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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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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WEBINAR: EM Sovereign Debt: The yields are all-right

Watch the replay of this insightful webinar where Gustavo Medeiros (Global Head of Research) and Christian Schniewind (Portfolio Manager for Emerging Markets Debt) discuss their views on EM sovereign debt dynamics.
Weekly investor research

Peak hawkishness

Oil at USD 70 a barrel and softer US payrolls may signal peak hawkishness. The semiconductor rally takes a breather, the World Bank upgrades Vietnam to upper-middle-income status, Brazil lifts its 2026 inflation forecast and Colombia hikes rates to 12.0%.

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Weekly investor research

Argentina gets closer to the IMF as China eases monetary policy

Most EM countries remained in a moderate expansion according to the PMI survey by Markit. Argentina and the IMF nodded to each other. The Brazilian Senate approved a constitutional amendment clearing the path for the 2022 budget.
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Weekly investor research

Differentiation is the name of the game

The results of the leading e-commerce Chinese companies highlight the importance of active management in EM equities. Argentina and the IMF sent positive signals towards a new agreement.
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'EM in 10' update - October 2021

Today we will be talking about the post-pandemic macro-economic environment. In particular, the outlook for global inflation and how Central banks should react to it.
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Weekly investor research

Rising policy uncertainty. Georgieva should stay, Powell may go

A number of senior politicians had their financial affairs exposed by the release of the Pandora Papers, while the managing director of the IMF, Kristalina Georgieva, is under pressure after a report unveiled minor irregularities.
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Weekly investor research

EM manufacturing PMI increased, DM declined

Emerging Markets (EM) Manufacturing PMI converged towards Developed Markets (DM). Brazilian exporters are hoarding US Dollars abroad due to political uncertainty. Chile’s Lower House approved another redemption from the pension system.