MNI EM Credit Weekly: Greed After Fear in Brazil

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EXECUTIVE SUMMARY

• Volatility spilled over into EM spreads this week from Friday’s tariff headlines from President Trump. In ASIA the Chinese real estate sector absorbed lower sales and leadership changes. A US–Korea trade deal appears close. In CEEMEA, overall spreads widened on the week with African issuers in focus. In Latam, Brazil corporate bonds roared back from last week’s selloff on dip buying, we see this as the defining theme of the week.
   
• We expect earnings season to pick up globally into next week. Regionally, SK Hynix’s Q3 earnings could provide insights into a potential AI slowdown In CEEMEA, Türkiye’s CB announces rate decision next week, market expecting smaller cut than previous, with risk of a hold. In LATAM, a slew of Mexican companies’ report next week with struggling Orbia and Televisa in focus and IG ratings hanging in the balance. 
   
• Sovs mentioned: South Korea, China, Senegal, Ghana, Egypt, Türkiye, Hungary, Brazil, Ecuador, Argentina and Mexico.
   
• Corps mentioned: Meituan, JD.com, Longfor, China Vanke, China Water Affairs, Sunac, SK Hynix, BInghatti, Uzbek Industrial and construction Bank, Braskem, Raizen, CSN and Minerva.