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Global debt base accelerates “sucking gold” Emerging market stock market bond market is favored

February 11, 2019 08:10
source: China Securities Journal
edit:Eastern Fortune Network

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Summary
[Global debt-based acceleration "sucking gold" Emerging market stock market bond market favored] In the bond market, funds accelerated into emerging market bond markets and continued to flow into the US and European bond markets, but the Japanese bond market turned from net capital inflows to net capital outflows. . The net inflow of global bond funds monitored by EPFR last week was $10.84 billion, which was higher than the previous week's $8.73 billion. (China Securities Journal)

Huixin basedCash flowAccording to the latest weekly data released by the monitoring agency EPFR, the net outflow rate of US and European stock markets slowed down last week (as of last Wednesday), and funds accelerated into the Japanese stock market while continuing to flow into emerging market stocks. The global monitoring of the agency last weekEquity fundNet inflow3.86 billion US dollars, far better than the net outflow of 15.68 billion US dollars in the previous week.

In the bond market, funds accelerated into emerging market bond markets and continued to flow into the US and European bond markets, but the Japanese bond market turned from a net inflow of funds to a net outflow of funds. The global EPFR monitoring last weekBond fundThe net inflow was $10.84 billion, which was higher than the previous week's $8.73 billion.

  Emerging market performance is eye-catching

EPFR data shows last week in stockfundOn the other hand, the net outflow of US equity funds and European equity funds monitored by the agency slowed down, while funds continued to flow into Japanese and emerging market equity funds. Overall, global equity funds turned into a net inflow of $3.86 billion last week, better than the previous week's outflow of $15.68 billion.

Specifically, US equity funds only had a net outflow of $490 million last week, a significant slowdown compared to the previous week’s sharp net outflow of $15.84 billion. Among them, the active outflow of funds was 1.74 billion US dollars, which was higher than the previous week's 1.24 billion US dollars;ETFThe net inflow was $1.24 billion, better than the net outflow of $14.6 billion in the previous week. European equity funds had a net outflow of $230 million, down from $4.65 billion in the previous week. The net inflow of Japanese equity funds was $1.61 billion, which was higher than the previous week’s $9.8 billion. Emerging market equity funds have a net inflow of $2.98 billion, down from $3.83 billion in the previous week, with China and Brazil performing the best. Last week, global funds continued to flow into the Chinese mainland market-related equity funds, with a size of $800 million, a decrease from the previous week's $1.11 billion. China's Hong Kong local market equity funds had a net inflow of $64.6 million last week, down from $130 million in the previous week. Taken together, the cumulative net inflow of mainland China and Hong Kong equity funds last week was $870 million, down from $1.44 billion in the previous week.

  globalDebt baseAccelerate "sucking gold"

Huixin quoted EPFR data also showed that last week, funds accelerated into the emerging market bond funds monitored by the agency and continued to flow into US and European bond funds, but Japanese bond funds were converted from net capital inflows to net capital outflows. Last week, the agency monitored a net inflow of global bond funds of $10.84 billion, which was higher than the previous week's $8.73 billion.

Specifically, emerging market bond funds had a net inflow of $4.23 billion last week, which was higher than the previous week's $1.38 billion. The net inflow of US bond funds was $6.45 billion, down from $6.63 billion in the previous week. The net inflow of European bond funds was $210 million, down from $540 million in the previous week. Japanese bond funds turned into a net outflow of $50.21 million, less than the net inflow of $180 million in the previous week.

EPFR pointed out that from the current point of view, stock market and bond market sentiment in emerging markets have rebounded, the next step is globalcurrencyPolicies will become an important factor affecting the market. The Bank of India unexpectedly decided to cut interest rates by 25 basis points to 6.25% on Thursday after the Fed continued to transmit dovish signals that exceeded market expectations. Not only that, the Bank of England sharply lowered its expectations for future growth at last Thursday's meeting on interest rates, mainly due to the global slowdown and the uncertainty of Brexit, suggesting that the current rate hike process may come to an end. Will there be more central banks releasing dovish signals in the future, and what impact will it have on global funding?Fixed investmentThe optimism of investors on emerging markets.

(Article source: China Securities Journal)

                                (Editor: DF381)

 
 
 
 

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