ASIA STOCKS: Asia Equity Outflows as Investors Prepare for the US Election.
Outflows across the board in Asian on Thursday. Korea saw a large outflow of $510m, the largest outflow it has seen in two weeks. The outflows across the region are consistent with the ‘risk off’ mode the markets are in ahead of the US Presidential Election. Typically in this type of environment, global investors retreat back to USD denominated assets. .
• South Korea: Recorded outflows of -$510m yesterday, bringing the 5-day total to -$1.126b. YTD flows remain positive at +$7.158b. The 5-day average is -$225m, worse than the 20-day average of -$170m but better than the 100-day average of -$64m.
• Taiwan: Experienced outflows of -$105m yesterday, totaling -$287m over the past 5 days. YTD flows are negative at -$10.971b. The 5-day average is -$57m, worse than the 20-day average of $51m and the 100-day average of -$132m.
• India: Saw outflows of -$261m yesterday, with a total outflow of -$1.554b over the past 5 days. YTD inflows stand at +$605m. The 5-day average is -$311m, worse than the 20-day average of -$490m and the 100-day average was +$40m.
• Indonesia: Posted outflows of -$22m yesterday, bringing the 5-day total to -$211m. YTD flows remain positive at +$2.530b. The 5-day average is -$40m, slightly better than the 20-day average of -$32m and the 100-day average was +$30m.
• Thailand: Recorded outflows of -$13m yesterday, totaling -$215m over the past 5 days. YTD flows are negative at -$3.426b. The 5-day average is -$43m, the 20-day average is -$40m and the 100-day average was -$11m.
• Philippines: Saw outflows of -$22m yesterday, with net outflows of -$49m over the past 5 days. YTD flows are positive at +$44m. The 5-day average is -$10m, the 20-day average is +$1m and the 100-day average of +$5m.