Africa Economics Update Kenya: Long-term outlook still positive Kenya has been in the headlines for all the wrongreasons over the past few months, and its economy is struggling. But while the country faces realproblems, we still believe that the economy holds... 13th July 2015 · 1 min read
Metals Data Response South Africa’s Mine Production (May) After a strong start to the year, South Africa’s platinum group metals (PGM) production fell substantially in May. This underpins our view that continued power disruptions, coupled with an increased... 9th July 2015 · 1 min read
Africa Economics Update Kenya: Another rate hike to shore up shilling The surprise move by Kenya’s Monetary Policy Committee to hike its key interest rate by 150bp today, for the second consecutive meeting, was a signal that the new Governor is serious about curbing... 7th July 2015 · 1 min read
EM Valuations Monitor Valuations suggest another currency slump is unlikely Emerging market (EM) currencies were remarkably calm in June despite growing turmoil in the euro-zone. Our synthetic EM exchange rate against the dollar depreciated by 0.5% last month. But the big... 2nd July 2015 · 1 min read
Africa Economics Update South Africa: Faltering consumer will drag on growth The dramatic fall in South Africa’s consumer confidence index in Q2 provides yet another sign that consumer spending growth will slow over the course of the year. This is a particularly worrying... 2nd July 2015 · 1 min read
Emerging Markets Economics Update Slump in BRICs manufacturing bottoming out June’s manufacturing PMIs suggest that the slump in manufacturing across the BRIC economies may be bottoming out. It’s a mixed picture across smaller EMs, with those in Central Europe doing well, but... 1st July 2015 · 1 min read
Africa Data Response Kenya GDP (Q1) Kenyan GDP growth slowed to 4.9% y/y in Q1 due to a contracting tourism sector and tepid growth in the agricultural industry. However, we think that the slowdown has bottomed out and that growth will... 1st July 2015 · 1 min read
Africa Data Response South Africa Manufacturing PMI (Jun.) South Africa’s manufacturing PMI rose to 51.4 last month, providing another signal that the economy picked up a little in the second quarter. 1st July 2015 · 1 min read
Africa Economics Update Domestic factors dominate African markets This month has seen most key African currencies depreciate and key equityindices fall. But while Europe’s latest crisis may have had some marginal effect oninvestor risk sentiment, the key drivers of... 30th June 2015 · 1 min read
Emerging Markets Activity Monitor EM growth still slowing, but non-BRICs are picking up EM growth continues to slow and, according to our GDP Tracker, is now at its weakest pace in almost sixyears. However, the slowdown has almost entirely been driven by further weakness in the BRICs... 30th June 2015 · 1 min read
Emerging Markets Economics Update A selection of our key calls This note summarises our key calls for emerging markets, emphasising where we differ from the consensus. Detailed projections (with specific numbers) are available in our regular publications on the... 30th June 2015 · 1 min read
Emerging Markets Economics Update Grexit, the euro-crisis and the risks for EMs Beyond a handful of economies in Emerging Europe, the direct links between Greece and the rest of the emerging world are limited. What matters for most EMs is not so much the crisis in Greece itself... 29th June 2015 · 1 min read
Africa Economics Update South Africa dodges power price hike, but crisis will linger South Africa’s energy regulator has rejected a proposed hike to electricity prices, sparing South Africa’s overstretched consumers the pain of higher prices. But the decision will only exacerbate the... 29th June 2015 · 1 min read
Africa Chart Pack Rate hikes to add to pressure on South Africa’s economy April’s activity data hinted at an uptick in South Africa’s economy, but we believe that thecontinent’s most developed economy will continue to face significant headwinds over the comingmonths. Growth... 29th June 2015 · 1 min read
Emerging Markets Financial Risk Monitor Risks building in China, Venezuela in crisis The relief rally in Chinese equities prompted by additional policy stimulus has turned global sentiment around, but a sustained recovery in commodity prices will probably require hard evidence that... 26th June 2015 · 1 min read
Frontier Markets Wrap European frontiers vulnerable to mounting threat of “Grexit” The growing threat of a Greek exit from the euro-zone has cast a shadow over the outlook for European frontier markets. Admittedly, the reaction in financial markets has so far been muted. And the... 25th June 2015 · 1 min read
