Seoul City skyline
By Gustavo Medeiros, Ben Underhill
The Emerging View

South Korea in focus

Korea runs a current account surplus yet the won sits at a 13-year low. We unpack the engineered offshoring behind it, why the policy is now reversing, and why we think the setup for Korean equities looks the strongest since 2007.

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Weekly investor research

The semiconductor super cycle roars on

Iran-US backchannels continue as Tehran submits a new proposal, while semiconductor stocks extend a stretched rally. EM signals were mixed, with contained US inflation expectations, Hungary improving and Philippines downgraded.
Weekly investor research

Schrödinger’s Strait

Hormuz tensions drag on as Iran-US talks may resume. IMF meetings were broadly EM-positive on a weaker USD and firmer commodities, but Argentina, Brazil, Colombia and Türkiye all saw fresh policy or credibility strains.

Latest Insights

Emerging view
The Emerging View

The EM equity universe: 7 implications of evolution

The size of the Emerging Markets (EM) equity universe is significant. It is evolving quickly and becoming more sophisticated as EM broaden, deepen and liberalise, better reflecting their underlying economic growth drivers.
Market commentary
Market Commentary

Saudi Arabia’s Big Year

It was announced on 28 March that Saudi Arabia will be a constituent of the FTSE Emerging Markets index.
Market commentary
Market Commentary

The limits of protectionism

Last night the US government announced details of a USD 50bn package of tariffs on Chinese imports.
Market commentary
Market Commentary

Second Chance Saloon

Emerging Markets equity investors have once again over reacted to Developed Market events.
Emerging view
The Emerging View

2018 EM fixed income outlook

2018 is likely to see strong inflows to EM local markets on the back of strong performance, good value and improving fundamentals.
Emerging view
The Emerging View

The DM savings glut

In 2005 Former Fed Chairman Ben Bernanke argued that a savings glut in EM explained the US current account deficit.
Emerging view
The Emerging View

EM risk-free return

Last night’s S&P downgrade of El Salvador’s credit rating to Selective Default makes this report on Emerging Markets (EM) external debt extremely timely.
Emerging view
The Emerging View

Intra-EM trade

The view that Developed Market bonds are risk-free and that Emerging Markets (EMs) bonds are risky remains deeply entrenched.