Aerial view of the Christ, The Redeemer Monument and the Corcovado Mountain in Rio de Janeiro, Brazil.
By Gustavo Medeiros, Ben Underhill
The Emerging View

The ‘land of the future’ can’t wait much longer

Brazil’s vast natural resources have helped build a resilient economy, backed by a sophisticated financial system & a well-educated, hyperconnected population. However, persistent political volatility and inefficient public spending have hindered progress

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Make Argentina great again
Market Commentary

Why Milei’s IMF deal could make Argentina great again

After President Milei’s rapid fiscal rebalancing, a fresh USD15bn disbursement from the IMF put Argentina in a position to slash its capital controls. Under the new FX regime, the peso - the world’s best performing currency last year - is holding firm.
Chinese and United States cargo containers
Weekly investor research

Habemus trade deal

US cut China tariffs to 30% for 90 days, sparking risk-on sentiment and Dollar rebound. Fed held rates steady. China eased policy further. India-Pakistan ceasefire. IMF lent $1.4bn to Pakistan. Peru cut rates. Ghana upgraded.
Temple at Jiufen Old Street in Taipei Taiwan
Weekly investor research

Taiwan dollar’s rally could signal further EMFX strength

US Q1 earnings strong; Q2 outlook weaker. US stagflation fears persist. Taiwan dollar rallies sharply. Oil falls on Saudi supply hike. Korean leader resigns for election. Colombia cuts rates; Brazil eyes tax reform. Simion leads Romania vote...

Latest Insights

Empty shelves
Weekly investor research

Energy and food crisis looms as the Ukraine war broadens

The situation on the ground continues to escalate. The United States Secretary of State Antony Blinken said the US may backfill aircrafts to Poland as the latter sends theirs to Ukraine. Blinken also said the US is considering a full oil embargo on...
Sanctions over russia
Weekly investor research

Sanctions: intended and unintended consequences

The Russo-Ukrainian war is one of, and perhaps the most consequential conflicts since the end of World War 2. We examine the events on the ground, the announced sanctions and a first take on its potential impacts, both intended and unintended.
Flag of Russia and Ukraine
Market Commentary

An update on Russia/Ukraine

Since early November 2021, the United States has reported unusual Russian troop movements near the Ukrainian border. In late November, Ukraine said Russia had close to 90k troops around its borders in advance of an offensive attack. Moscow denied and...
Cracked brick wall painted with a Ukrainian flag on the left and a Russian flag on the right.
Weekly investor research

Geopolitics dominate the news flow

Tensions between Russia and Ukraine increased, but a diplomatic solution is still possible. Iran nears a deal with the West for the removal of sanctions. China’s inflation was lower than expected as the RMB role for foreign transactions increased.
American flags against the sky
Weekly investor research

The end of US stock market exceptionalism

Market price action signals the end of United States (US) stock market exceptionalism. Russia held cordial and constructive conversations with the US with the aim to de-escalate tensions on the Ukrainian border.
USA and China flag on coins and stock market chart.
Weekly investor research

EM stocks outperforming global stocks year-to-date

EM stocks outperformed on the back of a weaker US Dollar, reflecting the soft price action in US stocks and in spite of higher US Treasury yields. China’s real GDP growth rose +8.1% in 2021 despite mixed activity in December.
2022 Outlook
The Emerging View

Equity Outlook 2022: Emerging Markets

Emerging Markets (EM) have demonstrated their resilience during the greatest economic shock since the Global Financial Crisis. This was contrary to market expectations.
2022 Outlook
The Emerging View

Four mega-trends shaping the 2022 outlook and beyond

The global macro environment is ripe for EM assets outperformance as a combination of stronger growth in China, the end of exceptionalism in the US and less uncertainty on US interest rates, lead to a strong backdrop for EM assets.