The End Game has arrived
Shocks from covid and the war in Ukraine have forced the global financial and political world to change, but what will the end game be?
Summary: EM assets are trading at a deep discount, but a shift in growth leadership from the US to China could lead to a weaker US dollar, which would support commodities and EM again. Meanwhile the simmering Sino-US trade war heightens the risks for the global economy, and we are at a crossroads on several fronts: globalisation, geopolitics, and economics.