Strait of Hormuz
By Gustavo Medeiros, Ben Underhill
The Emerging View

The Strait of Hormuz & the Vix shock

Emerging View examines the Strait of Hormuz tail-risk, rising energy prices and supply strains, comparing today’s backdrop with past oil shocks and assessing what the Iran-US conflict could mean for emerging market assets.

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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.
Video

WEBINAR: How are EM Frontier debt markets holding up?

Watch the replay of this insightful webinar where Gustavo Medeiros, Global Head of Research, and Alexis de Mones, Portfolio Manager for Emerging Markets Debt, discussed their views on the resilience of EM Frontier debt markets in the current environment.
Weekly investor research

Risk asset recovery on thin ice

Risk assets have rebounded since last Tuesday, but risks remain high as Trump’s Iran deadline looms. Strong US payrolls suggest the cyclical upswing remains intact, while several EM policymakers kept a cautious stance on rates, fuel and energy.

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Weekly investor research

The narrowing path

A solid November so far for market returns, but the path for an ongoing year-end large rally is narrowing. The respite in geopolitical tensions may also be short-lived. Israel agreed to a four-day cease fire in Gaza until Monday, but its Defence...
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Weekly investor research

Libertarian economist Javier Milei is the new President of Argentina

The war in Gaza is imposing an unbearable cost to both human life and the respective economies. Walmart voiced a cautious outlook on the US consumer. China’s Xi Jinping delivered a hopeful message at the APEC forum in San Francisco. Inflation declined...
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Weekly investor research

EM policy superiority recognised

Two articles from renowned economists highlighted Emerging Market (EM) policy superiority which has allowed EM local currency bonds to outperform Developed Market (DM) bonds over the last years. Indeed, inflation remained on a declining trend in most...
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Weekly investor research

Yields lower, stocks higher… For longer?

A combination of events saw yields drop from elevated levels as stock prices benefited from lower real interest rates. South Korea’s short selling ban led stocks higher but will delay any upgrade to Developed Market (DM) status to 2025.
Oil pump on the background of the flag of Venezuela. Oil pump silhouette.
Weekly investor research

US temporarily removes sanctions on Venezuela

The US suspended for six months the financial sanctions imposed on Venezuelan oil and gas and secondary market trading of Eurobonds. The sanctions release was motivated by the tight supply on oil markets and the large number of Venezuelan immigrants...
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Weekly investor research

Elections have consequences

The Israel-Hamas conflict remained the dominant theme in global macro. No major surprises from the IMF meetings in Marrakesh, where countries presented their fiscal and structural reform and several frontier countries worked on debt restructuring...
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Video

EM Equity - Ingredients for the next EM upcycle

Dhiren Shah (Lead Portfolio Manager of the Ashmore EM Equity Fund), and Gustavo Medeiros (Ashmore’s Global Head of Research). During this live webinar they discussed the opportunities present in Emerging Market Equity.
Map showing Israel
Weekly investor research

Hamas Strikes Israel

Israel declared war on Hamas following an organised attack on the country, 50 years after the Yom Kippur War. A Bank of International Settlements (BIS) paper published last week suggests the global supply chain has lengthened since the Covid-19 pandemic.
Oil drums sitting over a bar graph
Weekly investor research

Slippery slope: Will oil keep driving rates higher?

Global oil markets experienced a bullish run towards the USD 100 per barrel level. High oil prices and increased supply of US Treasury (UST) bonds led to a strong sell-off in rates. Chinese economic data was better than consensus before the...
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The Emerging View

Solving the Energy Transition paradox in Emerging Markets

The energy transition debate is maturing. The Paris Agreement’s goal of limiting the increase in the global average temperature to 2.0°C, ideally 1.5°C, above pre-industrial levels is imperative to avoid a challenging climate situation.
Indian banknotes
Weekly investor research

Indian Government Bonds: index inclusion matters

A hawkish dot-plot brought US interest rates higher, but risks are increasing. Disputes over Ukrainian grain exports increased tensions in Eastern Europe. JP Morgan announced it will include India in its Emerging Market (EM) Government bond index...
Sunny sky
Video

EM Local Currency Bonds: The dog days are over

Alexis de Mones (Portfolio Manager, Local Currency), and Gustavo Medeiros (Ashmore’s Global Head of Research). During this live webinar they discussed the opportunities present in Local Currency Bonds.
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Weekly investor research

Another BRICs in the Wall

The BRICS group of countries (Brazil, Russia, India, China and South Africa) announced the inclusion of several other countries. China announced further measures to boost growth (and stock prices). Thailand Parliament elected a new government, led by...