Epstein Secrets

rrency weakness, and more inclined to continue to push through rate cuts, if not regardless of FX, at least as long as FX depreciation is orderly. Hungary's NBH have made it very clear that the focus is on growth, and that inflation is taking the back-seat for now. Consequently, the NBH rate cutting

creasingly difficult to find a good story on fundamentals like Mexico's engaging in long-due structural reforms. An anticipated credit upgrade (by Fitch) and political signals for the continuation of the reform agenda pushed the MXN to break the critical 12 level in the last few days. Even though th

19 Greece Health Care Consumer Discretionary Utilities Telco Information Technology Industrial Financials Materials Russia Egypt Energy Hungary Thailand Malaysia South Africa Mexico Taiwan Indonesia Turkey Chile Poland Korea Brazil India Czech Republic China Consumer Staples P

ars despite strong sales growth (Figure 34 and Figure 35), which has itself been boosted by the increase in debt/GDP for the broader economy which Fitch estimates at around 80% over the past five years. Whilst the Renminbi has been extremely strong this year, we continue to think that at some stage

rabia was upgraded six times, from Baa3 to Aa3, by Moody's over the period starting from 1999, while it was upgraded two and three notches by S&P and Fitch over the period starting from 2003/2004 respectively. Moody’s has thus in the past preserved Saudi Arabia’s investment grade rating at the bottom of

USSIA = MALAYSIA (EM) = INDONESIA m= THAILAND ~ PHILIPPI m SAUDI = TURKEY = CHILE m= POLAND @ QATAR m UAE m= COLOMBIA m PERU m GREECE m HUNGARY EGYPT m@ CZECH REPUBLIC Source: : BofA Merrill Lynch Global Research, MSCI and DataStream 46 GEMs Paper #26 | 30 June 2016 3S Merrill Lynch HOUSE