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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Emerging view
The Emerging View

US elections and EM

Noise levels are likely to remain elevated in the run-up to – and possibly in the immediate aftermath of the upcoming US presidential election
Market commentary
Market Commentary

Is DM bond issuance ‘crowding out’ EM?

As the twin burdens of coronavirus and late business cycle dynamics increasingly weigh on growth prospects in developed markets (DMs), governments have been quick to spend more.
Weekly investor research
Weekly investor research

Twists and turns in US-China tensions

In the latest in US-China tensions, a US court blocked the proposed closure of WeChat, while Bytedance kept a majority shareholding position and control over its algorithm in TikTok.
Weekly investor research
Weekly investor research

EM assets outperformed despite strong correction in US tech

Equity markets declined on the back of a sharp correction in US technology stocks, but EM assets outperformed. Brazil renewed emergency support for poor families and presented an administrative reform to Congress.
Weekly investor research
Weekly investor research

The Fed turns to inflation

The Fed’s adoption of an average inflation target is important for EM investors; we explain why.