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Emerging Markets: What has Changed

Friday, November 25, 2016 16:10
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B4INREMOTE-aHR0cHM6Ly80LmJwLmJsb2dzcG90LmNvbS8taHAxc2ViRnRHbHcvV0RoX1lCX1lHMkkvQUFBQUFBQUFXWEUvV0hSZC1vNVIzQXdOQV9xVF93ZTRjQnY3cFZ4bVF6X2VBQ0xjQi9zNDAwL2tleS5qcGc= / Dr. Win Thin / Nov 26, 2016

  • 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 implicated in an influence peddling scandal.
In the EM equity space as measured by MSCI, Poland (+4.0%), Russia (+3.3%), and Thailand (+2.0%) have outperformed this week, while Indonesia (-2.6%), the Philippines (-2.1%), and Turkey (-1.7%) have underperformed.  To put this in better context, MSCI EM rose 1.4% this week while MSCI DM rose 1.3%.
In the EM local currency bond space, India (10-year yield -20 bp), Hungary (-18 bp), and Poland (-15 bp) have outperformed this week, while the Philippines (10-year yield +51 bp), Indonesia (+49 bp), and Turkey (+17 bp) have underperformed.  To put this in better context, the 10-year UST yield rose 1 bp this week to 2.37%.
In the EM FX space, ZAR (+2.2% vs. USD), PLN (+0.6% vs. EUR), and PKR (+0.6% vs. USD) have outperformed this week, while EGP (-9.3% vs. USD), TRY (-2.3% vs. USD), and BRL (-1.1% vs. USD) have underperformed.


The post Emerging Markets: What has Changed appeared first on Silver For The People.


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