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What podcasters are saying about Emerging markets
Summary
In the past 30 days, 19 speakers on 17 finance podcasts discussed Emerging markets in 26 views. Chorus has followed Emerging markets since October 1, 2026.
Who talks about it most
- Vincent Deluard · 3
- Marcelo Garcia · 3
- Chetan Ahya · 3
- Nikolaj Lippmann · 2
- Kai Wu · 1
- Jeffrey Gundlach · 1
- Jenny Harrington · 1
- Ajay Banga · 1
- Lyn Alden · 1
- Andreas Steno · 1
The latest views
Newest first. Every quote is checked against the episode's transcript.
Kai Wu · Sparkline Capital
Emerging markets have shifted from an AI diversifier to a second helping of the AI trade.
Kai's rolling one-year correlation between the EM index (EEM) and his AI stock index averaged around zero, peaked near 0.5 in 2021, then dipped slightly negative. Over the past year or two it has run around 0.7. He attributes this to top EM holdings TSMC, Samsung and SK Hynix, which have become a large part of the index. On his AI exposure metric, EM is about as high as the S&P 500, so it no longer diversifies away from the AI trade.
“EM is as high as S and P on this dimension. So EM has gone from being a diversifier to being kind of a second helping on the AI trade.”at 38:18
Excess Returns: The S&P 500 Is Just 50 Stocks. The Nasdaq Is a 67% AI Bet. Kai Wu on What Else Is Hiding in Your Funds ·
Jeffrey Gundlach · DoubleLine Capital
Local-currency EM debt is a strong holding, offering a decent yield plus currency gains.
Gundlach allocates half of his 30% bond allocation to local-currency emerging market debt. He calls it his strongest-performing bond exposure, with a decent yield. A weaker dollar adds currency translation gains, which is why he has been adding to it since last June. He notes it has been rockier at times.
“I also still like half of the 30% bond allocation in local currency emerging market debt, where we continue to have the strongest performance, although it's been a little bit rockier at points during the year.”at 23:17
Jenny Harrington · Gilman Hill Asset Management
Brazil's post-election selloff is creating opportunity in strong companies despite government issues.
Her firm's international strategy moved on Brazil the day after the election. It had no Brazil holdings then and did not invest immediately, but the reaction was similar: opportunities are being created even though the government is a mess. She points to strong companies such as Petrobras, Embraer, Vale and several fintechs.
“the immediate response was kind of the same... opportunities being created here, and you have the government's a mess... but there's phenomenal country... Companies in the country of Brazil.”at 28:46
CNBC Halftime Report: The AI Correction, Tech Earnings and the Rally 10/27/26 ·
Ajay Banga · World Bank Group
Emerging-market sovereign spreads have tightened, but higher rates raise EM debt-servicing costs.
Overall rates have risen, but emerging-market spreads have narrowed over the past couple of years. Banga credits that with helping EMs through the period, since they learned from the previous fifteen years and managed their balance sheets relatively well. He warns, however, that even with tight spreads, higher overall rates mean governments spend more on debt servicing. He notes that World Bank private capital mobilization goes mostly to projects, not to governments.
“Rates overall have gone up, but there has been a reduction in emerging market spreads over the last couple of years. ... Even if the spreads are tight, the reality is if overall rates go up, they are spending more on debt servicing than earlier.”at 20:46
Squawk Pod (CNBC Squawk Box): Anthropic’s IPO Details, Building ‘The Sims,’ & the World Bank 10/27/26 ·
Vincent Deluard · StoneX
Brazil's selloff after Lula's win is overdone, since Brazil is hard to govern and hard to damage.
Deluard's local clients had been big buyers of Brazil and sold after the first-round rally. He says the decline was driven by the debates, where Lula beat Bolsonaro's candidate. He argues that Brazil's divided Congress will force compromise and that the central bank is independent, which limits how far policy can deteriorate. Brazil is also a terms-of-trade story: oil output is rising, Petrobras has the expertise to develop new blocks near the Guyana discoveries, and agricultural and mining exports remain strong. He is somewhat optimistic that the market reaction has gone too far.
“Brazil is a notoriously difficult country to govern, which means that it's hard to improve, but it's hard to significantly deteriorate as well.”at 55:23
Monetary Matters: The Fed Put Is Dead: Why Stagflation & a Bear Market Are Next | Vincent Deluard | StoneX ·
Lyn Alden · Lyn Alden Investment Strategy
EM stocks often rise in local-currency terms during currency crises, even as dollar returns fall.
Alden says that anyone who studies emerging markets will see that during a currency crisis, stocks often rise in local-currency terms. They may fall in dollar or gold terms. She cites this as part of why she has been a bull on equities alongside gold, since local-currency equity gains can offset currency losses in foreign-currency terms.
“anyone who studies emerging markets, for example, when they have a currency crisis, I mean, their stocks go up in their local currency terms. They might go down in dollar terms.”at 23:46
Wealthion: The Treasury’s Gold Revaluation Play | Lyn Alden ·
Andreas Steno · Steno Research
Brazil's selloff is not over: Bolsonaro may refuse the result and Trump could impose tariffs.
After Lula's win, the real fell about 10% and Brazilian equities dropped sharply. Steno does not think this is over, because Bolsonaro is not willing to accept the result. He also notes the right-wing shift in South America has been cheered by the White House, so Trump could get involved with extra tariffs on Brazil. He says he would not rule that out.
“I don't think this is over. No. Especially since, you know, Bolsonaro is not willing to accept the result, first of all.”at 21:14
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Paul Donovan · UBS Global Wealth Management
Lula's fourth term will be constrained by a rightward shift in Brazil's Congress.
Lula won a fourth term despite markets not pricing it after he came second in the first round. However, he will be constrained by a broader rightward shift in Brazil's politics. Congressional elections increased support for Lula's opponents, which limits what he can do.
“However, Lula will be constrained by a more general rightward shift in the political spectrum in Brazil at congressional elections having increased support for Lula's opponents.”at 1:15
UBS On-Air: UBS On-Air: Paul Donovan Daily Audio 'Optimism, of a sort' ·
Marcelo Garcia · Horizon Engage
Argentina's economy is splitting: capital-intensive sectors boom while labor-intensive sectors fall into recession.
Garcia, a political risk consultant, says one Argentine economy, energy, mining and farming, is doing very well and growing at double-digit speed, while the other is in recession. He classifies the booming side as capital-intensive and the struggling side as labor-intensive, including SMEs, manufacturing, retail and construction. He argues that the government has little attention for the labor-intensive sectors, which is why the divide is becoming a clear economic fragmentation.
“What we're seeing is that this one economy that's doing very well continues to grow at double digit speed, and then the other economy is moving in the opposite direction. It's in a recession. So what you're seeing is a clear economic fragmentation.”at 49:27
Bloomberg Wall Street Week: Money Floods Politics, Compute Meets Community, Europe’s AI Player, Argentina’s Two Economies ·
Marcelo Garcia · Horizon Engage
Argentina's overvalued peso is hurting competitiveness and costing jobs in fragile sectors.
Garcia says the peso is somewhat overvalued against the US dollar, perhaps by 20 to 25 percent. The government has used the peso to anchor inflation expectations, but a strong currency complicates the economy's overall competitiveness. He says this is one of the reasons Argentina is losing jobs in manufacturing, SMEs, retail and construction, the more fragile parts of the economy.
“The peso... It's a little bit over evaluated regarding vis a vis the US dollar, maybe 20, 25% at the moment. The government has used the peso to anchor inflation expectations. And in a way, a stronger peso complicates the overall competitiveness of the economy and is one of the reasons why you're losing jobs in the more fragile sectors.”at 50:23
Bloomberg Wall Street Week: Money Floods Politics, Compute Meets Community, Europe’s AI Player, Argentina’s Two Economies ·
Marcelo Garcia · Horizon Engage
Argentina's financial side faces a bumpy next year, but real-economy fundamentals will keep improving.
Garcia says that for financial investors, next year will be very bumpy because of fears of a populist backlash and possible capital restrictions that could trigger panic. For investors in the real economy, he says Argentina's fundamentals as a business have improved and will keep improving substantially over the next two decades in what the country can offer the world. The key open question he raises is whether a government can make this process politically and socially sustainable.
“But I would tell you if you're an investor in the real economy that the fundamentals of Argentina as a business have improved and will continue to improve substantially, let's say, in the next two decades”at 56:03
Bloomberg Wall Street Week: Money Floods Politics, Compute Meets Community, Europe’s AI Player, Argentina’s Two Economies ·
Vincent Deluard · StoneX
South Korea and Taiwan's huge surpluses will push up the won and Korean rates; Bank of Korea likely to hike.
South Korea and Taiwan run current account surpluses of about 25% of GDP, expected to persist through 2030. Because these economies are small, the flood of money has nowhere to go but into the currency, rates and domestic spending. Surplus money leaks into consumption, public investment and military spending, which builds pressure on rates and the currency. The won is already up about 15% against the euro in the past month. Inflation and investment are picking up, so he expects the Bank of Korea to raise rates. Receiving Korean rates is one way to express this trade.
“The current account surplus in South Korea and Taiwan is 25 percent of GDP and that's expected to stay.”at 36:55
The Meb Faber Show: StoneX' Vincent Deluard: The S&P Is Hiding a Bear Market | #655 ·
Vincent Deluard · StoneX
Brazil's rally may shift from local to foreign buyers, adding currency gains; multiples remain low.
Local managers chased Brazil's rally into the election, then took profits after a roughly 30% gain in a few months. Political disappointment in Latin America has been repeated, and Brazil's constitutional checks limit what any single leader can do. Brazil is also not as bad off as Argentina was, so the political shock is less severe. For foreigners, the story still works. Many US advisers have no international exposure, and Brazilian multiples remain modest, especially for the big banks. He expects the buyer base to switch from locals to foreigners, bringing a currency tailwind with it.
“I could see the drivers change, local buying, switching to foreign buyers, and then when you have foreign buyers you have a currency effect”at 49:36
The Meb Faber Show: StoneX' Vincent Deluard: The S&P Is Hiding a Bear Market | #655 ·
Chetan Ahya · Morgan Stanley
Asia's capex upswing, led by tech, is broadening into energy, defense and industrial investment.
Ahya says Asia is benefiting from a strong pickup in capex. It was initially led by the tech sector, but it is now broadening into energy, defense and broader industrial investment. Exports are strong and beginning to broaden from tech goods to non-tech goods. Together these trends support the region's growth despite global shocks.
“Asia is benefiting from a strong pickup in CapEx, which initially was led by the tech sector, but is now broadening out to energy, defense, and broader industrial investments.”at 3:12
Thoughts on the Market (Morgan Stanley): Economic Roundtable: What’s Keeping Global Growth Going? ·
Chetan Ahya · Morgan Stanley
Asia's terms of trade are positive despite oil, as export prices lift profits and tax revenue.
Ahya says the region has a positive terms-of-trade position even though oil prices are higher. Higher export prices have boosted corporate profits, which in turn raised government tax revenues. These revenues offset the fiscal pressure from higher fuel subsidies, so the oil shock is not a fiscal drag for the region.
“This has meant that the region has faced positive terms of trade situation despite higher oil prices. Higher export prices have boosted corporate profits and in turn government tax revenues offsetting the fiscal pressures from higher fuel subsidies.”at 3:31
Thoughts on the Market (Morgan Stanley): Economic Roundtable: What’s Keeping Global Growth Going? ·
Chetan Ahya · Morgan Stanley
Asia's macro buffers are strong: current account surplus is 4.2% of GDP, so higher rates aren't disrupting growth.
Ahya says macro stability indicators in Asia are in good shape, which differs from earlier cycles. Current account surpluses in the region have widened significantly to $1.6 trillion, or 4.2% of GDP. Private sector balance sheets outside China are also healthy. He concludes that higher oil prices and higher interest rates have not disturbed the region's capex and growth cycle.
“Current account surpluses in the region have widened quite significantly. In fact, it is $1,600,000,000,000 or 4.2% of GDP.”at 3:53
Thoughts on the Market (Morgan Stanley): Economic Roundtable: What’s Keeping Global Growth Going? ·
Tim Seymour · Seymour Asset Management
Brazil's election is not fully priced; the bigger move will come from austerity.
Seymour says a Bolsonaro win is not fully priced into the market, so caution is warranted. The currency rallied immediately, and he thinks the currency is the signal to follow for how Brazilian elections are priced. He argues the real change is a shift toward austerity, not only a rightward political move, and that this is what will drive a big move in Brazil.
“this is about not just a move to the right in concept, but it really is about more austerity, and I think that's where you're gonna get a big move from Brazil.”at 41:05
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Bob Michele · J.P. Morgan Asset Management
Local-currency emerging market debt is the hidden gem, with about 5% real and 9% nominal yield.
EM local debt is now financed domestically, with full yield curves. Pension funds and insurers support the long end, and wealth platforms support the front and intermediate parts. About 90% is owned by locals, so it does not depend on cross-border flows. The basket JPMorgan built has a real yield near 5% and a nominal yield near 9%. JPMorgan owns Mexico, Colombia, Brazil, and Czech and Polish bonds, and bought a new South African issue near a 10% yield. Bob also cites EM central banks as sharp, which he sees as supporting the asset class.
“So that's the hidden gem in our portfolios today is local emerging market debt.”at 55:33
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Nikolaj Lippmann · Morgan Stanley
Latin America is shifting from a consumption-led economy to an investment-led cycle, led by Brazil.
Morgan Stanley has long argued Latin America is moving from consumption-led growth to an investment-led cycle. Three drivers support this: changing geopolitics, investment-friendly policies, and the potential for lower interest rates. The shift fits the broader AI capex cycle that Morgan Stanley says is moving the US economy from consumption to capex. Signs of this 'LATAM spring' are already visible in Argentina, Chile, Peru and Colombia. Brazil, as the region's largest economy, could be the largest missing piece and the most important test of whether the shift takes hold. The speaker notes there is still a long road ahead and that the election alone does not guarantee change.
“We've long argued that Latin America is moving from a consumption led economy towards an investment led cycle, thanks to: one, changing geopolitics two, investment friendly policies and three, the potential for low interest rates.”at 0:33
Thoughts on the Market (Morgan Stanley): The Missing Piece in Latin America’s Bull Case ·
Nikolaj Lippmann · Morgan Stanley
Credible Brazilian fiscal reform could cut borrowing costs and draw capital from fixed income into private investment.
Brazil is one of the world's most expensive places to invest because of high government debt and elevated interest rates. Those conditions make fixed income more attractive than equities or entrepreneurial risk-taking. Credible fiscal reform could change this: lower government spending could reduce borrowing costs, strengthen the currency and encourage private investment. Capital would then shift from fixed income toward funded growth. Lower rates and greater policy credibility would also make participation in the investment boom easier. The view is conditional on fiscal discipline, policy execution and global financing conditions.
“But credible fiscal reform could change that equation. Lower government spending could reduce borrowing costs, strengthen the currency, and encourage private investment,”at 1:31
Thoughts on the Market (Morgan Stanley): The Missing Piece in Latin America’s Bull Case ·
Ryan Albert · Terton Capital
African growth is strong, but currency depreciation has eroded returns, and each country differs.
Ryan says growth in the African companies he looked at was extraordinary, but currency depreciation ate into returns. He argues Africa should not be treated as one market, since West, East, South Africa, and Botswana operate differently. He found companies accessible and open to talk, but growth slowed for multi-country firms because of red tape. He sees Africa as exciting but currently holds no African stocks.
“I mean, the growth is absolutely insane. At the same time, some of the currency depreciation ate into those returns.”at 46:31
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Kelvin Pang · Morgan Stanley
Asia capex is set to rise to $16 trillion by 2030, the strongest industrial cycle since the mid-2000s.
Pang projects Asia Pacific nominal GDP rising from US$41 trillion in 2025 to US$54 trillion by 2031, about one third of global nominal GDP growth over that period. He adds that investment is accelerating, with Asia capital spending rising from about $11 trillion to $16 trillion by 2030. He says this marks the strongest industrial cycle since the mid-2000s. He argues the cycle extends well beyond AI, with energy, defense and broader industrial investment all playing major roles.
“That will mark the strongest industrial cycle since the mid-2000s.”at 2:06
Thoughts on the Market (Morgan Stanley): Asia Fixed Income Needs a Bigger Map ·
David Vélez · Nubank
Digitizing cash-based small businesses will create credit access worth trillions for billions of people.
Most of the world economy is offline and cash-based, so transactions go unrecorded and cannot support credit. Once a street vendor's sales are recorded digitally, the vendor can show cash flow to a bank and borrow to expand. About 70% of employment in Brazil is in small businesses, and similar patterns occur in India and Southeast Asia. He expects digitalization to enable trillions of dollars of credit for billions of people, a significant shift in economic mobility.
“The moment that that transaction goes into a digital ledger, that transaction happens digitally, then suddenly that taco seller can take that information to a bank and says, Hey, look at my cash flow, give me access to credit.”at 27:46
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Jeff Snider · Atlas Financial
Strong dollar tightens EM financial conditions; India's rupee weakens despite huge inflows and rate hikes.
The Reserve Bank of India raised policy rates after attracting more than $100 billion in dollar inflows, yet the rupee is weakening again and is only a whisker above its record low despite heavy intervention. Snider says this behavior fits global caution rather than synchronized expansion. A strong dollar makes dollar-denominated commodities and debt more expensive for foreign buyers and borrowers, tightening financial conditions in emerging markets and pressuring countries that depend on external funding.
“So the strong dollar reinforces iron's warning. It makes dollar denominated commodities and debt more expensive for foreign buyers. It tightens financial conditions in emerging markets and thereabouts,”at 11:12
Eurodollar University: Iron Is Warning Us About What's Coming in 2027 ·
Maria Vassalou · Pictet Group
Developed vs emerging labels are becoming obsolete; resource-rich emerging markets gain importance.
Maria argues the key question is not where countries are now but what drives growth going forward: productivity, access to commodities and energy, and demographics. The mix is changing, and developed status is not permanent. Technology is not necessarily produced in today's developed markets, and China is a technology leader. Bottlenecks in minerals, commodities and energy mean emerging markets that control such resources can become much more important.
“So some of the emerging markets that have control over such resources can become much more important going forward.”at 56:35
Masters in Business: Balancing Conviction and Risk: Masters in Business with Maria Vassalou ·
Brij Khurana · Wellington Management
EM local-currency bonds are in an early structural bull market, with high real yields and cheap currencies.
EM inflation is supply-driven, and EM economies never saw the fiscal stimulus the developed world did. Policy rates sit at about 4-8% in real terms, and many currencies look cheap on a real exchange-rate basis. EM local bonds rose almost 18% last year and are still higher this year, while fixed income overall is flat to negative. A run of market-friendly political changes (Argentina, Colombia, Hungary, Chile, with Brazil's election ahead) points to less fiscal spending. Investors remain lightly allocated, so the asset class is still early in its bull market.
“The other area where I think there's just a positive structural inflection is emerging market local bonds.”at 33:54
Alpha Exchange: Brij Khurana, Fixed Income Portfolio Manager, Wellington ·
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