JOHANNESBURG - Data from the Institute of International Finance on Friday showed that South Africa had a good start to the year, accounting for the largest share of $31.7billion of net capital flows to emerging markets in January. The Washington-based IIF in a research note said market sentiment towards EM has swung a lot more positive recently, powered by the dovish shift from the Fed, de-escalating China-US trade tensions, and fading anxiety over global growth.
IIF said EM would struggle with political risk perception with elections in several countries, including South Africa, Argentina, India, Indonesia and Ukraine set for this year. “With the increased volatility in markets and yield movements, EM banks will be looking closely at changes in the political context.”
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