By Gustavo Medeiros, Ben Underhill
The Emerging View

The case for emerging market small cap equities

EM small caps are assumed to be the risky cousin of US small caps. The data says otherwise: nearly nine in ten are profitable, on half the forward multiple of the Russell 2000. We make the case for the asset class.

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Weekly investor research

Oil relief welcome before Wednesday’s FOMC

After 13 consecutive nights of strikes, the US paused its attack on Iran over the weekend, welcome relief ahead of Wednesday's FOMC. Elsewhere, Samsung and SK Hynix signed USD 950bn of US supply deals and Bank Indonesia's governor resigned.
Weekly investor research

The arrival of Kimi K3 tests investors’ faith in Jevons’ Paradox

Chinese open-weight model Kimi K3 raises questions over AI lab monetisation, testing investors’ faith in Jevons’ Paradox. The Korean memory stock unwind extends, US CPI turns negative and the Bank of Korea hikes for the first time in three years.

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Weekly investor research

Mixed news flow across EM as DM PMIs flashed recession

The flash PMIs declined more than expected in Europe and the United States, with most forward-looking indicators below 50.0 levels. Russia agreed a deal to safeguard exports of grain from Ukraine and restarted gas flows from Nord Stream 1 pipeline but...
Weekly investor research

The war of attrition grinds on in Ukraine

The war of attrition grinds on in Ukraine as Europe tries to normalise gas flows and open ports for grains. China’s challenges were compounded by boycotts on mortgages for unfinished projects. Argentina’s finance minister announced its new economic plans.
Video

'EM in 10' update - July 2022

Gustavo Medeiros, Ashmore’s Head of Research, answers some timely questions about recent events and performance in Emerging Markets for our 'EM in 10' monthly video review.
Video

Emerging Market Debt | Masterclass

It has been a tough start to 2022 for emerging market debt, but what could the future have in store for the months and years ahead? Ashmore’s Head of Research, Gustavo Medeiros, took part in the Asset TV Masterclass.
Weekly investor research

Recession signals in DM, whilst EM activity recovers

Manufacturing PMIs improved in Hungary, Colombia, Mexico and China and remained at solid levels across most countries, standing in contrast with the US and Europe where manufacturing PMIs have declined fast. Russia gains further territory in Ukraine.
Weekly investor research

Hike while you can: Flash PMIs in Europe and US declined fast

The risk of an energy crisis in Europe increased further as the G7 discussed a price cap on imports of oil from Russia and economic activity surprised to the downside in both Europe and the United States, led by very poor flash PMI surveys. Chinese...
Weekly investor research

Sadly, a more hawkish Fed can’t stop the war in Ukraine

The situation on the ground in Ukraine continues to suggest a protracted war of attrition for longer as gas flows to Europe get disrupted. Gustavo Petro won the presidential race in Colombia but will have to govern with a minority in parliament. Covid...
Weekly investor research

Higher inflation and rates almost everywhere

Inflation surprised to the upside in the United States (US) and Europe but remains subdued across Asia and seems to have peaked in South America. Central banks will soon realise that the current level of interest rates and tightening of financial...
Video

'EM in 10' update - June 2022

Gustavo Medeiros, Ashmore’s Head of Research, answers some timely questions about recent events and performance in Emerging Markets for our 'EM in 10' monthly video review.
Weekly investor research

Better market sentiment after good news from China

Equities and fixed income recovered from oversold levels. Russia takes further territory in Donbas as a peace deal remains elusive. Argentina allowed energy companies increasing production to access foreign currency. Brazil inflation was higher than...
Video

Frontier markets, why and why now

Andy Brudenell, Ashmore’s Lead Portfolio Manager for Frontier Market strategies answers questions about why Frontier Markets, and why now for your asset allocation.
Weekly investor research

US stocks down, EM stocks up

US stocks and the US dollar underperformed last week as economic activity slows in the US while EM stocks rebounded. China cut lending rates by 20bps. The Ukraine conflict remained at a stalemate as Russia downplayed the importance of Sweden and...
Weekly investor research

China’s data weak, but leading indicators more encouraging

Finland and Sweden said they would like to join NATO. China’s economic data was much weaker than expected in April, but higher frequency data improved in May. Brazil’s Petrobras hiked diesel prices despite political pressures. Most Chileans said they...
Weekly investor research

No breakthrough on victory day

There was no breakthrough from Russia during victory day and no significant sanctions on Russia following the G7 meeting. Brazil hiked policy rate by 100bps to 12.75%, Czech and Poland hiked 75bps to 5.75% and 5.25% respectively while India hiked 40bps...
Weekly investor research

Russia threatens to cut gas supplies to Europe

Russia announced it halted gas supplies to Poland and Bulgaria and said it repaid the Eurobonds before the end of the grace period. Brazilian consumer price inflation rose less than expected. The Chinese politburo sent a strong message of support for...
Video

'EM in 10' update - May 2022

Gustavo Medeiros, Ashmore’s Head of Research, answers some timely questions about recent events and performance in Emerging Markets for our EM in 10 monthly video review.