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EM Preview for the Week Ahead

May 13, 2013
(from my colleague Dr. Win Thin)

PBOC fixed USD/CNY higher for the second straight day today, as the string of CNY gains appears to be over for the time being. Spot USD/CNY moved higher as well, in sympathy with the rest of EM FX weakening. China April IP and retails sales rounded out the April data deluge, with the former rising 9.3% y/y vs. exp…
EM Preview for the Week Ahead EM Preview for the Week Ahead Reviewed by Marc Chandler on May 13, 2013 Rating: 5
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Great Graphic: Asset Managers Embrace ETFs

May 13, 2013
This Great Graphic was in a report by Chris Flood of the Financial Times. It shows the increased use of ETFs by asset managers.  Flood reports that ETFS are now used by 18% of US institutional fund managers, up 4 percent points over the past year, based on figures from Greenwich Associates.  
A study by Blackrock of the world's top 15 fund man…
Great Graphic: Asset Managers Embrace ETFs Great Graphic:  Asset Managers Embrace ETFs Reviewed by Marc Chandler on May 13, 2013 Rating: 5
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Nothing Fails like Success

May 13, 2013
(co-authored with my Tokyo-based colleague Masashi Murata)


Abenomics appears to be off to a fairly successful start, despite the volatility in the JGB market. The yen is sharply lower. Equities are dramatically higher. The Japanese economy itself is likely boast the best performance in the G7 in Q1, when the GDP estimate is released early on Th…
Nothing Fails like Success Nothing Fails like Success Reviewed by Marc Chandler on May 13, 2013 Rating: 5
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Macro Overview

May 13, 2013
The US dollar is consolidating the gains seen at the end of last week.  The greenback briefly pushed through the JPY102 level in Tokyo, but this was not sustained.  Meanwhile, the global equities are mostly lower, though the Nikkei tacked on another 1.2% to reach a new 5.5 year high.

Softer Chinese data may have weighed on emerging market stocks,…
Macro Overview Macro Overview Reviewed by Marc Chandler on May 13, 2013 Rating: 5
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Great Graphic: 10-Year Bond Yields (US, Japan and German)

May 12, 2013
This Great Graphic was created on Bloomberg and shows the movement of 10-year bond yields in the US (white), Germany (green) and Japan (yellow) over the past six months. 
Over this period, JGB yields peaked first, in early January, followed by bunds late in the month.  US 10-year Treasury yields did not peak until early March.  
On the other hand…
Great Graphic: 10-Year Bond Yields (US, Japan and German) Great Graphic:  10-Year Bond Yields (US, Japan and German) Reviewed by Marc Chandler on May 12, 2013 Rating: 5
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