.73
Rubber (Tokyo)JPY/kg199.10JPY-24.01
Cocking CoalCNY/MT#N/A Field Not ApplicableCNY-100.00
Wool (ASX)#N/A N/AUSD
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Chart: Dollar DXY Index is testing resistance at 94.4

Dollar advances are likely to take pause in November

Source: ML

Download file in Power Point
  • USDJPY without momentum, EURCHF 120 pips away from its 2017 ...

    Recent Strategy Chart Art

    Dollar DXY Index is testing resistance at 94.4

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

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    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


    All regional stocks have been strong in October led by Asian stocks.
    Korean stocks are still the best in October, repeating September stellar performance.
    Short Pakistan long Vietnam trade on frontier market is still on.
    While stellar oil price performance has not helped Russian stocks unfortunately and ruble weakened as well fearing in fear of protest politics and on the back of overall stronger DXY. But dollar strength looks exausting.
    Despite quite healthy oil price – energy sector has not been able to catch up in October. It is still one of the worse sectors in October and it is the worst YTD. This is despite Brent oil price trades at 63$/bbl.
    Materials are still far safer proxy to play energy rebound and commodities rebound in general. Global metals and mining stocks are up 20% ytd and have been up 3% in October. While energy stocks are down 1% Ytd and have been flat in October.
    Information technology stocks are darlings of the market this year and have been for the last several years.
    Electric utilities +14% ytd and Transportation industry +28% ytd has been showing very healthy performance YTD implying rebounding economy. Consumer discretionary sector a proxy for excess liquidity in the system and also proxy for the economy are rebounding somewhat.
    In Telecoms wireless show okay performance but diversified telecoms are the perennial laggards.
    We continue to like materials stocks as well as information technology stocks. We can also bet that the consumer discretionary stocks will be supported stronger in the end of the year. While we continue to dislike energy stocks and consumer staples.
    November is likely to be a stronger month as well with limited dollar upside and continued appetite for emerging markets stocks while US and European stocks are likely to be calmer.

    Choose A Country

    ARGENTINA: What Lies Ahead for Argentina ETFs?


    AUSTRALIA: Bulls bet banks to push Australia stocks to post-crisis peak


    AUSTRIA: With Europe ETFs in Spotlight, Don't Forget Austria ETF


    BAHRAIN: Saudi Tensions Prompt Gulf Investors to Dump Region's Stocks


    BELGIUM: Belgium shares lower at close of trade; BEL 20 down 1.03%


    BRAZIL: Fund managers get picky about Brazil stocks after steep run-up


    BRITAIN: British stocks hit record close in wake of BoE rate hike


    CANADA: Canadian equities storm back on bank, energy gains


    CHILE: Mandalay Resources Corporation (MND:CA) Declines 6.35% for ...


    CHINA: Hong Kong, China equities the best performing asset class in MPF


    COLOMBIA: Colombia shares higher at close of trade; COLCAP up 0.51%


    CZECH: EMERGING MARKETS-Emerging stocks flirt with 6-yr highs, Czech ...


    DENMARK: World's Top-Ranked Pension Funds Are Hoarding Riskier Assets


    EGYPT: Saudi stocks drop after corruption probe detains businessmen, officials


    FINLAND: Finland shares lower at close of trade; OMX Helsinki 25 down 1.52%


    FRANCE: French and Benelux stocks-Factors to watch on Nov 9


    GERMANY: Germany's stock market closes at record as ECB delivers dovish QE ...


    GREECE: Up 17% YTD, Here's Why Greece ETF Could Rally Again


    HONG KONG: Equities benchmarks rise 1% in Hong Kong, Tokyo and Sydney


    HUNGARY: EMERGING MARKETS-Emerging stocks flirt with 6-yr highs, Czech ...


    INDIA: Wall of money chasing India stocks shows investor euphoria alive


    INDONESIA: Stocks Rally to Record in Indonesia as Banks Surge on Low Rates


    IRELAND: November Insights Into Basic Materials Stocks: Zinc of Ireland NL ...


    ISRAEL: Israel shares lower at close of trade; TA 35 down 0.13%


    ITALY: Dollar's Mixed Fortunes And Equities Wild Swings


    JAPAN: Japan stocks sell-off delivers another jolt to Asian equities


    KAZAKHSTAN: Broker Behind World-Beating Rally Stirs Kazakh Controversy


    LEBANON: EMERGING MARKETS-Emerging stocks at 6-year high, Saudi ...


    MALAYSIA: Singapore stocks little changed, Malaysia shares post gains


    MEXICO: Nafta angst leaves Mexican markets bruised


    NETHERLANDS: Netherlands shares lower at close of trade; AEX down 0.79%


    NEW ZEALAND: Rural Equities eyes investment outside of NZ rural property


    NIGERIA: Nigeria: Financial Stocks Contribute 76.8% to NSE Volume


    NORWAY: Norway sovereign wealth fund wants forex traders to restore trust


    OMAN: Shanghai stocks edge up, supported by transport firms


    PAKISTAN: Pakistan equities take a breather, end last week up 5.6%


    PERU: Peru shares higher at close of trade; S&P Lima General up 0.02%


    PHILIPPINES: Fast Asia Open: Hong Kong GDP, Philippines trade data


    POLAND: Poland - Factors to Watch Nov 10


    PORTUGAL: Portugal shares lower at close of trade; PSI 20 down 0.15%


    QATAR: Qatar shares snap five-day losing run


    QATAR: Qatar shares snap five-day losing run


    ROMANIA: Romania - Factors to watch on Nov. 10


    RUSSIA: Russian stocks could do better


    SINGAPORE: Singapore equities end 2.66 points higher


    SOUTH AFRICA: Unlike South Africa Equities, South African Bonds Attract Overseas ...


    SOUTH KOREA: South Korea Bear Says 'Socialist' President Will Hurt Stocks


    SPAIN: Here's Why Spain Is More Diverse Than You Think


    SWEDEN: Sweden shares lower at close of trade; OMX Stockholm 30 down ...


    SWITZERLAND: Transocean Ltd (Switzerland) (RIG) Rises 3.31% for November 06


    TAIWAN: GRAPHIC-Foreign investors turn net buyers of Asia stocks for first ...


    THAILAND: Foreign investors profit on asset gain


    TURKEY: EMERGING MARKETS-Emerging stocks gain, FX flail on dollar ...


    UAE: Saudi graft inquiry spreads beyond borders as UAE examines bank ...


    UKRAINE: Cost of missing the market boom is skyrocketing


    UNITED STATES: ​3 Reasons Why Amazon Invaded the US Pharmacy Industry


    VIETNAM: Stocks Fall in Tokyo as Trump Heads for Vietnam


    Comment

    Monthly performance is between 2017-10-31 and 2017-09-29

    Best global markets YTD EM (EMERGING MARKETS) +27.01%, FM (FRONTIER MARKETS) +20.20%, EUROPE +18.71%,

    While worst global markets YTD USA 13.14%, EM LATIN AMERICA 17.92%, EUROPE 18.71%,

    Best global markets last month EFM ASIA +5.27%, EM (EMERGING MARKETS) +3.45%, USA +2.18%,

    While worst global markets last month EM LATIN AMERICA -3.68%, EUROPE 0.38%, FM (FRONTIER MARKETS) 1.22%,
  • Investors shun active US equity funds
  • Stock market MEGA CRASH underway? Fears as US stocks tumble ...
  • It's not just the US — emerging markets are having a record year
  • EMERGING MARKETS-US tax bill doubts, Middle East tension ...
  • Investors Shrug Off Trump's China Deals
  • Hong Kong, China stocks firm as China inflation signal economy ...
  • European equities stable at open
  • European Equities in the Doldrums as Spanish Services Sector ...
  • Is OPEC Deal Compliance About To Crash?
  • Conoco Boasts $40 Per Barrel Breakeven
  • Raw Steels MMI: Q4 Steel Prices Trending Lower (But Watch For ...
  • Gerdau upbeat about steel prices in Q4
  • Gold Rate Today: Gold down in morning trade, silver up
  • Gold rate today: Gold, silver trade lower in morning deals

    Best last month among various countries' equity markets were ZIMBABWE +49.29%, JAMAICA +19.55%, KOREA +8.40%, VIETNAM +7.57%, INDIA +7.27%, TAIWAN +6.34%, ARGENTINA +5.59%, HUNGARY +4.99%, CHILE +4.98%, SINGAPORE +4.97%,

    While worst last month among various countries' equity markets were COLOMBIA -9.01%, UKRAINE -7.78%, PAKISTAN -7.77%, MEXICO -7.71%, NEW ZEALAND -6.59%, BULGARIA -4.48%, SAUDI ARABIA DOMESTIC -3.99%, MAURITIUS -3.71%, TUNISIA -3.65%, KUWAIT -3.47%,

    Best YTD among various country equities were ZIMBABWE +409.01%, JAMAICA +76.63%, ARGENTINA +70.13%, GHANA +68.91%, AUSTRIA +49.49%, POLAND +48.64%, CHINA +46.02%, KOREA +42.77%, KAZAKHSTAN +39.97%, CHILE +37.16%,

    While worst YTD among various country equities were PAKISTAN -28.83%, QATAR -19.84%, OMAN -15.66%, BOTSWANA -11.21%, LEBANON -7.61%, ISRAEL -6.01%, RUSSIA -5.02%, JORDAN -3.33%, NEW ZEALAND -1.66%, SAUDI ARABIA DOMESTIC -0.83%,
    Chose Your Country



    News

    Best 10 Markets Last Month


    ZIMBABWE 49.29%

  • macro bonds quick news
  • Zimbabwe President Robert Mugabe: My Rival Used Witchcraft ...
  • WHO cancels goodwill ambassador role of Zimbabwe prime minister
  • Democracy a key to economic success
  • SEZs need sound investment system: Mudenda
  • EcoCash has processed over $23 billion since launch and that's not ...
  • Trade deficit narrows to $1,45bn on exports growth
  • 2018 Budget to focus on fiscal consolidation . . . as deficit is set to ...
  • Zimbabwe: ZPCS Reels Under $21m Debt

    JAMAICA 19.55%

  • macro bonds quick news
  • Dr. Floyd Morris Commended for Advocating for Persons with ...
  • Statement to Parliament by Prime Minister Andrew Holness
  • Letter of the Day | Economic growth is the key
  • World Bank: Reducing risks in Caribbean key to prompt investment ...
  • UDC invites consultants to aid in establishing Jamaica's third city
  • Jamaica cannot afford to fail this time
  • Property tax: what's the problem?
  • Jamaica's debt stock increases, but authorities say it's temporary

    KOREA 8.40%

  • macro strategy bonds quick news
  • South Korea President Moon Jae In kicks off maiden South-east ...
  • South Korean prime minister says he hopes President Trump ...
  • South Korea Sees Thaw in Ties With China Helping Economic Growth
  • (News Focus) Global market improvements fuel upturn in S. Korea ...
  • [Save the startups] Southeast Asia may be answer for South Korea's ...
  • Trade between ASEAN Region and S. Korea is Expanding Rapidly
  • Russia's visa relaxation shows focus on Far East investment
  • Korea's Debt-to-GDP Ratio Reaches 232%, Up 49% Points over ...

    VIETNAM 7.57%

  • macro strategy bonds quick news
  • ANALYSIS: President Trump in Vietnam: 'There's no place like home'
  • Prime Minister Jacinda Ardern's surprise gift from Vietnam
  • Vietnam's GDP Is Just 11 Years Behind China, And Growing Rapidly
  • Vietnam's GDP Is Just 11 Years Behind China, And Growing Rapidly
  • Why Vietnam Loves Trump
  • GDP growth must rely on internal strength: economists
  • Vietnam's budget revenue up 13.9 pct in 9 months
  • Debt trading firm in line for a makeover: Finance Ministry

    INDIA 7.27%

  • macro strategy bonds quick news
  • Visit of King and Queen of Belgium to India
  • PM Narendra Modi To Travel To Philippines For India-ASEAN ...
  • Demonetisation's impact on India's economic growth outlook to ...
  • Jeff Wilke says Amazon will invest 'aggressively' in India, not worried ...
  • Must you align your portfolio with the 'not so young' India?
  • India's exports to Bangladesh bounce back, record 13% growth in ...
  • Highlights of Union Budget 2017-18
  • Arcelor, Tata keen to buy India's debt-laden Essar Steel

    TAIWAN 6.34%

  • macro strategy bonds quick news
  • Taiwan Watches Anxiously As President Trump Begins His China Visit
  • Prime Minister of St. Lucia to visit Taiwan
  • Taiwan nudges up 2017 economic growth forecast to 2.15 pct
  • China Looks To Chip Away At Taiwan's Semiconductor Dominance
  • Can Israel hold the key to a global comeback for Taiwan?
  • Higher production costs cap Asia's industrial growth
  • Taiwan seeks advanced arms, announces military budget to counter ...
  • US issuers rush to sell Formosa bonds before rule change

    ARGENTINA 5.59%

  • macro strategy bonds quick news
  • Argentina's president wants the US to take a drastic measure ...
  • Argentina says Russia wants more Argentine food products
  • IMF Experts Arrive in Argentina to Analyze Economic Growth
  • Macri's Argentina wants to muscle in on impact investing
  • Meet the guardians watching over Argentina's threatened nesting sites
  • Argentina's Acindar sees steel output up 15% in 2017, 8% in 2018
  • UPDATE 1-Argentina beats 2016 fiscal goal with deficit of 4.6 pct of ...
  • S&P revises up Argentina debt rating

    HUNGARY 4.99%

  • macro strategy bonds quick news
  • King holds talks with Hungarian president
  • How Putin's Using Hungary to Destroy Europe
  • EBRD projects brighter future for Hungary
  • European Commission raises GDP growth forecasts
  • Ancient European farmers and foragers hooked up big time
  • EBRD projects brighter future for Hungary
  • How to Break Out of Our Long National Tax Nightmare
  • Hungary debt manager sells biggest lot of short T-bills this year

    CHILE 4.98%

  • macro strategy bonds quick news
  • Vietnamese President receives Chilean counterpart
  • Vietnam, Chile affirm bilateral comprehensive partnership's ...
  • Macro watch: Mexico consumer data; Chile economic growth
  • Copper Won't Lead Chile's Investment Recovery
  • Around the World in 80 Days, Chile: South America's Most Stable ...
  • Chile warms to re-electing billionaire Sebastián Piñera
  • Chile's Bachelet announces 3.9 pct spending hike in 2018 budget
  • Fitch downgrades Chile debt, following similar S&P move

    SINGAPORE 4.97%

  • macro strategy bonds quick news
  • President Halimah and German president highlight "Vertrauter'' at ...
  • PM Lee heads to Vietnam for Apec summit
  • Singapore's 2018 economic growth likely to 'moderate' from this year ...
  • Singapore life industry continues growth: LIA
  • Ex-HDB chief: Singapore must still aim for population of 10 million
  • Singapore exports fall 1.1% after 4 months of growth
  • Balancing the Budget: Revenue & expenditure
  • Turbulence lingers for Singapore's debt-heavy offshore firms

    Worst 10 Market Last Month


    COLOMBIA -9.01%

  • macro strategy bonds quick news
  • Colombian president says he left firm listed in leaked tax haven papers
  • Trudeau announces 'police initiative' in Colombia for training, advice
  • Colombia: A Failed Peace And The Impending End Of The ...
  • Colombia: How the Nation Can Work Towards Economic Growth
  • A Customized Business Model in Colombia: Bodehogar Storage
  • Colombia: How the Nation Can Work Towards Economic Growth
  • Colombia government proposes $78.4 billion budget for 2018
  • Colombia government to swap $674 million of TES bonds

    UKRAINE -7.78%

  • macro strategy bonds quick news
  • Ukraine's president does not support idea of severing relations with ...
  • US must provide anti-tank weaponry against Russia in Ukraine ...
  • Government should double pace of economic growth - PM Groysman
  • EBRD Lifts Growth Forecasts for Eastern Europe, Turkey, Russia
  • Annual Population Growth by Region
  • Croatian Products Conquering Ukraine
  • The Spider and the Fly: Kiev-US Coal Deal to 'Bleed Ukraine's ...
  • Russia Says Venezuela Accepts $3 Billion Restructuring Terms

    PAKISTAN -7.77%

  • macro strategy bonds quick news
  • Zaheer Abbas becomes President Zalmi Group
  • Arrest Warrant Issued For Ousted Pakistani Prime Minister
  • World Bank says imbalances threaten Pakistan's growth
  • Pakistan open for foreign investment in diverse areas: PM
  • Water crisis in the offing
  • Pakistan industry to grow by 7 pc in FY18, exports to record recovery ...
  • CPEC toll income — myth and reality
  • Is Pakistan's debt management strategy delivering?

    MEXICO -7.71%

  • macro strategy bonds quick news
  • Texas execution of Mexican man draws fire from Mexico's president
  • Trudeau holds bilateral talks with Mexican and Japanese leaders at ...
  • Mexico's 3Q economic growth hit by earthquakes, hurricanes
  • Mexican experts expect strengthened LatAm-China ties
  • Marijuana publishing is a growth industry—except in Mexico
  • International Trade Expert Will Share About New Mexico Exports
  • Environmentalists target methane emissions in New Mexico
  • US Nafta Proposals Positive For Mexico Debt, Moody's Says

    NEW ZEALAND -6.59%

  • macro strategy bonds quick news
  • German President touches down in New Zealand for high-level ...
  • New Zealand prime minister's 6-toed cat runs out of 9 lives
  • Innovation – not immigration – should drive our economic growth
  • Search Optics Accelerates Growth In Australia & NZ
  • Auckland leads significant New Zealand population growth
  • David Parker plots a new approach to trade
  • New economic report finds America's Cup delivered $483m to ...
  • Crippling debt and erratic job market - why some students are put off ...

    BULGARIA -4.48%

  • macro bonds quick news
  • Remarks by President Jean-Claude Juncker at the joint press ...
  • Brexit 'an opportunity' to expand EU into the Balkans, says Bulgaria's ...
  • EBRD raises economic growth forecast for Bulgaria to 3.5% for 2017
  • EU autumn forecast bumps up Bulgaria 2017 growth estimate to 3.9%
  • Bulgaria is the First in the EU in the Growth of Air Travel
  • Bulgaria's exports in January – September 2017 up by 12.3% on ...
  • Bulgaria's Budget for 2018 Passed First Reading Without the ...
  • Bulgaria's Debt For 2016 is 29% of GDP

    SAUDI ARABIA DOMESTIC -3.99%

  • macro bonds quick news
  • Unlike president, Trump administration officials cautious on Saudi ...
  • Lebanon's prime minister was reportedly coerced by Saudi Arabia ...
  • What the royal purge means for Saudi Arabia — and its oil
  • Saudi Arabia - Defense And Security: Modernization To Drive ...
  • Royally political purge in Riyadh
  • Saudi Aramco signs engineering and construction deals worth $4.5 ...
  • Saudi Arabia Looks to Post-Oil Age in Great Makeover: QuickTake
  • Is Saudi Arabia's oil strategy working?

    MAURITIUS -3.71%

  • macro bonds quick news
  • Princeton welcomes Mauritian president to explore challenges ...
  • Mauritius: Prime Minister Jugnauth Reiterates Firm Determination to ...
  • Mauritius: SMEs Contribute Significantly to the Country's Economy ...
  • Mauritius the apple of Aspen's eye
  • Rise of tax haven Mauritius comes at the expense of rest of Africa
  • Mauritius: ICT Minister - Innovation Constitutes Investing for the ...
  • LUX Resorts & Hotels plans for growth with new RMS
  • From Mauritius to Malta, GMR set up web of 28 offshore firms to ...

    TUNISIA -3.65%

  • macro bonds quick news
  • President in Tunisia
  • Tunisia's trade deficit rises to $5.28 billion, a record level
  • Tunisia-Growth: what the IMF and World Bank are saying for 2017 ...
  • Tunisia holds forum to attract investment
  • Christian population growing in Muslim-majority Tunisia
  • Tunisia: Chalghoum is very optimistic, and he has his reasons…
  • Tunisia to Raise Taxes, Curb Wage Growth in 2018 to Fix Finances
  • Debt ratio exceeds alarming level in Tunisia

    KUWAIT -3.47%

  • macro strategy bonds quick news
  • Turkmenistan's Foreign Minister hands President's letter to Amir
  • Saudi, UAE, Kuwait urge citizens to leave Lebanon
  • World Bank optimistic towards Kuwait's economic reforms
  • Dubai's Shuaa Capital eyes controlling stake in Kuwait's Global ...
  • Negative expat growth
  • Beximco posts 15.7% sales growth for 2015
  • Kuwait budget in deficit
  • Kuwait likely to approve law to enable 30-year bond issues –official

    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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