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Tight Ranges In Holiday Session

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J.P.Morgan: Sell WNZ1 On CTD Basis

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J.P.Morgan note that in the week ending 21 July "EM bond flows were +$1.1bn (+0.20% of weekly AUM, prev. +$668mn); EM equity flows were +$2.0bn (+0.12% of weekly AUM, prev. +$755mn)."

  • "YTD flows to EM bonds and equities +$50.8bn and +$90.5bn, respectively. Incorporating June's monthly data results in revisions of +$282mn for EM bonds and -$3.4bn for EM equities."
  • For EM bond funds "overall inflows increased modestly as inflows into hard currency bond funds picked up (+$472mn), whereas local currency bond fund inflows remained roughly stable (+$670mn). Inflows were concentrated in ETFs for the third week running (+$944mn) with small inflows into non-ETFs (+$198mn). Within local currency bond funds, China-related bond funds attracted the inflows (+$819mn) as EM ex-China bond funds had outflows for the third week in a row (-$149mn)."
  • For EM equity funds "overall inflows increased substantially this week (+$2.0bn, prev. +$755mn). Inflows were concentrated into ETFs (+$1.4bn) as non-ETFs posted smaller inflows (+$510mn). Within regional equity funds, Asia ex-Japan inflows increased materially (+$1.7bn, prev. +$168mn); while both EMEA and Latam had net outflows (-$190mn and -$63mn, respectively)."
In terms of non-resident EM portfolio flows "EM local bonds had outflows once again (-$802mn, prev. -$2.4bn), led by Indonesia (-$675mn). Non-residents net outflows from EM equities intensified (-$5.8bn, prev. -$2.9bn), with all tracked markets except Indonesia (+$89mn) reporting outflows, led by Taiwan (-$3.3bn), Korea (-$921mn) and India (-$682mn)."