Latin American currencies are in a structural bear market relative to Asian ones. The poor productivity performance of Latin America relative to Asia drives this structural trend. Despite this general tendency for Latin…
Highlights EM QE programs will ensure that EM local currency bond yields will drop further. However, the impact of these EM QE programs on EM currencies is ambiguous. Continue receiving long-term swap rates in a number of EM…
BCA Research's China Investment Strategy service underlines that while developments in the pandemic remain fluid, their baseline view suggests that the wealth effect will have a limited but positive impact on Chinese middle-…
Dear Client, Next week we will be sending you a Special Report providing our insights on the much-anticipated China National People’s Congress. We think the messages sent from the conference will be highly relevant to both the…
China’s data releases on Friday were mixed, at best. On the positive side, industrial production rebounded to a 3.9% annual growth rate in April. However, retail sales remain weak as they contracted at a 7.5% annual rate…
Feature Analysis on Korea & South Africa are available on pages 6 and 10, respectively. Mexico: Balancing Pros And Cons We have been overweight Mexican sovereign credit and local currency bonds as well as equities relative to the…
Yesterday, BCA Research's Emerging Markets Strategy service concluded that EM outperformance is not imminent. According to the chart above, EM equities relative to their US counterparts are as cheap as they were at their…