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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 right edges ahead in the Colombian presidential race

A rightward tide is reshaping Latin American politics: De La Espriella tops Colombia's first round, Fujimori leads Peru's runoff polls, and Caputo predicts a comfortable Milei re-election in Argentina.
Weekly investor research

Deal or no deal?

The US strikes Iranian military assets after Trump signals a deal is close. Aramco preps its largest privatisation to date, South Korea seeds a sovereign wealth fund with semiconductor tax revenue, and UAE investment in the US tops USD 1trn.
Weekly investor research

Global yields squeeze higher

Brent crude topped USD 110 after Iran's strike on a UAE nuclear plant. S&P upgraded Nigeria to 'B' (first since 2012) but cut Mexico's 'BBB+' outlook to negative. Russia launched its heaviest aerial strikes of the year on Ukraine.

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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.
Scrap metal recycling facility
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.
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Weekly investor research

Global PMIs shows supply chain bottlenecks persist

Global PMIs declined, dragged down by Covid-19 delta variant concerns as supply chain bottlenecks kept price pressures. The Brazilian Congress approved a tax reform as the government aims for a steep fiscal consolidation.
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Market Commentary

EM 2021 real GDP growth revised higher

Sell-side economists revised real GDP growth higher in July across two-thirds of emerging markets (EM) and frontier markets (FM) countries, while lower revisions affected one-third of EM economies.