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.

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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.
Weekly investor research

Bonds under pressure as Hormuz conflict flares up

Global bond yields remain under pressure as Strait of Hormuz tensions flare. The 10-year JGB tops 3% for the first time since 1996, S&P affirms India's 'BBB' rating and the Bank of Korea hikes to 3.0%.
Weekly investor research

The interventionist maths: higher JPY + lower UST = weaker USD

Bessent flags more long-end UST intervention; Iran's tone turns pragmatic. Ratings skew positive: Pakistan to B3, Kazakhstan to BBB, Poland A- negative. Egypt holds at 19%; South Africa CPI eases to 4.3%; Vietnam and Colombia flag reform needs.

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Weekly investor research

Weeks when decades happen

Reports say US/Israel struck Iran, killing Khamenei; oil +10% but markets calm. CNY travel record, spending middling; Koreans buy local stocks. Argentina labour reform passed; inflation beat in BR/MX/US; IMF reviews ok in Egypt.
The Emerging View

Flows to EM: The end of the beginning

As emerging market (EM) outperformance extends, investors are now frequently asking us about flows to EM assets. In this month’s Emerging View, we review data from Morningstar which confirms our answer: that net inflows have become a reality only since H2
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Flows to EM assets pick up steam as Korean exports surge

EM inflows keep accelerating; Korean tech exports jump. US tariff uncertainty returns after IEEPA ruling; Fed minutes stay cautious with core PCE elevated. China to offer zero tariffs to 53 African countries from 1 May.
Weekly investor research

AI driving EM stocks up and US stocks down

US data still suggests a “Goldilocks” backdrop as inflation cools; risk sentiment is shaky on AI fears but EM equities remain resilient. In EM, Brazil’s Lula has slipped to 45% approval and Mexico’s central bank held rates at 7.00% with a dovish tilt.
The Emerging View

Latin America: Monroe Doctrine 2.0 amid a transition to the right

With politics shifting back towards the market-friendly right, earnings growth improving and the outlook for commodities becoming structurally bullish given the ongoing arms race for AI, defence and energy, Latin America is again back on investors’ radars
Weekly investor research

USD weakness, JPY strength and more EM outperformance

Yen surged on US Treasury activity amid benign US inflation. India-EU trade and Colombia/Chile fiscal reforms highlight EM shifts. Global diplomacy saw US-Ukraine-Russia talks, while Fitch boosted Türkiye and Gabon resumed IMF engagement.
Weekly investor research

Greenland, tariffs, and yet another case for EU capital repatriation

Trump threatens 10% tariffs on goods from 8 European nations from 1 Feb, rising to 25% by 1 Jun unless Greenland sale talks advance. China posts record surplus; FX flows hint USD weakening. US CPI softer; Argentina/Brazil updates; UAE assets up 23%.
Weekly investor research

Rising geopolitical risks, resilient EM equity performance

EM assets keep outperforming as US jobs data softens. Powell faces DOJ subpoena. Trump ordered Fannie/Freddie to buy $200bn MBS, pushing 30y yields down. Iran protests lifted oil; US shielded Venezuela funds; Argentina $3bn repo; Japan snap poll talk.
Weekly investor research

Emerging Market assets start 2026 strong, Venezuela in focus

US operation in Venezuela seized Maduro; AI rally renewed. Hassett tipped as Trump’s next Fed chair. Russian crude exports hold up via Asia; Korea offers repatriation tax breaks to support won. Argentina passes Milei budget; Fitch: Ukraine up, Gabon down.
Weekly investor research

EM central banks ease as DM diverges: ECB on hold, BoJ tightens

ECB held; BoE cut 25bp; BoJ hiked 25bp; Thailand/Chile/Mexico eased. US announced $11bn Taiwan arms & blocked Venezuelan oil; EU okayed €90bn Ukraine loan. Fitch/S&P upgrades; Colombia downgraded; Argentina unveiled new FX plan.
Weekly investor research

Fed cuts as attention shifts to EM central banks

Fed cut 25bp plus $40bn/month T-bill buys. BOE set to cut, BOJ to hike; EM MPCs in focus. $52bn tech investment in India; IMF okays $1.2bn for Pakistan. Chile elects Kast; Vietnam FDI 5y high; ratings mixed (Oman up, Hungary down).
Weekly investor research

Brazilian political volatility against a solid real economy

ChatGPT said: Markets navigated rising political and geopolitical noise as Brazilian election tensions grew, the US moved toward a well-telegraphed December rate cut with a data-dependent path in 2026, and commodities threatened to disrupt disinflation.