Strait of Hormuz
By Gustavo Medeiros, Ben Underhill
The Emerging View

The Strait of Hormuz & the Vix shock

Emerging View examines the Strait of Hormuz tail-risk, rising energy prices and supply strains, comparing today’s backdrop with past oil shocks and assessing what the Iran-US conflict could mean for emerging market assets.

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Weekly investor research

Regime change in Hungary and positive election results in Peru

Markets focused on politics, energy and AI: Hungary and Peru point to more market-friendly outcomes, US pressure on Iranian oil raises risk, AI-led growth remains strong from the US to Korea, while Colombia was downgraded and Turkey’s outlook softened.
Video

WEBINAR: How are EM Frontier debt markets holding up?

Watch the replay of this insightful webinar where Gustavo Medeiros, Global Head of Research, and Alexis de Mones, Portfolio Manager for Emerging Markets Debt, discussed their views on the resilience of EM Frontier debt markets in the current environment.
Weekly investor research

Risk asset recovery on thin ice

Risk assets have rebounded since last Tuesday, but risks remain high as Trump’s Iran deadline looms. Strong US payrolls suggest the cyclical upswing remains intact, while several EM policymakers kept a cautious stance on rates, fuel and energy.

Latest Insights

Sanctions over russia
Weekly investor research

Sanctions: intended and unintended consequences

The Russo-Ukrainian war is one of, and perhaps the most consequential conflicts since the end of World War 2. We examine the events on the ground, the announced sanctions and a first take on its potential impacts, both intended and unintended.
Flag of Russia and Ukraine
Market Commentary

An update on Russia/Ukraine

Since early November 2021, the United States has reported unusual Russian troop movements near the Ukrainian border. In late November, Ukraine said Russia had close to 90k troops around its borders in advance of an offensive attack. Moscow denied and...
Cracked brick wall painted with a Ukrainian flag on the left and a Russian flag on the right.
Weekly investor research

Geopolitics dominate the news flow

Tensions between Russia and Ukraine increased, but a diplomatic solution is still possible. Iran nears a deal with the West for the removal of sanctions. China’s inflation was lower than expected as the RMB role for foreign transactions increased.
American flags against the sky
Weekly investor research

The end of US stock market exceptionalism

Market price action signals the end of United States (US) stock market exceptionalism. Russia held cordial and constructive conversations with the US with the aim to de-escalate tensions on the Ukrainian border.
USA and China flag on coins and stock market chart.
Weekly investor research

EM stocks outperforming global stocks year-to-date

EM stocks outperformed on the back of a weaker US Dollar, reflecting the soft price action in US stocks and in spite of higher US Treasury yields. China’s real GDP growth rose +8.1% in 2021 despite mixed activity in December.
2022 Outlook
The Emerging View

Equity Outlook 2022: Emerging Markets

Emerging Markets (EM) have demonstrated their resilience during the greatest economic shock since the Global Financial Crisis. This was contrary to market expectations.
2022 Outlook
The Emerging View

Four mega-trends shaping the 2022 outlook and beyond

The global macro environment is ripe for EM assets outperformance as a combination of stronger growth in China, the end of exceptionalism in the US and less uncertainty on US interest rates, lead to a strong backdrop for EM assets.
La Moneda Palace in Santiago, Chile
Weekly investor research

Gabriel Boric elected President in Chile

China and Turkey eased policy rates, the first minimally, the latter repeating policy mistakes, while Chile, Colombia, Mexico, Hungary and Pakistan hiked policy rates. The centre-left candidate Gabriel Boric was elected as President in Chile.
Ashmore video
Video

Webinar: EM Equity intro and Update

Head of All Cap Equity, Dhiren Shah, and portfolio manager, Edward Evans describe the All Cap Equity platform at Ashmore and explain the drivers of historical performance along with positioning outlook for the EM Equity Strategy.
Jinqiao community of Pudong Shanghai China
Market Commentary

A consolidation path for Chinese property

Chinese property markets are going through a significant slowdown that began in Q2 2021. The average slowdown in the previous episodes over the last 20 years lasted four quarters.