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PDVSA prepares to pay…again

Weekly investor research

10 April 2017

PDVSA prepares to pay its upcoming obligations on Wednesday of this week. South Africa drops out of JP Morgan’s investment grade indices following former Finance Minister Pravin Gordhan’s dismissal. Brazil’s 12-month rolling trade surplus swells to more than USD 53bn. The Czech National Bank abandons the peg in favour of a stronger Koruna versus the EUR. The tax amnesty in Argentina has now more than doubled the wealth tax base. India relaxes quotas for foreign participation in the domestic bond market. Duterte loses some support in the Philippines. Turkey delivers another inflation shocker. Russia’s outrage at the US bombing raid of Syria challenges the Putin-Trump ‘bromance’ and Egypt declares a state of emergency. Meanwhile, in the rest of the world we see the gradual normalisation of the Trump presidency as a positive for EM, though we hope for the sake of the US that Trump will be able to pass more reforms than his impotent predecessors.

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