“Javier Milei’s dollarization and fiscal austerity proposals overlook the complexities of modern economies, ignore lessons from historical crises, and open the door for accentuating already severe inequalities.”

Le elezioni brasiliane del 2026 potrebbero rappresentare un punto di svolta per i mercati e le politiche del Paese. La gestione fiscale, i tassi di interesse e i rendimenti dipenderanno tutti da chi vincerà. Con l'incertezza sulla ricandidatura di Lula e l'assenza di un chiaro successore di Bolsonaro tra i conservatori, la partita è ancora tutta da giocare.

Globally, yields on high-quality assets feel thin once adjusted for inflation and tax. Corporate balance sheets look sound, yet spreads are tight and carry is limited. Under such circumstances, emerging market debt offers a clear payoff profile. There is income and promising potential for capital gains through policy easing, currency strength, and credit improvement. The asset class is broader and deeper than a decade ago, with stronger institutions in many countries and a larger local investor base. That mix supports resilience through shocks.