Articles

Healthcare infrastructure PPPs will present growing opportunities for firms in Latin America over the coming years as governments in the region look to meet demand for such facilities while also minimising the impact of new investment on government budgets. Opportunities will be concentrated in Colombia and Argentina as both will see a number of

Key View: Diesel's premium to Brent will remain elevated over the coming months, supported by resilient demand for the fuel across major global markets, and conflicting supply-side dynamics weighing on prices in the global crude market. Longer-term diesel demand will be driven by the global EMs, particularly those in Asia-Pacific, where positive

Following a strong year-to-date performance, the Ukrainian hryvnia will remain range bound over the short term as investor interest in Ukrainian debt following the central banks rate hikes levels off. Coupled with seasonal weakness towards year end, the unit will depreciate over the longer term as macrofinancial stability risks increase amid

Key View: Although the UK banking sector has proven resilient to Brexit uncertainty, we warn that with the official exit date less than a year away and little progress on reaching a settlement deal with the EU, industry headwinds are intensifying. While it is difficult to gauge the likelihood and impact of a serious shock to the sector, we believe

Against a backlog of maturing loans from the 2007 vintage, last year yielded a respite for U.S. CMBS loss severities.

CMBS loss severities finished lower as a result of peak vintage maturing loans taking quick trips to special servicing to facilitate refinancing in 2017. Average loss severity for loans experiencing a loss fell substantially to 35

Key View:

• Kazakhstan is attracting greater foreign investment into its domestic pharmaceutical industry.
• Roche and Servier are the latest multinational drugmakers to invest in the market.
• Drugmakers will continue to be attracted to the high-growth domestic and neighbouring markets.

Forecasts:

Drug sales in Kazakhstan are forecast to

Key View: Despite land expropriation becoming official party policy in South Africa, we believe President Cyril Ramaphosa will mitigate threats to agricultural production. Un-used or underutilised land will likely be the subject to land expropriation rather than productive farmland, agricultural output therefore remaining largely unaffected. The

Key View: Tesla's plan to produce its electric vehicles in China will allow it to reduce operating risks associated with any potential future trade disputes between Washington and Bejing as well as give the automaker more direct access to a fast fast growing EV market. That said, Tesla will face tough competition as a number of domestic and foreign

Global political risks will remain at extremely high levels in 2018, owing to the North Korean missile crisis, ongoing uncertainty over Brexit, and the seemingly erratic policy backdrop under the US Trump administration. Other significant risks include forthcoming general elections in Italy, and Latin America, all of which present major

China's 'One Belt One Road' (OBOR) initiative, aiming at expanding its economic and geopolitical influence in Eurasia, will lead to the acceleration of Chinese mining investment in Central Asia. Kazakhstan, with its rich deposits of copper, gold and uranium will remain a priority in terms of investment.

The One Belt (also known as the New Silk