Emerging-market currencies are proving more stable than those in developed nations, a streak some investors say could become the longest in more than two decades. JPMorgan volatility indexes show developing nations’ currencies have swung less than their Group of Seven peers for nearly 200 straight days — the longest stretch since 2008. If it passes 208 days, it would mark a record going back to 20...
Emerging-market currencies are proving more stable than those in developed nations, a streak some investors say could become the longest in more than two decades. JPMorgan volatility indexes show developing nations’ currencies have swung less than their Group of Seven peers for nearly 200 straight days — the longest stretch since 2008. If it passes 208 days, it would mark a record going back to 2000. The unusual calm in the cohort usually regarded as riskier is being driven by a mix of factors. A weaker dollar and expectations for gradual Federal Reserve easing have reduced pressure on developing markets. Meanwhile, strong commodity prices and robust capital inflows have supported demand for emerging-market assets. That backdrop is reinforcing the appeal of the carry trade, according to JPMorgan Asset Management. “EM currencies remain a carry trade, hence the controlled volatility environment will continue to attract ongoing inflows into EM local assets,” said Jason Pang , a fixed income portfolio manager at the money manager in Hong Kong. The carry-trade strategy — borrowing in low-yielding currencies to invest in higher-yielding emerging-market assets — thrives in calm conditions and can help stabilize currencies by sustaining inflows. Investors have poured money into emerging markets this year at the fastest pace for the period since 2019, according to a Bloomberg capital flow proxy gauge , extending last year’s surge , which was the largest since 2009. The inflows are supporting performance. A Bloomberg index of eight developing-market currencies has risen about 2.8% so far this year, extending last year’s stellar 17.5% advance. Structural factors are also helping to keep market swings contained. Improvements in emerging-market fundamentals, relatively stronger growth than in developed economies and ample FX reserves should help keep emerging-market currency volatility subdued this year, said Matthew Ryan , head of market strategy at Ebury Partners Ltd. In contr...
Military official says Israel’s attack came in response to violations by Hamas of US-brokered ceasefire agreement At least 12 Palestinians were killed and several more injured across the Gaza Strip on Sunday in Israeli airstrikes that the military said were carried out in response to ceasefire violations by Hamas. The Gaza civil defence agency said five people were killed and several others hurt w...
Military official says Israel’s attack came in response to violations by Hamas of US-brokered ceasefire agreement At least 12 Palestinians were killed and several more injured across the Gaza Strip on Sunday in Israeli airstrikes that the military said were carried out in response to ceasefire violations by Hamas. The Gaza civil defence agency said five people were killed and several others hurt when an airstrike targeted a tent sheltering displaced people in the northern city of Jabalia. Continue reading...
baona/iStock via Getty Images Brookfield Corporation ( BN ) ( BN:CA ) is a much-revered Asset Management and Alternative Asset company, helmed by legendary Canadian investor Bruce Flatt. Brookfield Corporation looks like an asset manager, reports its numbers like an asset manager, and is priced like an asset manager. However, as explained in detail here , BN is changing its business from being an ...
baona/iStock via Getty Images Brookfield Corporation ( BN ) ( BN:CA ) is a much-revered Asset Management and Alternative Asset company, helmed by legendary Canadian investor Bruce Flatt. Brookfield Corporation looks like an asset manager, reports its numbers like an asset manager, and is priced like an asset manager. However, as explained in detail here , BN is changing its business from being an asset manager to being an insurance and reinsurance company. In the recent quarterly earnings call , management announced the next stage on this journey. Over the course of 2026, Brookfield will reverse course and reintegrate Brookfield Wealth Solutions ( BNT ) into the Brookfield balance sheet. This accelerates what I believe to be a fundamental transition of the BN balance sheet from an asset management company to an insurance company. The main difference between the two is that while an asset management company owns assets and generates fees from managing third-party assets, an insurance company 'owns' and manages liabilities. Insurance companies have a 'special power,' which Warren Buffett referred to as 'float.' Float is that insurance companies charge premiums for taking on risk. As many insurance risks don't see claims for years, the premiums become assets that can be invested until the claims become payable. It is this asset leverage that powers insurance company P&Ls. The problem is that, until there is no more possibility to pay claims, there is a matching liability on the balance sheet. Insurance companies often underestimate these liabilities and don't collect enough premiums. This makes insurance company results very volatile. As a result, the market pays a much lower multiple to own the stock than they do for lower-risk stocks - like asset managers. My Brookfield thesis is that the insurance strategy will power a boost in AUM and in earnings in the short term. However, in the longer term, the market will re-rate the earnings multiple for the business. There wi...
Israel fired air strikes across the Gaza Strip on Sunday, killing at least 11 Palestinians, Palestinian officials said, in what the military called a response to ceasefire violations by Palestinian militant group Hamas. Gaza doctors said an Israeli air strike on a tent encampment housing displaced families killed at least four people, while health officials said another strike killed five in Khan ...
Israel fired air strikes across the Gaza Strip on Sunday, killing at least 11 Palestinians, Palestinian officials said, in what the military called a response to ceasefire violations by Palestinian militant group Hamas. Gaza doctors said an Israeli air strike on a tent encampment housing displaced families killed at least four people, while health officials said another strike killed five in Khan Younis in the south and another person was shot dead in the north. Air strikes also targeted what...
Reclaiming Labour’s internationalist heart could also stop disillusioned voters drifting towards LibDems and Greens If Keir Starmer wants to win back disillusioned voters deserting his party for the Liberal Democrats or the Greens, he could do worse than rediscover Labour’s longstanding moral commitment to international development. Since cutting the overseas aid budget to fund higher defence spen...
Reclaiming Labour’s internationalist heart could also stop disillusioned voters drifting towards LibDems and Greens If Keir Starmer wants to win back disillusioned voters deserting his party for the Liberal Democrats or the Greens, he could do worse than rediscover Labour’s longstanding moral commitment to international development. Since cutting the overseas aid budget to fund higher defence spending – losing the excellent Anneliese Dodds in the process – Labour has had little to say on the subject, aside from the fact that 0.3% of national income is the new normal. Continue reading...
15 February 2026, Bavaria, Munich: The logo of the Munich Security Conference can be seen on the chairs in the main hall. Photo: Sven Hoppe/dpa (Photo by Sven Hoppe/picture alliance via Getty Images) Picture Alliance | Picture Alliance | Getty Images Many European policymakers appear to still be smarting from U.S. Vice President JD Vance's tough words about the region at last year's Munich Securit...
15 February 2026, Bavaria, Munich: The logo of the Munich Security Conference can be seen on the chairs in the main hall. Photo: Sven Hoppe/dpa (Photo by Sven Hoppe/picture alliance via Getty Images) Picture Alliance | Picture Alliance | Getty Images Many European policymakers appear to still be smarting from U.S. Vice President JD Vance's tough words about the region at last year's Munich Security Conference. So, it's perhaps not too surprising that U.S. Secretary of State Marco Rubio's comments on Saturday at this year's event underscoring the U.S. and Europe's common heritage, goals and challenges have come as something of a relief in European capitals. "[Rubio] delivered a speech which still assured us that we stand together in this partnership between Europe and the United States," German Foreign Minister Johann Wadephul told CNBC in an interview on the sidelines of the conference. "Of course, there are some questions which we will have to discuss, but in the end of the day, his message was clear that we were so successful in the past, and we should do the job once again with new threats, with new tests in the 21st century." On Saturday, Rubio said the U.S. has no intention of abandoning its deep alliance with Europe and wants the region to succeed. "We want Europe to be strong," he told the gathering of defense and security officials in the German city. "We believe that Europe must survive, because the two great wars of the last century serve, for us, as history's great reminder, that ultimately, our destiny is, and will always be, intertwined with yours." Contrast that to Vance's message to the same crowd last year, when he spoke of the "retreat of Europe from some of its most fundamental values, values shared with the United States of America." He lambasted his audience about the health of their democracies, their migration policies and freedom of speech. While Rubio's tone might have been more conciliatory than Vance's, the underlying issues remained the sa...
Khanchit Khirisutchalual/iStock via Getty Images Introduction: Closed-end funds offer an attractive investment class that covers various asset classes and promises high distributions to income investors. They can also offer reasonable total returns if the distributions are reinvested, but generally lag the performance of the S&P 500. They are not for everyone but are particularly appealing to reti...
Khanchit Khirisutchalual/iStock via Getty Images Introduction: Closed-end funds offer an attractive investment class that covers various asset classes and promises high distributions to income investors. They can also offer reasonable total returns if the distributions are reinvested, but generally lag the performance of the S&P 500. They are not for everyone but are particularly appealing to retirees and income investors. However, it will be best to diversify into 7 to 10 CEFs covering many different asset classes and market segments. During the last decade, the mega- and large-cap stocks have outperformed the small- and mid-cap stocks. Also, the S&P 500 or U.S.-based domestic funds have outperformed almost every other country during the last 10 years, except in 2025. More recently, the foreign stocks have started outperforming the domestic US market. Also, there has been some momentum building in mid-cap and small-cap stocks. Will this trend continue in 2026 and beyond? It is difficult to predict, but it is likely, primarily due to the valuation gaps. Today's fund, Sprott Focus Trust Fund ( FUND ), is heavily tilted towards mid-cap and small-cap stocks. In addition, it has nearly 40% of foreign stocks; however, North America accounts for more than 80% of the share. Will this help this fund in the coming year and beyond? Well, in this backdrop, we think the "FUND" may be worth considering, as it provides significant exposure to non-U.S. markets as well as the small- and mid-cap segment. This fund can provide the necessary diversification to a portfolio that is highly concentrated in large- and mega-cap stocks or funds. Fund's Background Sprott Focus Trust ( FUND ) is a closed-end fund with a long history and trades on the NASDAQ. The fund invests with a long-time horizon and seeks to deliver superior performance to its investors by investing in high-quality businesses with strong balance sheets that may be trading at attractive valuations, in the opinion of the fun...