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

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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.

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New BRICs countries
Weekly investor research

Another BRICs in the Wall

The BRICS group of countries (Brazil, Russia, India, China and South Africa) announced the inclusion of several other countries. China announced further measures to boost growth (and stock prices). Thailand Parliament elected a new government, led by...
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Weekly investor research

Room for fiscal conservatives in October LATAM elections

The US and Chinese economic surprise indices push markets into peak US optimism and peak China pessimism. US Treasury yields continue to rise, driven by real rates, under the twin effects of strong data and large Treasury issuance. China’s economic...
Rethinking TINA: The Emerging Eight
The Emerging View

Rethinking TINA: The Emerging Eight

The role of the human psychological cycle in driving stock and bond prices is well understood and pre-dates behavioural economics. There are elements that suggest we may be going through another period of ‘irrational exuberance’ as several long-term...
Colombian Peso
Market Commentary

How did the Colombian Peso become this year’s darling?

What is the best performing currency in 2023 so far? Against all odds and biases, the Colombian Peso (COP), which is up 16.8% against the USD year-to-date and 22.8% including the ‘carry’, or the interest rate differential earned by carrying long...
Electric car being charged.
Weekly investor research

EV buyers may be in DM, but its supply chain assets are in EM

The strong performance of equity markets last week was related to the market interpretation of the main central bank decisions, seeing ‘not hawkish’ as ‘dovish’, and confusion over the actions of the Bank of Japan (BOJ). Chinese stocks outperformed on...
Local currencies from around the world
The Emerging View

The case for local currency bonds “Si, se puede!”

Believe it or not, Emerging Markets (EM) local currency bonds have been outperforming global fixed income asset classes for the past 18-months. Most of the outperformance has been based on an early and more appropriate hiking cycle from EM central...
Ashmore video
Video

'EM in 10' update - July 2023

Gustavo Medeiros, Ashmore’s Head of Research, answers some timely questions with his views about recent events and performance in Emerging Markets for our 'EM in 10' monthly video review.
India takes centre stage
The Emerging View

India takes centre stage

India has a compelling investment case. Over the last ten years, the MSCI India index has delivered over 135% returns in USD. Over the last three to five years, the same index has delivered 69% and 56% returns respectively, outperforming the MSCI...