Trump’s Legacy It could charitably be said that the outgoing U.S. administration was characterized by non traditional trade strategies. But we can say that in spite of the polarization and vituperative rhetoric on both sides, the outgoing administration believed that it was in fact simply responding to longstanding economic and Read more…
Many forces are at work that could result in a correction for U.S. markets: uncertainty around the trajectory of the pandemic; the worrisome prospect of a contested presidential election; and typical seasonal weakness. And yet, as we write, the S&P 500 remains near an all-time high. Why? The investment backdrop Read more…
For a few weeks we’ve been explaining our optimistic view of the waning SARS-CoV-2 pandemic in the United States. Data suggest that vaccine or no vaccine, the pandemic is already beginning to fade. Positive tests, hospitalizations, and deaths are all continuing to fall, even as life continues to return to Read more…
Last week we reported about two large stakes taken in Indian telecom giant Reliance Jio by U.S. investors. Their interest focused particularly on the Indian consumer, one of the world’s great untapped consumer markets. Jio’s aggressive rollout of cheap internet service and mobile devices to currently unconnected Indians attracted a Read more…
India continues to attract investment from U.S. tech and e-commerce firms. In 2018, Walmart [NYSE: WMT] acquired India’s biggest domestic e-commerce firm, Flipkart. Amazon [NASDAQ: AMZN] has said that it is investing $5 billion in India. Now two U.S. entities — Facebook [NASDAQ: FB] and Silver Lake, a private equity Read more…
Narendra Modi and the Bharatiya Jannata Party [BJP] took the reins of India’s government in May, 2014. Since then, we’ve been bullish on the long-term opportunity that would be presented by India’s emergence from the corruption and business-hostile governance of many of its 20th century rulers. Some readers may have Read more…
Executive Summary 1. We’re long-term bulls on India. A recent U.S. action rescinded some tariff exemptions that India had enjoyed as a developing nation. We don’t feel this is a significant event, and anticipate that the friendly relationship between the U.S. and Indian administrations will continue. We see policy continuity Read more…
Emerging Markets Beyond China: Reforms and Opportunities in India and Brazil Six weeks ago in these pages, we wrote that 2019 might be the year during which emerging markets finally begin to outperform. We argued that after a decade of emerging-market underpeformance, global investment flows would begin favoring EM assets Read more…
India Economics: Steaming Ahead The Indian stock market has seen a strong year, continuing the rise from the bottom at the end of 2016. Source: Bloomberg Finance LLP When expressed in U.S. dollars, however, the chart takes on a different hue. U.S. dollar strength has meant that in U.S. dollar Read more…
Emerging Markets Look Good: An Update We wrote last week on the potential for emerging markets to regain their mojo after years of relative underperformance. During the week, positive data have continued to come in. Some data points: South Koreans will go to the polls on May 9 in Read more…
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