Aerial view of the Christ, The Redeemer Monument and the Corcovado Mountain in Rio de Janeiro, Brazil.
By Gustavo Medeiros, Ben Underhill
The Emerging View

The ‘land of the future’ can’t wait much longer

Brazil’s vast natural resources have helped build a resilient economy, backed by a sophisticated financial system & a well-educated, hyperconnected population. However, persistent political volatility and inefficient public spending have hindered progress

Subscribe to our insights

Subscribe and get notified as soon as we publish our content

The latest insights from our categories

Temple at Jiufen Old Street in Taipei Taiwan
Weekly investor research

Taiwan dollar’s rally could signal further EMFX strength

US Q1 earnings strong; Q2 outlook weaker. US stagflation fears persist. Taiwan dollar rallies sharply. Oil falls on Saudi supply hike. Korean leader resigns for election. Colombia cuts rates; Brazil eyes tax reform. Simion leads Romania vote...
The United States Capitol in Washington
Weekly investor research

Erratic US policy stance still driving asset prices

Trump eased on China tariffs; EM assets rallied. IMF cut 2025 global growth to 2.8%. Kazakhstan defies OPEC+. India may retaliate vs Pakistan. IMF suspended Colombia credit. Hungary faces media probe. SA cancels VAT hike. ECB hints at more cuts.

Latest Insights

Colourful overlapping silhouettes of people voting.
Weekly investor research

Elections in South Africa, India, and Mexico dominate the agenda.

FOMC minutes’ more hawkish tone led to a re-pricing of rate cut odds in September. Flash PMIs showed stronger service sector, booming India. Taiwan geopolitical ‘noise’ increased last week on the new government inauguration. Israel’s offensive in Rafah...
Middle East and Global Geopolitics: When it rains, it pours.
The Emerging View

Middle East and Global Geopolitics: When it rains, it pours.

The heaviest rainfall in 75 years in Dubai is an unlikely analogy to the current state of geopolitical affairs in the Middle East. A few years ago, the prospect of a direct conflict between Iran and Israel would have brought chills to analysts’ spines.
Deer stag sitting at desk
Weekly investor research

Spotting stagflation

US economic growth has surprised to the downside, inflation to the upside. A helicopter crash killed Iranian President Raisi. Israel’s Netanyahu faced more pressure from his cabinet. The US announced 100% tariffs on imports of Chinese electric vehicles.
Deforestation - An industry in the middle of the Amazon
Market Commentary

Rooting for change: Investor engagement and EM deforestation risk

The pivotal role of forest preservation in the battle against climate change is well understood. Forests provide a crucial carbon sink, the destruction of which will further accelerate global warming. Indeed, an estimated 15% of global carbon...
AI concept with brain
Live at the Sub-ICs

EM’s role in the AI revolution: disruptor or disrupted?

As Artificial Intelligence (AI) evolves, it has the potential to be transformational for Emerging Markets (EM) through the advancement of economic development, by disrupting industries and, in some EM companies’ cases, by leading the global AI...
China focuses on domestic reforms and overseas cooperation
Weekly investor research

China focuses on domestic reforms and overseas cooperation

Hawkish holds/cuts in EM contrasted with dovish holds/cuts in DM. US economic growth softened in recent weeks, while EM growth remained resilient. The US is considering quadrupling tariffs on Chinese renewable technology imports. China’s Xi visited...
Two birds, one stone.
Weekly investor research

Two birds with one stone?: EM small caps

Short-term bond yields have a cap as rate hikes in the US are “unlikely”, supporting asset prices. A less hawkish message from US Federal Reserve (Fed) Chair Jerome Powell drove stocks and bond prices higher last week. The US labour market is softening...
China flag with indicators
Weekly investor research

Chinese stocks breaking out as US stocks wobble

The JPY posted high volatility overnight as over-extended short JPY positions remain in place. Bank Indonesia hiked policy rates by 25bps in a surprise move, signalling dissatisfaction with the USD strength derived from JPY weakness. EU-China relations...
USA and Venezuelan Flag
Weekly investor research

Monetary policy divergence amid geopolitical volatility

The Fed walked away from cuts early in the summer, while the ECB remained in that camp. The US announced it would re-impose sanctions on Venezuela, but in a weaker format, a reflection of the current political realities. The US House of Representatives...
Maps of countries in Middle East
Weekly investor research

Iran launched an unprecedented strike against Israel

Israel reportedly suffered minimal damages from the telegraphed air strike from Iran. While the attack has raised the stakes in the Middle East, Iran signalled a willingness to de-escalate, a stance favoured by the United States (US).
Voter with Türkiye flag in background
Weekly investor research

Policy direction unchanged post local elections in Türkiye

Monetary policy turned more cautious across the US and several Emerging Market (EM) countries, improving the risk-reward dynamics for bonds. Oil and gold prices increased as geopolitical risks remained elevated. EM manufacturing sentiment improved...
Summer deck chairs
Weekly investor research

Ready for the summer

The European Central Bank (ECB), US Federal Reserve (Fed), and the Bank of England (BoE) statements suggested they are all getting ready to cut policy rates in June. The central banks of Türkiye and Taiwan unexpectedly hiked policy rates, while...
Cairo pyramids
The Emerging View

The big picture behind Egypt’s big deal

Egypt’s currency macro rebalancing was the main Frontier Markets event of the month. The plan involved several bilateral and multilateral deals, and policy announcements that seemed disconnected at first but suggest a deeper strategic move with big...