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

A stunning sunset photo showcases offshore oil drilling in Huntington Beach, California, with vivid hues casting a glow on industrial equipment.
The Emerging View

The impact of oil prices on EM sovereign credit

Today, oil exposure among Emerging Market (EM) nations is very diversified. Of course, there are major EM oil exporters, but most countries are net energy importers. In weighted terms, only 17% of the JP Morgan index of EM sovereign bonds (EMBI GD) are...
Vibrant sunrise over the National Mall in Washington DC.
Market Commentary

Dispatch from DC

The Autumn IMF meetings present an opportunity for investors to engage with IMF authorities, central bankers, finance ministers, technocrats, political consultants, economist and peers. The state of the global economy and the main risks and...
An American flag flying on the Riverwalk late in the day with the Trump Tower in the background.
Weekly investor research

Trump trade shaping markets one week from US election

UST yields continued to climb higher on economic outperformance and ‘Trump trade.’ Key Chinese fiscal legislators announced they will meet between the 4-8th of November. Oil sold off 5% on Sunday evening, after Israel chose not to strike Iranian oil...
Sikkim India Tibet Plateau China
Weekly investor research

China’s policy “u-turn” reaffirmed

Higher US CPI and jobless claims led to a steepening of the yield curve. China shed some more light on stimulus plans, without revealing scope of fiscal expansion, yet. Korean bonds will enter the FTSE WGBI and Indian bonds on the FTSE EM GBI in Q4 2025
Aerial view on country road through the mixed forest in autumn colours.
Equities

Investing in Emerging Markets excluding China

China has the world’s second largest economy, and the country’s rise to prominence has been rapid. This has triggered some investors to consider China and Emerging Markets (EM) ex-China separately, similar to other dominant global powers like the US...
Aerial view Crude oil tanker under cargo operations on typical shore station with clearly visible mechanical loading arms and pipeline infrastructure.
Weekly investor research

EM spreads tighten as yields and oil go higher

Sharp increase in yields post strong labour market report and increase in oil prices. Chinese stocks outperform again ahead of end of Golden Week holiday. Iran missile strikes against Israel targeted civilian areas, further escalating the regional..
Weekly investor research
Weekly investor research

Don’t stand in the way when China goes big

PBoC cut policy rates by 20bps, reserve requirement ratio by 50bps, RMB 700bn allocated for stock buybacks. Politburo pledged to support the housing market and signalled fiscal support. Israel killed Hezbollah leader Hassan Nasrallah...
Polygonal representation of a bull symbolizes the strength and upward momentum of a bull market.
The Emerging View

A new bull market cycle in Emerging Market equities

A decade of tech-driven US stock market outperformance has contrasted with tepid returns for Emerging Market indices. But past returns are not an indicator of future performance, and the drivers of markets over the next decade will be quite different...
Weekly investor research
Weekly investor research

Positive credit rating momentum continues in EM

US Fed’s 50bp cut led to risk rally last week. Major escalation of conflict between Israel and Hezbollah. Dovish moves from Chinese central bank. Sri Lanka elect left-wing President, sparking concerns over IMF programme. Brazil hike 25bp...
Weekly investor research
Weekly investor research

Brazil set to buck the trend and hike rates

60% probability of FOMC cutting 50bp now priced. More weak demand data from China. Javier Milei exercised veto power of a fiscal expansion policy in Argentina. Sri Lanka election outcome meaningful for IMF programme. IMF set to meet this month...
Sculpture of the Angel of Independence
Weekly investor research

Mexican judiciary reform clears another hurdle, but more remain

Soft US economic data set the tone for asset prices. Oil prices hit yearly lows and kept plunging. Frontier stocks continue to outperform, illustrating their diversification benefits. Chinese monetary intervention supporting yuan. Mexican judiciary...
Fed rate cuts & EM Equities
Video

WEBINAR: Fed rate cuts & EM Equities

Dhiren Shah (Lead Portfolio Manager of the Ashmore EM Equity Fund) and Gustavo Medeiros (Ashmore’s Global Head of Research) discuss Fed rate cuts & EM Equities.
Beautiful shanghai yuyuan garden at night.
Weekly investor research

Strong month for EM debt ends in softer week

Upwards GDP revisions in US lead markets to reprice ‘bullish scenario’ of rate cuts and soft-landing. Strikes in Israel after nationwide protests against Netanyahu’s handling of hostage negotiations. China considers a plan to allow homeowners to...
City shot of Kuala Lumpur, including a view of the Petronas Towers.
Weekly investor research

More dovish Fed supporting EM returns

Jackson Hole pivot from Powell leaves 50bps September cut on the table. Brent crude rises back above USD80 on heightened geopolitical risk and Libyan supply constraints. China and Indonesia hold policy rates, signalling a pivot after the Fed’s first...
Balance concept - Red and white glossy balls on plank.
Weekly investor research

Risk off, risk on.

Very strong week for global equities, spurred by benign US retail sales and jobs data. MSCI ACWI is now just 1.7% away from July record high. Jokowi’s last budget kept an austere framework in Indonesia.The Thai parliament quickly appointed Paetongtarn...