Interviews, analysis and commentary in their original language.
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Fortun explains why emerging-market portfolio flows returned to positive territory in July as equity selling slowed and debt continued to attract foreign investment. The report distinguishes the easing pressure on Asian stocks from continued strength in bond flows.
View detailsEmerging markets returned to net portfolio inflows in July as debt demand stayed strong and equity withdrawals slowed sharply. In this Reuters report translated by Zonebourse, Jonathan Fortun interprets the improvement as evidence that stress in Asian equities was easing rather than spreading to bonds. The coverage also examines regional differences and the risks facing demand for emerging market debt.
View detailsEmerging markets attracted $18.8 billion in portfolio inflows in July 2026, ending two months of net withdrawals. Reuters reports Jonathan Fortun’s assessment that pressure in Asian equities was easing rather than spreading to bonds. Continued debt inflows and sharply smaller equity outflows drove the improvement, although China still recorded net withdrawals.
View detailsFortun comments on the policy trade-offs surrounding coordinated yen intervention and the role of Japanese interest rates in supporting exchange-rate stability.
View detailsBloomberg examines US interests surrounding coordinated support for the yen. Jonathan Fortun questions whether the intervention is simply a diplomatic gesture and points to broader American interests in helping Japan support its currency.
View detailsBloomberg Línea reports that Latin American banks earned US$ 88.9 billion in 2025, up 31%, according to a Felaban report. Jonathan Fortun of the IIF said net interest margins at large regional banks reached 5.5% versus 3% for emerging market peers excluding China, a gap he called too large to be cyclical. He also said it seems unlikely a 31% profit rise will repeat, with the IIF expecting profits to normalize.
View detailsBloomberg Línea reports on the staff level agreement between Bolivia and the IMF for US$1,900 million. Jonathan Fortun of the IIF warned that the main challenge will be sustaining fiscal discipline and reforms once disbursements begin. He said the package could exceed US$5,000 million over the program, noted the deal is tougher than the government's announcement suggests, and argued that US$1,900 million would be small if early reviews fail.
View detailsFortun links Latin American bank profitability to credit penetration, concentration, switching costs and local deposit bases.
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