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Deglobalization
Sep 29, 2025
•
8 min read
Forecasting the future of trade, state power, and industrial policy was well worth the trouble.
South Africa
+1
Aug 15, 2025
7 min read
The country's current account deficit is likely to widen only slightly due to tariffs.
De-dollarization
+2
Jun 30, 2025
10 min read
USD weakness and U.S. outflows have been a boon to EM in 2025, so far.
Geopolitics
Jun 20, 2025
Brent is still only at $77, VIX is contained, gold is trading flat. Bigger market risks lie elsewhere.
Currencies
Jun 16, 2025
11 min read
Trump could well be ushering in a golden age for emerging market assets.
Egypt
Jun 6, 2025
Checklist: overvalued currency, high external debt, weak revenues, low reserves
El Salvador
+5
May 30, 2025
12 min read
Improvement on key macro-fiscal metrics in the region points to strengthening policy credibility
+4
May 23, 2025
Have a weaker dollar and the Covid inflation hangover eroded EM competitiveness?
May 16, 2025
9 min read
Hint: this country exchanged some debt in 2023 and has since secured an IMF deal.
SovereignDebt
May 9, 2025
The Sovereign Stress Tracker covers 43 market-access emerging-frontier markets
EMDEs
May 2, 2025
Hint: it's not the "E", or the "S", but the "....
Apr 27, 2025
The IMF-World Bank Spring Meetings have concluded on a somber note.
Inflation
Apr 18, 2025
Trump's levies could send U.S. inflation 1.4 percentage points higher.
AdvancedEconomies
Apr 11, 2025
U.S. Treasuries lose their safe haven status amid a secular rotation away from U.S. assets
Apr 4, 2025
The U.S. tariff bazooka rips through global markets as investors flock to havens
Mar 27, 2025
DXY and SPX are both down again but don't tend to stay down together for long.
UAE
+3
Mar 23, 2025
Allocators eye tariff spat hedges but spare U.S. and Canadian government bonds.
Mar 13, 2025
EM sovereign debt will no longer be the exclusive focus of this newsletter.
AEs
Mar 6, 2025
13 min read
Policy volatility has receded in many EMs but increased in the G7.
Russia
Feb 27, 2025
14 min read
The Ukrainian president will sign a minerals agreement with Donald Trump on Friday.
Brazil
+7
Feb 20, 2025
Opportunities still to be found despite heightened risks to FMs and local currency.
Kyrgyzstan
Jan 30, 2025
The Central Asian republic is aiming to place a $1.7bn debut hard currency bond as sanctions-busting accusations mount.
Jan 26, 2025
Global trade imbalances are out of control and need to be reined in.
Jan 16, 2025
The incoming U.S. President has set a 5% of GDP defense expenditure threshold.
Saudi Arabia
Jan 9, 2025
Riyadh kicks off 2025 issuance amid investor enthusiasm for Vision 2030
