The United Arab Emirates signaled its currency swap talks with the US were about joining a small club with access to Federal Reserve liquidity lines rather than a need for external financing. “It’s under discussion,” Minister of Foreign Trade Thani Al Zeyoudi said at an event in Abu Dhabi on Monday, when asked about a swap facility with the US. “It is an elite matter. It is not about bailing out.”...
The United Arab Emirates signaled its currency swap talks with the US were about joining a small club with access to Federal Reserve liquidity lines rather than a need for external financing. “It’s under discussion,” Minister of Foreign Trade Thani Al Zeyoudi said at an event in Abu Dhabi on Monday, when asked about a swap facility with the US. “It is an elite matter. It is not about bailing out.” While he didn’t mention the Fed or say which officials the UAE is speaking to, he listed the European Central Bank and the monetary authorities of the UK, Japan, Canada and Switzerland. They alone have permanent dollar liquidity swap lines with the Fed , allowing them to tap the US currency for financial institutions in their jurisdictions during times of stress. “They are only having it with five countries,” Al Zeyoudi said. Being part of that group would mean that transactions, trade and investments between both nations had reached a significant level, he said. Trump Says Currency Swap With UAE Is Under Consideration MIDEAST INSIGHT: UAE Wants a Fed Badge, Not a Lifeline UAE Bristled at Saudis for Years Before Iran War Tipped Scales The Fed declined to comment to Bloomberg. Reports of the UAE discussing a currency swap with the US emerged last month, with President Donald Trump and Treasury Secretary Scott Bessent confirming them. Still, officials from the UAE — one of the world’s richest nations, with trillions of dollars of sovereign wealth fund assets — were quick to say the country wasn’t in need of external financing, even taking into account the shock of the Iran war and Tehran’s attacks. Yousef Al Otaiba , the UAE’s ambassador to Washington, suggested the talks were more a sign of his nation’s deepening economic ties to the US. Abu Dhabi has pledged to invest $1.4 trillion in America over the next decade, including in energy infrastructure and artificial intelligence data centers. A liquidity swap line with the Fed would differ from one provided by the US Treasury...
Torsten Asmus/iStock via Getty Images After a strong 2025, emerging markets equities were broadly flat during the quarter. Following a promising start to the year, markets pulled back sharply in March amid escalating tensions in the Middle East. Performance at the country level was led by strength in Brazil and South Korea. Brazilian equities benefited from stronger commodity prices and improved d...
Torsten Asmus/iStock via Getty Images After a strong 2025, emerging markets equities were broadly flat during the quarter. Following a promising start to the year, markets pulled back sharply in March amid escalating tensions in the Middle East. Performance at the country level was led by strength in Brazil and South Korea. Brazilian equities benefited from stronger commodity prices and improved domestic policy visibility, supporting companies tied to energy and financials. South Korea advanced on the back of a recovery in technology-related exports, particularly in memory semiconductors. In contrast, India and China were weaker, as investor concerns around growth and company-specific issues weighed on returns. During the quarter, our Emerging Markets Focused Value portfolio outperformed both the MSCI Emerging Markets Index and MSCI Emerging Markets Value Index. Consumer staples, energy, and information technology were the largest contributing sectors. Korean semiconductor manufacturer Samsung Electronics ( SSNLF ) was the largest contributor, supported by a strengthening memory cycle driving improved pricing and margins across its core businesses. Brazilian oil producer Petrobras ( PBR ) also performed well, benefiting from higher oil prices driven by geopolitical tensions, alongside a more established domestic fuel pricing framework that helped alleviate investor concerns around policy intervention. Chinese engine manufacturer Weichai Power ( WEICF ) contributed on the back of strong demand for power solutions tied to data center and infrastructure buildout. Consumer discretionary and communication services were the largest detracting sectors. Indian lender HDFC Bank ( HDB ) declined following leadership changes that raised governance concerns and introduced uncertainty around execution, despite otherwise stable underlying fundamentals. UPL, an Indian agricultural chemicals company, was weak after announcing a restructuring that raised questions around capital all...
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