Emerging Markets correspondent at the Financial Times.
Joseph Cotterill
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Taiwan's central bank is now expecting GDP growth of 9.4% this year. You don't see trillion-dollar economies do that very often. (Other market forecasts below) www.cbc.gov.tw/en/cp-448-19...
In media/AI signs of the times, I got the coveted pitch from a Mercor recruiter today to sell my journalist soul to the AI knowledge-liquefaction machine. For a whole $100 a hour! (Via LinkedIn message, naturally. Sadly I must decline)
Would be interesting to see how this plays out for something that has become a big deal for the Korean won itself. As SK Hynix (and Samsung) have rallied, foreign holders sell them a lot domestically as their weights in Asian and EM indices hit portfolio concentration limits (hitting the won).
The Egyptian pound is up close to 3% against the dollar today on the Iran deal. Which is nice for those who won a scramble to buy Egypt treasury bills in an auction only yesterday. About $1.2bn was offered for sale. There were *$7.3bn* in bids, of which $4bn was accepted. (Yields are about 24-25%.)
Joseph Cotterill
Pretty amazing to see YoY Murban oil price rises of nearly 120% two months ago, and 49% YoY two weeks ago, become just +18% this morning .. and 12% for Brent.
Just how narrow has this year’s rally been in emerging markets? Very
Only about 20% of stocks have outperformed the index, 80% have underperformed (maths, innit 👨🎓)
TSMC, is 14% of the index. That’s nearly 3x Nvidia’s weight in MSCI World. Add in Samsung and SK Hynix and you’ve got another 14%
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