marctomarket.com / by Marc Chandler / July 15, 2017
- Pakistani Prime Minister Nawaz Sharif may face trial on corruption charges.
- Turkey will reportedly pay $2.5 bln for a Russian missile defense system.
- Nigeria said it was willing to cap its oil production to support OPEC efforts to cut global supply.
- Former Brazilian President Lula was sentenced to nine and half years in prison on corruption charges.
- S&P downgraded Chile one notch to A+ with a stable outlook.
- A consortium of three private companies discovered 1.4-2.0 bln barrels of new oil in Mexico.
- S&P downgraded Venezuela by a notch to CCC- and kept the negative outlook.
In the EM equity space as measured by MSCI, Brazil (+8.5%), Qatar (+6.6%), and Egypt (+5.8%) have outperformed this week, while the Philippines (-0.2%), Malaysia (-0.1%), and Indonesia (flat) have underperformed. To put this in better context, MSCI EM rose 4.4% this week while MSCI DM rose 1.6%.
In the EM local currency bond space, Brazil (10-year yield -21 bp), South Africa (-19 bp), and Indonesia (-18 bp) have outperformed this week, while Mexico (10-year yield flat), India (-1 bp), and Malaysia (-1 bp) have underperformed. To put this in better context, the 10-year UST yield fell 7 bp to 2.31%.
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