marctomarket.com / by Marc Chandler / November 18, 2016
(from my colleague Dr. Win Thin)
In the EM equity space as measured by MSCI, Brazil (+4.9%), Mexico (+3.6%), and Russia (+2.9%) have outperformed this week, while Peru (-5.1%), Czech Republic (-3.3%), and India (-2.4%) have underperformed. To put this in better context, MSCI EM fell -0.1% this week while MSCI DM rose 0.3%.
In the EM local currency bond space, the Philippines (10-year yield -50 bp), India (-30 bp), and Ukraine (-28 bp) have outperformed this week, while Malaysia (10-year yield +45 bp), Thailand (+31 bp), and Poland (+31 bp) have underperformed. To put this in better context, the 10-year UST yield rose 13 bp this week to 2.28%.
In the EM FX space, EGP (+3.7% vs. USD), MXN (+2.6% vs. USD), and RUB (+1.9% vs. USD) have outperformed this week, while TRY (-3.7% vs. USD), COP (-3.2% vs. USD), and MYR (-1.7% vs. USD) have underperformed.