外文报告：HSBC-ClientCall：2015Multi﹣AssetEMOutlook-130115.pdfVIP

Flashnote abc Global Research Multi-Asset – EM Client Call: 2013 Multi-Asset 15 January 2013 EM Outlook Pablo Goldberg Global Head, EM Research HSBC Securities (USA) Inc. +1 212 525 8729 Call #1: Thursday 17 January at 5:30pm HKT/9:30am GMT pablo.a.goldberg@ John Lomax* Call #2: Thursday 17 January at 11:00am EST/4:00pm GMT GEMs Equity Strategist HSBC Bank plc Loosen your seatbelts +44 20 7992 3712 john.lomax@ We retain our positive outlook as we enter 2013: Emerging market assets appear likely Dominic Bunning to deliver another year of strong returns Asia FX Strategist We expect flows into EM to remain solid; while low volatility is likely to continue to The Hongkong and Shanghai Banking Corporation Limited attract foreign investors into debt, we expect a strong rotation toward equities +852 2822 1672 It is time to take more risk: Investors should add exposure to EM equities, remain dominic.bunning@ invested in hard currency bonds, and selectively extend duration and buy inflation- Pin-Ru Tan linked bonds in local markets Asia-Pacific Rates Strategist Link: Emerging Markets Strategist: 2013 outlook: Loosen your seatbelts The Hongkong and Shanghai Banking Corporation Limited +852 2822 4665 Speakers pinrutan@.hk