As travel and tourism budgets begin to loosen we are again occasionally asked, 'is it safe for me to travel there?'. High homicide rates: US in DM; Brazil, Colombia, Nigeria, Sth Africa in EM; Jamaica, Phils, Thailand in Tourism spots. Post-2000, US....

In September, US dollar up 3.4% and US 10-year yield up 69bps: tough backdrop for EM equities, which fell 12%. Recession fears hit commodities (eg oil down 15%), which dragged down year to date outperformers, eg Brazil, Saudi. Attractive value, eg ma...

Forex: Currency resilience is helping to limit price pressures in Zambia. Fixed Income: Kenya’s 2027 Eurobond yield rises to a near 2-month high after the central bank hiked rates. Macroeconomic: Botswana’s economy expands by 5.6% y/y in Q2 2022.

Weekly summary of Vermilion's global technical equity strategy calls, including sector weightings, from both a top down and bottoms up perspective.  

Central Bank of Nigeria hikes rates by 150bps and struck a relatively hawkish/orthodox tone. Bank of Ghana postpones meeting to October 7 when the IMF is expected to conclude its visit. Campaign for Nigeria 2023 elections kicks off and latest polls s...

Forex: Selling pressure on the Egyptian pound shows no signs of abating. Fixed Income: Blowout in Ghanaian CDSs implies that the market is pricing for a default. Macroeconomic: Elevated food costs are underpinning inflation in Sub-Saharan Africa.