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Value overtakes flows

Weekly investor research

16 September 2013

Sixteen weeks of outflows have created value in Emerging Markets fixed income against a backdrop of disappointing economic data in developed economies and better economic data in Emerging Markets. Indonesia successfully tapped global markets, Mexico launched its fiscal reform, and Argentina set aside nearly USD 10bn for debt service in 2014. The source of risk in the outlook is firmly concentrated in the developed economies, particularly in the US, where growth is now tracking just 1.7% in Q3, while significant big question marks surround the debt ceiling, the appointment of a new Fed Chairperson, and this week’s FOMC meeting.

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