Currencies
Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead
EM FX ended Friday on a weak note, and extended the slide. For the week as a whole, the best EM performers were PHP, TWD, and SGD while the worst were ARS, ZAR, and TRY. With US rates continuing to move higher, we believe selling pressures on EM FX will remain in play this week. Our recently updated EM Vulnerability Table supports our view that divergences within EM will remain.
21 May 2018
Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead
EM FX ended Friday on a week note and capped of another generally negative week. Worst performers last week were ARS, BRL, and TRY while the best were ZAR, RUB, and KRW. We remain negative on EM FX and look for losses to continue. US retail sales data Tuesday pose further downside risks to EM FX.
14 May 2018
Albaraka Turk: Orderly QE Unwind, Deepening GCC Ties Position Turkey to Manage Market Volatility
With a weakened currency and political volatility riding high, some analysts are concerned about the growing likelihood of a hard landing in Turkey – ever more with the backdrop being a strengthening dollar and US monetary policy normalisation. We speak with Albaraka Turk Chief Treasury and Investment Officer Malek Temsah about the country’s economy and the banking sector.
10 May 2018
Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead
EM FX came under intense selling pressures last week. The worst performers were ARS, TRY, and MXN while the best were PHP, KRW, and TWD. US rates are likely to remain the key driver for EM FX, and so PPI and CPI data will be closely watched this week. We believe EM FX will remain under pressure.
8 May 2018
Banco Safra’s Chief Economist: High Taxes, Protectionism Still Driving the ‘Brazil Premium’
Carlos Kawall, the lead economist at one of Brazil’s most prominent banks, talks about the improving macro outlook for the country, burdensome tax and labour laws and the dark shadow of looming presidential elections.
3 May 2018
Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead
EM FX ended Friday on a firm note, capping off a generally softer week overall. TRY and PHP were the best performers last week, while CLP and ZAR were the worst. US core PCE, ISM manufacturing, FOMC meeting, and jobs data all pose risks to EM this week. We remain a bit defensive on risk assets in general now.
30 Apr 2018
Brazil: Crossing the 6 Mark
We are in uncharted waters regarding the level of basic interest rate, continuing a series of cuts that is the longest in history. It is possible, however, to foresee even more reductions of the Selic, despite the various uncertainties that the Central Bank faces.
25 Apr 2018
Top Dealmaker: RenCap’s Dmitry Gladkov on Russian Corporate Issues and Ratings Boost
Renaissance Capital has in the past two years overseen and participated in a significant volume of DCM deals out of Russia and the CIS, positioning itself as one of the top dealmakers for Russian corporates looking to tap the international markets. Dmitry Gladkov, the Global Head of Financing at Renaissance Capital, shares his assessment of the market and the bank’s role in it, as well as his…
20 Apr 2018
SWOT Analysis: Nigeria, West Africa’s Largest Market
In advance of our Bonds, Loans & Sukuk Nigeria 2018 conference and forthcoming special report on the region, Bonds & Loans met with a broad range of local finance leaders in order to get a sense of the risks and opportunities on the horizon.
19 Apr 2018
GCC Corporates Adapt to New Normal – but Hopes for Bond Market Revolution Could be Dashed
Gulf sovereigns tapped the debt market on an unprecedented scale over the past couple of years as banking liquidity tightened and the hunt for yield pushed investors into new territory, setting the stage for more non-financial corporate bond issuance and a huge funding culture shift among the region’s enterprises. But there may be reason to believe what began to be seen as a funding revolution in…
13 Apr 2018