Tag Archives: emerging markets

Summary China will raise the sales tax on small cars to 7.5% in 2017. New methodology used by Turkstat to measure Turkish GDP has led to significant upward revisions. Turkish authorities are growing more concerned about the weak lira. Fitch moved the outlook on Chile. Chile’s central bank shifted to an expansionary policy bias. Colombia selected Juan Jose Echavarria to be the new central bank governor. Fitch revised...

Stock Markets After the ECB meeting, we saw curve steepening in the eurozone. This is on top of curve steepening in the US since the elections. While we are nowhere near the magnitude of the 2013 Taper Tantrum, these yield curve dynamics remain negative for EM bonds and EM FX. EM equities are a different matter, supported in part by the continued post-election rally in DM equity markets. Higher commodity should also...

Stock Markets After the ECB meeting, we saw curve steepening in the eurozone. This is on top of curve steepening in the US since the elections. While we are nowhere near the magnitude of the 2013 Taper Tantrum, these yield curve dynamics remain negative for EM bonds and EM FX. EM equities are a different matter, supported in part by the continued post-election rally in DM equity markets. Higher commodity should also...

The following is the list of “Russian Propaganda sites”, as published by PropOrNot. Several articles by the Washington Post refer to this list. Many sites on that list are based on libertarian ideas and Austrian economics. Those are in favor of a free market economy, they reject central banks, the big state and the establishment. Examples are davidstockmanscontracorner.com beforeitsnews.com lewrockwell.com...

The following is the list of “Russian Propaganda sites”, as published by PropOrNot. Several articles by the Washington Post refer to this list. Many sites on that list are based on libertarian ideas and Austrian economics. Those are in favor of a free market economy, they reject central banks, the big state and the establishment. Examples are davidstockmanscontracorner.com beforeitsnews.com lewrockwell.com...

Summary Hong Kong Chief Executive Leung Chun-ying said he won’t seek a second term. Korea’s parliament voted 234-56 to impeach President Park. Czech National Bank raised the possibility of negative rates to help manage the currency. A Brazilian Supreme Court justice removed Senate chief Renan Calheiros from his post, but was later overturned by the full court. Brazil central bank signaled a possibly quicker easing...

Summary Hong Kong Chief Executive Leung Chun-ying said he won’t seek a second term. Korea’s parliament voted 234-56 to impeach President Park. Czech National Bank raised the possibility of negative rates to help manage the currency. A Brazilian Supreme Court justice removed Senate chief Renan Calheiros from his post, but was later overturned by the full court. Brazil central bank signaled a possibly quicker easing...

Stock Markets EM remains a mixed bag. Despite the negative connotations of a rising US rate environment, EM gathered an element of stability last week as the dollar consolidated its recent gains. Rising commodity prices are also helping EM at the margin, with RUB and COP amongst the best last week on higher oil and CLP on higher copper.  The tone for markets this week will likely be set by political developments in...

Stock Markets EM ended last week on a somewhat firmer note, though we note divergences remain in place.  For the week, ZAR and KRW performed the best while TRY and BRL were the worst.  US jobs data Friday will draw some attention, though a December Fed rate hike is pretty much fully priced in.   China reports November PMI readings this week, and should show continued stabilization of the world’s second largest...

Summary Philippine President Duterte will reportedly ask central bank. Governor Tetangco to stay on for a third term. South Africa’s government has proposed a national minimum wage. Fitch moved the outlook on South Africa’s BBB- from stable to negative. Turkey’s central bank surprised markets with a 50 bp hike in its benchmark repo rate to 8.0%. Political risk in Brazil is rising as President Temer’s top aide was...