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24 June 2013

Weekly investor research

24 June 2013

The policy response in Brazil illustrates the short leash available to policy makers in most Emerging Markets. Strong bottom-up demand for sustained macroeconomic stability tends to produce rapid policy responses when governments lose touch with electorates. Meanwhile, the on-going sell-off in Emerging Markets assets is extremely technical in nature. Pricing is already moving into oversold territory, in our view. While this does not preclude further selling in the near-term the reason why markets turn is ultimately the re-emergence of value.

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