Today's Emerging Markets Pulse
Indonesia launches state‑run export hub to curb under‑invoicing and capture $150B revenue
President Prabowo Subianto announced that exports of selected raw materials will be routed through a new state‑owned enterprise under the Danantara holding. The move targets under‑invoicing, which the government says cost $6.5 billion in 2016, and aims to generate up to $150 billion in annual revenue.
Energy Security versus Geopolitics: ASEAN States Face Tough Choices over Iran’s Strait of Hormuz Passage
As the Middle East conflict drags on, Iran is selectively allowing ships from energy‑import‑dependent Asian nations to transit the Strait of Hormuz, often under a toll‑booth system. Countries such as Malaysia, India, China and Thailand have secured toll‑free or paid access, while others like the Philippines and Vietnam face fuel shortages and may seek similar deals. The strait, handling about 25% of global seaborne oil and 80% of shipments bound for Asia, has become a geopolitical bargaining chip, forcing ASEAN states to balance energy security against aligning with Tehran. The situation underscores ASEAN’s vulnerability to chokepoint disruptions and the urgency of diversifying supply routes.
China Is Helping Build Africa’s Cities, but Its Approach Sidelines Local Urban Planners
Chinese banks have become the leading bilateral financiers of urban infrastructure in Africa’s fastest‑growing cities. Between 2000 and 2021 they committed roughly $37 billion to six major metros, with transport projects receiving over $17 billion and 74% of projects finished within two...
U.A.E. Preparing to Help Open Strait of Hormuz By Force
The Wall Street Journal’s What’s News covers the United Arab Emirates’ shift toward becoming a combatant in the Iran‑U.S. conflict, as it prepares to help force‑open the Strait of Hormuz by clearing mines and supporting a U.N. resolution authorizing military action. Middle‑East...
Proterial Ltd. Mulls Entry Into India's Rare‑Earth Magnet Incentive Program
Japan’s Proterial Ltd., owned by a Bain Capital‑led consortium, said it is considering applying for India’s rare‑earth magnet manufacturing incentive. The move could link Japanese capital with New Delhi’s push to cut reliance on Chinese imports and reshape the global...
EnerVenue Raises $300 Million to Commercialize Lithium‑free Nickel‑hydrogen Storage
EnerVenue announced a $300 million Series B+ financing round and the appointment of Henning Rath as CEO. The capital will fund large‑scale manufacturing of its lithium‑free nickel‑hydrogen batteries and the launch of a regional headquarters in Hong Kong, positioning the company...
Asian Equities Rally on Middle East De‑escalation as Hang Seng Jumps 2% and CSI 300 Climbs 1.7%
Investors poured into Asian equities on Wednesday after US President Donald Trump said the Iran‑Israel war could end within weeks. The Hang Seng Index rose 2% to 25,294 points, while mainland China’s CSI 300 gained 1.7%, marking the strongest single‑day...
Indonesia Bets on Nickel Levy to Break Its China Habit
Indonesia is preparing a progressive export levy on processed nickel products such as nickel pig iron and ferronickel. The tax starts at about 2% when LME prices sit between $15,000‑$16,000 per ton and can rise to roughly 10% as prices...
“This Is Unprecedented”: America’s AI Boom Is Leaving the Rest of the World Behind
The United States has reclaimed global venture capital dominance, with AI alone accounting for three‑quarters of worldwide AI funding in 2025 – roughly $194 billion – and 75% of all AI deals. Landmark rounds by Anthropic ($30 billion) and OpenAI ($110 billion) illustrate...
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UAE Energy Minister Says World Must Not Be Held 'Hostage' By Iran over Hormuz
UAE Energy Minister Suhail al‑Mazrouei warned that Iran’s actions in the Strait of Hormuz could hold global trade hostage, urging a unified international response. He highlighted the potential economic fallout if safe passage is not guaranteed and stressed the UAE’s...
How Siemens Supports the Green and Digital Transitions
Siemens sees the EU‑Vietnam comprehensive strategic partnership and the EU’s Global Gateway initiative as catalysts for expanding its footprint in Vietnam. The company is focusing on green and digital projects, including renewable‑energy grid upgrades, high‑speed rail with VinSpeed, and digital...
Trump Says He’s Considering Pulling Out of NATO
President Donald Trump told the Telegraph that the United States is "beyond reconsideration" about pulling out of NATO, signaling a possible withdrawal after the Middle East conflict. He criticized NATO allies for refusing to support U.S. and Israeli actions against...
Iran War Pushing India to Edge of a Currency Crisis
India's rupee has slid another 5.5% this year, making it Asia's worst performer in 2025 and hovering around 95 per dollar. Rising Brent crude above $100 a barrel has added roughly $5 billion to India's monthly oil import bill, intensifying pressure...
Uneven Global Convergence: Asia Surges, Japan Declines
The divergence is striking. China’s GDP per capita grew more than 10x since 2000. India and Russia followed with strong gains. At the same time, Japan saw a decline. This isn’t just growth. It’s a redistribution of economic momentum. Some economies are accelerating rapidly. Others are stabilizing or stagnating. The...
US‑Iran Conflict Spikes Oil, but Europe’s Inflation Stays Modest
CHARTS OF THE DAY: What's the inflationary impact of the US-Iran war for Europe (and thus the ECB and BoE)? Sure, the price of oil and refined products has risen. But paralells between the curent shock and the 2022 energy...
How Russia and China Are Winning the War in Iran
Iran’s aggressive campaign to close the Strait of Hormuz with mines, missiles and drone swarms has driven global energy prices sharply higher. The United States’ attempt at a quick, decisive strike has backfired, leaving a protracted conflict that threatens worldwide...
US-Listed Data Centre Operator Equinix Doubles Down on South Africa
Equinix is investing roughly $405 million to add 160 MW of data‑centre capacity in South Africa, bringing its total under development to 332 MW across Johannesburg and Cape Town. The company acquired about $48 million of land, expanding its footprint beyond Gauteng. All funding...
Tanzania: Tanzania Trumpets Its Favourable Climate, Stable Policies to Lure Mining Investors
Tanzania's Ministry of Minerals announced a stable policy environment to attract mining investors, meeting with China's Liaoning Fangda Group. The government highlighted its commitment to using mineral resources for economic growth and industrial development. Fangda expressed interest in strategic projects...
Shared Energy Stakes Call for Greater China-India Cooperation
Chinese Foreign Minister Wang Yi warned of severe consequences if energy and nuclear facilities are targeted amid the expanding Middle East conflict, highlighting a shared security concern with India. Both countries, responsible for more than one‑third of global energy‑demand growth,...
America Is Losing the Innovation Race
China has transformed from a manufacturing hub into an innovation powerhouse, outpacing the United States in electric vehicles, batteries, robotics, next‑generation nuclear power and hypersonic missiles. The surge stems from a decade‑long, state‑driven strategy that funds basic research, talent development...
A Post-American Persian Gulf?
The U.S.-Israeli war with Iran has slashed oil and LNG flows through the Strait of Hormuz to roughly five percent of normal levels and damaged Qatar's Ras Laffan LNG plant, threatening a $20 billion annual export loss. Gulf states face immediate economic...
Fuel Crises Force Asian Leaders to Choose Welfare or Deficits
So we now seem to have fuel price caps and three airlines in emergency management in South Korea, have had school closures in Bangladesh and Pakistan, jet fuel rationing and a push to work-from-home in Vietnam, alternate-day driving for private...
Markets Hope for Middle East Peace, Expect Consolidation
The capital markets are being driven by hope that the Middle East war ends shortly. Markets are anticipatory. Still, they do not always get it right. Ahead of POTUS speech tonight, consolidation may be most likely scenario. https://t.co/6peh5F9uHH https://t.co/aae8efFiPO
Russian Oil Tanker Delivers 730,000 Barrels to Cuba Amid U.S. Blockade
A Russian-flagged tanker carrying 730,000 barrels of crude arrived in Havana, breaking a U.S.-imposed oil blockade that has left most of Cuba without fuel. The delivery, welcomed by a beleaguered population, underscores the geopolitical tug‑of‑war between Moscow, Washington and Havana.
South Sudan Blind Without Money Supply Data Since Oct 2024
South Sudan’s government hasn’t produced RELIABLE MONEY SUPPLY DATA since October 2024. SOUTH SUDAN = NO RELIABLE DATA = FLYING BLIND https://t.co/nPGh0aY8rq
China Leverages Pakistan to Stabilize Hormuz, Bypassing U.S.
China is moving to stabilize Hormuz without the U.S.—using Pakistan as a diplomatic bridge. Power shifts to whoever restores the flows. https://t.co/3LW8TIyS65 #OilMarkets #Geopolitics #China
RBC BlueBay Asset Management on Tackling Emerging Market Private Credit Misconceptions
RBC BlueBay Asset Management’s credit team, led by Mihai Florian, is urging investors to revisit private credit opportunities in emerging markets, arguing that misconceptions about risk have left attractive yields untapped. The firm highlights its disciplined underwriting, local partnerships, and...
India Resumes Iranian Oil Imports, Undermining Sanctions
After a 7-year hiatus, India is about to import its first Iranian oil. At ~$100 a barrel. Quite the achievement in Washington for the long-term strenght of the economic and financial sanctions regime.
US‑aligned Control of Hormuz Signals Bullish Market Outlook
If usa friendly regime takes control of strait of Hormuz it will be very bullish., https://t.co/bpWTMUPjFa
FII Exodus Hits Record Rs 1.6 Lakh Crore in FY26 Despite Strong DII Cushion
Foreign investors withdrew a record $19 billion (≈₹1.6 lakh crore) from Indian equities in FY26, marking the second consecutive year of outflows. Domestic institutions countered the sell‑off with a historic $102 billion (≈₹8.5 lakh crore) inflow, led by mutual funds, pension funds and insurers. The rupee’s 4 %...
China Accelerates Local Debt Cleanup via Central Debt Swap
1/4 Yicai: "China’s local debt cleanup is moving faster, with the central government’s debt swap program simultaneously lowering borrowing costs and shrinking the implicit debt pile." https://t.co/Ru3dUFDjL5
China and India: BRICS’ Demographic and Economic Powerhouses
There are two elephants in the BRICS room, China and India. They not only have a combined population of over 2.8 BILLION, but economic firepower too. https://t.co/nrI5ZlnwBg
Middle East Conflict Triggers 4% KOSPI Drop and 2% Nikkei Slide, Erasing 2026 Gains
Rising oil prices and heightened US‑Iran tensions caused South Korea’s KOSPI to plunge 4.3% and Japan’s Nikkei to tumble more than 2% on March 31, wiping out the region’s 2026 rally. The sell‑off spread to the MSCI Asia Pacific index,...
Rising Oil Prices Could Trim India's Growth Outlook
#IndiaWatch🇮🇳: India’s 7.0% - 7.4% growth outlook will be downgraded. Harvard Prof and former First Deputy Managing Director of IMF Gita Gopinath warns that if OIL AVERAGES $85-$100 PER BARREL, INDIA LOSES 0.5-1% OF GROWTH. MODI SHOULD SEND A BILL FOR...
India Doubles Russian Oil Imports, Undermining Sanctions
#IndiaWatch🇮🇳: Since the US-Israeli war on Iran started, India’s oil imports from Russia have nearly doubled. Good news. IT’S A SIGN THAT THE ILL-CONCEIVED SANCTIONS REGIME IS STARTING TO BREAK DOWN. https://t.co/XzP5Xxh83g
Preparing for Ukraine’s Reconstruction by Reducing Risk for Private Funding
Ukraine faces a massive reconstruction task estimated at $300 billion. McKinsey argues that unlocking private capital will require systematic risk‑reduction tools such as sovereign guarantees, insurance pools, and blended‑finance structures. The firm proposes a dedicated reconstruction fund, streamlined procurement, and a...
Rupee May Hit Record 100 per Dollar Amid Iran Crisis
JUST IN: Analysts predict the Indian rupee could drop to a record 100 against the dollar or further if the Iran crisis persists.
SGX to Launch Asia-Pacific Government Bond Futures- #Wealth #AssetManagement #AssetFinance
The Singapore Exchange (SGX) will debut Asia‑Pacific government bond futures on 20 April, covering sovereign bonds from India, Indonesia, Malaysia, Thailand and the Philippines. The contracts, margined and settled in US dollars, offer three maturities—three, five and ten years—based on FTSE Russell’s...
Georgian Company Strikes Coal Deal with Russian-Occupied Donetsk
Georgian firm George Oil Ltd signed a contract to import coal, metals and chemical products from the Russian‑occupied Donetsk region, planning domestic use and exports to India and Turkey. The deal arrives despite the EU’s full ban on Russian and...
Kazakhstan and Uzbekistan Tout Themselves as “Strategic Tandem”
Kazakhstan and Uzbekistan are moving from rivalry to partnership, branding their relationship as a “strategic tandem.” A high‑level visit by Kazakh Foreign Minister Yermek Kosherbayev to Tashkent highlighted cooperation across governance, trade, investment, connectivity, cultural, and water‑energy issues. Bilateral trade...
2026-04-01: Iran Doubles Oil Revenue, Strengthens Strait of Hormuz Control Amid Military Conflict
Iran announced legislation to levy transit fees and require cargo disclosures for ships passing the Strait of Hormuz, effectively turning the chokepoint into a revenue‑generating control zone. Despite U.S. threats to target Iranian oil facilities, Tehran’s oil exports have held...
China’s Hardline Shift on Tehran Mirrors Past Pyongyang Tactics
Pretty surprising if folks ever thought Beijing would put the strong arm on Tehran in this way. A closer look at China’s tactics (and non-tactics) with Pyongyang over the decades would have been instructive.
Latam’s Pivotal Growth Cycle Outshines US Stocks
Ask yourself… What would you rather own at this juncture: Latin America or US stocks? Latam is entering one of the most important cycles in its history, in my view. I couldn’t be more excited to be deeply involved as an investor...
CEPR Sanctions Watch March 2026
The CEPR Sanctions Watch March 2026 reports that the Trump administration has opened limited channels for Iranian and Russian oil sales while easing certain Venezuela sanctions, even as it maintains a strict blockade on Cuba. Concurrently, U.S. and Israeli forces...
Basra‑Aqaba Pipeline Would Pay for Itself in Months
1 million bpd Basra-Aqaba pipeline costing $9 billion would have paid for itself in 3 months in the current crisis. And given Baghdad some resilience against closure of the Strait. Exactly why the Iran-aligned parties blocked it over nonsense arguments about...
Experts Warn Peru‑Brazil Bioceanic Railway Threatens Amazon Ecosystems and Supply‑chain Stability
Environmental researchers and supply‑chain analysts warn that the proposed Peru‑Brazil Bioceanic Railway, linked to the new Chancay megaport, could cut through 15 protected Amazon areas and disrupt nearly 2,000 rural communities, raising both ecological and logistical concerns. The project, still...
Trump-Xi Summit: US Trade Chief Casts Doubt on Pre-Meeting Beijing Visit
U.S. Trade Representative Jamieson Greer told Bloomberg that cabinet members will not travel to Beijing ahead of the anticipated mid‑May Trump‑Xi summit, diverging from the usual pre‑summit diplomatic routine. The comment follows a White House statement suggesting cabinet‑level engagements would...
Foreign Central Banks Dump US Treasuries Amid Iran Conflict
"Foreign central banks sell US Treasuries in wake of Iran war" https://t.co/B4oQiLaXmS "Foreign central banks are selling US bonds at a time when the Treasury market is already under pressure as traders worry that the Middle East conflict could drive...
Report on Global Imbalances Useful Yet Lacks Hard‑Hit Insight
A few reactions to the Bai, Gopinath, Rey and Weber report on global imbalances commissioned by the French G-7 Presidency. It makes a number of important and useful points, but could have been much more hard hitting 1/ https://t.co/tGPWHoSwYs
Hichilema Urges Greater Energy Investment as Reforms Drive Zambia’s Growth Agenda
President Hakainde Hichilema urged greater private investment in Zambia’s energy sector, highlighting reforms that are attracting capital and accelerating the country’s push toward a 10 GW power generation target. He said the restructuring of state utility ZESCO and the work of...
US‑China Trade Collapse: Prospects for Recovery?
Really honored to join the National Committee on US-China Relations to chat about my latest research: U.S.-China Trade Collapsed. Can It Recover? 📺 https://t.co/WPRwLNqS2z https://t.co/DATDHcySKT