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Weekly investor research

16 December 2019

On balance, the news out of Emerging Markets (EM) was very positive last week with improvements of various kinds in Ecuador, Argentina, Ukraine, Egypt, Brazil, Mexico, Russia, China, Saudi Arabia, and South Korea. On the other hand, the situation remains somewhat fluid in Turkey, Hong Kong and Chile. The lead story pertains to corporate default rates in EM, which declined to a cycle low of just 0.51% in November in sharp contrast with the US high yield default rate, which increased further to 3.00%. China and the US reached agreement, it seems, on Phase One of a trade accord, while the uncertainty surrounding Brexit collapsed in the UK as the Conservative government won a strong popular mandate to forge ahead with a withdrawal from the world’s largest and most successful free trade agreement ever, the European Union.


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