Seoul City skyline
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 semiconductor super cycle roars on

Iran-US backchannels continue as Tehran submits a new proposal, while semiconductor stocks extend a stretched rally. EM signals were mixed, with contained US inflation expectations, Hungary improving and Philippines downgraded.
Weekly investor research

Schrödinger’s Strait

Hormuz tensions drag on as Iran-US talks may resume. IMF meetings were broadly EM-positive on a weaker USD and firmer commodities, but Argentina, Brazil, Colombia and Türkiye all saw fresh policy or credibility strains.
Weekly investor research

Regime change in Hungary and positive election results in Peru

Markets focused on politics, energy and AI: Hungary and Peru point to more market-friendly outcomes, US pressure on Iranian oil raises risk, AI-led growth remains strong from the US to Korea, while Colombia was downgraded and Turkey’s outlook softened.

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Better than expected Chinese data, but peace talks stalled in Ukraine

Chinese economic activity was better than expected, but underlying sector data suggests weaker dynamics than meets the eye. Sri Lanka announced the suspension of debt service. Indian inflation surprised to the upside. Indonesian trade surplus rose...
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Russia & Belarus index exclusion post-mortem

This piece reviews the background and impact of the exclusion of Russia and Belarus from the main Emerging Markets (EM) indices as well as the current market conditions and outlook for Russian and Ukrainian bonds.
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Global Manufacturing PMIs play into the stagflation narrative

Global Markit Manufacturing PMI indicators softened, as China underperformed due to targeted lockdowns in Shanghai, notably. The increase in ISM prices paid and the depressed level of supplier delivery times in the US Markit PMI provide further...
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The Emerging View

The case for EM in a multipolar world

The Russian invasion of Ukraine is a shock to the existing world order. From an economic perspective, the initial impact of the war is rising inflation given the importance of Russia and Ukraine in the supply of commodities to the world. The economic...
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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...