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

Subscribe to our insights

Subscribe and get notified as soon as we publish our content

The latest insights from our categories

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...
The United States Capitol in Washington
Weekly investor research

Erratic US policy stance still driving asset prices

Trump eased on China tariffs; EM assets rallied. IMF cut 2025 global growth to 2.8%. Kazakhstan defies OPEC+. India may retaliate vs Pakistan. IMF suspended Colombia credit. Hungary faces media probe. SA cancels VAT hike. ECB hints at more cuts.

Latest Insights

American flags near the Air & Space Museum in Washington, D.C.
Weekly investor research

EM markets resilient as dust settles on US election

Trump’s big win delivered the expected macro reaction; for one day. Geopolitical discussions begin with Trump and Zelensky, and (probably) Trump and Putin. Qatar request Hamas leaders leave Doha. China deliver RMN10tn in fiscal support for local...
Map of Iowa State.
Weekly investor research

Iowa poll shakes up Trump bets in markets

Softer US labour data contrasted with higher inflation, consumption and wider UK budget deficit, which kept yields under pressure last week. A surprising poll in Iowa showed Harris leading in a perceived ‘red’ state. China expected to unveil large...
A stunning sunset photo showcases offshore oil drilling in Huntington Beach, California, with vivid hues casting a glow on industrial equipment.
The Emerging View

The impact of oil prices on EM sovereign credit

Today, oil exposure among Emerging Market (EM) nations is very diversified. Of course, there are major EM oil exporters, but most countries are net energy importers. In weighted terms, only 17% of the JP Morgan index of EM sovereign bonds (EMBI GD) are...
Vibrant sunrise over the National Mall in Washington DC.
Market Commentary

Dispatch from DC

The Autumn IMF meetings present an opportunity for investors to engage with IMF authorities, central bankers, finance ministers, technocrats, political consultants, economist and peers. The state of the global economy and the main risks and...
An American flag flying on the Riverwalk late in the day with the Trump Tower in the background.
Weekly investor research

Trump trade shaping markets one week from US election

UST yields continued to climb higher on economic outperformance and ‘Trump trade.’ Key Chinese fiscal legislators announced they will meet between the 4-8th of November. Oil sold off 5% on Sunday evening, after Israel chose not to strike Iranian oil...
Sikkim India Tibet Plateau China
Weekly investor research

China’s policy “u-turn” reaffirmed

Higher US CPI and jobless claims led to a steepening of the yield curve. China shed some more light on stimulus plans, without revealing scope of fiscal expansion, yet. Korean bonds will enter the FTSE WGBI and Indian bonds on the FTSE EM GBI in Q4 2025
Aerial view on country road through the mixed forest in autumn colours.
Equities

Investing in Emerging Markets excluding China

China has the world’s second largest economy, and the country’s rise to prominence has been rapid. This has triggered some investors to consider China and Emerging Markets (EM) ex-China separately, similar to other dominant global powers like the US...
Aerial view Crude oil tanker under cargo operations on typical shore station with clearly visible mechanical loading arms and pipeline infrastructure.
Weekly investor research

EM spreads tighten as yields and oil go higher

Sharp increase in yields post strong labour market report and increase in oil prices. Chinese stocks outperform again ahead of end of Golden Week holiday. Iran missile strikes against Israel targeted civilian areas, further escalating the regional..
Weekly investor research
Weekly investor research

Don’t stand in the way when China goes big

PBoC cut policy rates by 20bps, reserve requirement ratio by 50bps, RMB 700bn allocated for stock buybacks. Politburo pledged to support the housing market and signalled fiscal support. Israel killed Hezbollah leader Hassan Nasrallah...
Polygonal representation of a bull symbolizes the strength and upward momentum of a bull market.
The Emerging View

A new bull market cycle in Emerging Market equities

A decade of tech-driven US stock market outperformance has contrasted with tepid returns for Emerging Market indices. But past returns are not an indicator of future performance, and the drivers of markets over the next decade will be quite different...
Weekly investor research
Weekly investor research

Positive credit rating momentum continues in EM

US Fed’s 50bp cut led to risk rally last week. Major escalation of conflict between Israel and Hezbollah. Dovish moves from Chinese central bank. Sri Lanka elect left-wing President, sparking concerns over IMF programme. Brazil hike 25bp...
Weekly investor research
Weekly investor research

Brazil set to buck the trend and hike rates

60% probability of FOMC cutting 50bp now priced. More weak demand data from China. Javier Milei exercised veto power of a fiscal expansion policy in Argentina. Sri Lanka election outcome meaningful for IMF programme. IMF set to meet this month...
Sculpture of the Angel of Independence
Weekly investor research

Mexican judiciary reform clears another hurdle, but more remain

Soft US economic data set the tone for asset prices. Oil prices hit yearly lows and kept plunging. Frontier stocks continue to outperform, illustrating their diversification benefits. Chinese monetary intervention supporting yuan. Mexican judiciary...
Fed rate cuts & EM Equities
Video

WEBINAR: Fed rate cuts & EM Equities

Dhiren Shah (Lead Portfolio Manager of the Ashmore EM Equity Fund) and Gustavo Medeiros (Ashmore’s Global Head of Research) discuss Fed rate cuts & EM Equities.
Beautiful shanghai yuyuan garden at night.
Weekly investor research

Strong month for EM debt ends in softer week

Upwards GDP revisions in US lead markets to reprice ‘bullish scenario’ of rate cuts and soft-landing. Strikes in Israel after nationwide protests against Netanyahu’s handling of hostage negotiations. China considers a plan to allow homeowners to...