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Rating agencies' actions dominate headlines, not price action

Weekly investor research

02 March 2015

In a week with solid price action, rating agencies stepped into the spotlight with notable downgrades of Russian Debt, both Sovereign and Corporate, as well as of Petrobras in Brazil. The market reaction was short lived, however. Prices appreciated in most of the Emerging Markets (EM) hard currency universe which finished February in positive territory. We summarise events in a range of EM countries, including a review of Brazil’s fiscal consolidation, Mexican labour market strength, India’s budget and the Turkish central bank’s actions as well as finally seeing a little more clarity in the FOMC’s often cryptic communication.

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