Over the past several years, cruise operators have delivered remarkably resilient operating and financial performance despite geopolitical instability, including US tariff uncertainty, conflicts in Ukraine and the Middle East, broader economic uncertainty and higher energy costs.

Brazil’s election is fast becoming a referendum on fiscal credibility. A tightening Lula–Bolsonaro race comes amid investor anxiety over debt sustainability, high rates and the direction of economic policy.

Emerging market (EM) debt remains one of the most diverse and opportunity-rich segments within fixed income. The asset class encompasses both hard currency debt and local currency debt. Both segments offer exposure to emerging economies, but their drivers of return, valuation dynamics and attractiveness differ meaningfully.