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Turkey central bank opts to wait and see
Today the CBRT’s Monetary Policy Committee (MPC) opted to hold its one-week repo rate at 17%, in line with Bloomberg consensus. After such aggressive action at the last two MPC meetings (see here and here), we think the reaction is appropriate. Turke...


UAE aluminium exempted from US import tariff as Trump leaves office
In his final hours at the White House, outgoing US President Donald Trump exempted the United Arab Emirates (UAE) from 10% tariffs on aluminium imports. Two weeks ago, EGA successfully ramped-up production at its new US$3.3bn alumina refinery to its...


Iraq election delay risks more protests
The risk is that the election delay triggers a resumption of mass protests (and the use of force against those protestors by militia threatened by any change to the status quo of formal politics). Protests kicked off in October 2019 and one of the co...


Our 20 pandemic winners: Key takeaways
The pandemic winners among developed market stocks, almost all tech firms, are now household names, with the likes of Zoom helping to transform our working and personal lives and Tesla becoming a retail-investor favourite, recording staggering share...


TSMC as key to chips as Middle East is to oil; a pointer for Biden's priorities
TSMC is the largest stock in the global EM index, the largest and most advanced outsourced semiconductor manufacturer and, arguably, right in the middle of the long-term tussle between the US and China over control of the Taiwan Strait and the techno...


Jobs matter more than votes: ESG pointers from Tunisia and Lebanon
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...

