So what did we learn last week? Well, we learned that despite what amounts to
Category: emerging markets
Synchronized Swimming (We’ve Only Seen This Once Since 2004)
“2017 is on track to be the first year of synchronized equity inflows to all major region funds since 2004.”
Circuit Breakers Hit, Stocks Plunge, Emerging Market ETF Tumbles As Brazil “In Full Crisis Mode”
Look, I don’t know how closely you’ve followed Brazilian politics over the past three (or
“EM-palooza” Vs. DM Fyre Festival
“China’s Belt and Road Forum was a sort of EM-palooza, with an upbeat message of growth and investment. The G-7 finance minsters’ meeting, on the other hand, was more of a Fyre Festival of global economic hegemons, whose flaccid message was “we favor free trade, except when we don’t.”
Wait A Minute. Maybe People Aren’t As Fired Up About Emerging Markets As We Thought
“Yet at the same time as these headlines appear daily, our interactions with investors regarding EM continue to resemble pushing the boulder up a hill. Sadly, the boulder does not have wheels on it, and the hill is a mighty steep one.”
Here’s Another Example Of Stocks Not Caring About The Big Picture
“Chinese rates (including interbank rates) have been climbing through much of Q4 last year and early 2017, but these fears have grown more acute as commodity prices have moved sharply lower and China’s PMI has declined.”
This Is A Disaster Waiting To Happen
So last week, I put you on “contagion alert” amid the chaos in commodities. I’m not
Here Are BofAML’s 4 Reasons To Worry About Risk Assets
“As good as it gets?”
The “Curious Curse Of May”: Here’s Where The Risks Are
“Blame dividend payments, weddings in India, or simply plain profit-taking but”…
Don’t Look Now, But Something Cracked On Tuesday
One of the questions we’ve been asking for some time now is this: “when will
Want A Reason To “Sell In May”? Here’s One
Remember China? It’s a big country that’s somewhere near Sweden I think. No but seriously,
It’s “Make-Or-Break Time” And We Could See “A Painful Cleanout”
“During the past five years, May has been the worst month, on average, for EM FX. I remain a structural long-term bull on emerging markets, but the next month could see a painful cleanout of complacent positioning.”
“A Small Spark” Could Trigger An EM Correction, But For Now: “No Bears Allowed”
“Despite the 16 weeks of inflows into EM debt, positioning is not that extreme, as investors have been reducing risk in last few days ahead of binary events. Market participants agree that valuations are stretched but carry seems to be the only game in town.”
CitiWide Change Bank Is Back: Emerging Markets ETF Edition
I’m not sure how many times I’m going to have to go over this, but what
Gesundheit! The VIX Is Sneezing, Will Emerging Markets “Catch Cold?”
“What is clearer is that, as investors continue to wait for the global economy to ‘show me the activity’, they have become increasingly nervous about the prospect of a large, sharp S&P drawdown.”
Fortune Cookie Say: “Good Econ Data!” The Sultan Returns. Welcome To Monday.
Boom! It’s Monday. Let’s hit the ground running.
We’re At “An Inflection Point” – Here’s How NOT To Play It
Over the weekend, we talked a bit about the “seismic battle taking place between the
“That Sh*t Cray”: Emerging Markets, Fed Minutes Edition
Earlier this morning, we asked an important question: what did yesterday’s Fed Minutes portend for buoyant
“This Was Inevitable At Some Point”: Is There A Storm Coming For Emerging Markets?
“This was inevitable at some point. Removing market- supportive measures is a good indication that the recovery in the U.S. is on track.” Whatever you say…
Goldman: Q1 “Was A Quarter To Own Risk” – Here’s What Comes Next
“Which of these divergences will hold going forward?”
“Do You See What Happens?!” One Bank Explains The “Implications” Of Failure Friday
“What are the asset pricing implications of what happened on Friday?”
4 Days Later: Previewing The Week Ahead
Well, it’s Sunday which, at last check, means tomorrow will be Monday and that means a
Finally Friday: Oil Looks For Weekly Gain; EM, Euro Surge; Merkel Meets America’s Useful Idiot
Well, it’s quiet out there as an exceptionally eventful week (finally) winds down. As we
More Trouble
I don’t know if maybe you noticed, but this is playing out exactly like I
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