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ld stall or reverse. Even if nat gas prices were to increase sharply — 2013 -2016 -2014 -.-2017 18 Global Liquid Markets Weekly 124 July 2017 Bankof America ' Merrill Lynch EFTA00788492 from here, additional supplies would not come in time for the winter given an estimated six month lag from production

be artificially suppressed by controls. When looking at 16 countries with severe capital controls based on IMF indicators (Algeria, Angola, China, Malaysia, Tunisia, Cote d'Ivoire. India. Morocco, Pakistan, Philippines, Sri Lanka, Swaziland. Tanzania, Togo, Ukraine, and Uzbekistan), we find that bitcoin

mat Arternatively. contact Research Opecabcre Recipient Hamdy Hambad) Cola Mackay. CFA, Director Emersins (mom( tAiddle East & Afrit. &mits Sales Bank ol America Merrie Lynch Office: Mis ~erica was piepend by Seks persoon.% of Bonk of Amenko Merrill Lynch opdis subject to the teems ovacith at the JolkwinglMk

(3.0) 1556.2) (29.7) (589.0) India (2.2) 1410.7) (22M) (434.9) Japan 117.31 (171.4) (18:<.6) Indonesia (0.6) 1112.7) (6.0) (119.3) Malaysia (0.61 1112.1) (6.0) (118.7) Thailand (0.5) (99 3) (5.3) (105.2) Philippines (0.31 (56.2) (3.0) (59.5) Australia (5.21 (51.3) (56.5)

ents to rotate without too much disruption. We would expect China’s inclusion to account for 10% of the JPM GBI-EM Global Diversified index. Turkey, Malaysia, S. Africa, and Thailand would lose the largest shares in the index, while the shares of Brazil, Mexico, Poland and Indonesia are expected to remain

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ource: BofA Merrill Lynch Global Research. Data from 2-Jan-12 to 2-Jun-17 Foreign inflows into Korea, Taiwan, India, Indonesia, the Philippines, and Malaysia Notable trends and dislocations (Asia) Asian equity markets saw modest gains last week, led by Japan’s NKY index, which increased 2.5% week-over-we

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versification drive introduced by the NTP follows the typical macro template, in our view. We discuss in a later section diversification lessons from Malaysia and Norway and conclude that the NTP contains elements from these successful case studies. In particular, it a) identifies key sectors with relativel

errill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore) are regulated by MAS. Bank of America N.A., Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS L