China has fallen into the same "fiscal trap" that ensnarled Japan in the 1990s. Unprofitable investment projects undertaken by SOEs are a necessary evil. The underlying problem is not overinvestment, but an economy that is demand-…

Special Report

Brazil is not a buy. Impeachment alone is not a solution to Brazil's problems. Recent political changes will prove insufficient to alter the public debt dynamics in Brazil. Investors should focus on the bigger picture. Without severe…

EM/China growth improvements and the associated rally will falter on their own without tightening by policymakers. The short duration of these mini-cycles and a lack of observable catalysts make it impossible to precisely time…

Special Report

This week Global Alpha Sector Strategy in conjunction with Emerging Markets Strategy is sending out a Special Report on EM deep cyclical sectors, discussing debt and cash flow dynamics, identifying how far advanced the capital…

If the EM rally is sustained, the Fed will once again become resolute in its commitment to hiking interest rates. This in turn will spur another relapse in EM risk assets. Chinese policymakers are attempting to juggle contradictory…