Macro Focus-2020 X Factor - 한국투자증권 - 22Nov2019 PDF

You might also like

Download as pdf
Download as pdf
You are on page 1of 20
wahiont SRE TE FS Ae ZAA 2020 XHE{: 282toH B BrSt S7pAI >= BS, HABE apoly|s se] Ad 2020dAE HBA clzelolal ATBS ASS) Ys wAstel) & Pet AA Roe wale. APES Ae BAA auto] Dolpa eae) Seley wet seel7t SHIRL 7Hsdel seth. EWE 1M oleh & seed ola ogc mea] Aye 4E opoyA gel Ald} a4) BEC O13 2020 Ha, AH IRS FH] SS ae Sees Melba sal Wes Selo] dad FwE PMI gL Uh Fo) AMS Bake et see] Boke Sal VAS aL Hod o] Ue 4S easy lol Mat ke. sme ee) Uae: az BY da STIS gee] MebspalBsl= We Se ee) del Al dal 7hs-do] SAR FakeH= 2|ulolz|s shh, RU 714] Salo} ASHE 2019%4 IPO 719S2] F7VF Ae 7HEH] WeWork ore HUE I Aol wa Sale] Ashes Bweleh age] Was Avi AAI] FAS S4ld HS 24 AY A7A Boe welch SHE HHS 9] A182) 7th Fars] Lebchel Bae Aue et Fel, | eve 2OA8 S22] Fe EOE Wa + heh Brexit OHH Bremain 939] EUS Hy7]z AV 2016 6H oF YS] BU Ait 7Hs3el HG AS Bl Ath. SE Se} 124 27] FOS SHS AE 7b fe] BA OF 219} Ves AVE US BF ‘Bremain’ , FEU 9) Set wold + oh uifed BEE ogee] ele Sa oly Q5t0] 423} AUS Fal BU HS Alas Ase FE ste EB2 453 8S tsa SBE] 122 melee Mu] she Sz aol ah O14 AIS 228 weld, Wet olf 3 A7IEs SOR Ea rede] BE BH BEAD AIIAS Aza = Bole yA + Sheu, 7 Udoe Ege AEE WHS aed + she eae Norte ass ae 3 eal sie ‘ido cleo) ae 7A Weekly 2019. 11.25 SA | 200 xed: 2 eet SPR] et 1. 9 OIA wet Ace GE 2 ols sil oS} 9s] cig et 8 AISBIE 91 a hs Web IA, 13 19 ge Bl 2. KIS BE! 21 SHIN a6 pt-.1) pee kis at ee eos 18 aa wine 18 sae iwpark@truetriend.com ae dahkyung.kim@truefriend.com Hore! yeinkim@truetriend.com 1. 2020 XBHE{: 482toH ESE 57EA] =e 1, BR OLA Bel AlcH Sey 2018 Wb PSlT7h BLS) Az HEU FA Alo} olo}a}n} gsp2 4) | HAS] TAAOS Bows Malt. AS AS} See FA HA) 0] aise Ashe Be Ue AAT ABP Asse chao} ae] al apy dolacha Sar Moe: wel ACHE ANSE ACh WLR Ue Selol4o] Logo deh SEP] Aztel Zlos BBA WAS Ue Aal AB} RAF ASe] Aad espaol] utzislat Veh 1995 a DEMS WI eset) ash aulzhe7h Ake) ME Al Saleh. os} flsb AS as 7] 7olelselolale Ae seas volar gery. Ue cBaleyas] ABS logo de] % ARS ve Base}, 2 oO} Ball TASS Met Is] KEV BEAAle] Hale 0] o}olA=tl Oleh met Hells Ae7|ES| et oe eal ADS lack aH 97) oF Mh AAMAS delat allo Be ps= 7HE) AEA 7b SH 1Set PAIS) AE BA) cesbshs BS Molar Yeh. BAe Fetshe G7] ideally FAAoe ease gels} EA] © BPA GMA] Belo) HVAT VES AVE Tae Az] Bas 75 Yo] Gora BERS Teel weet. gaa ole Agel Wa} FEY BP OWA Vasey] Sale} WBS el esp BUG. Baal OVA elo] ass 7EAe] SHA OE ae Jad Bed. Shy AA} BAIA col els wy) alate 20134 oF sy Wee vie Bhihe Aaa dade) atoll ede] Age] 4 FL ach Wal 20204 AAAS ams AREAS Tele 2020" shi) aU ASRS Pbo|u2dell MBe] hs Agolet. 2020He|= csale}d 4) ade 24315) Alt Dabs] ole Pel7t Aa Aloe Belch 21 a} 20194) TAPE] APA AHL) Gelelsh olE 2020} ofd real ech 213 7EaLE Abad Bah ALG 22] oS) Fe] cls} Bae alow edaeh 7eeeVt 1 ols ache ole A Fel of Hae A}8}4] KS Sb FSI, APeaeRS ob hE STA Som 2 ke WE OTe IRE lel lo) ste) AHS Sulaep wl sed, eae 2 AEE (2B 1] IHRM a} ABLE! OlBALOMS) TNE ster (%Y0v) aria) rietelsatores — wl) ideal 5 rl cao, eee (28 2] 28H] 7isaelst xt SHIA (oo (yew) 110 —aitiaaaaneian 40 Bue) 100 20 a 2 80 10 1 0 60 “0 0 (20) wo on 43 1 18 18S Ha cee, RHEE (Ae 3] 89] a 7iBaelSt Saal 401 ) so —auriszel —vieae1 25 20 10 08 00 13 4 15 16 7 18 19 20 Ha cn, BSEABE 2. OF HH OFS Seto] HSS SM > Fg Mad PE Fe SA 37] Sol Melo} Ea] Saal Bee deisel, 277k eat seated aalateley WD EB alee) Pp SIL SIE Ole we} SIE BA) HSV EA ABS Ease) A, Washls BHC AeA Hea Ws ele] oad Fes Pa We. woud] Ga SES, Pa, HE Sd S ale ae dase) ake DOG ciel] Seige wFy wee aaa ew leech. > Hrs HAE] ASA Sek Hele] Feke 7b 201s Wel et aig She 2KLF2) 4 (Accountable Capitalism Act)’ 22 22°F 4 gle}. ©] Wiehe Ui VAs allel SSI oS sal DHHS USS BA, 2] 89 Be} we, BBA ep ABS Bake Sch. AM 7|Mel Helse 7] 214 Bo] TIS NSe] A) BS Bas adsh SSS seb Role}. Te] AzS cles galAol7] eel AFS|AS S wlal + eh BUY Mele] SIAM SMe BH YS] PAMCHE 7]9] Ale} BYAzlS] FS MSE Set ARES] alo 270] VSIA alc > age Ga BREE ea: 2019 108 274) KE ASM mole alele) ~14&e ale 1191 Hes FaleL week AM a a AFH aay UeleeWa seb} Moles] ae} sla shy, sel 8) stalaiel eo) Het 8S) GSE BF MOLES) ala}ao} sIes1at 9V1 BIC Az ols} AEM HA] el Alo|ES (Medicare for All) Bol chet =a 9] Aallz seh. Wal o] Bae A Sus oyoe st el WI A & Ealebaechs E47] Folch vicllol= VA ls BW; AB As SStke 654] ob] Sabi) Same] Ah HES Mss Awa |B Hole, AAS leet B7t BH} 7iels]7] eee UE wlseeleiyll aS Ay she ASS Aca S44o8 Wwe als See she Zolch OPM RA} sh Ae Ale] SLBA Ae Boke UR Ase 299] ABE Yas] BE AoE Felsha Wl mole. HE 10 Fer Ado] MO TAL oF OSA] Misteu, UL olele AV sy B) es} 71g Bl DASabel Palsh= AGES Bell obelabach= algle|ch. waem 3 TS “lel RI} Ao] Zieh VE ve-Folal Oe] FAIL AG Ie] al, ag AGO) IS} ANE PAA VAAL lal Hho gteH= WAfe) AlAs] HAM Co} AIRE 118 12) aS olelAoELS} sel HIS set sala 21 YAO HAE 7KE aco] 6m7H] Shahar sTsHl4 olehs est ihe Woe Palehe AGE es Ae LY) 49) Bel a ede) ch ables Seo. (28 4] 1S AM Fe Alls FO): 108 Set Si HOE] MAS AAA (4) 45 —ae 40 Hols acta, ° ania May-19 du-19 Se0-19 __Nov-19 7 fia Gear Foc, > Pl ale] Hee: Se sea a) del Hee] Azah Heals) AB VBL HE eel7b BSD AG. see] BAS ARE alee a A 29} Feel FAR BRS MAL 7h Pe 4007 HSL Bat AL KAS “sel Bat 2%Rc LS 23IGe}T VER vlsp aso] 4 A MS Ub ALS *Fe]7] aol Mal] Heo] Bastche Zlolep. wba o]e} a Ya ES FAS FS BHe|Foleh: Bale] Farele Aza eh. Ale ¥5}2) Aas} Heol HES al7|sH= Zlolch. ae] Moje: MPS Ae fal Qos Apo] ube 719) Aleles| PbS Baa as BAA EE 2a Alsat, Ast MSS AWS WS Bolebat petch > AS AIS Ho] Aa: of dale] FA Hala THe Wea ae (1981~19964 BB AAC. Bea AS S71 SA] st zso}} 4] aS EBA Aclol7] hte] B71 Aa] BAS zs] wekekeh= |e] Deh. AA) Wee Ache] FY A MS old Acct Bs] Yar, eles Shr UEAS 33,000ceo] Bech. oes zRFe] wes BAe ole] #2 AAS OSA HP] EM, ARM Aol Se] Jas Fah WE A AWE Bolas} SHE Hele] HA ALSSs} BS Se] 21217 ela eh. al silo] Sal Balad ashe Avia, Fe7leh, Hb] BAe ae QUE Fol Glo] WEEP Aelol cae Pelt Pala Sle. olst alee op) "Ge We HA) HIS ARES AUS Galetehs dae AN cleat Sole] US sloleh. ely lB] vs BAER 8 AJshs wlgo] 70HE WE AE wel Pe] AMS Salts Srey} al slo} 9182) Po] ofS EA] ais AAI ob) low webeleh BRS) Ve eld Vase Faas ae salee AME 2019 44] 1229 Axelelsje] Aas“ R] 3A TASS sha a eS oF al ¥ BOVE Mero} “Ge) Pre aUaLe eo MSS] BUS 7TH sre] ahat WAM. oF ARE ME O}PA) SHEN ah Bel PSE Bal els 0} GA Abe AHA 71k 7HE wn OPT Yslo} BRAS else al EAE Beha eh Spel] alah leh ase ete] Aalto] 2l4pgell me} 201941 eel) cra) AL MAS 918t SepAos HA sich elu cpa} SES Sah AeEhe Av] A ie) ARS BH HSA FE) BAS] Usps Msh= Folch. AA AGA MAb Fs HAGE 219d 10% % Astle Aaa Ae) ews AS oF epee Asa AS Ads a} EYE Alle Bel Aw Fero|z|eh “a]Fo] o]elet ela Awaba Ul) A1zb B71S a4 ©} al) Fs) WAM ARCA AAS of AAS Wpolebn 4|4s as FW ze) BS GH wh le. Ske Wd NAT] 2019%1 44 sels leh Med ol} F 12") Wp) wt = FIRE. 58] Seo] 24 Ho] ANG Aa olf oleat Gt AAS A STE] HS ABA H7] AMe] Fe ABH Achs Boy oles ANS 7) EE SESE WE “HS bel Au7} 2 low BA ech, Az as Aa] Cyhe "Hed EGS cess) Ley Zab aga Aas} 2019 118 4S) Ak Mela esS era ZY WARES wet ©] olao] HIS WEEE Q73ke Bee]ct, > HSS] a AGRE APES obf7h wie: USYe 202008 Hah SEES ch Ba Ry BAL, B71EH Sle AA YS call wleeiel A) 0] Bolles HEU aedel) ho] HS olsi7t Sue RAO Ags] HS OR WCE Beh chs was peo] A71sbs|9a1 lar Bel el ATE & BRE wol7] Reh. ool) he} vay uy] Heel] oat 4792 elzfo] Eye} Be} All lee] Be Aaa ASN cleo] Hels Al oF Aye 6] BAe] ML AMS eS SAR) AL We] Way) Seb Se Hee] aed Ale tebe ele] eat wishes oltohhal Rehot Wek. aa a ole9] ato] eo} girlol HAS SMEs Wis EM aS abet) a Aol] Site O1F7 We. Va AO Yeb}9] FFVDASACT} eee) ASA wets Ys) ES II] ole ME 2019) 10d AFA AWS. Sele vb SICh AME 108 5 MLSs MRE Aad ASHE slate] AWE Ail AEM, WIS Aalst. wet WS ENS Bat AAS sal Hehe] Yelel AS4oe UL ROz AID vis Se] Bas Ase Ble ols ard] aaa U AY WHS AIA sy} AGS Ate oleh. Ma HS sal olay AG Fo IRA MEL shalet v1 51 AV aegewlel Sulet 2 25 WAG, EelskomeO] AR Lea Salas Wels AT BARE PDS EO SW BES) Vy HY aE Wee. > SUE HES) OH ey: AS) EYE WES Wt 7S eS Roz Bech, Hebsh2] Yeo] oh o}y Hes}s] Bago] Eas Bays] aad ASol SF BRS 124) XS) ato] EY USIS Ws Hr) AHS EFS AOS AIS|7] WOM os} ele] BGM SYS VIS sas se] ARS BEE WY 7Fe2el MPS AS Ra Yeh SYS WSIS AN 2019 68 BHA Wet el eles AVE Aas & DMZz ZH -9}9] ebto] Jabslat wt Hoke ZW AGS Woes AO Aolebsn Welgeh. eprp o]F ALPA-Yo] Alz}4-als4, 94 WIS 41 tae] Wy Bal Bll Sastat vol} ok S do] ekebetat sheet) Be VIN Nal Feds Web Ost See WSS ME AMIS SSS Fedo a ase] 1 AES] OF Ag a ole] we} Ee Yee] AAbol) Be Al7]z eebshel Yok As ANGE PAL rede Vas) Pollet. GAR 7h HA Ale BG = SZ) AoA] Bele gel “Soll Figs Mel Blow Bech Bet UREoe ASA cie|sael cet oF SOS Fal HAS Moe AS Bal 7Fe-do] sebs)7] zelch. wae 1 12 Saye <# 5) $2 $2 SAAR a 1125 1126 wer 28 129 a0 il oe 513 118 BALA OE AZANIA) Fed Powel 18 913 118 AIZE AZAGo0 013 tow alee) 513 118 BARE ulna 118 Uwe 015 321 GOP 42121000 SAAR) O13 10M UPEFE aIAOON) 013 108 74212 MoM) 913 TOR "eL-81x1¢(MoM) O13 108 PCE CaCI MoM) ete Mons Ba Bs 118 eee 23 108 BALA AON) asee aescnls BE ow BBReY FIAMOM) SE 11 auixie71 agtror 53 118 AT Pulp 23 118 28200") Sa, NA 1 NA NA oa) 04 oa NA NA Na Na NA A AL 20 70s NA 0 on 03 03 0.3INA NA NA Na Na NA oma 6.1 704 98.6 1 02 03 02 ona 2 20 W o7 03 (a.avtiae) "a: Doone, HARER I, 35 2b OHS EAA 1. 32 BMAlE Dee (2B 11] OF 108 ATAFABME SAB ASH Bet (aay 800 sia Fo 750 850 600 580 oct@ Jen-19—Aor79—u@ Oct-19. > ols 10@ Atreeal (11/26 WE, yA] 719k) + SF 108 date 71 (0}AA] 708d 7138] AF IAG TOSRRLE 2H able A + BA Bele AH ASR ofas] 3.7%CH4 FPS, BaF So] Best vy e 4), 387] Stel FA so}e 7] 20184 187] OL BAS 7G + Papel $841 ago] Z8se4 108 EF ab BNA 7 + ARE ilo] aa al skeltr Aaa zhS 271 6.17 ae] Boral 5.57 TCO Ue FRE WS AOE wet (2B 12] oF 108 UFMFE BAS ES} 3 (MoM WS oi uaa ain eetanl™ MOM 5 —aanen sari) zt 1s o| a as ot {00 @} os) ) 0 wt a) « 20 VOct-18 —dan-19Ap19 Jud Oat (2a 13] 013 108 214s /4u) S7IBe vss 710) 1s 108 UPATE(L1/27 YE, oH] -0.3% MoM) me 108 UFRES ale) 0.3% (01 1.2%) BARS WY. ots AF VIA -0.5 Saale Pay +108 Usha ALFAES Be] We 71AlaISh H] 8°} ISM AZWl+9] WSOe WARS] Fabs BO WER 2 VEN BE FE Azo] ABM) bol BUSS 7H ele 3. Rig count: ZONE AlSahn} ofl) ak S7HS 7] may] fee 2b + Cat Aalst 29] PMlol] Bhs Ale] Selsyel AA ARATE 2% S74 AB) 7h (ss Mow) (26 Mom © ARR) Aelcu#) 1a oe | cs jos os 09 oa jo el (on) oo Vd gy Oct-18 Jan-19_Apri9__wuhI9 Oct-19 D mls 108) elass/7Hel40) (11/27 WE, 0.4% MoM / 0.4% MoM) "i 108 7a ABs] 04% SHOAL 0.3% MoM) 71S at + Dea oe AReel DEAS Site] Aa WAG wet ALS S7HES WSO] 71 + eS7He maol ce} 108 iglaws aay) 0.4% (9/4) 02%) S78 SAE MAS 2 + WE 108 AWE Se deste 404) YS BSA FES Helse S melee) Ske A) IAs Avelt LEEa 71s Ge} elas] Sri. a} GaN log we 7B BOVE G4 EON, HA! CEO, Boonbwe, BAERER wae 13 14 TS 2. KIS BEE B7] SAAl+ 46.4pt(-0.1p), 2% Stet + SE 127d We BS ASE WAG 4.7% (=) BBE 71S, Aalst ASS 76%)8 7158 AES AS ARES 4.6%p(=)S 715 + KIS 288) 87] Shi) A6-Apt(-O.1pd, WF 17.8pt(-0.2p0, AE FF 48.7pt(+0.2p0 S715 + ule 1a Bo] 20202% Wal 7hedo] PEA) A71s} ale EUsK 2A. ole] we} Foley Ase ME TEA ANS!) cet 7] cdo] Wat ROMA 27] hls 28S AA BS ¥] Sal2] Fela Wet Sat BYE MSs] Ae ws heel SS YE 9a] BALLYo] vis Fo} Bo] ALL WEE weeny ole} wee WHE Vi as + PRES] OBCD7} 20200 WHE BAAS F7b seta He|AG ALE St PRISE AEE HARCS Alshe F SEM B71 Es Pet ED ol We} KIS 47] SHEE FRE NSS Mol?) les Woe set (28 14) Kis 7] Sal Fo] (oo —aew a8 8 ‘2016 2017 2018 2010 Hi Boone, BARRED KIS BI] SLIA|P EE? + Bloomberg AS 8k= 272] GDP 84e3} E7hSe WAAS 71 2S 1278 AY 9S 3414 GDPS CPI) BH) 2) FE A WAAL 2 We 71S 74 + 87) BAWAS ANAS Hele + Se GDP cet AF HB] VASES Tele S4, AF) AAA FPAIS +14, HILIES -18S Pola A te + MATS oly, We, $2, Ba, BAe, ofseloh, MCh, SF, Awad, A HAS ZWONT AG. AFH Sa, UE, BEAL eloh, By, BAL # VEU, 7), SHE, oS Ee OAT AA

You might also like