EM Markets Chart Pack Has the sell-off in equities gone too far? There are signs that the collapse in emerging market (EM) equity prices, spurred by concerns that China’s economy is heading for a hard landing, has gone too far. We believe that China’s economy will... 2nd February 2016 · 1 min read
EM Markets Chart Pack EM assets suffer most from market turmoil The recent volatility in global financial markets has had a disproportionate impact on emerging market (EM) assets. Equities have underperformed those in the developed world, dollar-denominated bond... 25th January 2016 · 1 min read
EM Markets Chart Pack 2015 another year to forget, but outlook brighter Most emerging market (EM) asset classes have underperformed their peers in developed markets so far this year. Plenty of downside risks remain going into 2016, but we continue to think that EM markets... 9th December 2015 · 1 min read
EM Markets Chart Pack EM markets take blockbuster payrolls in their stride EM financial markets took the blockbuster October US employment report in their stride, and we continue to expect them to perform well even as the Fed starts to raise interest rates. 11th November 2015 · 1 min read
EM Markets Chart Pack Autumn rebound EM financial markets have rebounded from the summer turmoil as China’s economy has shown signs of stabilisation and Fed lift-off has been delayed. Equities have risen about 5% on average since the end... 22nd October 2015 · 1 min read
EM Markets Chart Pack EM equities the biggest casualty of Fed uncertainty Equity markets in the emerging world have been the biggest casualty of the uncertainty about when the Fed will finally push the button on rate hikes. For our part, we still expect “lift-off” later... 10th September 2015 · 1 min read
EM Markets Chart Pack Another bad month for EM currencies Emerging market (EM) currencies suffered more heavy losses in the past month and while further big falls are hard to justify over a medium term horizon, there could be more downside in the near term... 4th August 2015 · 1 min read
EM Markets Chart Pack Equity sell-off is a Chinese, not EM, phenomenon Despite a rebound in recent days, Chinese equities have slumped since the middle June. Still, the Shanghai Composite is some 90% higher than a year ago, and there is little sign that the sell-off has... 10th July 2015 · 1 min read
EM Markets Chart Pack What next for EM dollar-denominated sovereign bonds? Emerging market dollar-denominated government bonds have significantly underperformed their local currency counterparts since the end of April. However, this has generally been due to a surge in... 11th June 2015 · 1 min read
EM Markets Chart Pack How will EM corporate spreads react to higher US rates? Although underlying Treasury yields have risen since the end of March, dollar-denominated corporate bond yields have fallen in all emerging market regions, owing to a sharp fall in credit spreads. We... 15th May 2015 · 1 min read
EM Markets Chart Pack Sun to continue shining on EM equities Emerging market equities have delivered strong returns in the past month, outperforming their developed market counterparts. A confluence of factors is probably responsible. This includes signs of... 17th April 2015 · 1 min read
EM Markets Chart Pack Fragile EM currencies set for further weakness The fall in emerging market currencies since the beginning of this year has picked up pace this month. Two main forces appear to have been at work. First, the depreciation of the euro has led the... 11th March 2015 · 1 min read
EM Markets Chart Pack What’s behind the EMBI Global spread? The “stripped” spread of the JP Morgan EMBI Global Index, which includes the dollar denominated debt of 61 emerging market governments, is still around 430bp despite falling slightly in recent weeks... 12th February 2015 · 1 min read
EM Markets Chart Pack What next for the Chinese renminbi? Since the end of November, the renminbi has depreciated slightly against the US dollar. However, the real effective exchange rate of China’s currency has continued to appreciate sharply, as the... 13th January 2015 · 1 min read
EM Markets Chart Pack Are EM corporate bonds really that vulnerable? Since the end of October, emerging market dollar-denominated corporate bonds have performed much worse than comparably-rated US corporate bonds. This has been the result of increasing credit spreads... 11th December 2014 · 1 min read
EM Markets Chart Pack Brighter times should lie ahead for EM equities The performance of equities has been lacklustre in emerging markets since the end of September and noticeably worse than in developed markets. As a result, the return so far this year from the MSCI... 13th November 2014 · 1 min read
