BKF

Brazil Composite PMI ended Q3 2020 on a reading of 51.6 - an improvement on 31.8 in 2Q 2020.Russia Composite PMI stood at a strong 55.9 reading in 3Q 2020, up on 32.6 in 2Q 2020 and signaling an end to 2 consecutive quarters of sub-50 readings.India Composite PMI remained in recessionary territory in 3Q 2020 at 45.9, an improvement on the 19.9 in 2Q 2020.

Brazil Services PMI stayed in the recession territory in 3Q 2020, with index reading coming in at 47.5, up on 30.3 in 2Q 2020, but still marking a third consecutive quarter of sub-50 readings.Russia Services PMI posted very strong recovery signals in 3Q 2020, although the September reading slipped to 53.7 (fast growth) from a blistering 58.5 and 58.2 in July and August, respectively.India Services PMI remains in contraction, with a 3Q 2020 reading of 41.9, an improvement on sharper rates of deterioration in 2Q 2020 at 17.2.

The amount of cash cycling through one of the world’s largest exchange-traded funds is turning heads across Wall Street.

Plenty on Wall Street fear the explosive growth of passive investing will eventually store up trouble for bond portfolios. An academic from the Swiss Finance Institute has found evidence it has already begun.

Brazil Manufacturing PMIs gained serious speed in 3Q 2020 compared to 2Q 2020.China Manufacturing PMI rose from 2Q 2020 reading of 50.4 to 3Q 2020 reading of 53.0.The ongoing recovery across the BRIC economies is faster than Global Manufacturing PMI recovery.

Despite a growing economic and technological decoupling between China and the West, the financial divide is actually shrinking.China's bond market - now the second largest in the world - has seen increased foreign participation, especially in its government bond market, where foreign ownership now exceeds 9%, up from a negligible level just a few years ago.The unknowns of the post-COVID-19 landscape demand greater attention to portfolio construction, and investors may wish to consider alternative paths to a more efficient portfolio and a diversified stream of returns.

Brazil Composite PMI for 3Q 2020 currently sits at 50.6, barely above the zero-growth line of 50.0 in statistical terms.Russia Composite PMI for 3Q 2020 is at blistering 57.1, suggesting a genuine recovery, albeit one-sided, driven by services sector rebound.Overall, BRIC economies' growth momentum is still subdued and largely performing worse than the Global Composite PMI indicator.