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

Emerging view
The Emerging View

Passive is active: the EM index problem

In a recent article about China’s inclusion in the MSCI benchmark index the Financial Times columnist John Authers made the following astute observation: “There is something ungainly in the way [China’s index inclusion] has been outsourced to MSCI..."
Market commentary
Market Commentary

Putting the world into global bond funds

Global bond funds have seen a dramatic rise in assets over the past 10 years, reflecting the desire of investors to be exposed to a broader, more diverse set of assets away from their home markets.
Emerging view
The Emerging View

Where do broken bonds go?

As investors return to EM local markets on the back of strong performance and a solid outlook they will be forced to inject capital directly into EM economies.
Emerging view
The Emerging View

Outlook for EM and global backdrop

Emerging Markets (EM) asset prices over-reacted to the downside in recent years, especially given that EM fundamentals held up far better than expected in the face of serious headwinds.
Emerging view
The Emerging View

The Myth of EM FX pass-through

One of the common perceptions about EM is that inflation rises sharply when their currencies weaken.
Emerging view
The Emerging View

Weak Dollar policy

The US economy is becoming seriously unproductive and the Trump Administration faces an important choice: support American business with heterodox policies such as import tariffs or abandon the strong Dollar policy?
Emerging view
The Emerging View

Trump and EM

The threat of protectionism is on the rise, nowhere more so than in the United States, the erstwhile bastion of free markets.
Market commentary
Market Commentary

Border adjustment

President-elect Donald Trump is threatening US and foreign corporations with new taxes on a daily basis in a clear sign that the risk of US protectionism is rising.
Market commentary
Market Commentary

The rational fear of policy mistakes

Lengthy and fevered speculation preceded yesterday’s “comprehensive reassessment” by the BOJ and the Fed’s September decision on interest rates.