Daily Insights

November 18, 2016

Higher yields, Stronger dollar, EM outflows

• Record EM bond outflows: In the week to Wednesday, 16 November, EM-dedicated equity funds faced one of their largest outflows of the past 10 years, mainly in global EM funds. On the bond side, outflows reached their highest levels of the past 10 years, as both EM local currency and hard currency saw redemptions. In particular, EM HC outflows were driven mainly by institutional investors.

• US initial and continuing jobless claims show 'continued progress'. Initial jobless claims for the week-ending 12 November plummeted to 235k, well below our (250k) and consensus (257k) forecasts. The sharp drop in claims should give the FOMC comfort that labour markets continue to tighten and that they continue to make progress toward the committee's labour market objectives. The minutes of the FOMC’s October meeting will be released next Wednesday, 23 November. 

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