Global Macro Strategist, Westbourne Research Services

Sharmila Whelan

Global Macro Strategist

Macroeconomic, Geopolitical and Policy Forecasting

Westbourne Research Services

Westbourne Research is a global macroeconomic, geopolitical and policy forecasting and strategic advisory consultancy. Located in London, UK and serving clients globally. Our knowledge is deep, spanning all asset classes and key industrial sectors. Our perspective is global. Our presence is expansive, with 30 years analysing and working in developed and emerging markets. We are uniquely India and China specialists.

Cross Asset Strategy

<ul>
<li>Underweight Korean equities and the won, not because of the political crisis but because of what business cycle indicators are signalling. </li>
<li>The Korean corporate profit cycle is deteriorating, capex slowing, inventories rising and exports to key markets weakening which does not bode well for earnings growth.</li>
<li>A recession is not forecast though. Mortgage borrowing is strengthening, inflation easing and we expect another 75bps of policy rate cuts in 2025.</li>
</ul>


Underweight Korean equities and the won, not because of the political crisis but because of what business cycle indicators are signalling. 
The Korean corporate profit cycle is deteriorating, capex slowing, inventories rising and exports to key markets weakening which does not bode well for earnings growth.
A recession is not forecast though. Mortgage borrowing is strengthening, inflation easing and we expect another 75bps of policy rate cuts in 2025.


Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

<p style="text-align: justify;">We continue to believe the weight of the evidence points to a new leg higher for global equities, a viewpoint that is supported by the several international markets that are breaking out to new highs or making bullish inflections since our previous <em>Int’l Compass </em>(10/31/19). While developments continue to lean bullish, global equities have rallied substantially since the start of October, making it perfectly reasonable to expect some consolidation of recent gains which would allow for a more meaningful move higher.</p>

We continue to believe the weight of the evidence points to a new leg higher for global equities, a viewpoint that is supported by the several international markets that are breaking out to new highs or making bullish inflections since our previous Int’l Compass (10/31/19). While developments continue to lean bullish, global equities have rallied substantially since the start of October, making it perfectly reasonable to expect some consolidation of recent gains which would allow for a more meaningful move higher.

Global Equity Strategy: The Pause that Refreshes?

<p>In our October International Strategy, we outline important technical levels across markets and highlight various themes which lead to our neutral outlook, along with areas of the market where we see actionable opportunities, including Japan, and global technology.</p>

In our October International Strategy, we outline important technical levels across markets and highlight various themes which lead to our neutral outlook, along with areas of the market where we see actionable opportunities, including Japan, and global technology.

Global Equity Strategy: Neutral Outlook Intact, Japan and Global Tech Are Bright Spots.

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

Regular company coverage reports
Up-to-date investment decision advice (buy, hold, sell)
Monthly regional and global conference calls
Customized company reports and unlimited on-line access to the program's services.

Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

Please feel free to contact us for complimentary access to our written research.  We want to show you that our unique research flow can add value and help develop a long-term, high value-add relationship.

Riedel's model focuses on providing clients with unique insights and consulting in addition to unlimited access to all produced research This model allows members to receive exponential benefits for their retainer fees.

Thematic (Sector/Industry)

<ul>
<li>Russia: GDP growth in October was up 2.5% y/y, which is an improvement over the previous month’s 1.1% increase.</li>
<li>Turkey: Turkey's annual inflation slowed by more than expected in November thanks to a stronger lira and lower energy prices..</li>
<li>South Africa: The central bank on November 22 surprised the markets and raised its base rate to 6.75% from 6.5%. Inflation is trending higher.</li>
</ul>


Russia: GDP growth in October was up 2.5% y/y, which is an improvement over the previous month’s 1.1% increase.
Turkey: Turkey's annual inflation slowed by more than expected in November thanks to a stronger lira and lower energy prices..
South Africa: The central bank on November 22 surprised the markets and raised its base rate to 6.75% from 6.5%. Inflation is trending higher.


RRG Global Macro Weekly - Slowing US Growth Risks 2019 Outlook

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li><div class="content-highlight">In this report, we have identified 26 stocks in the Korean stock market that have announced share buyback programs so far in 2017. These stocks that have been buying back their shares have been outperforming the market in recent weeks. Share buybacks continue to be an "alpha generating" catalyst in the Korean stock market. Time and again, companies that buyback stocks in Korea tend to outperform the market.</div></li>
<li><p>For example, these 26 stocks that have announced share repurchase programs in 2017 are up…</p></li>
</ul>


In this report, we have identified 26 stocks in the Korean stock market that have announced share buyback programs so far in 2017. These stocks that have been buying back their shares have been outperforming the market in recent weeks. Share buybacks continue to be an "alpha generating" catalyst in the Korean stock market. Time and again, companies that buyback stocks in Korea tend to outperform the market.
For example, these 26 stocks that have announced share repurchase programs in 2017 are up…


Alpha Generation from Share Buybacks in Korea (2017 YTD)

South Korea

Korea Exchange owns and operates the Korean Stock Exchange

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52-week Range	0.00 - 0.00
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Korea Exchange (KOREA KS)

Korea - Move to Underweight

Korean equities and the won are underweight due to deteriorating corporate profit cycle and weakening business indicators, despite no recession...

Sharmila Whelan

Global Equity Strategy: The Pause that Refreshes?

We continue to believe the weight of the evidence points to a new leg higher for global equities, a viewpoint that is supported by the several...

Vermilion Research

Global Equity Strategy: Neutral Outlook Intact, Japan and Global Tech Are Bright Spots.

In our October International Strategy, we outline important technical levels across markets and highlight various themes which lead to our neutral...

Vermilion Research

RRG Global Macro Weekly - Slowing US Growth Risks 2019 Outlook

Russia: GDP growth in October was up 2.5% y/y, which is an improvement over the previous month’s 1.1% increase. Turkey: Turkey's annual inflation...

David Riedel

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Korea - Move to Underweight

​Korean equities and the won are underweight due to deteriorating corporate profit cycle and weakening business indicators, despite no recession...

Sharmila Whelan

Global Equity Strategy: The Pause that Refreshes?

We continue to believe the weight of the evidence points to a new leg higher for global equities, a viewpoint that is supported by the several...

Vermilion Research

Global Equity Strategy: Neutral Outlook Intact, Japan and Global Tech Are Bright Spots.

In our October International Strategy, we outline important technical levels across markets and highlight various themes which lead to our neutral...

Vermilion Research

RRG Global Macro Weekly - Slowing US Growth Risks 2019 Outlook

Russia: GDP growth in October was up 2.5% y/y, which is an improvement over the previous month’s 1.1% increase. Turkey: Turkey's annual inflation...

David Riedel

Alpha Generation from Share Buybacks in Korea (2017 YTD)

In this report, we have identified 26 stocks in the Korean stock market that have announced share buyback programs so far in 2017. These stocks...

Douglas Kim

Korean equities and the won are underweight due to deteriorating corporate profit cycle and weakening business indicators, despite no recession...