Emerging Markets (EM) debt had a torrid 2018 as global macro risks (including general geopolitics and trade wars), softer EM growth and idiosyncratic stories (Argentina, Turkey), all repriced relatively expensive valuations at the beginning of the year. Are the new prices a better reflection of fundamentals? This will largely depend on the evolution of 5 key topics.
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- China-US – upside surprise…
The bond market was intimidating during the Clinton years, and has started as it means to go on for Trump’s term. As we celebrate this website’s 10th anniversary, it proves fitting that the bond market reminds us why we named the blog as we did.
The result of the US election was a surprise given the polls, but the exceptionally short-lived “risk-off” reaction in bond markets has been just as … Read the article