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Real yield pick-up exceeds FX loss in EM local markets

Weekly investor research

24 August 2020



The real yield pick-up on EM local currency bonds versus US bonds of similar duration now more than compensates for EM FX losses. Two thirds of Brazilian companies beat earnings estimates. Chinese transactions settling in RMB set a new all-time high. Argentina imposes yet more price controls in a misguided bid to control inflation. Indonesia’s current account balance improves. Ecuador records a trade surplus in June. Turkey’s central bank tightens liquidity measures to try to contain the currency’s slide. Mali’s elected government is deposed in a coup-d’état. UAE enters into a peace accord with Israel.

 

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