Ukraine and Argentina Top Amundi Emerging-Market Favorites List
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Aumndi’s global head of emerging markets Yerlan Syzdykov.
Photographer: Luke MacGregor/BloombergThis article is for subscribers only.
Europe’s biggest money manager is counting on Donald Trump’s return and Javier Milei’s “shock therapy” to pay off big for bond investors in Ukraine and Argentina, in a bet that right-wing populism will determine the most compelling stories in emerging markets next year.
After elections in countries from Turkey to Argentina marked turning points for traders in 2023, Paris-based Amundi SA is parsing the implications of political watersheds for the year to come. Argentinian and Ukrainian dollar securities are already among top performers in the emerging world this year, against the backdrop of a dovish shift by major central banks that’s propelled a rally in the world’s riskiest bonds.