Emerging Markets Fixed Income – The Case For EM Debt Is In Relative, Not Absolute Terms – May 12, 2022


latin-america

 

Emerging Markets Fixed Income – The Case For EM Debt Is In Relative, Not Absolute Terms – May 12, 2022
 · Emerging Markets · Fixed Income · 

The primary bogeyman for EM debt, both in its local currency (EMLCD) and hard currency (EM$D) variants, is a negative global growth shock.



 

Emerging Markets Foreign Exchange – Opportunity Lost, Or Just Delayed? – April 28, 2022
 · Emerging Markets · Foreign Exchange · 

Since the uncertainties unleashed by the eruption of the COVID-19 pandemic at the beginning of 2020



 

Roundtable – Emerging Market Winners And Losers From The Russia/Ukraine War – (67min:04sec) – April 20, 2022
Webcasts, Webinars & Roundtables · 

Today’s MRB Roundtable featured Mehran Nakhjavani and Amr Abdel Khalek discussing some of the geopolitical considerations arising from Russia’s invasion of Ukraine



 

Emerging Market Equities – Fundamentals And Sentiment Diverge – March 31, 2022
 · Emerging Markets · Equities · 

The outlook for EM equities is clouded by a lack of obvious earnings momentum, and although we still recommend holding it at overweight within a global equity portfolio, we see better opportunities outside the U.S., particularly in Europe.



 

Latam – Will Latam Win The Russia/Ukraine War? – March 8, 2022
 · Emerging Markets · 

The Russia/Ukraine war is undoubtedly a near-term headwind for Latin America’s financial assets.



 

Emerging Markets Foreign Exchange – Breaking From The Dollar Yoke – February 22, 2022
 · Emerging Markets · Foreign Exchange · 

Given the strength of the global economic expansion and the recovery of mobility measures as the COVID-19 pandemic fitfully recedes as a primary economic threat



 

Emerging Market Equities – 2022 Outlook – January 20, 2022
 · Emerging Markets · Equities · 

In the face of the self-inflicted deleveraging process hurting its property sector, China bucked the global trend and cut its policy rate this week, while at the same time directing fiscal stimulus towards fixed asset and infrastructure spending.



 

Emerging Markets Fixed Income – A Barbell Of Yield And Quality Will Outperform – January 13, 2022
 · Emerging Markets · Fixed Income · 

The traditional macro drivers of EM debt performance, namely credit quality, monetary policy, liquidity and overall growth conditions offer a mixed picture, with strong demand rebounds triggering rising inflation.



 

Emerging Markets Foreign Exchange – 2022 EM Currency Outlook: Stay With Quality – December 20, 2021
 · Emerging Markets · Foreign Exchange · 

Given the strength of the global economic expansion and the recovery of mobility measures as the COVID-19 pandemic fitfully recedes as a primary economic threat



 

Emerging Market Equities – Waiting For The China Bounce – November 23, 2021
 · Emerging Markets · Equities · 

This year’s powerful revival in global trade and overall demand usually would have been associated with strong EM stock performance



 

Roundtable – Round-Tripping From EM ex-China Back To China – (65min:05sec) – November 17, 2021
Webcasts, Webinars & Roundtables · 

In this Roundtable MRB’s emerging markets team, Mehran Nakhjavani and Amr Abdel Khalek, discussed the outlook for EM assets



 

Latam – Narrowing Window Of Opportunity – October 28, 2021
 · Emerging Markets · 

The underwhelming relative performance of Latin American (Latam) financial assets will persist in light of ongoing political/economic policy uncertainty



 

Webcast – Take Some Profits In EM ex-China – (7min:40sec) – September 29, 2021
Webcasts, Webinars & Roundtables · 

In this week’s Webcast, Mehran Nakhjavani highlights some of the key takeaways from last week’s MRB Emerging Market Equities Report



 

Emerging Market Equities – Take Some Profits In EM ex-China – September 23, 2021
 · Emerging Markets · Equities · 

The overall backdrop for EM equities remains broadly constructive, given the robust trade cycle, solid domestic demand and continuing liquidity support in the world’s leading economies.



 

Emerging Markets Fixed Income – Generous Spreads Belie Constructive Backdrop – September 2, 2021
 · Emerging Markets · Fixed Income · 

The case for holding emerging market local-currency denominated debt (EMLCD) is a simple one: the EMLCD spread (over Treasuries) has widened to levels consistent with economic stress



 

Emerging Markets Foreign Exchange – The Dollar Is Still King… Of EM FX Performance – August 26, 2021
 · Emerging Markets · Foreign Exchange · 

While the ebb and flow of U.S. dollar sentiment will continue to tug at the performance of EM currencies, the overall global trade and economic backdrop over the next year will be supportive of modest dollar weakness



 

Emerging Markets – Stuttering Growth May Buffet The Weakest EM Currencies – August 19, 2021
 · Emerging Markets · 

Policymakers in developed economies have dismissed rising inflation as merely “transitory”, but their counterparts in the EM world have already embarked on a rate hiking cycle.



 

Emerging Markets – EM Local-Currency Debt: Yield Is King – July 29, 2021
 · Emerging Markets · 

The high-yielding segment of EM local currency bonds offers investors attractive absolute return and outperformance potential, even in the context of a rise in U.S. Treasury yields



 

Emerging Market Equities – EM Bank Earnings Turnaround Offers Key Support – July 15, 2021
 · Emerging Markets · Equities · 

EM earnings momentum is picking up, and broadening beyond the semiconductor sector.



 

Webinar – Long-Term Returns: A Challenging Road Ahead – (78min:38sec) – June 30, 2021
Webcasts, Webinars & Roundtables · 

Today’s Webinar features MRB’s Global Asset Allocation Strategist, Peter Perkins, discussing MRB’s long term returns framework.



 

Long-Term Returns – A Challenging Road Ahead – June 22, 2021
Absolute Return ·  · Asset Allocation · 

The poor starting point for equity, bond, credit, and commodity valuations points to subpar returns on balanced portfolios over the next decade, even as the global economy expands at a reasonable pace.



 

Emerging Markets Fixed Income – EM Debt Will Shine While The U.S. Dollar Softens – May 20, 2021
 · Emerging Markets · Fixed Income · 

Two key external drivers of EM bond returns will offer a constructive backdrop in the year ahead.



 

Emerging Markets Foreign Exchange – When Uncertain, Prioritize Growth – May 13, 2021
 · Emerging Markets · Foreign Exchange · 

The overarching driver of EM currencies is global trade, which offers a strongly positive backdrop and will likely propel appreciation versus a softening U.S. dollar.



 

Weekly Macro Strategy – A Durable Trend, Not A One-Off – April 30, 2021
 · Weekly Macro Strategy · 

Led by the U.S., the global economic recovery continues to strengthen on the back of increased vaccinations.



 

MRB TradeBook Update – April 30, 2021
Absolute Return · 

 Add to Favorite Reports  



 

Emerging Market Equities – When Global Trade Pops, EM Stocks Sizzle – April 29, 2021
 · Emerging Markets · Equities · 

Recent EM underperformance is mostly attributable to the renewed vigor of stocks in the U.S., along with some idiosyncratic risks that have impacted mega-cap Chinese stocks.



 

Brazil – Upside For Stocks, But… – April 22, 2021
 · Emerging Markets · Equities · 

In stark contrast with the grim headlines, Brazil’s 12-month forward earnings growth has been on a tear in recent months.



 

Emerging Markets Fixed Income – EM Debt To Outperform, Even With Rising Global Bond Yields – April 6, 2021
 · Emerging Markets · Fixed Income · 

Three months ago we warned of short-term headwinds to EMLCD returns, while remaining confident of their ability to outperform within a global fixed income portfolio on a 6-12 month view.



 

Roundtable – EM Investing: Different Regions, Different Assets – (68min:21sec) – March 25, 2021
Webcasts, Webinars & Roundtables · 

We are generally constructive about the prospects for emerging market outperformance in the year ahead. Equities should outperform their DM counterparts



 

Emerging Markets Foreign Exchange – Don’t Fear The Treasury Bear Market – March 23, 2021
 · Emerging Markets · Foreign Exchange · 

In the midst of a burst of synchronized global growth, financed by Uncle Sam’s mega-stimulus, EM currencies stand to ride higher on a tide of investor risk appetite.