Emerging Markets

This week we conduct a thorough audit of our open positions by revisiting the original basis and subsequent performance of all 13 cyclical recommendations. Following the review, we recommend closing 6 of the 13 positions.

Domestic bond yields in the three major central European markets have recently inched up more than their German counterparts. This is despite economic growth staying quite weak in CE3. What should investors make of it (Chart 1)? Chart 1…

Trump's presidential re-election makes US tariff rate hikes on Chinese exports an imminent threat. Beijing has made extensive efforts to derisk the domestic economy and diversify trade away from the US. However, China is no better positioned today than it was in 2018 to withstand the impact of a renewed trade war.