Data center server racks.
By Gustavo Medeiros, Ben Underhill
The Emerging View

The inconvenient truth behind US exceptionalism

This month’s EV quantifies the magnitude of fiscal stimulus which turns out to be surprisingly close to the market capitalisation surge over the past eight years. US exceptionalism now has a disruption narrative with DeepSeek...

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A security fence built around a 3d map of the USA with signs "Tariffs" and 10%, 30%, 80%, 100%.
Weekly investor research

Trump pulls the tariff trigger

Trump imposes new tariffs on Canada, Mexico, and China. Investors assess DeepSeek’s AI impact. India unveils 2025 budget. Political shifts in Argentina. Brazil commits to deficit cuts. Colombia plans tax reform. Panama affirms canal control.
Data center server racks.
The Emerging View

The inconvenient truth behind US exceptionalism

This month’s EV quantifies the magnitude of fiscal stimulus which turns out to be surprisingly close to the market capitalisation surge over the past eight years. US exceptionalism now has a disruption narrative with DeepSeek...
Popular AI virtual assistant apps on a smartphone
Weekly investor research

DeepSeek impacts AI industry and EM

EM gains as tariffs ease (except Colombia). DeepSeek impacts AI supply chains. Trump-Putin talk Ukraine. Strong Asian exports; Indonesia reforms. Argentina pushes markets. LATAM leftists under pressure. Türkiye cuts rates; Egypt plans Eurobonds...

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...
Rush hour captured with blurred motion in the heart of the business district of Jakarta on the gatot Subroto highway in Indonesia capital city at night
Weekly investor research

EM upgrades marching on amidst high global macro uncertainty

Fed Governor Christopher Waller published an extended statement on the US economy. China continued its drip-feed of positive policy news. Oil sold off after weaker Q3 growth data and downward revisions to IEA and OPEC demand forecasts.
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...