Five EMs with poor economic policy are holding elections in 2023: Argentina, Nigeria, Pakistan, Turkey, Zimbabwe. Hopes for a positive policy pivot should be tempered because the incumbent is strong or vested interests too entrenched. Yet, an orderly...

Russia-Ukraine War remains central to any global risk analysis but Europe-CIS accounts for less than 2% of MSCI EM index. But the region looms large (almost 30% weight) in MSCI FM index: Kazakhstan (9%), Iceland (9%) and Romania (7%). Top picks: Hung...

We forecast a technical recession throughout CEE over the winter due to falling purchasing power and foreign demand, tighter financial conditions and lower fiscal spending. A rebound is likely from 2H23 onwards if the eurozone economy recovers as wel...

EM hard currency sovereign bond issuance slipped 20% to US$8bn in November. It brings total issuance to US$86bn ytd, still only half the amount seen in the same period last year. But late-year rally on new optimism over global rate outlook helps EM b...

Manchester United is seeking new investors at a much higher price point than its market capitalisation of US$2.5bn. The club's strong branding and affinity with its supporters are key intangibles that any potential buyer must evaluate. We flag listed...

There was a possible Russian missile strike in Poland, a NATO member, near the Ukraine border yesterday. As yet, there's been no declaration of war on Poland by Russia, and no rush by Poland to invoke NATO collective defence. The US will likely conti...