By Gustavo Medeiros, Ben Underhill
The Emerging View

EM Sovereign Debt: The ultra-marathon runner goes on

Inflation has peaked, the capex supercycle rolls on, and EM fundamentals keep improving. We explain why EM sovereign debt, yielding close to 7%, remains one of the most attractively valued asset classes today.

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Weekly investor research

Falling oil prices bring nominal rates lower and real rates higher

Falling oil prices are pulling inflation expectations and nominal rates lower, while resilient US growth lifts real rates higher. We also cover dramatic semiconductor volatility, record Korean chipmaker capex and Vietnam's expansionary fiscal plans.
Weekly investor research

Oil down and risk assets up as US/Iran deal approaches

Risk assets rally and oil falls as a US/Iran deal nears. The ECB delivers its first rate hike in three years, US CPI lands in line as jobs surprise higher, Korean exports jump 46% year on year, and S&P upgrades Argentina to 'B-'.

Latest Insights

Emerging view
The Emerging View

Where do broken bonds go?

As investors return to EM local markets on the back of strong performance and a solid outlook they will be forced to inject capital directly into EM economies.
Emerging view
The Emerging View

Outlook for EM and global backdrop

Emerging Markets (EM) asset prices over-reacted to the downside in recent years, especially given that EM fundamentals held up far better than expected in the face of serious headwinds.
Emerging view
The Emerging View

The Myth of EM FX pass-through

One of the common perceptions about EM is that inflation rises sharply when their currencies weaken.
Emerging view
The Emerging View

Weak Dollar policy

The US economy is becoming seriously unproductive and the Trump Administration faces an important choice: support American business with heterodox policies such as import tariffs or abandon the strong Dollar policy?
Emerging view
The Emerging View

Trump and EM

The threat of protectionism is on the rise, nowhere more so than in the United States, the erstwhile bastion of free markets.
Market commentary
Market Commentary

Border adjustment

President-elect Donald Trump is threatening US and foreign corporations with new taxes on a daily basis in a clear sign that the risk of US protectionism is rising.
Market commentary
Market Commentary

The rational fear of policy mistakes

Lengthy and fevered speculation preceded yesterday’s “comprehensive reassessment” by the BOJ and the Fed’s September decision on interest rates.