Market Dashboard
Fixed Income
Equities
Commodities
Source for data tables: Bloomberg, JPMorgan, Gramercy. EM Fixed Income is represented by the following JPMorgan Indicies: EMBI Global, GBI-EM Global Diversified, CEMBI Broad Diversified and CEMBI Broad High Yield. As of April 9, 2020.
Emerging Market Credit – EMBI Global Diversified
EM Investment Grade vs US Investment Grade
EM High Yield vs US High Yield
Flow Tracker – Monthly Data
Flow Tracker – Annual Data
Source for graphs: Bloomberg, JPMorgan, Gramercy. As of April 9, 2020.
Additional Crisis Resources:
Johns Hopkins COVID-19 Case Tracker
Global Economic Forecasts
Gramercy Insight:
Growth forecasts are in the process of downward revisions and most are in contractionary territory with latest global growth assumptions ranging from -1% to just above zero and deepest recession expectations in Europe. China revisions are in the 1-2% range, notably lower than during the GFC. Gramercy expects global growth to be on the lower end of the new range subject to downside risks.
Chinese high frequency indicators (coal consumption, traffic, property sales, subway ridership etc.) for early April reflect continued gradual improvement relative to February albeit remain comfortably in contractionary territory on annualized basis.
Upcoming Events: 1) IMF to present the April 2020 World Economic Outlook on Tues, Apr 14th at 8:30am ET; Virtual IMF/WB Spring Meetings through Apr 17th. 2) IMF Managing Director, Kristalina Georgieva’s, opening speech indicated that the Fund sees ‘worst economic economic fallout since the Great Depression’. Link to speech audio and text HERE.
Emerging Markets Corporate Fundamentals
Please contact Matt Christ, Managing Director, with any questions: [email protected]
This document is for informational purposes only. The information presented is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Gramercy may have current investment positions in the securities or sovereigns mentioned above. The information and opinions contained in this paper are as of the date of initial publication, derived from proprietary and nonproprietary sources deemed by Gramercy to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. This paper may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this paper is at the sole discretion of the reader. You should not rely on this presentation as the basis upon which to make an investment decision. Investment involves risk. There can be no assurance that investment objectives will be achieved. Investors must be prepared to bear the risk of a total loss of their investment. These risks are often heightened for investments in emerging/developing markets or smaller capital markets. International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation, and the possibility of substantial volatility due to adverse political, economic or other developments. The information provided herein is neither tax nor legal advice. Investors should speak to their tax professional for specific information regarding their tax situation.