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...

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Election voting card
Weekly investor research

Room for fiscal conservatives in October LATAM elections

The US and Chinese economic surprise indices push markets into peak US optimism and peak China pessimism. US Treasury yields continue to rise, driven by real rates, under the twin effects of strong data and large Treasury issuance. China’s economic...
Rethinking TINA: The Emerging Eight
The Emerging View

Rethinking TINA: The Emerging Eight

The role of the human psychological cycle in driving stock and bond prices is well understood and pre-dates behavioural economics. There are elements that suggest we may be going through another period of ‘irrational exuberance’ as several long-term...
Colombian Peso
Market Commentary

How did the Colombian Peso become this year’s darling?

What is the best performing currency in 2023 so far? Against all odds and biases, the Colombian Peso (COP), which is up 16.8% against the USD year-to-date and 22.8% including the ‘carry’, or the interest rate differential earned by carrying long...
Electric car being charged.
Weekly investor research

EV buyers may be in DM, but its supply chain assets are in EM

The strong performance of equity markets last week was related to the market interpretation of the main central bank decisions, seeing ‘not hawkish’ as ‘dovish’, and confusion over the actions of the Bank of Japan (BOJ). Chinese stocks outperformed on...
Local currencies from around the world
The Emerging View

The case for local currency bonds “Si, se puede!”

Believe it or not, Emerging Markets (EM) local currency bonds have been outperforming global fixed income asset classes for the past 18-months. Most of the outperformance has been based on an early and more appropriate hiking cycle from EM central...
Ashmore video
Video

'EM in 10' update - July 2023

Gustavo Medeiros, Ashmore’s Head of Research, answers some timely questions with his views about recent events and performance in Emerging Markets for our 'EM in 10' monthly video review.
India takes centre stage
The Emerging View

India takes centre stage

India has a compelling investment case. Over the last ten years, the MSCI India index has delivered over 135% returns in USD. Over the last three to five years, the same index has delivered 69% and 56% returns respectively, outperforming the MSCI...
Shaking hands
Weekly investor research

Switching the focus: diverging policy, with one eye on diplomacy

The US Federal Reserve (Fed) pauses but remains hawkish, and the European Central Bank (ECB) hikes 0.25% and signals more hikes. Conversely in Asia, the Bank of Japan (BOJ) remains dovish despite elevated core consumer price index (CPI) inflation, and...
Economy and growth jigsaw on Indian flag
Video

India takes centre stage

Rashi Talwar Bhatia, Portfolio Manager for India Equity, and Gustavo Medeiros, Ashmore’s Global Head of Research discuss the opportunities present in the India Equity universe and their outlook for the second half of 2023 and beyond.