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Emerging Markets Fixed Income – Firming Growth And Rate Cuts Will Sustain Outperformance – June 1, 2023
 · Emerging Markets · Fixed Income · 

Firming growth (in the context of disinflation), especially in EM Asia, will improve credit risk of EM local currency debt (EMLCD) relative to DM peers.

Emerging Markets Foreign Exchange – Come For The Growth, Stay For The Rate Cuts – May 25, 2023
 · Emerging Markets · Foreign Exchange · 

The case for holding EM currencies is primarily predicated on their association with stronger growth and fewer risks to growth than their DM peers.

Emerging Market Equities – It’s All About China, For Now – April 13, 2023
 · Emerging Markets · Equities · 

In a world of constrained expectations and earnings counter-currents, EM stocks offer decent prospects for outperformance.

Emerging Markets Fixed Income – EM Debt: Resilient And Poised To Outperform – March 23, 2023
 · Emerging Markets · Fixed Income · 

The return outlook for both EM local currency (EMLCD) and U.S. dollar debt may appear unappealing at first glance given how tight spreads are against their U.S. counterparts.

Emerging Markets Foreign Exchange – Better Growth Supports EM Currency Appreciation – March 16, 2023
 · Emerging Markets · Foreign Exchange · 

We continue to see good odds of improving global growth conditions this year, with a reopening in China now gaining momentum…

Emerging Market Equities – More Than Just A China Bounce? – February 28, 2023
 · Emerging Markets · Equities · 

With China’s earnings momentum already improving and a material economic rebound under way this year, Chinese stocks are well set to outperform their EM and DM peers.

Emerging Markets Fixed Income – Goldilocks Favors EM Debt – January 19, 2023
 · Emerging Markets · Fixed Income · 

For an investor whose only insight into the EM debt asset class is a chart plotting the spread between EM debt and U.S. Treasury bonds…

Emerging Markets Foreign Exchange – EM Will Break Free Of The Dollar’s Chokehold In 2023 – January 12, 2023
 · Emerging Markets · Foreign Exchange · 

The outbreak of the COVID-19 pandemic unleashed a dizzying array of global economic forces that have dominated the EM currency landscape.

Webcast – Investment Strategy For 2023 – (9min:20sec) – January 3, 2023
Webcasts & Webinars · 

In this Webcast Phillip Colmar focuses on the key portfolio tilts that we recommend in 2023.

Webinar – Best Ideas For 2023 – (77min:03sec) – December 14, 2022
Webcasts & Webinars · 

MRB’s senior research team provide a series of high-conviction and non-consensus ideas for setting investment strategy in 2023.

Roundtable – 2023 Outlook For Emerging Market Investing – (60min:00sec) – December 7, 2022
Webcasts & Webinars · 

Today’s Roundtable featured Mehran Nakhjavani and Amr Abdel Khalek discussing MRB’s views for economic growth and asset markets in the emerging markets, covering the following topics:

Emerging Market Equities – 2023 Outlook: A Sedate Recovery In Growth – November 23, 2022
 · Emerging Markets · Equities · 

The current parlous state of earnings expectations in the EM world vindicates the steady underperformance of stock prices over the past year.

Emerging Markets Fixed Income – EM Local Debt Will Trump Dollar Debt – October 27, 2022
 · Emerging Markets · Fixed Income · 

Spreads for EM local currency-denominated debt (EMLCD) have come screaming in over the past three months

Emerging Markets Foreign Exchange – Can EM Continue To Outperform DM (ex-U.S.)? – October 20, 2022
 · Emerging Markets · Foreign Exchange · 

The U.S. dollar is king. To be fair, this has been the case only for the fourth time since the early-1970s

Emerging Market Equities – In Search Of Earnings Growth (At A Reasonable Price) – September 15, 2022
 · Emerging Markets · Equities · 

Forward earnings growth is hard to find in the EM world, and is absent from three of its four major bourses

Emerging Markets Fixed Income – Stick With Selective High-Yielders – August 25, 2022
 · Emerging Markets · 

Global inflation rates are mathematically certain to decline in the months ahead, thanks to base effects and lower energy costs.

Emerging Markets Foreign Exchange – Finding Shelter From The Dollar’s Chokehold – July 13, 2022
 · Emerging Markets · 

The dominance of the U.S. dollar has become so pervasive in EM currency markets that allocations to EM offer very little diversification in a global currency portfolio

Emerging Market Equities – China’s Reopening Lifts EM, But For How Long? – June 30, 2022
 · Emerging Markets · Equities · 

The long underperformance of EM has swung round into outperformance thanks to the desynchronized nature of Chinese economic momentum and its policy stance versus trends in developed markets (DM).

South Africa – Rand Bonds: Will SARB End The Party? – May 31, 2022
 · Emerging Markets · 

South Africa is one of the exceptions among the major EM bond issuers: its inflation has been much more modest than most emerging and developed market counterparts

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

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.

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 · 

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

Emerging Markets Foreign Exchange – Time To Focus More On Quality – October 28, 2021
 · Emerging Markets · Foreign Exchange · 

It is relatively rare for the U.S. dollar to strengthen at the same time as Treasury yields rise

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

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