In today’s briefing:
- Global Equity Managers Trim EM Underweight, but Remain Bearish
- Macro Nugget: Why the price at the pump matters for inflation expectations
- The Week That Was in ASEAN@Smartkarma – Bank Mandiri’s Livin’, BliBli’s Different, and AoT’s Rebound
Global Equity Managers Trim EM Underweight, but Remain Bearish
- The heavy decline in EM allocations that started in early 2021 came to an end last October. Since then, a growing number of Global Equity funds are raising allocations.
- Taiwan, China & HK, Mexico and Indonesia are at the heart of these moves, but all major countries are still held underweight, on average.
- Stock exposures remain heavily skewed to the large caps, with 38% of the EM allocation in 6 key companies.
Macro Nugget: Why the price at the pump matters for inflation expectations
- When oil prices increase, so does CPI by nothing else than through its direct influence on retail energy prices.
- This effect holds true when assuming all other prices remain constant.
- Naturally, we tend to anticipate that a surge in oil prices would ripple through to affect other prices by hiking up respective costs basis
The Week That Was in ASEAN@Smartkarma – Bank Mandiri’s Livin’, BliBli’s Different, and AoT’s Rebound
- The past week saw insights on Bank Mandiri, Global Digital Niaga (BELI IJ), Airports of Thailand (AOT TB), Bank Negara Indonesia (BBNI IJ), and Multi Bintang Indonesia (MLBI IJ).
- There was also a macro insight on Singapore’s structural growth constraints plus additional insights on Barito Renewables IPO, Vinfast, GoTo, and DBS (DBS SP).
- The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.
💡 Before it’s here, it’s on Smartkarma
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