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Equities led July’s $55.5 billion in emerging market portfolio inflows, taking $39.2 billion compared with $16.3 billion for debt in the August release. The strong total reflects supportive conditions, but the outlook remains sensitive to policy changes and dollar movements that could rapidly reverse investor momentum.
Read the workFortun explains the appeal of higher-yielding emerging-market currencies as July portfolio inflows reached their second-largest monthly total in four years.
View detailsFortun discusses how high local interest rates, steadier exchange rates and a weaker dollar supported emerging-market debt demand. He also describes the contribution of passive fund allocations as Reuters reports strong July portfolio inflows.
View detailsIn an interview, Fortun discusses the investment, skills and policy conditions needed for Bolivia's lithium industry and the time required for returns.
View detailsFortun argues that Bolivia's fiscal adjustment faces severe political and employment constraints, challenging bond-market optimism about a straightforward post-election turnaround.
View detailsTariffs create different inflation problems across economies. Higher goods costs affect the United States and its trading partners, while slower growth and stronger currencies ease pressures elsewhere. Emerging market central banks respond unevenly, with Brazil standing out for tightening through June 2025. The Federal Reserve faces its own conflict between tariff inflation and weakening employment.
Read the workEmerging market inflows increasingly reward domestic resilience rather than broad exposure to global markets. The July 2025 assessment contrasts reform momentum and disinflation with fiscal weakness, tariff exposure and currency risk. Strong local bond returns coexist with growing country differentiation, making the durability of policy frameworks central to understanding where capital goes.
Read the workJonathan Fortun discusses investor interest in the Gulf and Saudi Arabia's growing role as an issuer of dollar-denominated debt.
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