CBON

EM Debt 2024: Solid Beginnings

Emerging markets debt performed well in the first quarter of 2024, and we anticipate more of the same in the next quarter. We see selective value in high-beta, high-yield credit because we believe the global market environment will be conducive to its outperformance. Short-maturity bonds have outperformed but opportunities in longer bonds are appearing.

Emerging Markets - A Changed Asset Class?

Investors have traditionally considered emerging markets to be riskier than developed markets. Recent data point to significant changes in EM fixed income and equity markets. EMs remain resilient during recent DM hiking cycle. EM growth is not as dependent on China as it used to be. Investors may be getting more attuned to these shifts.

China's First Quarter 2024 GDP Beat Forecasts As Investment Picks Up

Fixed Income Investment Outlook Q2 2024: A Winding, Downward Path

Weekly Report: what happened at CBON last week (0408-0412)?

Where We Stand

Dollar Consolidates But Adjustment Is Not Over

Higher than expected US CPI for the third consecutive month drove US interest rates sharply higher and lifted the greenback broadly. The market appears to be catching its breath today, but the shallow consolidation suggests the moves are not over. The dollar has reached nearly JPY153.30. Gold fell by about $18.75 an ounce yesterday, its largest loss in about a month.

U.S. CPI, New Security Initiatives With Tokyo And Manila, Bank Of Canada Meeting

The dollar has been confined to narrow ranges ahead of the US CPI report. The Reserve Bank of New Zealand signaled that it was in no hurry to cut rates. The New Zealand dollar is leading the G10 currencies higher. The Hang Seng and the mainland companies in Asia are leading the region. Gold is consolidating in about $2345-$2360.