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.

Subscribe to our insights

Subscribe and get notified as soon as we publish our content

The latest insights from our categories

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-'.

Latest Insights

Market commentary
Market Commentary

The opportunity of EM real estate

Lower interest rates in the aftermath of the Global Financial Crisis are increasing the affordability of real estate while rendering conventional liquid fixed income in developed economies (DM) less attractive.
Emerging view
The Emerging View

Argentina Q&A

Argentina once again finds itself in the grip of financial turmoil.
Emerging view
The Emerging View

The case for EM local currency debt

The establishment of local bond markets has been the single most important structural change in Emerging Markets (EM) in the past quarter of a century.
Emerging view
The Emerging View

The case for EM external debt

The case for Emerging Markets external debt is solid. The long-term risk-reward has been and remains compelling. The outlook over the medium-term also favours the asset class as the unwinding of distortions in global bond markets attributable to Quantitat
Emerging view
The Emerging View

Beware of Big Fiscal

Picture yourself in charge of the government of a rich country.
Emerging view
The Emerging View

The 2019-2023 EM fixed income outlook The Emerging View

Emerging Markets (EM) fixed income should deliver compounded returns ranging from 30% to 60% in Dollar terms over the 2019-2023 investment horizon as markets revert to unwinding the so-called QE trades
Emerging view
The Emerging View

US late cycle dynamics and EM bonds

The recent volatility in US stocks may be a warning that the US business cycle expansion is moving into its late stages.