Debt Markets

In contrast to recent months, job gains concentrated in the formal sector (63.4% of the total), with a decline of the informality rate to 54.9% from 55.1% in August. All in all, this implies that overall employment levels remain 4.6 million below tho...

IMF review schedule now delayed as government's commitment to reform is called into question. Key areas of focus are central bank independence, anti-corruption framework, corporate governance and 2021 budget. Not clear when review will be completed,...

Nevertheless, greater anti-trust regulatory scrutiny for mega Technology adds to other worsening risk factors this year: nationalist regulation, China-Taiwan territorial friction, and much dearer valuation multiples. Investors continue to look throug...

The weakness in retail and production patterns, which disappointed in August, intensified in September. Retail trade shrunk 3.0% y/y; manufacturing output started to contract again in September. Monetary or fiscal support unlikely to come in 4Q20.

The ENDSARS protest in Nigeria has escalated quite quickly over the past two weeks with several killings across the country. Things are unlikely to remain the same after this. The risks are likely tended more to the downside from this point. This is...

Flows data in the past week clearly show buying in long duration product, which is acting to mute upside potential for yields. Even though core Eurozone yields have come off their lows, they sustain an anchor effect for Treasuries. Such an event, whi...