Strategy and Economics
4 GEMs Equity Strategy Closing Brazil OW;
Upgrading India and Thailand; Downgrading
South Africa
Jonathan Garner, Michael Wang, Vinicius Silva
8 Asia/EM Equity Strategy
Dividends and Cyclicality: Continue to Favour
Telecoms
Jonathan Garner, Michael Wang, Vinicius Silva
12 China Economics
The Supply-side Adjustment
Qing Wang, Steven Zhang
14 China Economics
US Fed’s QE Points to More Monetary
Easing in China
Qing Wang, Katherine Tai
16 Latin America Economics
Lengthening the Downturn
Gray Newman, LatAm Economics Team

18 South Africa Economics Watch Currency as
Economy Contracts
Michael Kafe, Andrea Masia
21 Turkey Economics Macro Conditions
Deteriorating Rapidly – Looking for Policy Action
Tevfik Aksoy
Industry Analysis
25 China Capital Goods
Cycle Has Peaked; Long Way to the Bottom
Helen Wen
27 China Telco Sector (􀃇CT, 􀃈CU) Upgrade on
CT Better CDMA Outlook as Top Pick
Yvonne Y. Chow, Navin Killa, Vincent Wu,
Mitchell Kim
29 Latin America Research
Maintaining Below-Consensus Outlook
Lore Serra, G. Newman, J. Kuri, V. Rossi,
J. Martinez de Olcoz Cerdan, C. de Alba, S. Daripa,
A. Falcao, N. Sebrell