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Emerging Markets Update: April 2021

Top Papers on the Outlook for Emerging Markets

Local knowledge coupled with an understanding of the capital market environment within emerging market countries may prove critical to uncovering the best types of opportunities. To assist in this effort, CFA Institute has released a series of brief guides that walk investors through the layout of local equity and debt markets in eight different APAC countries. Several top asset managers then provide updates on emerging market economies across the Asian, South American, and African continents.

These country-specific outlooks are complemented by asset class outlooks that predominantly focus upon the Asia-Pacific region, including PineBridge's insight into the onshore Chinese bond market, UBS Asset Management's take on APAC real estate, and Bain & Company's APAC-specific private equity outlook.

EM outlook April building

China: Charting the course to carbon neutrality (Robeco, Apr 2021)

Robeco reviews the implications of China’s recent pledge to achieve carbon neutrality by the year 2060. Transitioning from the world's largest emitter of carbon to a net zero outcome will be extremely difficult, yet the move will result in many opportunities for investors.

The Emerging Asia Pacific Capital Markets (CFA Institute, 2021)

CFA Institute provides in-depth analysis of the capital markets environment within eight different emerging market countries. This link directs the reader to all eight respective papers.

EM Equities: China’s 'smart' opportunity (Janus Henderson, Apr 2021)

For compliance reasons, this paper is only accessible in certain geographies

The electric vehicle market is expanding rapidly. Janus Henderson contends that China may be poised to capture a large share of the global market due to not only advantageous lower-cost manufacturing, but also advanced EV software development.

Emerging Market Green Bonds Report 2020 (Amundi, 2021)

For compliance reasons, this paper is NOT accessible in the United States

Amundi Asset Management reviews green bond issuance trends in emerging markets over the course of 2020. In many ways, the pandemic has helped refocus global efforts on sustainable practices which will benefit the green finance industry.

Has Africa Sidestepped the Pandemic? (Invesco, Apr 2021)

For compliance reasons, this paper is only accessible in certain geographies

As is the case for all global economies, the economic outlook for African countries depends heavily upon progress in dealing with the Covid pandemic. However, vaccine access may become a significant impediment to near-term growth prospects.

Brazil and South Africa: Giants with feet of clay (PGIM Fixed Income, Apr 2021)

Both Brazil and South Africa have struggled economically in the wake of the pandemic, but PGIM Fixed Income suggests that South African debt is poised to outperform in the near future due to several factors.

The Enormous Onshore Chinese Bond Market (PineBridge Investments, Apr 2021)

China's onshore bond market has swelled to over $17.5 trillion, making it the second largest global bond market. PineBridge explores the landscape of Chinese government bonds and Chinese corporate credit in this insightful article.

Outlook on Emerging Markets (Lazard Asset Management, Apr 2021)

Lazard's emerging markets outlook focuses on the impact of vaccine rollouts and renewed optimism in EM equity markets. It also provides updates on the relationship between U.S. treasuries, the U.S. dollar, and EM debt.

Real Estate Outlook: APAC (UBS AM, Mar 2021)

This is the first edition of UBS Asset Management's Asia Pacific Real Estate Outlook. Within it, the authors examine the fundamentals of the APAC real estate market as the region continues to swiftly recover from pandemic concerns.

China: The ambitions of the biggest emerging economy (NN IP, Mar 2021)

This is the first in a four-part series of articles on China by NN IP. It describes the country's ambitious plans for economic growth, and other tenets of Chinese policymakers' recently released five-year plan for economic development.

The Strengthening Case for Investing in Asia (Capital Group, Mar 2021)

For compliance reasons, this paper is only accessible in certain geographies

The recently announced Regional Comprehensive Economic Partnership (RCEP) brought together 15 APAC countries to create the largest free trade group in the world. Capital Group looks at the potential impact of the RCEP, as well as investment opportunities within China, India, and the broader APAC region.

Investing Beyond the Storm: The MENA region (Franklin Templeton, Apr 2021)

For compliance reasons, this paper is only accessible in the EMEA region

Franklin Templeton discusses the impact of Covid-19 on the GCC/MENA region, the present outlook for these economies, the impact of oil prices, and the opportunity for increased green energy production.

Asia-Pacific Private Equity Report 2021 (Bain & Company)

In a similar fashion to their global private equity outlook, this annual report by Bain & Company focuses on the private equity environment within the Asia-Pacific region.