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Update on market dynamics a month into 2018

Weekly investor research

05 February 2018

Emerging Markets (EM) local fixed income markets have had a roaring start to 2018. We explain why. In country-specific news, as far as election budgets go, India’s was remarkably prudent. Industrial production surged in Brazil. Mexico’s growth rate was solid in Q4 2017. USA’s increasing use of sanctions against Russia and other countries may ultimately undermine America’s influential position in the global financial system. In the US itself inflation poses a threat in markets, which have rallied far beyond sustainable valuations on the back of years of hyper-easy monetary policies – and the Fed funds rate still remains deep in negative real rate territory.

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