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Rising political noise in Brazil
Weekly investor research
25 March 2019
Political noise levels are on the rise in Brazil over the government’s pension reform. In Russia, the data was strong and the central bank tilted in a dovish direction. Kazakhstan’s President Nazarbayev announced the start of what is likely going to be a long transition of power. Thais voted. The National Development Bank (NDB) lends money to South Africa’s ESKOM. Benin joined global capital markets. Africa’s sovereign foreign currency-denominated bond market reached USD 100bn in size with more than a dozen countries represented in the main benchmark indices. China enters Bloomberg Barclays Global Aggregate index next month: what does it mean for you? Finally, we note that market sentiment towards EM soured last week despite the fact that most of the bad news was happening in developed economies. How very odd.