Seoul City skyline
By Gustavo Medeiros, Ben Underhill
The Emerging View

South Korea in focus

Korea runs a current account surplus yet the won sits at a 13-year low. We unpack the engineered offshoring behind it, why the policy is now reversing, and why we think the setup for Korean equities looks the strongest since 2007.

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Weekly investor research

Global yields squeeze higher

Brent crude topped USD 110 after Iran's strike on a UAE nuclear plant. S&P upgraded Nigeria to 'B' (first since 2012) but cut Mexico's 'BBB+' outlook to negative. Russia launched its heaviest aerial strikes of the year on Ukraine.
Weekly investor research

The “no war, no peace, no oil” status lives on

Hormuz stalemate as the US rejects Iran's counterproposal. Bank Indonesia rolls out a stabilisation package, Modi calls for FX-preserving austerity, JPMorgan lifts its Kospi bull case to 10,000, and Fitch upgrades Argentina to 'B-'.

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EM and the big Biden growth rotation
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EM and the big Biden growth rotation

In addition to bridging deep social divisions in American society, President Joe Biden faces two important policy challenges. One is to eradicate coronavirus. The other is to turn the economy and voter sentiment.
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EM status update

Vaccine developments, big improvements in economic activity and more benign geopolitics bode very well for returns across EM markets in 2021, notably for EM equities.
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EM IG sovereign bonds (for the risk averse)

The 2020 Triple Shock of coronavirus, crashing commodity prices and spread widening reminded many investors that segments of Emerging Markets (EM) fixed income can be extremely volatile during bouts of risk aversion.