What happened this past week?

Positives

  • MSCI Thailand reported the 2nd largest inflow of $133mn after MSCI Philippines
  • Thai Constitutional Courts throw out petitions
  • Ireland issues bonds (yes it was last week but I don’t believe this is getting enough press, only 2 years since its wipeout and its already issuing bonds at yields lower than Spain)
  • AOT continued to post an impressive YoY air traffic growth in June. Passengers increased by 13% YoY to 5,473,106 people
  • New E100bn credit line available to Spain
  • Global Central Banks cut rates, risk on!

Negatives

  • Global Central Banks cut rates, economic slowdown hmm?
  • China’s GDP continues to slow downs, GDP decelerated to +7.6%Y (vs. expectations of +7.7%) from 8.1%Y in 1Q.
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