Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>In June, foreign institutions sold US$54.7bn of Asian equities, second only to the US$69.9bn selling in March. FIIs sold US$30.7bn in Korea, US$19bn in Taiwan and US$5.2bn in India.</li>
<li>In H12026, foreigners have sold US$157bn Asian equities - the most concentrated bout of selling ever. They sold US$96bn in Korea alone, US$29.8bn in Taiwan and US$29.3bn in India.</li>
<li>We identified India and Korea as oversold markets. India is now being bought back by the FIIs - US$312m in July till date, but Korea continues to be sold heavily.</li>
</ul>


In June, foreign institutions sold US$54.7bn of Asian equities, second only to the US$69.9bn selling in March. FIIs sold US$30.7bn in Korea, US$19bn in Taiwan and US$5.2bn in India.
In H12026, foreigners have sold US$157bn Asian equities - the most concentrated bout of selling ever. They sold US$96bn in Korea alone, US$29.8bn in Taiwan and US$29.3bn in India.
We identified India and Korea as oversold markets. India is now being bought back by the FIIs - US$312m in July till date, but Korea continues to be sold heavily.


Asian Equities: Second Highest Ever Foreign Selling in June; Nascent Recovery in India and ASEAN

<ul>
<li>In May, foreign investors sold US$24.17bn of Asian equities, US$28.17bn in Korea, US$3.45bn in India and US$151m in Philippines. They bought US$7.5bn in Taiwan and US$104m in Thailand.</li>
<li>This is the heaviest FII selling episode. In 2026 YTD, FIIs have sold US$102.2bn in Asia-6, after US$45.3bn selling in 2025. In 2022, the worst year recently, FIIs sold US$52.14bn</li>
<li>Our indicator of cumulative 6-month selling as percentage of market cap indicates that Korea, India and Indonesia are clearly oversold. Taiwan recently bounced back from oversold territory.</li>
</ul>


In May, foreign investors sold US$24.17bn of Asian equities, US$28.17bn in Korea, US$3.45bn in India and US$151m in Philippines. They bought US$7.5bn in Taiwan and US$104m in Thailand.
This is the heaviest FII selling episode. In 2026 YTD, FIIs have sold US$102.2bn in Asia-6, after US$45.3bn selling in 2025. In 2022, the worst year recently, FIIs sold US$52.14bn
Our indicator of cumulative 6-month selling as percentage of market cap indicates that Korea, India and Indonesia are clearly oversold. Taiwan recently bounced back from oversold territory.


Asian Equities: Another Month of Huge Foreign Selling; Taiwan and Thailand the Only Exceptions

<ul>
<li>The recent wobble in Asian equities has been driven by a multitude of factors including AI capex uncertainty, USD spike and concerns about US interest rate trajectory.</li>
<li>Asian earnings estimates continued to rise over the past month. Estimates for Korea and Taiwan continue to increase. India now joins them, marking a departure from last two year's trend.</li>
<li>It's still early days, but particularly encouraging about the Indian earnings revival is the breadth of participating sectors. Five Indian sectors figure in the list of top 20 earnings gainers.</li>
</ul>


The recent wobble in Asian equities has been driven by a multitude of factors including AI capex uncertainty, USD spike and concerns about US interest rate trajectory.
Asian earnings estimates continued to rise over the past month. Estimates for Korea and Taiwan continue to increase. India now joins them, marking a departure from last two year's trend.
It's still early days, but particularly encouraging about the Indian earnings revival is the breadth of participating sectors. Five Indian sectors figure in the list of top 20 earnings gainers.


Asian Equities: Nascent Emergence of New Earnings Gainers

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Macroeconomics

<ul>
<li>RBI kept the policy rate unchanged and retained a neutral policy stance. But (in concert with MoF), a more conducive climate was created for foreign inflows into India's debt markets.  </li>
<li>Real GDP grew 7.8%YoY in Q4/FY26 with a current account surplus (0.7% of GDP). Our forecast for core CPI inflation is 4.2%, headline 4.8%, and no rate hikes in FY27.</li>
<li>With services (52% of the economy) growing 9%+, we expect real GDP to grow 7.3% in FY27, and strong net FDI and FPI inflows to bolster INR. Bullish. </li>
</ul>


RBI kept the policy rate unchanged and retained a neutral policy stance. But (in concert with MoF), a more conducive climate was created for foreign inflows into India's debt markets.  
Real GDP grew 7.8%YoY in Q4/FY26 with a current account surplus (0.7% of GDP). Our forecast for core CPI inflation is 4.2%, headline 4.8%, and no rate hikes in FY27.
With services (52% of the economy) growing 9%+, we expect real GDP to grow 7.3% in FY27, and strong net FDI and FPI inflows to bolster INR. Bullish. 


India: No Rate Hike in FY27, as Growth Slows a Tad and CAD Widens to 1% of GDP

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>The Indian steel industry faced a highly disappointing 9MFY26 driven by multi-year low prices, persistent Chinese dumping, and severely delayed post-monsoon infrastructure restocking. </li>
<li>A robust Q4FY26 turnaround is now highly expected, driven by a sharp rebound in domestic realisations and condensed pent-up pre-monsoon project execution demand. </li>
<li>However, this bullish outlook faces significant downside risks post Q4FY26 from sequential coking coal inflation threatening margins and escalating geopolitical tensions disrupting global supply chains.</li>
</ul>


The Indian steel industry faced a highly disappointing 9MFY26 driven by multi-year low prices, persistent Chinese dumping, and severely delayed post-monsoon infrastructure restocking. 
A robust Q4FY26 turnaround is now highly expected, driven by a sharp rebound in domestic realisations and condensed pent-up pre-monsoon project execution demand. 
However, this bullish outlook faces significant downside risks post Q4FY26 from sequential coking coal inflation threatening margins and escalating geopolitical tensions disrupting global supply chains.


India Steel Industry: Should We Expect a Turnaround from Q4FY26?

India

Tata Steel Limited is an Indian multinational steel company that manufactures and distributes a wide range of steel products, including hot-rolled, cold-rolled, and galvanized steel, tubes, and wire rods. The company serves diverse sectors such as automotive, construction, engineering, and consumer goods. Tata Steel is headquartered in Mumbai, India, and was founded on August 26, 1907.

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Tata Steel (TATA IN)

Asian Equities: Second Highest Ever Foreign Selling in June; Nascent Recovery in India and ASEAN

Foreign institutions sold a record $54.7bn Asian equities in June and US$157bn in H12026. Korea leading the selling at US$96bn. FIIs are buying...

Manishi Raychaudhuri

Asian Equities: Another Month of Huge Foreign Selling; Taiwan and Thailand the Only Exceptions

Foreign selling continued in June - $39.8bn till 29th. FIIs sold $15.4bn in KR, $19bn in TW & $5.4bn in India. However, an interesting sidelight is...

Manishi Raychaudhuri

Asian Equities: Nascent Emergence of New Earnings Gainers

Asian equities wobble due to AI capex uncertainty, USD spike, and US interest rate concerns, but Asian EPS est continue to rise. India shows...

Manishi Raychaudhuri

India: No Rate Hike in FY27, as Growth Slows a Tad and CAD Widens to 1% of GDP

RBI maintains policy rate, focuses on attracting foreign inflows to debt markets. With Services growing 9%, RGDP to grow 7.3% in FY27, as...

Prasenjit K. Basu

India Steel Industry: Should We Expect a Turnaround from Q4FY26?

Indian steel industry had a tough 9MFY26 but is expected to see a turnaround in Q4FY26, though risks remain due to coking coal inflation and...

Nimish Maheshwari

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52-week Range

Market Cap (USDm)

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Asian Equities: Second Highest Ever Foreign Selling in June; Nascent Recovery in India and ASEAN

​Foreign institutions sold a record $54.7bn Asian equities in June and US$157bn in H12026. Korea leading the selling at US$96bn. FIIs are buying...

Manishi Raychaudhuri

Asian Equities: Another Month of Huge Foreign Selling; Taiwan and Thailand the Only Exceptions

Foreign selling continued in June - $39.8bn till 29th. FIIs sold $15.4bn in KR, $19bn in TW & $5.4bn in India. However, an interesting sidelight is...

Manishi Raychaudhuri

Asian Equities: Nascent Emergence of New Earnings Gainers

​Asian equities wobble due to AI capex uncertainty, USD spike, and US interest rate concerns, but Asian EPS est continue to rise. India shows...

Manishi Raychaudhuri

India: No Rate Hike in FY27, as Growth Slows a Tad and CAD Widens to 1% of GDP

​RBI maintains policy rate, focuses on attracting foreign inflows to debt markets. With Services growing 9%, RGDP to grow 7.3% in FY27, as...

Prasenjit K. Basu

India Steel Industry: Should We Expect a Turnaround from Q4FY26?

​Indian steel industry had a tough 9MFY26 but is expected to see a turnaround in Q4FY26, though risks remain due to coking coal inflation and...

Nimish Maheshwari

Foreign institutions sold a record $54.7bn Asian equities in June and US$157bn in H12026. Korea leading the selling at US$96bn. FIIs are buying...

Asian equities wobble due to AI capex uncertainty, USD spike, and US interest rate concerns, but Asian EPS est continue to rise. India shows...

RBI maintains policy rate, focuses on attracting foreign inflows to debt markets. With Services growing 9%, RGDP to grow 7.3% in FY27, as...

Indian steel industry had a tough 9MFY26 but is expected to see a turnaround in Q4FY26, though risks remain due to coking coal inflation and...