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Emerging Markets market making goes local
Weekly investor research
29 September 2014
We illustrate Wall Street’s decline as market-maker for Emerging Markets (EM) assets. Russia and Ukraine turn to ‘Debt diplomacy’
as the two sides continue to make significant progress towards peace. Dilma takes the poll lead over Marina ahead of
October’s presidential election. Changes in the rules governing PDVSA’s FX earnings improve the public finances in Venezuela.
William Dudley at the New York Fed wants to see the economy “a little hot” before hiking rates. We conclude with a
discussion of the Middle East in the context of military action against Islamic State in Iraq and Syria.