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EM flows have barely begun – the value is compelling
Weekly investor research
30 August 2016
• Much has been made about recent inflows to EM, but we think institutional investors have barely begun to allocate and the value proposition remains extremely strong in local bonds.
• Michel Temer set to become Brazil’s next president this week as attention turns to fiscal matters.
• Colombia will also soon embark on fiscal reform after the peace accord referendum on 2nd October
• Clouds are gathering over South Africa, where we see no end to the political struggle at the heart of the ANC government.
• Global markets waited for Jackson Hole with baited breath – central bankers have become far too important to stimulus addicted markets