20 September 2017
DB Today - Global/Macro
Periodical
GlobalStrategy
DB Today - Global/
Macro
Date
20 September 2017
Deutsche Bank Group
Markets Research
Wednesday, 20 September 2017
MACRO HIGHLIGHTS
Asia Strategy - Asia Equity Strategy - Will Stephens
With one third of the month remaining, September net Southbound ow (US$
3.6bn) has already exceeded August (US$ 3.2 bn of ow). We have seen a pickup
in buy ow and reduced selling. Property stocks have attracted signicant interest
(2nd most bought sector with US$ 366mn inow) relative to August (almost at
net ow). This has been driven by strong inows into Chinese property names.
In September, Financials returned to being the most bought sector (US$ 827mn)
from the most sold sector (US$ -384 mn) in August.
Credit Strategy - Early Morning Reid - Jim Reid
A reminder that on Monday we published our annual long-term study entitled
of bank notes visible on the front cover. Only those visible count, not those
underneath the wave. In the report we look at the frequency of nancial crises and
shocks through history and speculate as to where the next crises may originate.
We think that the post Bretton Woods (1971-) global nancial system remains
vulnerable to nancial crises and that their frequency has been higher in this
period than across all previous nancial history. O ver the last 45 years it's been
rare to go more than a few years without a signicant crisis. It would therefore
take a huge leap of faith to say that crises won't continue to be a regular feature
of the current nancial system that has been in place since the early 1970s.
Figure 1: Table of Contents
Macro HighlightsPage 01
Key Company ResearchPage 02
Today's HeadlinesPage 04
Tables
Forecast G7 Quarterly GDP growthPage 05
CommoditiesPage 05
Govt. Bond YieldPage 05
Foreign Exchange RatesPage 06
Central Bank PolicyPage 06
Index ForecastsPage 06
Upcoming Conf./Trips/EventsPage 06
Source: Deutsche Bank
European Equity Strategy - Weekly Fund Flows - Andreas Bruckner
Andreas Bruckner: Last weekˉs (Wed-Wed) review of fundsˉ in/outows as
% of fundsˉ AuM. ***The Institutional Investor survey has kicked o and it
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