/EMG MKTS: Followup to 4:17pm ET.....>

US TSYS/STOCKS: /EMG MKTS: Followup to 4:17pm ET bullet: The MS analysts also

said the current mkt environment is "good for alpha, tougher for credit" but

"don't take our word for it."

- They cited that "our colleagues in prime brokerage estimate that 1H17 was one

of the strongest runs for alpha generation from long-short funds since 2010.

Meanwhile, credit's asymmetry means it can suffer from bad idiosyncratic events,

while having limited upside to good ones."

- Therefore, they cite these "investment implications" to "overweight Emerging

Market fixed income versus underweight US credit" as " we think that single-name

risks in these markets have different skews."

- They urge to "overweight equity over credit, across regions."