Taiwan

We highlight the 10 best- and 10 worst-performing EM stocks based on share price change this year. South Korea’s EcoPro, Taiwan’s Wistron and Taiwan’s Quanta Computer top the list of the best-performing stocks. China's Li-Ning, JD.com and Meituan top...

Pro-mainland China opposition fails to unite, making incumbent anti-mainland candidate favourite in January election. The potential catalyst for less US-China friction over Taiwan has evaporated and tense status quo likely persists. Biden-Xi summit a...

The US Federal Retirement Thrift Investment Board (FRTIB) changes benchmark index for US$68bn non-US equities fund. From MSCI Europe, Australasia and Far East (EAFE) to MSCI All Country World ex-USA ex-China ex-Hong Kong. New universe includes emergi...

Surprisingly, the two main opposition candidates for the January 2024 presidential election have united. Both of them advocate more harmonious relations with mainland China than the incumbent party's candidate. They have the combined opinion poll sup...

US priority: re-open military communication in context of 'managed competition', ie ongoing friction but with guardrails. China priorities: lower tariffs, tech access, end high-level US-Taiwan visits in context of losing out in US friction. This summ...

Short-selling until end June 2024 but no crisis of the sort that prompted previous bans (eg 2008 GFC, 2020 Covid). An attempt to woo retail investor base pre-April 2024 legislative election, where they make up a quarter of electorate. Short-selling...

Poland (Tusk election win), Pakistan (new political equilibrium) buck global fears (US yield, Israel-Gaza War, China). No single theme leads in 2023: Strong sovereigns, manufacturing, commodities, tourism, tech, reform all have a place. EM and FM sti...

Only if all investment in China ends up sanctioned by the US does excluding China from an EM equity fund make sense. Excluding China does not remove very high China trade exposure or index country concentration risk from what is left. Also, Taiwan-Ko...

Incumbent party presidential candidate still leads polls pre-January election as 2nd and 3rd candidates hold unity talks. Opposition unity obstructed by egos at the top and different policy preferences in the base. Incumbent win means status quo in r...

The past decade has been a disaster for investors in emerging markets because nominal earnings measured in dollars have not grown. The fall in earnings and investor returns can be seen as a bearish cyclical adjustment after the prior decade of plenty. India stands out as the star performer over this period, as it has provided high earnings growth without the volatility of commodity producers.

Daily trips on China’s railways set a new record of 20.1 million on September 29,1 the first day of the holiday. The cumulative impact of 11 Fed interest rate increases since March 2022 is eroding US household purchasing power. The greenback strengthened in the Q3 period, following a weakening trend in the prior two quarters.

Fed says high US rates for longer, dollar jumps higher, China property drags unsurprisingly, OPEC+ cuts bump oil higher. No single theme leads in 2023: Strong sovereigns, manufacturing, commodities, tourism, tech, reform all have a place. EM and FM s...

President Yoon Suk-yeol's party currently has merely 37% of parliamentary seats; next election in April 2024. Parliamentary vote to proceed with corruption case on opposition leader Lee Jae-muyng implies defections in his party. End of split governme...

China's latest national map reasserts territorial claims disputed by India, Malaysia, Philippines, Vietnam and Taiwan. Reminder of where future conflicts are possible, where China has overwhelming military superiority unless US intervenes. Catch-22 f...

China's debt problems linger and foreign investors continue to shun Chinese investments amid negative news flow. In Nigeria, the sentiment has dropped again as local pundits realize that the economy will take much more to stabilize. EMAlpha's EM-focu...

Huawei's Mate 60 Pro 5G smartphone uses SMIC's Kirin 9000s chip, which is built using 7nm technology. Huawei and SMIC sanctioned by US, which also blocks 16nm and below chip making equipment and end product sales to China. So, China is innovating alt...

Foxconn founder's presidential candidacy fragments the opposition further. Incumbent DPP's candidate is even more likely to win; ie friction with mainland China persists. China is not likely to invade Taiwan any time soon but Taiwan equities valuatio...

China property and stimulus woes, Thailand rivals unite, Turkey corrects, Argentina election surprise, BRICS sideshow. No single theme leads in 2023: Strong sovereigns, manufacturing, commodities, tourism, tech, reform all have a place. EM and FM sti...

BRICS made little sense as an investment theme and even less as a vehicle for economic and geopolitical cooperation. Argentina, Egypt, Ethiopia, Iran, Saudi, UAE compound diversity challenge and new members don't fix China-India friction. The world i...

China's debt turmoil deepens, raising questions on Chinese government's ability to navigate the escalating crisis. As the BRICS Summit kicks off, focus turns to dollar's status for trade & expansion of the group to challenge the West. EMAlpha's EM-fo...

Argentina's EFF arrangement passed its 5th/6th board reviews yesterday, allowing immediate disbursement of US$7.5bn. Nigeria's CBN told Wema Bank to stop foreign currency-secured loans in latest sign of slowing FX liberalisation momentum. Sri Lanka p...

The US-Japan-Korea trilateral is another reminder that China is losing out in the friction with the US. And that the opportune moment for a quick and successful Taiwan invasion is a long way off. Invasion bets (HK dollar or TSMC collapse) are based o...

China's local debt crisis deepens following adverse developments within Country Garden and growing worries at Zhongzhi. With Milei emerging as the victor in Argentina's election, his influence on pivotal economic policies is assured. EMAlpha's EM-foc...

Bolivia: Government announces significant gas discovery. Venezuela: 2015 National Assembly approves tolling agreement. AES Argentina Generación’s (AES) 2Q23 EBITDA impacted by dispatch reduction, but lowers net debt.

India's ability to capture an increasing share of foreign institutional flows into emerging markets reflects an improvement in the market's risk-return profile. Chinese authorities have followed through with plans to stimulate domestic consumption within the automobile, property and leisure industries. China was the best performer as authorities rolled out plans to revive domestic consumption and spur private investment.