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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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.
Video

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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The United States Capitol in Washington
Weekly investor research

Erratic US policy stance still driving asset prices

Trump eased on China tariffs; EM assets rallied. IMF cut 2025 global growth to 2.8%. Kazakhstan defies OPEC+. India may retaliate vs Pakistan. IMF suspended Colombia credit. Hungary faces media probe. SA cancels VAT hike. ECB hints at more cuts.
US bank note concept with a frowning Benjamin Franklin
Weekly investor research

The dollar keeps frowning

Trump postponed reciprocal tariffs by 90 days except against China. The US dollar index hit a six-month low as 10-year yields rose 50bps. Oil prices fell sharply to post-COVID lows, shifting the curve into contango. Zelenskyy claimed Chinese soldiers...
Outdoor diving board tower.
Weekly investor research

Trump says “tariff”. How high? Read on…

US tariff announcement due April 2. Trump frustrated over Ukraine talks. Japan resumes trade talks with S. Korea & China. China’s fertility rate drops. IMF’s $20bn aid for Argentina. Bolsonaro faces trial. Ghana’s debt falls. Le Pen guilty of embezzlement
Istanbul, the capital of Türkiye.
Weekly investor research

Türkiye’s political shenanigans are back

US tariff uncertainty persists but recent news was calmer. Early investor rotation from US after Germany’s policy shift. Türkiye intervened in TRY post-political shock. Argentina posts surplus, Brazil hikes 100bps. Colombia swaps finance minister.
City of Hamburg with river Elbe and Harbour, Germany
The Emerging View

Germany’s historic fiscal shift: The impact on emerging markets

Seismic US policy shifts have been advancing political and policy changes across the world in response. We offer an overview of the global macro context behind Germany’s historic fiscal reform, and the impact it can have on emerging markets (EM).
China restaurants and night markets illuminated in crowded Beijing streets
Weekly investor research

EM assets resilient as US stocks enter technical correction

US stocks in correction; Bessent unfazed. ECB: Uncertainty higher than Covid. US, Ukraine propose 30-day ceasefire; Russia talks soon. Anti-authoritarian protests in E. Europe. China plans stimulus. Mexico delays tariff retaliation to Apr 2.
AI concept - Tariff and geopolitics driving global macro
Weekly investor research

Tariff and geopolitics driving global macro

EM assets held up in February despite tariffs and geopolitics. Ukraine ceasefire odds rose as US-EU tensions drove change. India posted strong fiscal data; Malaysia advanced reforms, Indonesia faced doubts. Argentina tightened policy, Mexico reformed...
The Great Wall of China.
Weekly investor research

EM equity outperformance accelerates

EM stocks outperformed, led by China. Germany's coalition lacks a 2/3 majority. Qatar & Kuwait exit EMBI GD; LATAM gains. Zelenskyy open to stepping down. Korea & Taiwan exports signal downturn. Bolsonaro accused of coup. SA delays budget announcement.
Colourful spices
Market Commentary

Unlocking the potential of frontier market debt

Traditional EM indices, such as the JP Morgan EMBI Global Diversified (EMBI GD), provide great yield enhancement for global fixed income portfolios. However, the high average duration of this index exposes it to volatility from global risk factors.
Chinese stock market
Weekly investor research

Chinese tech extends post DeepSeek rally

Chinese tech stocks surge as Xi meets CEOs. Trump plans reciprocal tariffs. Russian oil exports plunge under sanctions. US-Russia talks on Ukraine imminent. Indonesia cuts spending. Brazil’s Lula faces rising disapproval. Romania’s Iohannis resigns.
Indian Rupee paper currency on virtual interface of stock market data.
Weekly investor research

India cautiously cut rates for first time in five years

Trump’s 25% tariffs on steel and aluminum apply globally. US eyes cost cuts; MAG 7 dips. Russia-Ukraine peace plan at Munich. RBI cuts rates. Philippine VP impeached. Fitch affirms Korea’s AA-. Argentina to end FX controls by 2026. Japan wages surge.