1. Newsroom
  2. EM opportunities in 2020
Menu
Analisi 09.01.2020

EM opportunities in 2020

EM opportunities in 2020

Podcast - We see a more helpful economic climate for EM, at least going into the early part of the year, with some signs of growth stabilisation and less pressure on exports.


Three of our experts discuss EM opportunities in 2020. Listen to our latest podcast now:

If the tariffs between the US and China have indeed peaked, there should be further positive spill-over for EM exports, business confidence and growth in the months ahead. This climate argues for increasing exposure to EM hard-currency bonds in our view, as we see flows attracted by decent levels of yields in comparison to developed markets. We also see good opportunities in EM local bond markets, especially in currencies. This echoes our broader view on the dollar and the likely supportive capital inflows to EM. Being selective is going to be key in both hard and local currency bonds, as last year demonstrated the importance of domestic political risks and policy shifts. In currencies, for example, there are some that we will be careful to avoid despite the nominal yields (e.g. the Turkish lira) and others we will be happy to be long – those where yields dovetail with helpful economic fundamentals (e.g. the Russian rouble).

We will of course be monitoring political risks, especially in Latin America, but arguably even there the peak level of uncertainty has passed. Global rates and US Treasuries will continue to be an important bellwether for our markets, but on the assumption that US yields are in a range, we see room for some EM hard currency yield compression, particularly in sovereign sub-investment grade.


Peter_Kinsella_150x150.jpg

Peter Kinsella
Global Head of Forex Strategy

CHOW_Koon_150x150.jpg

Koon Chow
Emerging Markets Macro and FX strategist

Thomas_Christiansen_150x150.jpg

Thomas Christiansen
Senior Portfolio Manager
Head of EM Sovereign Debt

Analisi

Gestione discrezionale – le redini sono in mano vostra

Ogni cliente ha aspirazioni e obiettivi unici, così come è unico il nostro approccio alla gestione di portafoglio discrezionale.

Leggete di più
Expertise

Swiss & Global Equities

Why Swiss equities now? This market offers equity investors the stability and agility they need to navigate this volatile period. 

Read more
Expertise

European Equities

European equities offer unrivalled opportunities in terms of breadth of sector and market exposure.

Read more

Le news più lette

Analisi 10.02.2021

COVID-19: UBP vi terrà aggiornati

Dalla comparsa del coronavirus, UBP accompagna e sostiene i suoi clienti nel contesto inedito di questa crisi sanitaria mondiale. La Banca vi aggiorna regolarmente sull’adeguamento dei suoi piani alle regole precauzionali fissate dalle autorità e condivide con voi le più aggiornate analisi dei suoi esperti sulle conseguenze della pandemia per l’economia mondiale e i mercati finanziari.

Analisi 17.12.2020

UBP Investment Outlook 2021

Il mondo nuovo
Analisi 24.11.2020

Hidden gems in Swiss & European small caps

Small and mid caps have traditionally recorded higher growth rates and investment returns over the long term than large caps: it is easier to generate a dynamic growth rate from a smaller base. Swiss and European small and medium-sized capitalisations – so-called ‘SMID caps’ – also tend to provide investors with ‘pure play’ exposure to major secular growth trends.


Altro da leggere

Analisi 14.04.2021

The vaccine disrupting the pharma industry

UBP talks to Stéphane Bancel, Moderna CEO, to learn how the mRNA technology not only made one of the first COVID-19 vaccines possible, but, more importantly for investors, has the potential to disrupt the broader pharmaceutical industry in its wake.

Analisi 05.04.2021

Transitioning to a Brave New World

Volatility is back in Chinese equity markets: after rallying 90% from its trough in March 2020 to a peak in February 2021, MSCI China has fallen by 16% over the past month.

Analisi 24.03.2021

Gestione discrezionale – le redini sono in mano vostra

Ogni cliente ha aspirazioni e obiettivi unici, così come è unico il nostro approccio alla gestione di portafoglio discrezionale.