-- Money managers are digging in their heels over a popular emerging-market bet in early 2024 even as the trade has unraveled five months into the year.Global Chips Battle Intensifies With $81 Billion Subsidy Surge
The change of tack by EM policymakers was clear to see last week. Brazil’s central bank cut its benchmark Selic rate by a quarter-point, slowing after six consecutive half-point reductions — a move that already led analysts to lift year-end rate forecasts.
“We’re probably closer to an inflection point,” de Sousa said. “The probability of that scenario finally materializing is a little bit higher than it was a couple months ago.” “It’s one of the places that does pay a decent carry with a very good valuation story,” he said of Brazil.
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