* US President Trump has drawn up a little list of things US consumers can be taxed for buying. The latest round of tariffs are directed at the European Union, following a World Trade Organization ruling against subsidies for Airbus. Whether the US president’s newfound enthusiasm for the WTO will last if the WTO rules […]

Investors have become more sanguine about the outlook for global trade amid signs of progress on US–China talks.

* The resignation of the US homeland security secretary may not seem directly relevant for markets. If it is a signal of a tougher policy in immigration, it may matter. Near-term uncertainty about the Mexican border raises risks for NAFTA trade. That uncertainty has already affected corporate capital spending decisions. * German trade data is […]

Nonfarm payrolls increased by 196,000 in March, slightly above consensus estimates and close to the average of 203,000 per month over the last eight years.

Emerging market (EM) hard-currency bonds have been one of the best-performing fixed income asset classes globally over the last 15 years.

In the first quarter, German economy performed weaker than expected.

Borrowing is viewed by many investors as a last resort, for emergencies only.

We have argued for some time that emerging market (EM) hard-currency bonds, particularly those issued by sovereigns, have been one of the best performing fixed income asset classes globally over the last 15 years.

* The media and politicians are excited about Brexit. Normal people are bored by Brexit. Over six million people signed a petition to stay in the EU. They were mostly Londoners. Outside cities few people signed. Northern Ireland had the least interest. UK sentiment surveys have reacted, or overreacted, to the noise. The UK is […]

The asset side of an investor’s balance sheet gets all of the glory, while borrowing is often viewed primarily as a costly or risky solution, only to be used in emergencies.