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South Africa's recently published revisions to its mining charter will undermine already weak investment, offering further headwinds to the economic growth outlook. Aside from the direct headwinds to the mining sector due to a higher cost of compliance, the new charter further signals that the ruling African National Congress is moving ahead with

Despite weak Q1 data leading us to revise down our growth forecasts in 2017, we maintain a broadly constructive outlook on prospects for Nigeria's economic recovery over the coming quarters. In addition to increasing oil output, an improvement in FX liquidity will boost investor sentiment.

Nigeria's economy will post a modest recovery over our

Walmart faces ongoing challenges in its international operations. We review the company's shifting strategy in China, the ongoing risks in Latin America and the potential for Walmart to expand in Sub-Saharan Africa.

Walmart's international operations accounted for 24.1% of sales and reached USD116.1bn in FY2016. Walmart has seen this percentage

Despite significant efforts over the past three years to offload ailing public sector enterprises, the main loss-making PSEs continue to pose a major fiscal burden to the Pakistani economy. While continued support from the ADB may help to gradually improve corporate governance, the prospect for big bang reforms seems limited given that the ideal

Development exposure prudence remains the norm for U.S. equity REITs, with issuers in most property types keeping exposures manageable for the foreseeable future according to Fitch Ratings in a new report.

REITs are still showing discipline throughout this post-crisis cycle. In fact, outside of multifamily and industrial, modest growth in tenant

Although the downside for sugar prices will be limited in the coming weeks, we are bearish from spot levels over a multi-quarter horizon. The global market will continue to loosen in the coming quarters, especially with the strong post-El Nino rebound in production in India and Thailand. We expect the Brazilian real to weaken in the coming months

New MVNO players will contribute to transforming the Senegalese market from price to service-oriented competition. These new entrants will allow network operators to invest further in developing advanced services to grow revenues, when a new network operator would just exacerbate price competition.

The ARTP, the Senegalese telecoms regulator, has

BMI View: In Brazil, South Africa and Turkey, political risk is high and there is substantial uncertainty regarding various elements of economic policy. We expect all three economies to underperform versus emerging market peers over the coming years. Nevertheless, we continue to highlight a tactical opportunity in Turkish assets.

• Brazil, South

Global fuels demand will continue to grow over the next ten years according to our forecasts, though at a slower rate than seen in recent years. Improving vehicle efficiency will moderate passenger vehicle oil demand growth, though air travel, road freight and petrochemical demand will see an increase in use of oil.

Our long-term refined fuels

BMI View : India will overtake Japan to become Asia's second largest passenger car market by 2020 supported by robust economic growth, a rising lower middle class and steady expansion in private consumption. A rise in tax rates on cars and sluggish private consumption will see Japan fall behind India to become the region's third biggest car market