A new year, a new hope. As markets returned from their
Christmas slumber, the world looked a very different place from
just twelve months earlier.
Long gone were the fears of last January, when
Europe’s debt woes still threatened to blow a hole
in global financial markets. The euro has remained intact, with
Greece still in the club. That other perennial fear –
of a Chinese economic hard landing – looks, for now,
overdone. And for all the talk of a US fiscal cliff, in the end
no one fell off it.
Emerging capital markets are already reaping the rewards of
improving global sentiment. Perhaps nothing better exemplified
the mood in Latin America’s markets at the start
of the year than Mexico’s opening of its 2044
benchmark bond. Kicking...
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