Pakistan’s economy and stock market are currently going through painful but necessary adjustments. The country has been suffering from a severe balance-of-payment crisis. Its exchange rate has already depreciated by 30% versus the U…

Over the next six to nine months, we believe both UAE equities and corporate spreads will outperform their respective emerging market (EM) benchmarks. The UAE economy is set to improve marginally this year (Chart III-1). It will benefit…

The Argentine peso remains vulnerable due to deficient external funding and public debt sustainability concerns. A lack of external funding and a depreciating peso are causing rising inflation and interest rates. The latter are spurring a…

Our negative call on Vietnamese stocks since last May has turned out well.1 The significant deceleration in export growth alongside the selloff in broader emerging markets has generated a double-digit drop in Vietnamese stock prices over…

  Argentine financial markets have been rioting, with the currency plunging by 11% versus the U.S. dollar since the beginning of April. What is the underlying cause of turbulence, and what should investors do? Argentina's…

Highlights Lebanon is facing genuine debt deflation, which is partially a by-product of its fixed exchange rate regime. To defend the exchange rate peg in the face of the country's chronic current account deficit, the central bank…