Global
Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead
US-China trade tensions are likely to remain high. China reported slightly firmer than expected September PMI readings over the weekend. With more tariffs going into effect in September and again in December, however, the economy is still facing stiff headwinds. This will continue to have negative knock-on effects on the rest of EM.
30 Sept 2019
General Corporate Purposes is Not Enough, but Neither is the Current Approach to Sustainable Finance
With a USD2.5tn gap in the funding required to meet the UN sustainable development goals (SDG), the industry needs to move more swiftly in mobilising the capital needed to address persistent sustainable development shortcomings. Thankfully, a number of forces may be conspiring to provide an important tailwind for sustainable finance. But the industry needs to hunker down and address some key…
25 Sept 2019
Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead
We think the Fed has signaled that the bar to another cut is high. Unless the US data weakens considerably, we see rates on hold for now and this means the liquidity story for EM has worsened. Elsewhere, US-China trade talks appear to be going nowhere. With no end in sight to the trade war, we remain negative on EM.
23 Sept 2019
Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead
EM is likely to come under pressure this week if risk-off sentiment picks up from the Saudi bombings. The oil producing countries may outperform but we think the global backdrop for EM remains negative, especially as US-China relations remain in flux. While things are not getting worse, neither are they getting better. Meanwhile, markets are coming to grips with the fact that the Fed is unlikely…
16 Sept 2019
IFC Treasurer: “Global debt markets are undergoing rapid transformation”
Bond markets are not particularly well-known for being cutting edge. The vast majority of trading still takes place over the phone, and the settlement process more often than not still takes days rather than hours or minutes. But in emerging markets, where funding innovation is helping borrowers overcome capital bottlenecks and Fintech is enabling new pockets of growth, that perception is…
10 Sept 2019
Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead
Despite some positive developments last week, we think the three key issues for risk assets have not been resolved yet. Hong Kong protests continue, while reports suggest the US and China remain far apart. Even Brexit has likely been given only a three month reprieve. We remain negative on EM until these key issues have been ultimately resolved.
9 Sept 2019
Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead
Market sentiment rallied last week on a lot of unsubstantiated claims by President Trump regarding China trade talks. At best, we know there is no further escalation (for now). At worst, the two sides remain far apart, and a deal is unlikely until 2020. That’s no reason to load up on EM. As long as current and planned tariffs are in effect, global growth risks will remain high and EM will…
2 Sept 2019
Frank Talk: US Global Investors on Fed Hikes, Trade War Risks, and Trump’s Infrastructure Push
In one of a series of exclusive market snapshots for Bonds & Loans, Frank Holmes, CEO of US Global Investors and one of the most experienced and successful capital managers in the mining sector outlines the main risks to global economic stability, assesses the damage from US-China stand-off and describes Donald Trump as an “economic neocon.”
28 Aug 2019
Neuberger Berman Emerging Market Debt PM: Biggest Risk to Investors is Commodity Price Swings
This year has seen yet another spate of debut sovereign issuances from across emerging markets (EM). Meanwhile, softening growth in China has tempered the GDP outlook across emerging markets. Bonds & Loans speaks with Kaan Nazli, Senior Economist and emerging markets sovereign debt Portfolio Manager at Neuberger Berman, about the EM outlook through 2019.
27 Aug 2019
Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead
The US-China trade war is extending and expanding. There is no longer any semblance of a truce, and this is unequivocally negative for EM. CNY, INR, SGD, MXN, and BRL are making new cycle lows, and many other EM currencies are likely to follow suit.
27 Aug 2019