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Economic Minesweeper: October 2024 IMF and World Bank Annual Meetings
Policy makers, government officials and members of the emerging markets debt investment community descended on Washington DC last week for the fall IMF meetings. Over the course of the week, the EMsights team conducted over 100 meetings and actively engaged in conversations with a diverse array of representatives and leaders.Read More
TajikiSTAR
Surrounded by emerging market darlings Uzbekistan and Kazakhstan, Tajikistan often goes overlooked by investors. Our team recently traveled to Dushanbe, and we found it timely to provide an update on the country’s macroeconomic outlook.
Growth Team Weekly Investment Insights
After a few weeks off to handle quarter-end responsibilities, it feels good to catch up on what has been driving markets in October.
Pension Tension
Uruguay is heading towards a pivotal vote on October 27th, but it’s not just about electing the next president. This time, voters will also weigh in on a plebiscite that could reshape the nation’s pension system—backtracking on key reforms passed in 2023.
The Battle of the NDF Trading Venues
Non-Deliverable Forwards (NDFs) have become essential tools in emerging market investing, allowing access to emerging and frontier currencies that do not otherwise have an FX market. NDFs, unlike standard currency forwards, do not involve the physical exchange of currencies. Instead, counterparties settle the difference between the contracted NDF price and the current spot price at the maturity of the contract. Market adoption of electronic trading and central clearing in NDFs has not kept pace with other emerging market derivatives but is quickly catching up and rapidly becoming more complicated.
The Curious Case of The Bahamas Index Exclusion
The line between emerging and developed markets can often be blurred. While we advocate for a broad investment approach that encompasses a wide range of opportunities, index providers often draw a clearer distinction. This stricter approach can result in the exclusion of certain countries from the investable universe. One example is The Bahamas.
Growth Team Weekly Investment Insights
This week's post highlights Chinese stimulus measures and equity returns, US economic data releases (PCE and GDP), how rare it is to find companies with consistent growth profiles, and the importance of digital innovation in cars.
Growth Team Weekly Investment Insights
In this week's post, we highlight the August inflation data, performance of technology and consumer staples equities, expected earnings growth of small caps, Apple product announcements, and a rising cloud computing competitor.
Goodbye "T-Bill and Chill," Hello Dividend Stocks
The “higher for longer” interest rate environment is nearing its end. The Federal Reserve is widely expected this week to join other central banks, including the European Central Bank and the Bank of England, in cutting rates after generational high US inflation has receded back toward the Fed’s 2% target.
Growth Team Weekly Investment Insights
In this week's post, we highlight PMI readings, semiconductor weakness, updates on the labor market and oil industry, and walk through a popular approach to analyzing software companies.