Friday Five

Sentiment towards EM has seemingly turned on expectations of a Fed pivot, with a strong November after two brutal years. The rally could be premature but, if it plays out as expected, EM may enjoy a virtuous circle.

His successor, former Vice-President Dina Boluarte, is another leftist and will likely face the same challenge to manage any meaningful legislation through such a fragmented congress.

Around 10 US$1bn+ stocks have declined by 90%+ from recent peaks. We identify five beaten-up names that could rally strongly.

The wider context of the full-blown crisis in the African National Congress party means that the implementation of much needed reforms grows even less likely.

General Secretary Xi Jinping appears to have responded to recent protests by finally loosening the zero-Covid policy. The long-term outlook for China has not changed, but, at least, the worst may have passed from self-destructive policies.