HALISTER1: BNP Paribas Asset Prefers Asian Stocks; Concerned on EM Credit

BNP Paribas Asset Prefers Asian Stocks; Concerned on EM Credit

(Bloomberg) -- BNP Paribas Asset Management favors Asian stocks over Latin American and European shares among emerging markets as they benefit more from lower commodity prices, Daniel Morris, senior investment strategist, says in interview in Singapore.
  • BNP Paribas is overweight EM shares vs developed-market stocks and overweight EM debt vs DM bonds, he says
  • Within EM debt, co. likes local-currency bonds the most; next is USD sovereign debt; and the least appealing is USD corporate debt
  • Corporate risk is concerning, as level of indebtedness of EM companies is high and they are now paying back those debts with depreciated currencies
  • BNP Paribas has cut its exposure to EM local-currency bonds, but is still overweight
    • Co. sees gains coming from exchange-rate side as it sees USD weakening against EM currencies; USD looks overvalued after years of appreciation
    • Local yields not expected to fall as they are already “a bit low”
  • READ: Aviva Sees Big Downside Risk for Asia Bonds Amid China Worry
To contact the reporter on this story: Lilian Karunungan in Singapore at lkarunungan@bloomberg.net

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
BNP FP (BNP Paribas SA)

Topics
First Word Credit Asia
First Word Credit Europe
First Word Credit US

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UUID: 7947283

HALISTER1: INDIA RATINGS: Viltans Polyplast Cut; Mahesh Extrusions Raised

INDIA RATINGS: Viltans Polyplast Cut; Mahesh Extrusions Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
  • To get this story sent to your inbox real-time, run NI INRATINGS, click on Display & Edit, then Set Alert Delivery
DOWNGRADES
  • Viltans Polyplast
    • Long-term bank facility rating cut to B- from B+ at Crisil
    • Cites pressure on liquidity, reflected in company utilizing full bank limit over 6 months through June
UPGRADES
  • Mahesh Extrusions
    • Long-term rating raised to B from B- at Crisil
    • Cites improvement in revenues, stable operating margin and comfortable liquidity

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Topics
First Word Credit Asia

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UUID: 7947283

HALISTER: Barclays Second Quarter Revenue Misses Estimates

Barclays Second Quarter Revenue Misses Estimates

(Bloomberg) -- Barclays reported revenue for the second quarter that missed the average analyst estimate.
  • 2Q revenue GBP5.1 billion, estimate GBP5.23 billion (Bloomberg News)
  • 2Q net operating income GBP9.83 billion
  • 1H statutory profit before tax GBP2.34 billion
  • 1H revenue GBP10.88 billion
  • 1H net operating income GBP9.83 billion
  • 1H basic loss per share 6.6p
  • GBP700M Charges for PPI
NOTE:
  • 13 buys, 7 holds, 7 sells before today
Statement This story was produced with the assistance of Bloomberg Automation.

Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
BARC LN (Barclays PLC)

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UUID: 7947283