July 15th, 2008

KRW: Higher on oil and KOSPI



India

Fitch cut India's outlook from stable to negative



Singapore

broke through 1.3468 decade low

Retail sales lower than expected at 4.8% vs. mktep of 6.2%



Thailand

Aggressive selling by Jap names



South Africa

Expect increased importer orders and SARB reserve accumulation the closer we get towards 7.50, year lows

MTN talks with Bharti Airtel would generate huge cash inflow vs. Reliance which would be share swap