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An Asset Class Too Large to Ignore With a market value of approximately US$1.4 trillion, the Indian fixed-income market is one of the largest in Asia and not far off the Canadian bond market, which is estimated to be somewhere in the region of US$2 trillion in size.¹ What’s more is, the lion’s share of the Indian bond market is government issued or backed securities,…
India’s telecommunications market is about to undergo a major disruption. On September 1, 2016, billionaire Mukesh Ambani, announced that one of his companies, Reliance Jio Infocomm Limited, will offer the world’s lowest rates for 4G internet data, as well as free mobile phone calls, putting pressure on existing carriers to follow suit or prepare to give up a significant portion of their market share. Mr.…
The Standout Performer So Far This Year The Olympics are over now, but Brazilian equities are still gunning for gold in 2016, having already provided investors with some of the best returns so far this year. Since the beginning of January through August 19, 2016, Brazil’s Ibovespa Index is up 54.9 percent, compared to a 13.9 percent gain for the TSX Composite, and a loss…
Introducing Urjit Patel After months of speculation, the long-awaited decision as to who will replace Raghuram Rajan as central bank Governor has finally been made. On August 20, 2016, Urjit Patel was appointed new chief of the Reserve Bank of India. A long-time colleague of Prime Minister Narendra Modi, Mr. Patel is viewed as a market-friendly successor, that will augment the government’s macroeconomic policies. While…
The Current State of Global Markets: Investors Say ‘No’ to Record-Low Yields Developed markets, for example the U.S., Canada and the UK, currently offer little to no yield for income-seeking investors. In fact, over US$10 trillion in government debt actually sport negative interest rates.¹ As a result, investors have been turning en masse to the emerging markets in search of greater yields, and the data…
Just when investors thought India could not grow any faster, the new Goods and Services Tax (GST) is projected to help boost the world’s fastest-growing, major economy by as much as 2 percent, according to Finance Minister Arun Jaitley.¹ On August 3, 2016, the bill passed in the Upper House, with an overwhelming 197 members in favour of the new bill, out of a total…
India’s monsoon is currently delivering heavy rains across most of the country, particularly central India. Investors often wonder why this is so important. Specifically, GDP growth rate could increase to over 8 percent for the current fiscal year, on the back of a strong monsoon season. This is incredible, considering that India already holds the title of the world’s fastest-growing major economy at 7.6 percent.¹…
India has over 45 million small- and medium-sized companies or SMEs. Compare that number to Canada, which has a registered number of around 1.1 million SMEs, according to the latest data from the Government of Canada.¹ As in most countries, SMEs are the driving force of the economy, normally employing a large majority of the working population and contributing significantly to GDP growth. With India…
Britain's decision to leave the European Union (EU) was a macro event that came as a surprise to global financial markets. In the aftermath of ‘Brexit’, our expectation is that major central banks are likely to maintain a stance of accommodative monetary policies over the short- to medium-term, while an interest rate hike in the U.S. now seems unlikely, especially before the end of 2016.…
The UK conducted a referendum on June 23, 2016, and the British populace has voted to exit the European Union (“EU”). Global financial markets reacted strongly as they do to any black swan events that can create uncertainty. The long term impact of Brexit outside of EU, however, should be limited. In particular, the emerging markets largely remain insulated from the adverse consequences of such…
India’s well-respected central bank governor, Raghuram Rajan, announced this weekend that he will be leaving his post at the Reserve Bank of India (RBI) in September to return to academia. Governor Rajan was appointed by the previous government to focus on reigning in rising inflation and stabilizing a declining rupee. The rupee has been more stable for the last three years and inflation is likely…
Scott Piper, Head of Latin American Equities, Itaú USA Asset Management Inc. gives his take on political developments in Argentina and Peru, where he believes more “market friendly” leaders have been elected recently. He also touches on Brazil, where he sees a similar political shift taking place, that will have lasting implications over the next few years. Scott Piper is the sub-adviser lead of the…

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