Global Markets Update Too soon to call the top in Russian equities Stock markets have fallen sharply around the world this week, but Russian equities have performed particularly badly. We think renewed gains are likely in the near term, but Russian stocks are likely... 29th October 2009 · 1 min read
Global Markets Update Emerging equities rally has further to run GDP growth in emerging markets is likely to outpace that of developed economies over the coming quarters. This, in turn, should ensure that emerging equities continue to outperform high-income country... 27th October 2009 · 1 min read
Global Markets Update Return to gradual renminbi appreciation A shift in rhetoric from China’s government suggests that a change in monetary and currency policy may not be far behind. But when it comes, the change will be gradual. In particular, the renminbi... 21st October 2009 · 1 min read
Global Markets Update Commodity currencies facing headwinds Expectations have been growing that the central banks of Canada, Norway and New Zealand will soon join Australia on what is thought to be a prolonged tightening cycle. This has been supporting the... 14th October 2009 · 1 min read
Global Markets Update Does it matter which currency oil is priced in? The re-pricing of oil in some unit other than the dollar should, on its own, have no direct effect on the value of the US currency. It might accelerate the rebalancing of official reserves away from... 12th October 2009 · 1 min read
Global Markets Update Asian currency gains are here to stay The authorities in Asia may be protesting recent strong FX gains but there is little evidence they are intervening directly. Indeed, appreciation reflects both dollar weakness and local economic... 9th October 2009 · 1 min read
Global Markets Update Gold set for a roller-coaster ride The price of gold has finally risen above the previous record intra-day high of $1034/oz hit on 17th March 2008, raising hopes that the bull market that saw prices more than quadruple from a low of... 6th October 2009 · 1 min read
Global Markets Update Best days look over for emerging debt and the EMBI 2nd October 2009 · 1 min read
Global Markets Update End of the dollar is not nigh The recent slide in the dollar’s share of global foreign exchange reserves greatly exaggerates the extent to which reserve managers are losing faith in the dollar. The dollar is still entrenched as... 1st October 2009 · 1 min read
Global Markets Update The yen looks set to stay strong Speculation that there has been a change in Japan’s policy toward FX market intervention misses the point. The yen is not expensive in real trade-weighted terms, and has mainly climbed on Japan’s... 30th September 2009 · 1 min read
Global Markets Update Too soon to give up on the dollar We continue to expect the US dollar to rebound against the euro and commodity currencies in the coming months, although Asian currencies should do best of all. 23rd September 2009 · 1 min read
