image

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
VIETNAM18.65
KAZAKHSTAN11.59
TRINIDAD AND TOBAGO6.14
BANGLADESH5.95
KENYA5.50
SOUTH AFRICA5.15
ISRAEL4.88
ESTONIA4.87
TUNISIA4.68
SINGAPORE3.65
COLOMBIA3.56
BULGARIA2.97
THAILAND2.89
MOROCCO2.79
ROMANIA2.75
MAURITIUS2.50
RUSSIA2.47
BAHRAIN2.43
USA2.43
HONG KONG2.41
CZECH REPUBLIC2.23
FM AFRICA2.20
MALAYSIA2.08
BOSNIA AND HERZEGOVINA1.89
JORDAN1.89
SLOVENIA1.74
SAUDI ARABIA DOMESTIC1.52
SERBIA1.45
OMAN1.22
SWITZERLAND1.14
LITHUANIA0.97
GREECE0.97
CANADA0.96
JAPAN0.93
PERU0.77
UKRAINE0.55
NEW ZEALAND0.33
AUSTRIA-0.17
CHINA-0.18
UNITED KINGDOM-0.26
NIGERIA-0.38
PORTUGAL-0.47
BOTSWANA-0.53
MEXICO-0.95
IRELAND-1.34
EGYPT-1.53
FRANCE-1.58
DENMARK-1.64
KOREA-1.76
POLAND-1.82
CROATIA-1.84
INDONESIA-1.89
BRAZIL-2.03
NETHERLANDS-2.07
SPAIN-2.15
GERMANY-2.23
PAKISTAN-2.26
ARGENTINA-2.33
TAIWAN-2.47
ITALY-2.48
FINLAND-2.51
NORWAY-2.99
INDIA-3.24
PHILIPPINES-3.48
BELGIUM-3.53
LEBANON-4.42
SWEDEN-4.78
KUWAIT-5.04
SRI LANKA-5.18
HUNGARY-5.62
QATAR DOMESTIC-5.95
UNITED ARAB EMIRATES-6.06
QATAR-6.81
JAMAICA-7.39
CHILE-11.13
TURKEY-11.35
ZIMBABWE-36.58

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

nameYTD Change
ZIMBABWE218.61
JAMAICA55.21
ARGENTINA54.13
VIETNAM50.64
KAZAKHSTAN47.96
AUSTRIA45.23
CHINA42.66
POLAND39.74
KENYA39.59
KOREA39.48
ESTONIA32.03
MAURITIUS30.89
NIGERIA30.36
INDIA27.85
SINGAPORE26.78
NETHERLANDS25.75
HONG KONG25.67
PERU25.56
DENMARK25.55
CZECH REPUBLIC24.68
HUNGARY23.85
FRANCE23.14
TURKEY23.13
BULGARIA23.05
ITALY22.41
THAILAND22.18
GERMANY21.48
SERBIA21.05
SPAIN20.92
CHILE20.75
TAIWAN20.47
ROMANIA20.00
FM AFRICA19.26
PORTUGAL19.24
SOUTH AFRICA18.52
JAPAN17.71
SLOVENIA17.50
MEXICO16.60
NORWAY16.58
FINLAND16.30
USA16.06
TRINIDAD AND TOBAGO15.67
SWEDEN15.14
BELGIUM14.38
SWITZERLAND14.32
BRAZIL13.03
BOSNIA AND HERZEGOVINA12.18
BANGLADESH12.05
MALAYSIA12.02
LITHUANIA11.87
CROATIA11.22
IRELAND10.51
UNITED KINGDOM10.41
KUWAIT10.25
INDONESIA9.79
GREECE8.98
BAHRAIN8.56
PHILIPPINES8.51
CANADA7.72
TUNISIA7.02
SRI LANKA3.71
COLOMBIA1.89
SAUDI ARABIA DOMESTIC1.04
MOROCCO0.83
JORDAN0.50
EGYPT0.41
UKRAINE-0.27
NEW ZEALAND-3.01
RUSSIA-3.25
UNITED ARAB EMIRATES-3.79
ISRAEL-7.09
BOTSWANA-9.96
LEBANON-10.56
OMAN-13.64
QATAR DOMESTIC-24.28
QATAR-27.18
PAKISTAN-29.67

Best 10 Market Last 12 Months

CountryChangePct
ZIMBABWE230.62
JAMAICA70.96
ARGENTINA59.80
KAZAKHSTAN58.62
POLAND58.51
AUSTRIA57.00
VIETNAM48.12
KOREA41.71
CHINA41.05
ITALY39.80

Worst 10 Market Last 12 Months

CountryChangePct
UKRAINE-0.41
SRI LANKA-1.58
NEW ZEALAND-3.73
ISRAEL-5.38
BOTSWANA-9.74
OMAN-10.75
LEBANON-12.08
PAKISTAN-18.50
QATAR-21.05
SAUDI ARABIA DOMESTIC1.65

Country USD Yields and YTD Changes

CountryAverage YieldYield Average WkChange % pts
Venezuela35.5712.05
Lebanon7.450.52
United States1.120.36
Oman4.65-0.05
Pakistan5.89-0.07
South Africa5.13-0.12
Slovak Republic2.47-0.26
Philippines3.28-0.34
China3.08-0.37
Lithuania2.39-0.63
Trinidad and Tobago4.17-0.66
Jordan5.84-0.66
India3.59-0.68
Russian Federation3.82-0.68
Morocco3.14-0.71
Colombia3.87-0.71
Chile3.14-0.72
Peru3.52-0.75
Panama3.13-0.75
Azerbaijan4.62-0.75
Poland2.64-0.77
Jamaica5.47-0.81
Hungary3.04-0.83
Turkey5.13-0.86
Indonesia3.81-0.89
Romania3.28-0.91
Malaysia3.39-0.91
Kazakhstan3.95-0.93
Paraguay5.13-0.97
Mexico4.30-0.97
Tunisia5.90-0.99
Costa Rica6.14-1.02
Croatia (Hrvatska)3.25-1.03
Cote D'Ivoire (Ivory Coast)5.85-1.05
Uruguay3.68-1.17
Vietnam3.72-1.32
Gabon6.40-1.34
Brazil4.55-1.36
Dominican Republic4.91-1.40
Serbia3.10-1.40
El Salvador7.05-1.47
Argentina6.49-1.65
Egypt4.78-1.71
Sri Lanka4.70-1.72
Ethiopia6.14-1.88
Zambia7.14-1.96
Kenya5.85-1.99
Ukraine6.57-2.03
Ghana6.27-2.09
Ecuador6.32-2.22
Iraq6.70-2.55
Mongolia5.51-2.81
Angola7.25-2.87

Fund flows YTD

FocusObjectiveAsset ClassFlow USD mn
SizeLARGE-CAPEquity67619.51
segmentEMERGING MARKETSEquity33399.76
regionEUROPEAN REGIONEquity33340.63
regionASIAN PACIFIC REGIONEquity27900.60
SizeSMALL-CAPEquity23310.83
CommoditiesPRECIOUS METALSCommodity12372.31
segmentDEVELOPED MARKETSEquity9339.85
regionASIAN PACIFIC REGION EX JAPANEquity8526.30
regionEUROPEAN REGIONFixed Income8461.89
RiskINFLATION PROTECTEDFixed Income8438.55
RiskGOVERNMENT BONDFixed Income7407.41
CommoditiesPRECIOUS METAL SECTOREquity6587.70
industryBASIC MATERIALS SECTOREquity5941.71
countryJAPANEquity5276.02
regionASIAN PACIFIC REGION EX JAPANFixed Income3741.74
regionASIAN PACIFIC REGIONMixed Allocation3687.61
industryENERGY SECTOREquity3453.93
industryTECHNOLOGY SECTOREquity3449.88
regionASIAN PACIFIC REGIONFixed Income2923.54
countryBRAZILEquity2317.41
SectorCONSUMER DISCRETIONARYEquity2236.02
regionLATIN AMERICAN REGIONEquity2026.48
industryHEALTH CARE SECTOREquity1519.63
regionNORDIC REGIONEquity1469.96
RiskLONG SHORTEquity1322.31
SizeMID-CAPEquity1190.15
industryCOMMUNICATIONS SECTOREquity1148.18
countryUNITED KINGDOMEquity1124.21
countrySPAINEquity1091.74
regionLATIN AMERICAN REGIONFixed Income1086.43
regionASIAN PACIFIC REGION EX JAPANMixed Allocation1030.52
CountryTAIWANEquity810.37
regionEUROPEAN REGIONMixed Allocation730.87
countryINDIAFixed Income526.52
SectorAGRICULTURECommodity337.32
countryRUSSIAFixed Income321.33
regionEASTERN EUROPEAN REGIONEquity304.36
SectorCONSUMER STAPLESEquity299.96
RiskGOVERNMENT BONDAlternative267.74
regionMIDDLE EAST REGIONEquity220.37
regionNORTH AMERICAN REGIONFixed Income211.77
segmentGCCMixed Allocation183.71
RiskLONG SHORTAlternative149.09
segmentEMEAFixed Income144.53
RiskLONG SHORTFixed Income129.38
countryCHINAFixed Income113.35
segmentBRICEquity107.06
countryPOLANDEquity73.38
regionAFRICAN REGIONEquity71.15
RiskGOVERNMENT BONDMixed Allocation61.58
countryJAPANFixed Income60.02
countryTURKEYEquity50.32
countryJAPANMixed Allocation49.44
countrySOUTH AFRICAEquity42.39
regionMIDDLE EAST REGIONFixed Income37.93
countryAUSTRALIAFixed Income36.23
CommoditiesINDUSTRIAL METALSCommodity33.27
regionAFRICAN REGIONFixed Income33.16
segmentEMEAEquity26.77
countryKOREAEquity17.76
CountryEGYPTEquity15.78
RiskLONG SHORTMixed Allocation14.17
countryISRAELEquity8.64
segmentGCCFixed Income3.62
industryENERGY SECTORMixed Allocation2.76
RiskGOVERNMENT BONDEquity0.67
SectorAGRICULTUREEquity0.03
countryAUSTRALIAMixed Allocation-1.58
SizeMID-CAPCommodity-3.00
industryMULTIPLE SECTOREquity-15.71
industryREAL ESTATE SECTORAlternative-18.24
regionEASTERN EUROPEAN REGIONMixed Allocation-32.48
segmentMENAFixed Income-41.67
segmentGCCEquity-49.04
RiskINFLATION PROTECTEDBrazil-62.58
countryINDIAEquity-63.37
RiskINFLATION PROTECTEDMixed Allocation-68.98
segmentMENAEquity-71.84
CommoditiesPRECIOUS METALSMixed Allocation-154.62
industryFINANCIAL SECTOREquity-342.61
regionNORTH AMERICAN REGIONEquity-389.43
industryNATURAL RESOURCES SECTOREquity-430.18
segmentBRICFixed Income-508.39
countryAUSTRALIAEquity-854.31
countryBRAZILFixed Income-959.92
industryINDUSTRIAL SECTOREquity-1037.29
countryRUSSIAEquity-1134.06
regionEASTERN EUROPEAN REGIONFixed Income-1400.18
industryREAL ESTATE SECTOREquity-1593.52
industryUTILITIES SECTOREquity-2987.01
countryCHINAEquity-7287.51

Commodities Monthly Performance

NameUnitsLastPriceCurrencyMonthChange USDpct
WTI Crude Oil (Nymex)USD/bbl.57.74USD19.62
Brent Crude (ICE)USD/bbl.64.48USD18.79
Crude Oil (Tokyo)JPY/kl42550.00JPY18.03
Kerosene (Tokyo)JPY/kl57700.00JPY16.94
Soybean Meal (CBOT)USD/T.331.70USD10.09
Live Cattle (CME)USd/lb.1.1865USD9.51
Heating Oil (Nymex)USd/gal.1.9444USD9.24
Lean Hogs (CME)USd/lb.0.6722USD9.08
Palladium SpotUSD/t oz.1009.90USD7.88
Gasoil (Nymex)USD/MT571.25USD7.68
Lumber (CME)USD/1000 board feet429.00USD7.38
ECX Emissions (ICE)EUR/MT7.20USD4.50
RBOB Gasoline (Nymex)USd/gal.1.7284USD3.85
Canola (ICE)CAD/MT502.10CAD2.12
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
Copper (Comex)USd/lb.3.015USD-0.46
3Mo Zinc (LME)USD/MT3082.50USD-1.49
Feeder Cattle (CME)USd/lb.1.4593USD-1.60
Sugar #11 (ICE)USd/lb.0.1396USD-2.10
Orange Juice (ICE)USd/lb.1.516USD-2.19
Rough Rice (CBOT)USD/cwt12.15USD-2.21
Cocoa (ICE)USD/MT1914.00USD-2.35
Natural Gas (Nymex)USD/MMBtu2.83USD-2.48
Gold/Japanese Yen SpotJPY/t oz.141257.06JPY-2.70
Gold (Tokyo)JPY/g4531.00JPY-2.87
Soybean Oil (CBOT)USd/lb.0.33549999999999996USD-3.73
Cotton #2 (ICE)USd/lb.0.7325USD-3.81
3Mo Aluminum (LME)USD/MT2010.50USD-4.58
3Mo Copper (LME)USD/MT6571.00USD-4.75
Gold/Euro SpotEUR/t oz.1056.25EUR-5.63
SteelUSD/MT520USD-5.88
Coffee 'C' (ICE)USd/lb.1.2015USD-6.06
3Mo Tin (LME)USD/MT19450.00USD-6.27
Gold/Indian Rupee SpotINR/t oz.80188.88INR-6.91
Gold (Comex)USD/t oz.1247.30USD-7.48
Gold SpotUSD/t oz.1245.58USD-7.57
Silver (Tokyo)JPY/g58.10JPY-7.78
Rubber (Tokyo)JPY/kg203.50JPY-7.92
Silver/Japanese Yen SpotJPY/t oz.1788.21JPY-8.04
Gold/British Pound SpotGBP/t oz.932.84GBP-8.60
NickelUSD/MT10985USD-9.59
Silver/Euro SpotEUR/t oz.13.37EUR-10.81
Platinum SpotUSD/t oz.889.65USD-11.91
Silver (Comex)USD/t oz.15.78USD-12.14
Silver SpotUSD/t oz.15.77USD-12.61
Silver/British Pound SpotGBP/t oz.11.81GBP-13.60
Ethanol (CBOT)USD/gal.1.32USD-13.78
Cocking CoalCNY/MT1040CNY-22.04

Commodities YTD Performance

NameUnitsLastPriceCurrencyYTDChange USDpct
Palladium SpotUSD/t oz.1009.90USD48.31
Lumber (CME)USD/1000 board feet429.00USD35.50
Rough Rice (CBOT)USD/cwt12.15USD29.88
Copper (Comex)USd/lb.3.015USD20.34
3Mo Zinc (LME)USD/MT3082.50USD19.66
3Mo Aluminum (LME)USD/MT2010.50USD18.75
3Mo Copper (LME)USD/MT6571.00USD18.71
Heating Oil (Nymex)USd/gal.1.9444USD14.09
Gasoil (Nymex)USD/MT571.25USD14.02
Brent Crude (ICE)USD/bbl.64.48USD13.48
Crude Oil (Tokyo)JPY/kl42550.00JPY12.21
Feeder Cattle (CME)USd/lb.1.4593USD11.87
NickelUSD/MT10985USD9.63
Gold SpotUSD/t oz.1245.58USD8.55
Kerosene (Tokyo)JPY/kl57700.00JPY8.40
Gold (Comex)USD/t oz.1247.30USD8.30
WTI Crude Oil (Nymex)USD/bbl.57.74USD7.48
Soybean Meal (CBOT)USD/T.331.70USD6.01
Gold/Japanese Yen SpotJPY/t oz.141257.06JPY5.22
SteelUSD/MT520USD5.05
Wheat (CBOT)USd/bu.4.4USD4.64
Gold (Tokyo)JPY/g4531.00JPY4.26
ECX Emissions (ICE)EUR/MT7.20USD4.22
RBOB Gasoline (Nymex)USd/gal.1.7284USD3.80
Cotton #2 (ICE)USd/lb.0.7325USD3.68
Gold/Indian Rupee SpotINR/t oz.80188.88INR2.39
Oats (CBOT)USd/bu.2.325USD1.75
Lean Hogs (CME)USd/lb.0.6722USD1.62
Canola (ICE)CAD/MT502.10CAD1.07
Gold/British Pound SpotGBP/t oz.932.84GBP0.36
Corn (CBOT)USd/bu.3.575USD0.00
Live Cattle (CME)USd/lb.1.1865USD-0.29
Silver SpotUSD/t oz.15.77USD-0.99
Silver (Comex)USD/t oz.15.78USD-1.31
Platinum SpotUSD/t oz.889.65USD-1.49
Soybean Oil (CBOT)USd/lb.0.33549999999999996USD-2.53
Gold/Euro SpotEUR/t oz.1056.25EUR-3.34
Silver (Tokyo)JPY/g58.10JPY-3.65
Silver/Japanese Yen SpotJPY/t oz.1788.21JPY-3.99
Soybean (CBOT)USd/bu.9.6575USD-4.62
3Mo Tin (LME)USD/MT19450.00USD-7.93
Silver/British Pound SpotGBP/t oz.11.81GBP-8.45
Cocoa (ICE)USD/MT1914.00USD-9.97
Silver/Euro SpotEUR/t oz.13.37EUR-11.64
Cocking CoalCNY/MT1040CNY-12.01
Coffee 'C' (ICE)USd/lb.1.2015USD-12.33
Ethanol (CBOT)USD/gal.1.32USD-17.81
Rubber (Tokyo)JPY/kg203.50JPY-22.33
Orange Juice (ICE)USd/lb.1.516USD-23.47
Natural Gas (Nymex)USD/MMBtu2.83USD-24.01
Sugar #11 (ICE)USd/lb.0.1396USD-28.45
?>

Chart: Global Growth and Investment are projected to be slightly higher in 2018

IMF projection shows no significant change for economic environment in 2018

Source: IMF, ML

Download file in Power Point
  • Charles Schwab Sees Global Growth in 2018 but Warns of Fed ...
  • 2018: Another Growth Year for Blockchain
  • Moody's: Wood product growth supports 2018 stable outlook ...
  • Global growth in 2018 – slowing but not slow
  • India's economy expected to grow at 7.5% in 2018:Nomura
  • Moody's: Global investment banks 2018 outlook changed to positive ...

    Recent Strategy Chart Art

    Global Growth and Investment are projected to be slightly higher in 2018

    Download file in Power Point
    Dollar DXY Index is testing resistance at 94.4

    Download file in Power Point
    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?

    Download file in Power Point
    Gold strength YTD provides some basis for some country equities

    Download file in Power Point
    Silk Roads Old and New

    Download file in Power Point
    In the previous version of Silk Road – Central and Northern Europe was not that important

    Download file in Power Point
    Emerging Market Currencies vs. USD in April are softer.

    Download file in Power Point
    Dollar (DXY) – Break Out is Likely

    Download file in Power Point

    Strategy

    Oil price miraculous come back left oil stocks unaffected, but the oil strength could signal that the economy is slow back to normal.

    China has successfully lived through the communist party congress up 42%.

    With a little pause for football, Russia is likely to continue expansion in the post Soviet space and that could continue to be the motto of the next presidential cycle until its economic resources all exhausted. But it also could shift its attention to arctic.

    There are markets and there are markets with problems, which fall when their asset class rises. Unfortunately most of the problems are political like in Ukraine, Russia and Qatar, while Pakistan, Israel and Lebanon could also be short listed here.

    These markets flunked in a year when US equity market is about to finish the year up 16% and emerging markets asset class is up 26%.

    Palladium – the cleaning catalyst in the environment focused on ecology like it is currently was the strongest commodity in 2017 up 48%.

    Most sectors tanked. IT stocks as higher beta plays finally weaker in November – leading losers among other sectors mostly led down by Electronic Equipment sector while consumer staples stocks take lead among winners buoyed by Consumer Services stocks and European food producers.

    Energy sector has also lost bits and pieces but has been more stable. The biggest losers among resource sectors are materials stocks led down by paper &pulp.

    Other cyclical sectors are also weaker: Consumer durables -4%, Capital Goods -2% and Transportation stocks are down 1% in November.

    In bonds space – financials bonds and energy sector bonds improved while telecoms, industrials and consumer staples showed loses.

    Sector fund flow data somewhat supports the performance data, while it shows that energy funds show the most outflows.

    November set the negative tone for cyclical stocks which is likely to continue in December

    Other ideas for the end of the year include long Uranium and lumber, short France and Germany.

    2018 is looking to be the year of higher interest rates and possibly lower markets. We will follow up with broader 2018 preview in a next monthly strategy

    Choose A Country

    ARGENTINA: EMERGING MARKETS-Brazil's Bovespa drops 1 pct on pension jitters


    AUSTRALIA: Warning lights flashing on Aussie equities


    AUSTRIA: US Stocks Rise, Dollar Higher Before Fed Meeting: Markets Wrap


    BAHRAIN: EMERGING MARKETS-Emerging stocks hit 2-mth lows on Israel ...


    BELGIUM: Belgium shares lower at close of trade; BEL 20 down 0.16%


    BRAZIL: EMERGING MARKETS-Brazil's Bovespa drops 1 pct on pension jitters


    BRITAIN: Early Gains for Global Equities, Bitcoin Futures Surge 15% in First ...


    CANADA: Cannabis Stock Exchange? How the CSE capitalized on pot stocks


    CHILE: EMERGING MARKETS-Politics weigh on Chile, Brazil stocks ...


    CHINA: China equities sell-off targets this year's highest flyers


    COLOMBIA: Colombia shares higher at close of trade; COLCAP up 1.13%


    CZECH: Czech Republic - Factors To Watch on Nov 24


    DENMARK: Danish pension funds back government plan for equity transparency


    EGYPT: Oil prices jump on pipeline outage, stocks take breather


    FINLAND: Finland shares higher at close of trade; OMX Helsinki 25 up 0.12%


    FRANCE: French and Benelux stocks-Factors to watch on Monday


    GERMANY: Euro drops on German impasse, China stocks slide


    GREECE: Brevan Howard Plans Greek Funds as Bond Rally Signals Revival


    HONG KONG: Hong Kong stocks halt 3-day winning streak


    HUNGARY: European Equity Benchmarks Close Lower; Investors Sell Off Mining ...


    INDIA: India election season casts shadow on Asia's priciest stocks


    INDONESIA: Indonesia stocks bounce back, other SE Asia shares drop


    IRELAND: NY-listed Irish equities fund eyes more Dublin IPOs


    ISRAEL: EMERGING MARKETS-Emerging stocks hit 2-mth lows on Israel ...


    ITALY: Italy - Factors to watch on Dec. 11


    JAPAN: Sector focus: Can Japanese equities win back the doubters?


    KAZAKHSTAN: Kaz Minerals (LON:KAZ) Now a Buy? Goldman Sachs Has ...


    LEBANON: Wary Saudis Need Better News on Economy to Snap Stock-Sale Habit


    MALAYSIA: Singapore stocks rise amid bets of more foreign fund flows, Malaysia ...


    MEXICO: Mexico shares higher at close of trade; S&P/BMV IPC up 0.27%


    NETHERLANDS: Netherlands shares higher at close of trade; AEX up 0.22%


    NEW ZEALAND: Australia shares up at near 2-wk high led by materials; NZ down


    NIGERIA: Nigeria: Financial Stocks Dominate Deals On Exchange


    NORWAY: Norway faces dilemma over oil fund without oil


    OMAN: QSE opens week on stronger note with index surpassing 7800


    PAKISTAN: Pakistan equities close weekend session on bullish note


    PERU: Peru shares lower at close of trade; S&P Lima General down 0.14%


    PHILIPPINES: CORRECTED-SE Asia Stocks-Singapore firms; telecoms weigh on ...


    POLAND: Banking on Warsaw: inside Goldman Sachs and Credit Suisse in the ...


    PORTUGAL: Portugal shares higher at close of trade; PSI 20 up 0.05%


    QATAR: UPDATE 1-MSCI may use offshore FX rates for Qatar stocks as ...


    QATAR: UPDATE 1-MSCI may use offshore FX rates for Qatar stocks as ...


    ROMANIA: Eldorado Gold Corporation (ELD:CA) Rises 6.71% for December 11


    RUSSIA: Leftovers of emerging markets stocks may leave a bad taste


    SINGAPORE: Singapore stocks rise amid bets of more foreign fund flows, Malaysia ...


    SOUTH AFRICA: Should Bond Investors Be Worried About South Africa?


    SOUTH KOREA: South Korea funds looking past big stocks for 2018 gains


    SPAIN: Gold's Headwinds Are Getting Stronger


    SWEDEN: Sweden shares higher at close of trade; OMX Stockholm 30 up 0.54%


    SWITZERLAND: Deutsche Bank cuts German equities to 'underweight', ups Switzerland


    TAIWAN: Taiwan shares dive below 10400 points; Apple concept stocks suffer


    THAILAND: SE Asia Stocks-Thailand climbs as growth picks up; Indonesia hits ...


    TURKEY: Tech tumble pushes EM equities lower


    UAE: UAE equity indices little changed after Adnoc IPO rush


    UKRAINE: Ukraine intends to extend govt securities, raise domestic borrowings


    UNITED STATES: European equities rise as US Fed meets


    VIETNAM: These Foreign Region And Country ETFs Are Beating The Nasdaq


    Comment

    Monthly performance is between 2017-12-01 and 2017-11-03

    Best global markets YTD EM (EMERGING MARKETS) +26.65%, FM (FRONTIER MARKETS) +22.04%, EUROPE +17.38%,

    While worst global markets YTD EM LATIN AMERICA 14.58%, USA 16.06%, EUROPE 17.38%,

    Best global markets last month USA +2.43%, FM (FRONTIER MARKETS) +1.65%, EM (EMERGING MARKETS)-1.01%,

    While worst global markets last month EM LATIN AMERICA -2.44%, EUROPE -1.28%, EFM ASIA -1.12%,
  • Nikkei hits 26-year closing high on firmer US equities
  • Tech helps power gains for US equities
  • Emerging Markets Shrug Off Crises For Best Gains in Eight Years
  • Emerging Markets: With Smart Beta To Lower Returns And Greater ...
  • China stocks fall, financial and transport firms weigh
  • China stocks slip as financials weaken; Hong Kong firm ahead of ...
  • Soft German ZEW Weighs on DAX Capping the Upside for ...
  • European equities rise as US Fed meets
  • Brent Pipeline Closure Confuses Oil Markets
  • Why Is Canadian Oil So Cheap?
  • Steel market conditions bullish but investors not buying it
  • Steel price rise helps Dundee stockholder
  • Gold rate today: Gold trades flat in morning deals; should you invest?
  • Gold Rate Today: Gold trades in the red in morning deals; silver up

    Best last month among various countries' equity markets were VIETNAM +18.65%, KAZAKHSTAN +11.59%, TRINIDAD AND TOBAGO +6.14%, BANGLADESH +5.95%, KENYA +5.50%, SOUTH AFRICA +5.15%, ISRAEL +4.88%, ESTONIA +4.87%, TUNISIA +4.68%, SINGAPORE +3.65%,

    While worst last month among various countries' equity markets were ZIMBABWE -36.58%, TURKEY -11.35%, CHILE -11.13%, JAMAICA -7.39%, QATAR -6.81%, UNITED ARAB EMIRATES -6.06%, HUNGARY -5.62%, SRI LANKA -5.18%, KUWAIT -5.04%, SWEDEN -4.78%,

    Best YTD among various country equities were ZIMBABWE +223.97%, ARGENTINA +63.83%, JAMAICA +63.64%, KAZAKHSTAN +55.64%, VIETNAM +53.38%, AUSTRIA +51.69%, CHINA +46.90%, POLAND +45.00%, KOREA +42.94%, ESTONIA +33.55%,

    While worst YTD among various country equities were PAKISTAN -27.91%, QATAR -25.40%, OMAN -14.43%, LEBANON -11.21%, BOTSWANA -11.18%, ISRAEL -6.72%, RUSSIA -1.90%, UNITED ARAB EMIRATES -1.11%, NEW ZEALAND -0.80%, JORDAN 0.07%,
    Chose Your Country



    News

    Best 10 Markets Last Month


    VIETNAM 18.65%

  • macro strategy bonds quick news
  • President Donald J. Trump's Trip to Vietnam
  • Prime Minister meets representatives of Japan Business Federation
  • Vietnam's economic growth patterns questioned by experts
  • Vietnam sees stronger growth momentum
  • ThaiBev unit sole bidder for over 25% of Vietnam brewer Sabeco
  • Vietnam's Largest IT Company Touts Free Trade for Growth
  • State budget reform will be a testing process: economist
  • The Vietnam Debt

    KAZAKHSTAN 11.59%

  • macro strategy bonds quick news
  • Kazakhstan: President Demands Return of Offshore Funds
  • Direct flight may connect Kazakhstan, Singapore
  • UN changes outlook for Armenia's economic growth in 2017 upward
  • Growth in Kazakhstan in Jan-Nov reaches 3.9%
  • Kazakhstan's population up
  • Kazakhstan's foreign trade records growth
  • Economy has taught us a lot: Kazakh PM
  • Kazakhstan Bonds Are Better Than US Treasury's

    TRINIDAD AND TOBAGO 6.14%

  • macro bonds quick news
  • President of Trinidad and Tobago visits west London school
  • Kamla: Don't blame me, Rowley
  • Power upgrade at Cove for growing Tobago economy
  • Growth & Jobs | Caribbean's Outsourcing Sector to provide 2.3 ...
  • San Fernando: the way forward
  • Trade Minister launches national e-Commerce strategy
  • Blows for Govt, Opposition
  • Imbert: Govt scramble to pay $660M debt

    BANGLADESH 5.95%

  • macro bonds quick news
  • Bangladesh president leaves for Istanbul to join special OIC summit
  • PM leaves for Paris to attend One Planet Summit
  • Bangladesh's economic growth hits record 7.28% in FY17
  • Growth in property prices slows
  • The ticking population bomb
  • UPDATE 2-Bangladesh November exports up 6.2 pct y/y, lifted by ...
  • Tax revenue has doubled in the past 10 years, says SARS
  • Mega projects need expert management

    KENYA 5.50%

  • macro bonds quick news
  • President orders processing of Kenyan coffee and other products ...
  • Intrigues of Kenya's first Independence Day
  • Kenya's economic growth in question as World Bank, IMF ...
  • Sudan must float currency to boost growth, investment - IMF
  • Kenya: County Assembly Passes New By-Law to Allow Flats in ...
  • Kenya: Exports to Top Kenyan Tea Markets Drop 15%
  • Henry Rotich unveils Kenya's Sh2.6 trillion Budget
  • IMF cautions over Kenya debt vulnerability

    SOUTH AFRICA 5.15%

  • macro strategy bonds quick news
  • Jacob Zuma and the Theft of South Africa
  • The ANC's battle for South Africa's presidency heats up
  • Jacob Zuma and the Theft of South Africa
  • Lessons Steinhoff taught us about investing
  • Jacob Zuma and the Theft of South Africa
  • The big reason why South Africa's economy grew 2% in the last ...
  • Tax revenue collected by Sars doubles in the past 10 years
  • S&P Cuts South Africa Debt Rating, Moody's Issues Warning

    ISRAEL 4.88%

  • macro strategy bonds quick news
  • Trump Is a Partner in 'Bloodshed' After Recognizing Jerusalem as ...
  • Thousands of Israelis Protest in Tel Aviv as Corruption Allegations ...
  • After Tepid First Half, Israel's Economic Growth Surges in Third Quarter
  • Israel: An Innovation Powerhouse With Exponential Growth Potential
  • With Jerusalem announcement, Trump isn't 'recognizing reality.' He's ...
  • Year of Jicama on the horizon
  • Israel's tax collection sets new record in October
  • Israel debt slips for seventh straight year to 62.2 percent of GDP

    ESTONIA 4.87%

  • macro bonds quick news
  • Toomas Hendrik Ilves receives the World Leader in Cybersecurity ...
  • Ratas: Estonian-Finnish digital prescription exchange could inspire ...
  • S&P affirms Estonia's AA- rating with stable outlook
  • S&P affirms Estonia's AA- rating with stable outlook
  • Estonia, the Digital Republic
  • Trade growth slows in third quarter
  • Estonia passes 2017 record level budget spending to bolster defense
  • Estonia's AA- rating affirmed with stable outlook: rating agency

    TUNISIA 4.68%

  • macro bonds quick news
  • Tunisia is an American 'soft power' success story — keep it that way
  • PM Youssef Chahed is most popular political figure in Tunisia: report
  • Tunisia is an American 'soft power' success story — keep it that way
  • Tunisian conglomerate Loukil looks beyond its moribund home market
  • Tunisia starts to show signs of economic recovery
  • Tunisia: trade deficit widens by nearly 3 billion D in 11 months!
  • Tunisia unveils $14bn budget that hopes to cut deficit
  • Debt ratio exceeds alarming level in Tunisia

    SINGAPORE 3.65%

  • macro strategy bonds quick news
  • Zimbabwe's Mugabe flies to Singapore, first trip since ouster
  • Singapore Growth Could Top 3% in 2017, Prime Minister Lee Says
  • Singapore's economic growth could exceed 3% this year, says PM Lee
  • IT workers may see salary growth next year
  • Elderly to make up almost half of S'pore population by 2050: United ...
  • Singapore's exports up 7.6% in Q3
  • Singapore's ageing population a ticking 'time bomb'
  • Debt collector jailed for assaulting, threatening alleged debtors

    Worst 10 Market Last Month


    ZIMBABWE -36.58%

  • macro bonds quick news
  • Zimbabwe's Mugabe flies to Singapore, first trip since ouster
  • Tsvangirai Zimbabwe's next Prime Minister?
  • How Zimbabwe's economy has collapsed under Mugabe
  • How Zimbabwe's economy has collapsed under Mugabe
  • Economic challenges the new government must address
  • Zimbabwe's Economic and Trade Performance and implications of ...
  • Zimbabwe budget aims to end economic isolation
  • Zimbabwe agrees payment plan for close to US$115 million ...

    TURKEY -11.35%

  • macro strategy bonds quick news
  • Trump Is a Partner in 'Bloodshed' After Recognizing Jerusalem as ...
  • Israeli and Turkish leaders in 'terror' row amid Jerusalem protests
  • Turkey's 11% Economic Growth Fuels Expectations of Rate Hike
  • Turkish economy surpasses 11% growth in rebound from coup
  • Mitsubishi Electric opens new factory in Turkey
  • What Ending NAFTA Would Mean for America's Turkeys
  • Turkey's budget deficit down over 60 pct in September
  • Turkey Debt Investors Face Rude Awakening After US Spat Heats Up

    CHILE -11.13%

  • macro strategy bonds quick news
  • Chilean Presidential Candidates Face-off Before Next Round
  • Taranaki students head overseas with PM scholarships
  • Chile's 2017 presidential election: the alliances and aspirations of ...
  • Copper Won't Lead Chile's Investment Recovery
  • Piñera wins first round in Chile election
  • Elections in Chile: The return of the right
  • Chile 2018 budget proposal allows for $8.5 bln in debt -document
  • Pinera wins first round of Chile election, faces runoff

    JAMAICA -7.39%

  • macro bonds quick news
  • Health Check | SRHA making strides
  • 79 Receive PM Youth Awards for Excellence
  • Grow with ganja - The weed could provide Jamaica's economic with ...
  • Growth & Jobs | Caribbean's Outsourcing Sector to provide 2.3 ...
  • Renovated Balaclava Health Centre Reopens
  • Coffee Exports to China Being Explored
  • Property tax: what's the problem?
  • Jamaica must 'grow its way' out of debt problems

    QATAR -6.81%

  • macro strategy bonds quick news
  • AGCFF officials hold Gulf Cup meeting
  • Emir condoles with Oman's Deputy Prime Minister
  • Qatar self-sufficiency expo to attract global companies
  • Glencore reveals plan to go for growth through acquisitions
  • Innovation strategies key to seize Qatar's energy sector potential
  • Qatar import growth turns positive as sanctions impact fades
  • Qatar debt burden 'still low' on global comparison, says BMI
  • Qatar debt burden 'still low' on global comparison, says BMI

    UNITED ARAB EMIRATES -6.06%

  • macro bonds quick news
  • Sayyid Fahd receives UAE President's envoy
  • An Inside Look at the First Nation With a State Minister for Artificial ...
  • UAE's economy to strengthen in 2018, says IMF
  • UAE investment in Ghana hits nearly US$3 billIon
  • The UAE: How to Generate a Design Culture
  • UAE investment in Ghana hits nearly US$3 billIon
  • Qatar 2018 budget sees modest rise in spending, marginally smaller ...
  • Kildare firm with €25m UAE debt to be wound up

    HUNGARY -5.62%

  • macro strategy bonds quick news
  • Hungary rules out moving embassy to Jerusalem
  • How is Hungary's far right changing?
  • Economic growth in focus this week in Hungary
  • Surge in capital investment drives better than expected Hungary ...
  • Europe's Growing Muslim Population
  • Hungarian Q3 GDP growth revised up to 3.9%
  • Hungary's budget deficit widens in Oct due to spending on EU ...
  • Decline in Hungary's debt achievable this year with current forint ...

    SRI LANKA -5.18%

  • macro bonds quick news
  • President requests Railway employees to return to work considering ...
  • Prime Minister stresses need to promote Sri Lankan products
  • Sri Lanka, Struggling With Debt, Hands a Major Port to China
  • Jetwing Symphony's IPO subscription to open Dec.14, 50.2Mn ...
  • Aging to impact Sri Lanka productivity growth
  • Exporters back liberalization of shipping agencies - Minister
  • Sri Lanka approves 2018 budget, aims for more investment
  • Why India is buying the world's emptiest airport

    KUWAIT -5.04%

  • macro strategy bonds quick news
  • President of Belgian Senate: Kuwait is qualified for Schengen visa ...
  • Kuwaiti prime minister proposes new cabinet lineup
  • Iran eyes major economic growth next year
  • Government Economic Reform Spurs Investments to Drive Kuwait ...
  • Mena wealth growth pips global average
  • Beximco posts 15.7% sales growth for 2015
  • Kuwait- 'Budget allocated for Ministry of Education in fiscal '18/19 not ...
  • KFH turns into a success icon in Islamic banking over 4 decades

    SWEDEN -4.78%

  • macro strategy bonds quick news
  • High security at Jewish buildings across Sweden after Gothenburg ...
  • Swedish Prime Minister Outraged by Attack on Synagogue, Anti ...
  • Sweden-Southeast Asia Business Summit 2018 announced
  • Swedish $370 Billion Home-Loan Market Gets New Mortgage Fund
  • Europe's Growing Muslim Population
  • Swedish Economy Beats Survey, Giving Central Bank Hope
  • Gender equality should be at the heart of all policy
  • Sweden's Debt Headache Grows More Painful as Court Blocks Curbs

    Top 10 Longs Based on Momentum

    Tickercompanycountryweek1month6monthsRankVolume_Avg_10DVolume_Avg_30Dvolume_avg_100D
    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
    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
    FCA IMFiat Chrysler Automobiles NVBRITAIN4.4040.4741.7428.8720867830.0019285970.0015791340.00
    RCAPT INReliance Capital LtdINDIA3.5323.4656.2627.759934079.007392497.005043480.00
    2448 TTEpistar CorpTAIWAN24.3223.9231.9326.7236804870.0025069460.0016769620.00
    3377 HKSino-Ocean Group Holding LtdCHINA4.4737.2930.6824.1518489100.0015586200.0011416730.00
    006400 KSSamsung SDI Co LtdSOUTH KOREA5.3619.7446.9724.02347515.70324504.20312459.50

    Top 10 Shorts Based on Momentum

    Tickercompanycountryweek1month6monthsRankVolume_Avg_10DVolume_Avg_30Dvolume_avg_100D
    PGAS IJPerusahaan Gas Negara Persero TbkINDONESIA-7.93-19.10-32.42-19.8257691370.0035378440.0031914370.00
    KR USKroger Co/TheUNITED STATES-4.86-9.15-26.54-13.5219697114.0014164089.0013456945.00
    011210 KSHyundai Wia CorpSOUTH KOREA-11.74-18.28-9.65-13.22261146.50226956.10214368.30
    NWL USNewell Brands IncUNITED STATES-9.65-11.53-8.23-9.807052113.504818039.503974058.00
    3308 HKGolden Eagle Retail Group LtdCHINA-2.26-6.52-19.21-9.33460767.40351950.30278143.70
    8604 JPNomura Holdings IncJAPAN-1.22-8.09-17.81-9.0423027280.0018662010.0017889720.00
    ULTA USUlta Beauty IncUNITED STATES2.10-8.94-20.16-9.001632649.751542957.751094849.75
    9914 TTMerida Industry Co LtdTAIWAN-1.78-9.66-15.01-8.82685223.80600153.50547190.90
    CA FPCarrefour SAFRANCE2.10-16.36-10.06-8.117212082.003840542.003300708.00
    2357 HKAviChina Industry & Technology Co LtdCHINA0.17-3.93-18.20-7.326432028.0011077710.0010068680.00

    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
    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
    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
    LPPF IJ zranksMatahari Department Store Tbk PTConsumer Discretionary28.815.614.319.510.49.55.73.22.946.412.08.82.44.34.763.062.656.448.843.6
    SNC CN zranksSNC-Lavalin Group IncIndustrials19.126.919.28.012.89.00.71.10.91.61.61.72.52.02.015.016.318.73.94.0

    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
    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
    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
    3368 HK zranksParkson Retail Group LtdConsumer Discretionary0.00.00.09.46.05.60.50.70.70.40.60.76.10.00.00.068.268.7-1.4-1.5
    MQG AU zranksMacquarie Group LtdFinancials10.713.212.70.00.00.01.42.82.71.41.91.86.15.55.80.0100.0100.01.11.2
    MQG AU zranksMacquarie Group LtdFinancials10.713.212.70.00.00.01.42.82.71.41.91.86.15.55.80.0100.0100.01.11.2
    MRK GR zranksMerck KGaAHealth Care35.114.913.915.111.611.03.02.62.53.12.72.51.21.41.568.366.766.53.56.1
    MRK GR zranksMerck KGaAHealth Care35.114.913.915.111.611.03.02.62.53.12.72.51.21.41.568.366.766.53.56.1

    Latest ML Comics

    Markets have been rising on fears of attack on North Korea, then they were rising as the threat of North Korea risk off was less. After some huff and puff - Rob decided to try and raise some money for his future automotive engineering business.
    Initial Team
    4 Wheel drive and thoughts about business
    Rear Engine Transmission Shift Problem
    6 Wheeler in the Making
    Rob has a new plan
    Bicycle - a more reliable transportation
    Rob has built a woodie
    Body on Frame

    Rural Craft Center Highlights

    MidLincoln Rural Craft Piece
    MidLincoln Rural Craft Piece
    MidLincoln Rural Craft Piece
    MidLincoln Rural Craft Piece


    Our Recent Research Reports

  • 2017-12-12 ML Fixed Income Weekly
  • 2017-12-11 ML Commodities Weekly
  • 2017-12-07 ML Sectors Strategy
  • 2017-12-07 ML Morning Meeting - corrected link
  • 2017-12-06 ML Morning Meeting
  • 2017-12-05 ML Morning Meeting
  • 2017-12-05 ML Weekly
  • 2017-12-04 ML Morning Meeting
  • 2017-12-04 ML Fixed Income Weekly
  • 2017-12-03 ML Index Atlas
  • 2017-12-01 ML Morning Meeting
  • 2017-12-01 ML Fund Atlas Weekly Fund Flows
  • 2017-11-30 ML Commodities Weekly
  • 2017-11-29 ML Sectors Weekly
  • 2017-11-28 ML Weekly
  • 2017-11-27 ML Fixed Income Weekly
  • 2017-11-26 ML Commodities Weekly
  • 2017-11-25 ML Fund Atlas
  • 2017-11-22 ML Sectors Strategy
  • 2017-11-21 ML Weekly
  • 2017-11-20 ML Fixed Income Weekly
  • 2017-11-17 ML Commodities Weekly
  • 2017-11-16 ML Sectors Strategy Monthly
  • 2017-11-16 ML Zimbabwe update
  • 2017-11-15 ML Fund Atlas Monthly Fund Flow
  • 2017-11-14 ML Weekly
  • 2017-11-13 ML Fixed Income Weekly

    Recent ML Rural Highlights. Small Towns and Villages

    Vaskoh-Romania
    Artvin-Turkey
    Gorishkino-Russia