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Business as usual in EM as Fed fears paralyse global market sentiment
Weekly investor research
12 September 2016
• Finance Minister Videgaray’s replacement illustrates the institutional strength in Mexico
• Argentina’s Supreme Court gives President Macri some good fiscal news
• China’s trade balance shows signs of both stronger exports and imports
• Two European corporates without state backing issue bonds with negative yields – this is prima facie evidence of a credit bubble in developed markets, in our view
• Global market sentiment is paralysed by fear of the Fed following hawkish Fed speaker comments and ECB’s ‘failure’ to ease