Markets Recon

China plays its trump card (rare earths); Trump replays his (tariffs)

1 day ago

China tightens rare-earth exports; Trump eyes 100% tariffs. US shutdown ongoing. Oil falls; Gaza ceasefire. China exports firm, domestic/property weak. $20bn US-Argentina swap. Brazil tax reform; i...

By Ashmore Group In Macro, Commodities, Private Markets, Wealth Practice, Emerging Markets

Noisy developed market politics does not mean long-end bonds won’t perform

8 days ago

US shutdown started with muted markets. Weak ISM shows a K-shaped US economy. Takaichi becomes Japan PM; France’s PM resigns. China holiday retail soft. Protests rise in Morocco; govt shifts course...

By Ashmore Group In Macro, Fixed Income, Emerging Markets

WEBINAR: Fed cuts catalysing further EM debt and equity outperformance

13 days ago

An insightful discussion on how the Fed’s cutting cycle and a shifting dollar could catalyse the next leg of EM performance across debt and equities.

By Ashmore Group In Macro, Fixed Income, Equities

EM assets during easing cycles

14 days ago

After nine months of unchanged policy rates, the US Federal Reserve (Fed) cut by 25bps this September. Most market participants expect multiple rate reductions over the coming months. To put the Fe...

By Ashmore Group In Fixed Income, Macro, Sustainability

Lo que sea necesario: Bessent’s ‘whatever it takes’ moment for Argentina

15 days ago

Germany speeds fiscal spend; US shutdown risk as Fed stays data-dependent; gold at record; Morocco to IG; Thailand outlook negative; US-Argentina $20bn swap; Saudi to allow majority foreign ownersh...

By Ashmore Group In Macro, Commodities, Emerging Markets, Portfolio Construction

A new easing cycle bodes well for EM assets

22 days ago

Fed cut rates 25bps, more easing likely; Trump and Xi may meet in Oct; UK, Canada & Australia recognised Palestine; Sri Lanka credit upgraded; Argentina intervened to support peso; Brazil held Seli...

By Ashmore Group In Fixed Income, Macro, Emerging Markets, Sustainability

Trade of 2025? EM > AI

29 days ago

EM stocks +4% (Asia-led); EM returns now double the S&P YTD. US data backs EM outperformance & weaker USD. US to urge G7 100% tariffs on China/India over Russian oil. Korea KRW 284tn relief; Mexico...

By Ashmore Group In Equities, Thematic / Megatrends, Macro, Commodities, Emerging Markets

Weak US payrolls all but assure a September rate cut

1 month ago

Weak US payrolls point to a Sept Fed cut; US10Y ~4%. Senate set to confirm Stephen Miran as temporary Fed chair. French PM Bayrou likely ousted; Japan’s Ishiba resigns. OPEC+ to add 137k b/d in Oct...

By Ashmore Group In Macro, Commodities, Emerging Markets

The case for frontier debt

1 month ago

It’s a catchy axiom that “frontier markets are what emerging markets used to be,” and there’s some truth to it. As emerging markets (EMs) grow and become more interconnected with the global economy...

By Ashmore Group In Fixed Income, Emerging Markets, Macro