Recent Articles

Moody's Upgrades India's Credit Rating

December 11, 2017 | Author: Edward Kerschner, CFA | Categories: Chart of the Week, Emerging Markets

Moody
Moody's Investor Services upgraded India's sovereign credit rating to 'Baa2' with a stable outlook in November, the first time since 2004. The 'Baa3' rating was the lowest investment grade, just a notch above 'junk' status....
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EM Earnings: Brightening on the Horizon

December 04, 2017 | Author: Edward Kerschner | Categories: Chart of the Week, Emerging Markets

EM Earnings: Brightening on the Horizon
Accelerating emerging markets' economic growth should bode well for earnings. The International Monetary Fund (IMF) forecasts that emerging markets gross domestic product (GDP) will grow 4.6% in this year....
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India in Top 10 Gainers in Ease of Doing Business

November 27, 2017 | Author: Edward Kerschner, CFA | Categories: Chart of the Week, Emerging Markets

India in Top 10 Gainers in Ease of Doing Business
Prime Minister Narendra Modi's reforms are paying off. India jumped up 30 spots in the World Bank's Ease of Doing Business rankings. The series of reform measures, including the Insolvency and Bankruptcy Code, the Real Estate Act, and the Goods and Services Tax, likely played a role in India's improved ranking....
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All Duration is Not Created Equal

November 21, 2017 | Author: Edward Kerschner, CFA | Categories: Chart of the Week, Emerging Markets

All Duration is Not Created Equal
After close to four decades of declining interest rates and central bank policy rates hitting zero, the combination of quantitative easing policies, low inflation and tepid growth had driven sovereign bond rates to historic lows. Facing a New Rate Regime, today investors are concerned that duration (i.e., interest rate sensitivity) which has been a source of return may no longer be so, and could potentially be a source of risk should interest rates rise. Those investors are now looking to lower their duration....
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Will ANTS Spoil the Picnic?

November 13, 2017 | Author: Edward Kerschner, CFA | Categories: Chart of the Week, Emerging Markets

Will ANTS Spoil the Picnic?
Like the U.S. market where the so-called FANG stocks (Facebook. Amazon, Netflix and Google) have gotten a lot of attention, emerging market's 'ANTS' (Alibaba, Naspers, Tencent and Samsung) have contributed 43% of the MSCI EM Index YTD gain (as of 11/1/2017). The surge in price of the ANTS stocks has been supported by strong earnings gains; up 77% in 2016 (versus 17% for the EM Index). But that growth differential has been narrowing....
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