By Gustavo Medeiros, Ben Underhill, Simon Cooke
The Emerging View

Generating impact and returns through EM public debt markets

Global sustainability funding needs are overwhelmingly concentrated in emerging markets, yet impact capital still skews to developed markets. The September Emerging View sets out why EM public debt is the most scalable way to close the gap.

Subscribe to our insights

Subscribe and get notified as soon as we publish our content

The latest insights from our categories

Weekly investor research

Brazil’s swing to the right boosts EM prospects

Flávio Bolsonaro’s first-round lead makes a political transition likely, and his team’s fiscal plan could open a path back to investment grade. We also look at France, where 10-year yields hit their highest since the GFC.

Latest Insights

The Emerging View

An EM ex-China manufacturing renaissance

Since its accession to the World Trade Organization (WTO) in 2001, China has posed formidable competition for other countries in the manufacturing sector. The country’s rapid ascent since the turn of the century has seen it emerge as the dominant force...
Weekly investor research

Hawkish FOMC minutes meet AI exuberance

The minutes of the most recent Federal Open Market Committee (FOMC) meeting were more hawkish than initially expected. Artificial Intelligence (AI) exuberance has brought Nvidia valuations to extreme levels, but value may yet be found across its Asian...
Weekly investor research

Prabowo’s landslide victory is positive in the short term

General Prabowo Subianto won the Indonesian presidential election in the first round. Domestic travel and tourism spending hit records during the Chinese New Year. China has been exporting deflation to the world, regardless of the state of the local...
Weekly investor research

EM Asia regulators acting to boost cheap equity market valuations

Stock markets and bond yields rose last week, led by strong economic activity numbers. Israel rebuffed a ceasefire proposal and attacked Gaza’s southernmost city of Rafah. China replaced its securities regulator, a sign that measures to boost the stock...
Weekly investor research

The Fed delays the easing cycle while EM central banks press on

Chile, Brazil, Colombia, Hungary, and Ghana cut their policy rates. Egypt hiked by 200 basis points (bps), moving to an orthodox policy stance favoured by the International Monetary Fund (IMF) as it stepped up its conversations to receive a fresh loan...
Weekly investor research

Less Dovish or More Hawkish?

The disruption in global shipping from Houthi attacks in the Strait of Bab al-Mandeb may have a larger than expected impact, if continued...
Weekly investor research

Taiwan: incumbent party wins election, but loses majority in Congress

Taiwan's Vice-President Lai Ching-te was elected President although the Democratic Progressive Party (DPP) lost its Congress majority. Houthi disruptions in the Red Sea caused a spike in shipping costs. Despite an upside US consumer price index (CPI)...
Weekly investor research

More dovish Fed boosts EM debt towards year-end

The December meeting of the US Federal Open Market Committee (FOMC) proved a pivotal moment for markets. Whilst the target policy rate was unchanged, the median forecast for the Fed funds rate at end-2024 fell from 5.1% in September to 4.6%, triggering...
The Emerging View

2024 Outlook: Resilience, Tails, and Inflections

Global Macro Summary: Resilience: In 2023, GDP growth surprised to the upside in several Emerging Market (EM) countries and recovered in China. In 2024, EM ex-China should remain supported as the Chinese GDP soft-landing resumes. Developed Market (DM) gro
Weekly investor research

Year-end rally quietens political noise…for now

The year-end rally continued to be very strong with US Treasuries this November recording their strongest monthly performance since 1985. Elsewhere, however, sources of political risk persist. Oil continued to sell off following the OPEC announcement...
Weekly investor research

The narrowing path

A solid November so far for market returns, but the path for an ongoing year-end large rally is narrowing. The respite in geopolitical tensions may also be short-lived. Israel agreed to a four-day cease fire in Gaza until Monday, but its Defence...
Weekly investor research

Libertarian economist Javier Milei is the new President of Argentina

The war in Gaza is imposing an unbearable cost to both human life and the respective economies. Walmart voiced a cautious outlook on the US consumer. China’s Xi Jinping delivered a hopeful message at the APEC forum in San Francisco. Inflation declined...