By Gustavo Medeiros, Ben Underhill
The Emerging View

The case for emerging market small cap equities

EM small caps are assumed to be the risky cousin of US small caps. The data says otherwise: nearly nine in ten are profitable, on half the forward multiple of the Russell 2000. We make the case for the asset class.

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Weekly investor research

Oil relief welcome before Wednesday’s FOMC

After 13 consecutive nights of strikes, the US paused its attack on Iran over the weekend, welcome relief ahead of Wednesday's FOMC. Elsewhere, Samsung and SK Hynix signed USD 950bn of US supply deals and Bank Indonesia's governor resigned.
Weekly investor research

The arrival of Kimi K3 tests investors’ faith in Jevons’ Paradox

Chinese open-weight model Kimi K3 raises questions over AI lab monetisation, testing investors’ faith in Jevons’ Paradox. The Korean memory stock unwind extends, US CPI turns negative and the Bank of Korea hikes for the first time in three years.
Weekly investor research

Hormuz hostilities and a memory stock correction

US-Iran hostilities push oil back to nearly USD 80 and Korean memory stocks fall in a positioning unwind. SK Hynix’s ADRs debut on Nasdaq, China’s central bank adds to gold, and Ukraine secures EUR 140bn in weaponry pledges at the Ankara NATO summit.

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The Emerging View

Latin America: Monroe Doctrine 2.0 amid a transition to the right

With politics shifting back towards the market-friendly right, earnings growth improving and the outlook for commodities becoming structurally bullish given the ongoing arms race for AI, defence and energy, Latin America is again back on investors’ radars
Weekly investor research

USD weakness, JPY strength and more EM outperformance

Yen surged on US Treasury activity amid benign US inflation. India-EU trade and Colombia/Chile fiscal reforms highlight EM shifts. Global diplomacy saw US-Ukraine-Russia talks, while Fitch boosted Türkiye and Gabon resumed IMF engagement.
Weekly investor research

Greenland, tariffs, and yet another case for EU capital repatriation

Trump threatens 10% tariffs on goods from 8 European nations from 1 Feb, rising to 25% by 1 Jun unless Greenland sale talks advance. China posts record surplus; FX flows hint USD weakening. US CPI softer; Argentina/Brazil updates; UAE assets up 23%.
Weekly investor research

Rising geopolitical risks, resilient EM equity performance

EM assets keep outperforming as US jobs data softens. Powell faces DOJ subpoena. Trump ordered Fannie/Freddie to buy $200bn MBS, pushing 30y yields down. Iran protests lifted oil; US shielded Venezuela funds; Argentina $3bn repo; Japan snap poll talk.
Weekly investor research

Emerging Market assets start 2026 strong, Venezuela in focus

US operation in Venezuela seized Maduro; AI rally renewed. Hassett tipped as Trump’s next Fed chair. Russian crude exports hold up via Asia; Korea offers repatriation tax breaks to support won. Argentina passes Milei budget; Fitch: Ukraine up, Gabon down.
Weekly investor research

EM central banks ease as DM diverges: ECB on hold, BoJ tightens

ECB held; BoE cut 25bp; BoJ hiked 25bp; Thailand/Chile/Mexico eased. US announced $11bn Taiwan arms & blocked Venezuelan oil; EU okayed €90bn Ukraine loan. Fitch/S&P upgrades; Colombia downgraded; Argentina unveiled new FX plan.
Weekly investor research

Fed cuts as attention shifts to EM central banks

Fed cut 25bp plus $40bn/month T-bill buys. BOE set to cut, BOJ to hike; EM MPCs in focus. $52bn tech investment in India; IMF okays $1.2bn for Pakistan. Chile elects Kast; Vietnam FDI 5y high; ratings mixed (Oman up, Hungary down).
Weekly investor research

Brazilian political volatility against a solid real economy

ChatGPT said: Markets navigated rising political and geopolitical noise as Brazilian election tensions grew, the US moved toward a well-telegraphed December rate cut with a data-dependent path in 2026, and commodities threatened to disrupt disinflation.
Weekly investor research

EM local currency bonds lead November performance tables

EM local bonds stayed strong despite choppy markets, as UK/German policy stayed on a consolidation/investment path. India and South Korea surprised with strong growth, while EM sovereigns like Zambia and Qatar saw rating support.
Weekly investor research

With a bang or with a whimper: How will 2025 end?

Risk-off sentiment reversed as US liquidity expanded and bond yields recovered. NVIDIA earnings bolstered AI sector. Ukraine, South Korea, Malaysia, and Brazil saw trade progress; Mexico's economy contracted but recovery expected.
Weekly investor research

China’s new Eurobonds trading inside ‘risk-free rate’

China issued tight 3- and 5-year bonds. Multiple nations accessed Eurobond markets; Congo returned after 18 years. US shutdown neared resolution; job cuts surged to 153k. Democrats won electorally. European carmakers rebounded. Ghana's inflation hit 8.0%
Weekly investor research

EM assets outperformed again in October

EM equities up a 10th month. US-China truce delays rare earth curbs; US inks deals with Thailand, Cambodia & Malaysia; tariffs remain. Fed cuts 25bp with split. India announces market/strategic metals reforms. Korea lifted by Nvidia’s 260k GPU sale.