Recession fears are driving the trend in global markets again. Risk appetite is still very low. Today we expect another negative opening in the market towards 2,380-2,365 band. Net gold imports realised as US$1.3bn in May’22 (May’21: -US$49mn). Russi...

Oil prices have gapped sharply lower this morning as commodities in general have taken a battering from growing recession concerns. Egypt’s GDP growth rate slowed to 0.8% q/q in Q1 from 4.6% q/q in Q4, reflecting the impact of the war in Ukraine, whi...

At the market close on 29 June, MSCI DM was down 7% month to date, EM fared better at down 4%, and less liquid FM was down 5%. Valuation across most of the EM and FM spectrum appears to reflect a lot of distress already; both indices are on c20% disc...

Nigerian bonds have sold off sharply this year, with the spread on the Bloomberg EM Sovereign Nigeria Index rising by 327bps ytd through 17 June versus a 105bps rise in the Aggregate Index. Nigeria’s sell-off has been surpassed only by those of Tunis...

We held a series of client meetings in London over the past fortnight, seeing over 20 clients, consisting of a mix of fixed income and equity investors in EM and Frontiers, Africa specialists, and special situations and distress funds. The meetings t...

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