Erste Asset Management - Blog

Artikel zu Schlagwort: Brazil
Gast-AutorIn / Guest Author am 23rd February 2018

Investment stories in Latin America

Christian Gaier, senior fund manager of government bonds of emerging markets

The 4th BBVA Latin American Local Markets Conference in London gave me the chance to speak in detail with some local Latin American representatives. In the following, I would like to share some of the insights I gained from these conversations and the narratives that may affect 2018.

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Gast-AutorIn / Guest Author am 28th November 2017

Emerging markets – not a pure commodities story any longer


Gabriela Tinti was interviewed by Dieter Kerschbaum, Erste AM Communications.


The global economy is experiencing significant growth, and the emerging markets have felt the increased economic growth rates as well. Even in problematic countries such as Brazil or Russia, the situation has been picking up due to the increased oil price.

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Gast-AutorIn / Guest Author am 11th May 2017

My impressions from IMF meeting in Washington: Emerging markets “alive and kicking”

Jose Luis Magana / AP /
Felix Dornaus, Senior Fund Manager Emerging Markets Bonds

Author: Felix Dornaus
Senior Fund Manager


The spring meeting of the International Monetary Fund was held in Washington from 20th to 23rd April. This event was the reason for an investor conference that I attended in order to get an idea of the status quo of the global economy as well as of risks and opportunities.

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Gast-AutorIn / Guest Author am 10th August 2016

Brazil: Hope for change stimulates bonds


Author: Felix Dornaus, Senior Fund Manager Emerging Markets Bonds

Felix Dornaus, Senior Fund Manager Emerging Markets Bonds
Felix Dornaus, Senior Fund Manager Emerging Markets Bonds
Brazil tactically overweighted at the moment

Most of the fundamental economic data are currently not good. In 2016, the country is in recession; for 2017, a minor growth rate of +0.7% is expected. The nominal budget deficit of 2016 is about -10%, with a primary deficit of -2.7%. This comes as a surprise, given that investors had been used to primary surpluses from Brazil. The current account is also slightly in deficit. The only silver lining is the low foreign government debt of less than 20% of GDP, accompanied by high foreign exchange reserves. We therefore do not expect any issues for bondholders with regard to the payments they are due.

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Gabriela Tinti am 08th August 2016

Brazilian equities are in demand


Brazil is locked into a severe recession in 2016, the year of the Olympic Games in Rio de Janeiro. After negative growth of 2.5% last year, the economy will be shrinking by more than 3% in 2016. Political crises and corruption scandals in connection with the oil company Petrobras have badly affected the country. But still, the country, shaken by crisis, is in strong demand from investors.

The importance of Brazil has declined

Especially in the equity segment, the relevance of Brazil has declined in recent years. A few years ago the BRIC economies (Brazil, Russia, India, and China) were hugely popular among investors. Mismanagement and the unfavourable development of international commodity exchanges have eaten into the weighting of Brazil in the global …

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Gerhard Winzer am 05th August 2016

Brazil: Olympic Games of politico-economic indicators

(c) Fotolia

In Brazil, or more specifically, in Rio de Janeiro, the 31st Summer Olympics will be held in August of 2016. After Mexico City (1968), Moscow (1980), Seoul (1988), and Beijing (2008), this is only the fifth outing in the city of an emerging economy. The holding of the Games reflects the increasing economic importance of Brazil. After all, the 208 million citizens of Brazil generated goods and services worth USD 1,700bn last year. In terms of GDP, Brazil is already the world’s ninth-biggest economy.

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