Covid vaccination or high levels of prior infection are finally driving a re-opening of the tourism sector, both in source markets – witness the recent loosening of restrictions in the US and UK – and destination markets – consider the acceleration o...

Hopes for Chinese stimulus following a disappointing GDP figure from the world’s second largest economy continued to filter through the base metal markets yesterday. The June year on year print came in at 8.2% y/y from 6.2% y/y in May, while the mont...

The Financial Action Task Force (FATF) completed its most recent meeting on 25 June and, among small Emerging and Frontier equity markets, Mauritius, Morocco, Pakistan remain on the "Grey List", Philippines was added, and Ghana was removed. For examp...

We identify four high-quality names that are likely to see a bounce-back in performance, and that are still trading at discounted multiples. We also identify four banks that have rallied hard and are now pricing in structural improvements in performa...

Most would agree that economic stress, and specifically unemployment, breeds populism, and in extreme cases, radicalisation and insecurity. It is the EM echo of the message from Bill Clinton's 1992 election strategist James Carville, "It's the econom...

MCBG reported a full-year net profit of MUR7,912mn, 16% lower yoy. We think the outlook for the coming quarters will also be challenging. Fee income was weak (down 5% yoy), reflecting lower transactional activity. On the back of these numbers, we hav...