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HSBC Emerging Markets ConferenceThe World in Flux
AGENDA
Zurich Marriott Hotel, Neumuehlequai 42 Zurich, 8001 Switzerland
13 and 14 September
Day 1: Tuesday 13 September 2011
8:30 – 9:00 Welcome breakfast and registration
9:00 – 9:20 Opening remarks
John Flint, Chief Executive, HSBC Global Asset Management
9:20 – 10:10 Global economic outlook
Stephen King, Group Chief Economist, HSBC
10:10 – 10:50 Keynote Speech – The rise of China
Jonathan Fenby, Managing Partner and China Director, Trusted Sources
10:50 – 11:20 Coffee break
11:20 – 12:30 Session 1 Global re-balancing – has it stalled?
Speakers:
Edmond Alphandéry, Former French Finance Minister, Chairman, CNP Assurances
Michael Dooley, Chief Economist and Partner, Cabezon Investment Group
Luiz Pereira da Silva, Deputy Governor, Central Bank of Brazil
Andrew Sheng, Chief Adviser, China Banking Regulatory Commission
Moderator: Philip Poole, Global Head of Macro and Investment Strategy, HSBC Global Asset Management
Markets continue to be buffeted by fi nancial stress from the Eurozone periphery and elsewhere as the world moves
fi tfully to re-balance global demand. Economic performance between developed and emerging economies is diverging
sharply, creating political and economic tensions that severely challenge politicians and policy makers. Panelists consider
where we are in this global re-balancing story including; assessing progress in stimulating domestic consumption in the
emerging world, currency targeting, systemic risks from the fi nancial sector and the need to address the huge burden
of public and private sector leverage in the developed world. How will emerging economies cope with the challenges of
this transformation and what are the implications for currencies, commodities and fi nancial asset prices?
12:30 – 13:45 Lunch
13:45 – 14:30 Keynote speech – What next for the Middle East and what will it mean for emerging markets?
Fawaz Gerges, Director, Middle East Centre, London School of Economics and Political Science
14:30 – 15:40 Session 2 The role of emerging markets’ consumption in the re-balancing story
Speakers:
Fabio Hering, CEO, Cia Hering
Tony Maher, Former CEO, Wimm Bill Dann
Thierry Prevot, Group General Manager, Financial Communications and Strategic Prospective Analysis, L’Oréal
Nick Timberlake, Global Head of Emerging Markets Equities, HSBC Global Asset Management
Moderator: Chris Cheetham, Global CIO, HSBC Global Asset Management
The need for deleveraging is likely to constrain consumption growth in the developed world including the US for much
of the next decade. If they are to continue to grow, strongly emerging economies will need to generate more activity
domestically, especially in Asia where the dependence on net external demand in the developed world has been
strongest. This panel considers the opportunities and challenges that will arise from this trend both for corporates and for
investors. Is this trend already priced into corporate valuations? And in order to exploit it, will it be better to invest in
corporates based in emerging markets or those based in the developed world that have emerging markets exposure?
15:40 – 16:10 Coffee break
16:10 – 17:20 Session 3 Investing for infl ation
Speakers:
Xavier Baraton, Global CIO Fixed Income and Head of European Fixed Income, HSBC Global Asset Management
Mansoor Dailami, Manager of the Emerging Global Trends Team of the Development Prospects Group,
The World Bank
Kristin Forbes, Professor of Economics, MIT
M. Ibrahim Turhan, Deputy Governor, Central Bank of Turkey
Moderator: Peter Marber, Chief Emerging Markets Debt Business Strategist, HSBC Global Asset Management
On the back of food and fuel price increases, infl ation has been a big concern in the emerging world for more than a year.
Headline infl ation has also risen in the developed world for the same reasons. What are the second round risks that
this infl ation shock turns into a self-perpetuating infl ation process and where is this infl ation risk most problematic? Is
the infl ation risk appropriately priced into bond markets and are all bonds vulnerable? This panel considers potential
hedges against infl ation including commodities and other real asset strategies and infl ation-linked bonds in the emerging
and developed world.
17:20 – 17:40 Concluding remarks
Philip Poole, Global Head of Macro and Investment Strategy, HSBC Global Asset Management
18:30 Dinner reception - Hosted by Rudolf Apenbrink, CEO Europe, HSBC Global Asset Management
18:30 Coach departure
19:00 Drinks
19:45 Dinner
Day 1: Tuesday 13 September 2011
An introductory presentation by Philip Poole, Global Head of Macro and Investment Strategy, HSBC Global Asset Management, and a
choice of workshops focusing on key emerging markets themes & strategies.
Please select one workshop from each of the two time slots (9:30 and 11:00) below:
8:30 – 9:00 Welcome coffee and registration
9:00 – 9:30 Opening remarks
Philip Poole, Global Head of Macro and Investment Strategy, HSBC Global Asset Management
9:30 – 10:30 Workshop 1:
Asia ex-Japan Equity:
Market environment and outlook
Key risks and challenges
Investment opportunities
Investment process
Bill Maldonado, CIO Asia Pacifi c, HSBC Global Asset Management
OR
Global Currencies: The FX Market – the ugly contest continues
The four big currencies – USD, JPY, EUR, and GBP – continue to be trapped in an ugly contest
The market quickly shifts its attention from one negative theme to the next
So far, we have seen economic momentum slow in the US, troubles in the Eurozone periphery, intervention in the
JPY and talk of more quantitative easing in the UK
While the ugly get uglier, emerging markets and others will continue to benefi t
David Bloom, Head of FX Strategy, HSBC
10:30 – 11:00 Coffee break
11:00 – 12:00 Workshop 2:
Latin American Equity:
Overview of the region, how its markets and economic landscape have evolved, and highlights in the current
environment
Key differentials of Latin America
Domestic growth potential
Review of corporate earnings and market performance
Main challenges for a foreign investor
Mario Felisberto, CIO Latin America, HSBC Global Asset Management, Brazil
OR
Global Emerging Market Equity: emerging companies that are making their mark globally
Local market outlook and investment approach
Investment opportunities
Political risk assessments and macroeconomic analysis
Douglas Helfer, Senior Fund Manager, HSBC Global Asset Management
Omar Negyal, Senior Fund Manager, HSBC Global Asset Management
Nick Timberlake, Global Head of Emerging Markets Equities, HSBC Global Asset Management
12:00-14:00 Closing remarks and lunch
This agenda is provisional and subject to change.
Day 2: Wednesday 14 September 2011
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