Research & Insights

Emerging Markets Monitor

Keep your finger on the pulse of the latest opportunities and developments across emerging markets. Each month our emerging markets equity and debt teams share perspectives to help you make more informed investment decisions.

Investment Insights

Fixed Income Viewpoints

Discover Fixed Income Viewpoints, offering insights into bond markets, interest rates, and global economic conditions.

Market Insights

Behind the Headlines

Lazard's expert analysis of market-moving events and trends, providing context and insights for investors to make informed decisions.

Market Insights

PM Conversations: Is China Too Big to Ignore?

Our Emerging Markets teams unpack what may be causing China’s current economic turmoil and what’s top of mind for investors.

Aug 29 2024 5 min read

Market Insights

A Growing List of Data Delays

The US government shutdown has delayed several key economic data releases.

Ronald Temple, Lazard’s Chief Market Strategist Oct 10 2025 6 min read

Market Insights

Worse Than Feared?

The US government shutdown could erode economic growth and investor sentiment.

Ronald Temple, Lazard’s Chief Market Strategist Oct 17 2025 5 min read

Market Insights

US Shelter Inflation Hits Four-Year Low

Lower rent inflation could partially offset the inflationary impact of tariffs.

Ronald Temple, Lazard’s Chief Market Strategist Oct 24 2025 5 min read

Market Insights

Flying Blind

The US government shutdown continues to deprive policymakers of critical economic data.

Ronald Temple, Lazard’s Chief Market Strategist Oct 31 2025 5 min read

Market Insights

Shutdown Breaks Records

The US federal government shutdown is now the longest on record, with a worsening economic impact.

Ronald Temple, Lazard’s Chief Market Strategist Nov 07 2025 6 min read

Market Insights

The Data Floodgates Reopen

After a record 43-day US government shutdown, policymakers will regain access to key economic data.

Ronald Temple, Lazard’s Chief Market Strategist Nov 14 2025 6 min read

Market Insights

Fed to Markets: See You in 2026!

Fed meeting minutes suggest a December rate cut is unlikely.

Ronald Temple, Lazard’s Chief Market Strategist Nov 21 2025 5 min read

Market Insights

US Data Mosaic Takes Shape

Retail sales, consumer sentiment, and job market data hint at what’s ahead in 2026.

Ronald Temple, Lazard’s Chief Market Strategist Dec 05 2025 5 min read

Market Insights

Fed Faces More Questions than Answers

I believe investors should temper their confidence regarding any near-term US rate views.

Ronald Temple, Lazard’s Chief Market Strategist Dec 12 2025 6 min read

Market Insights

The Devil’s in the Details

The latest US inflation and job market data warrant closer analysis.

Ronald Temple, Lazard’s Chief Market Strategist Dec 19 2025 5 min read

Market Insights

Mixed Messages

US companies refrain from hiring but resist firing.

Ronald Temple, Lazard’s Chief Market Strategist Jan 09 2026 4 min read

Market Insights

A Closer Look at US Inflation

US inflation is likely to rise in the first half of this year, but there could be some wild cards.

Ronald Temple, Lazard’s Chief Market Strategist Jan 16 2026 5 min read

Market Insights

China's Two-Speed Economy

The domestic economy continues to struggle, but exports have saved the day.

Ronald Temple, Lazard’s Chief Market Strategist Jan 23 2026 4 min read

Market Insights

What Kevin Warsh’s Appointment Could Mean for Rates

Kevin Warsh’s appointment as Fed chair could signal a policy shift in 2026.

Ronald Temple, Lazard’s Chief Market Strategist Jan 30 2026 5 min read

Market Insights

US Labor Market Takes a Turn

This week’s data may rekindle concerns over job market softness.

Ronald Temple, Lazard’s Chief Market Strategist Feb 06 2026 5 min read

Market Insights

Weak but Stable

The latest US employment data suggest a tenuous job market.

Ronald Temple, Lazard’s Chief Market Strategist Feb 13 2026 5 min read

Market Insights

IEEPA Tariffs Rejected

The Supreme Court decision invalidates just over half of US tariffs.

Ronald Temple, Lazard’s Chief Market Strategist Feb 20 2026 5 min read

Market Insights

US Home Prices Reach Record High

Prices will likely continue to rise as demand outstrips supply.

Ronald Temple, Lazard’s Chief Market Strategist Feb 27 2026 4 min read

Market Insights

Economic Impacts of Conflict in Iran

Sustained energy price increases could impact global inflation and GDP growth.

Ronald Temple, Lazard’s Chief Market Strategist Mar 06 2026 5 min read

Market Insights

Market Disruption Continues

Ongoing uncertainty in Iran could present opportunities for investors in non-US markets.

Ronald Temple, Lazard’s Chief Market Strategist Mar 13 2026 5 min read

Market Insights

Conflict Contagion

Interest rate expectations have moved sharply higher as conditions around the Persian Gulf worsen.

Ronald Temple, Lazard’s Chief Market Strategist Mar 20 2026 6 min read

Market Insights

The Mounting Costs of the Iran War

The Iran war is likely to trigger a combination of higher inflation, lower growth, and larger fiscal deficits.

Ronald Temple, Lazard’s Chief Market Strategist Mar 27 2026 5 min read

Market Insights

Index Concentration: The Big Are Also Getting Bigger in Emerging Markets

Equity concentration is high not only in developed markets but also in emerging markets, where a few tech giants dominate index weights and can shape portfolio risk.

Mar 03 2026 3 min read

Market Insights

Global Mid-Year Outlook 2025

Despite US policy uncertainty in the first half of 2025, markets remained remarkably resilient. This could change in the second half of the year.

Ronald Temple, Chief Market Strategist Jul 28 2025 1 min read

Market Insights

European Equities: Poised for Continued Progress Amid a Possible Pause

European equities have delivered strong gains so far this year, leaving investors asking what comes next.

the European Equities Team Oct 27 2025 9 min read

Market Insights

Insights from Two Decades of Listed Infrastructure Investing

The Lazard Global Listed Infrastructure team, pioneers in listed infrastructure investing, shares the disciplined philosophy behind its 20 years of success in delivering stable, inflation-resilient returns for clients.

The Global Listed Infrastructure Team Nov 12 2025 9 min read

Market Insights

Global Outlook 2026

Lazard Chief Market Strategist Ron Temple explains why 2026 could be a year of muted global economic growth.

Ronald Temple, Chief Market Strategist Dec 17 2025 2 min read

Market Insights

Tracking Error: Myth vs. Reality

We believe investors seeking stable returns through various market environments can benefit from low tracking error strategies that prioritize bottom-up, idiosyncratic stock selection over big macro bets.

Paul Moghtader, CFA, Managing Director, Portfolio Manager/Analyst; Jason Williams, CFA, Director, Investment Strategist Jan 13 2026 12 min read

Market Insights

Emerging Markets: Back in the Spotlight

We believe emerging markets is entering their most promising period in over a decade, supported by strong fundamentals and favorable global trends.

Jan 26 2026 7 min read

Market Insights

Emerging Markets Outlook 2026

Emerging markets entered 2026 on a high note, bolstered by meaningful tailwinds, cyclical momentum, and longer-term structural shifts.

Feb 17 2026 12 min read

Market Insights

Extension Strategies: Managing More Complex Risk to Uncover Greater Reward

Extension strategies are seeing renewed interest due to the enhanced return potential they can offer—particularly in a highly concentrated market. However, these strategies can present unique challenges. We believe the key to successful extension strategies lies in balanced stock selection and skillful risk management to account for the risks inherent in short-selling.

Paul Moghtader, CFA, Managing Director, Portfolio Manager/Analyst; Jason Williams, CFA, Director, Investment Strategist Mar 25 2026 14 min read

Market Insights

Japan: Reassessing Perceptions

Renowned for economic stagnation in recent decades and amid concerns over its demographics and public debt, Japan has been overlooked by global investors for many years. We believe this ignores major shifts reshaping the world's fourth-largest economy and second-largest stock market. Deflation has ended, corporate governance reforms are working, and firms are focusing more on capital efficiency and shareholder returns. Wage growth is an upside of demographic trends, while new-found political stability reduces uncertainty. In our view, global investors need to look afresh at Japan.

Scott R. Anderson, CFA, Director, Portfolio Manager/Analyst; June-Yon Kim, Managing Director, Portfolio Manager/Analyst Mar 30 2026 14 min read

Video

Lazard Global Equity Franchise Strategy Q4 2025 [Video]

Watch the Q4 2025 performance update featuring Warryn Robertson, Portfolio Manager/Analyst for the Lazard Global Equity Franchise Strategy.

Warryn Robertson Jan 21 2026

Video

Lazard Global Listed Infrastructure Strategy Q4 2025 [Video]

Watch Warryn Robertson share an update on the Global Listed Infrastructure strategy: 2025 performance, portfolio highlights, and his current outlook.

Warryn Robertson Jan 22 2026

Investment Insights

A Measured Approach to China: Insights for Emerging Markets Investors

We believe navigating the Chinese equity market requires a combination of fundamental analysis and acute sensitivity to political risk.

Lazard Emerging Markets Equity Team Jan 15 2023 10 min read

Investment Insights

Is the Third Time a Charm for Japanese Equities?

Often ignored by global investors, Japanese equities now stand out as an opportunity relative to other developed markets and to their own history.

June-Yon Kim, Managing Director, Portfolio Manager/Analyst Jul 19 2022 10 min read

Investment Insights

Relative Value Investing

Explore research on relative value investing, offering insights into how value can be unlocked across global markets.

Louis Florentin-Lee Aug 30 2023 2 minutes

Investment Insights

US Regulated Utilities: Still Not Cheap Enough

Despite the recent sell-off in US regulated utilities, we believe share prices in this important part of the listed infrastructure universe need to fall further.

Lazard Global Listed Infrastructure Team Dec 06 2023 1 minute

Investment Insights

Europe´s Stock Markets: Challenging Misperceptions

Europe's stock markets and companies have changed for the better in recent years, but investors' perceptions have not necessarily caught up.

Aaron Barnfather Sep 27 2023 10 min read

Investment Insights

Quality Investing

Louis Florentin-Lee

Investment Insights

Lazard Global Thematic Equity Focus: Invest in the Global Future [Video]

Invest in a sustainable global future with Lazard Global Thematic Equity Focus. Explore our research on ESG, climate change, and long-term growth opportunities.

Sep 13 2023

Investment Insights

Lazard Thematic Inflation Opportunities Strategy: Pattern of Performance Since Launch

Explore Thematic Inflation Opportunities, a strategy designed to benefit from inflation.

Feb 13 2023

Investment Insights

Manager Overview: Real Assets

Lazard portfolio managers discuss insights on real assets investing, including opportunities in infrastructure, real estate, and natural resources.

Aug 25 2022

Investment Insights

Manager Overview: Sustainable Private Infrastructure

Explore sustainable private infrastructure investments to better understand the benefits and opportunities of this growing sector.

Oct 05 2022

Investment Insights

Why Adopt a Global, Multi-theme, Approach to Thematic Investing

Watch our thematic investing video for insights on current themes driving investment strategies.

Steve Wreford, CFA Feb 17 2021

Investment Insights

Realizing the Potential in Infrastructure

Infrastructure is often associated with stability. But it can also offer characteristics that we believe are well-suited to the current macro environment, including potential inflation hedging, earnings resilience, and diversification. In our view, these benefits are best achieved with an active approach that combines valuation discipline with strict criteria for selecting companies.

May 03 2024 10 min read

Investment Insights

Risk Exhaustion: Navigating the New Regime

As the spread between winners and losers widens, we think now is the time for investors to avoid macro risk exposures and narrow in on idiosyncratic company attributes.

Paul Moghtader, CFA | Peter Kashanek | Jason Williams, CFA Dec 06 2023 4 min read

Investment Insights

Currency's Comeback

The return of interest-rate volatility across the global economy and sharp currency shifts have reminded many investors of the potential for adding value through foreign exchange (FX). We look at three aspects of FX markets, starting with potential pressure points for the US dollar. We also outline why, contrary to much market opinion, we believe the outlook for many emerging markets currencies looks comparatively positive. Finally, we examine potential alpha-generating currency hedging opportunities that rely less on directional currency views to realize value.

Jared Daniels, CFA and Aristotel Kondili Oct 27 2023 1 min read

Investment Insights

Lazard Global Listed Infrastructure: Not All Infrastructure Is Created Equal

Infrastructure is a unique asset class that can bring durable rewards. By investing in the equities of listed infrastructure operators, such as electricity networks, toll roads, and other essential assets and related services, investors gain exposure to predictable long-term earnings streams. This earnings stability typically enables the asset class to deliver clear benefits: diversification, low volatility, inflation protection, and yield. A strict definition of preferred infrastructure has been critical to the long-term success of the pioneering Lazard Global Listed Infrastructure strategy.

Mar 20 2025 1 min read

Investment Insights

Boring but Booming: The Growth Story in European Regulated Utilities

Demand for infrastructure spending, in part to build transmission networks for solar and wind energy in the UK and Italy, means the growth outlook for European regulated utilities is the brightest in years. Meanwhile, the sector trades on among the most attractive valuations in two decades. We see a rare opportunity for long-term investors in arguably the lowest-risk sector in our investment universe. Read why we currently have over one-third of the portfolio in these stocks—one of our highest weightings in the nearly 20-year history of the Lazard Global Listed Infrastructure strategy.

Mar 25 2025 6 min read

Investment Insights

Lazard Nordic High Yield Bond Fund Market & Portfolio Review

April 10, 2025 | Webcast

Jan 13 2026 Video: 25 Minutes

Investment Insights

A Tale of Two Economies: Japan’s Revival and China’s Uncertain Future

Bond investors are betting on the long-term growth prospects of Japan over China for the first time in decades. For investors, understanding the dynamics and interpreting both countries’ economic narratives can uncover potential opportunities.

May 07 2025 6 min read

Investment Insights

I tre fattori alla base della rinascita economica del Giappone

Anche in un contesto di crescente incertezza globale, riteniamo che l'economia giapponese sia pronta a una trasformazione grazie a tre forze convergenti: inflazione, aumento dei salari e cambiamento degli atteggiamenti verso il rischio.

Jun 02 2025 6 min read

Investment Insights

Megatrends: Investing in the Next Decade

Technological, demographic, and geopolitical shifts create disruption and uncertainty, but they also present prime opportunities for long-term investors.

Peter Orszag, CEO and Chairman, Lazard and Steve Wreford, Managing Director, Portfolio Manager/Analyst Jul 09 2025 6 min read

Investment Insights

The Risk Exhaustion Regime Continues

We believe that a factor-agnostic quantitative approach—one that avoids macro exposures and allows idiosyncratic company attributes to drive portfolio risk relative to the benchmark—will continue to benefit investors seeking calmer, stabler patterns of active returns in this period of heightened uncertainty.

Paul Moghtader, CFA | Jason Williams, CFA Aug 21 2025 12 min read

Investment Insights

Recalibrating Dollar Dominance in a Shifting Global Order

The US dollar may have struggled in 2025 but its role as the world’s reserve currency remains unchallenged.

Jared Daniels, CFA, Managing Director, FX Advisory and Christian Antúnez, CFA, Global Fixed Income and FX Advisory Oct 21 2025 15 min read

Investment Insights

An Anchor in Unstable Times

The Global Equity Franchise team believes that investing in companies with stable and predictable earnings provides a solid foundation for achieving smoother returns and reducing overall portfolio risk. Their approach emphasizes consistency, helping investors navigate market fluctuations with greater confidence..

Nov 12 2025

Investment Insights

COP30: Short on Beds, Long on Policy Uncertainty

The Lazard Climate Policy Uncertainty Index confirms volatility in global climate policy is at its highest level since 2000. Developed by our quantitative-focused Equity Advantage team, the index tracks real‑time signals from headlines, regulatory moves, and geopolitics. It shows record highs driven by US disengagement and shifting alliances, underlining the challenge facing policymakers at COP30.

Nov 14 2025 5 min read

Investment Insights

India: No Small Part of Big Election Year

In this month’s Emerging Markets Monitor, we delve into the 2024 global electoral environment, casting a spotlight on India’s pivotal role.

Jan 22 2024 6 min read

Investment Insights

EM Local Currency Bonds: Why Non-Dollar Assets Now?

Learn why investors may want to diversify into non-dollar assets now in this edition of Emerging Markets Monitor.

Feb 23 2024 5 min read

Investment Insights

Next Indonesian Leader Leans into Continuity

Learn what Indonesia's recent presidential election could mean for investors in this edition of Emerging Markets Monitor.

Mar 18 2024 5 min read

Investment Insights

Mexico: What More Morena May Mean for Markets

As President López Obrador's term ends, we explore what a new leader could mean for Mexico's markets and debt.

Apr 24 2024 7 min read

Investment Insights

Is Manufacturing Shifting From China to India?

The global manufacturing landscape may be undergoing a shift. Learn more in this edition of Emerging Markets Monitor.

May 30 2024 5 min read

Investment Insights

South Africa: Life After the ANC

South Africa's new political era could present opportunities and risks for investors. Learn more in this edition of Emerging Markets Monitor.

Jun 24 2024 5 min read

Investment Insights

Poland: A Durable Link in the Supply Chain?

Poland is an attractive supply chain partner, but challenges loom. Learn more in this edition of Emerging Markets Monitor.

Jul 30 2024 5 min read

Investment Insights

Can Brazil Keep It Real?

We believe Brazil remains an attractive source of opportunities. Learn more in this edition of Emerging Markets Monitor.

Aug 26 2024 5 min read

Investment Insights

China’s New Stimulus Package: The Start of Something Big?

China’s new stimulus package has rejuvenated the country’s equity markets with the promise of long-awaited fiscal support. Is it enough to get at the root of China’s economic woes?

Oct 03 2024 4 min read

Investment Insights

The Robots Are Here

Expected to grow dramatically over the next decade, the global robotics market is poised to reshape industries and regions, especially emerging Asia.

The Developing Markets Equity Team Sep 19 2025 5 min read

Investment Insights

Morocco: A Dynamic Frontier Market

A blend of dynamism and stability, Morocco presents a unique story within frontier markets that may be of interest to long‑term investors.

Nov 13 2025 15 min read

Investment Insights

Venezuela: Implications for Emerging Markets Investors

While Venezuela’s political shake up made headlines, emerging markets stayed calm as solid fundamentals kept investors confident.

Jan 14 2026 5 min read

Investment Insights

Is This Argentina’s Defining Moment?

Argentina’s 2025 midterms gave President Javier Milei a decisive win, reinforcing support for his market oriented reform agenda.

Christian Antúnez, CFA, Global Fixed Income and FX Advisory; Sergio Valderrama, Emerging Markets Debt Feb 10 2026 13 min read

Investment Insights

Outlook for Bonds: Riding the Crest

With central bank interest rates at or near the top of the cycle, our fixed income teams are focused on yield. But attractive yield isn’t always found in the most obvious places.

Jan 15 2024 8 min read

Investment Insights

Can the Bond Market Keep Its Cool?

Discover the fixed income market update for February 2024, offering analysis of bond markets and interest rate trends.

Feb 19 2024 4 min read

Investment Insights

Déjà Vu

Relative calm in the bond market was followed by rising inflation for the second month in a row. Is higher inflation a bump in the road or a significant shift?

Mar 19 2024 10 min read

Investment Insights

The Elusive Landing

Three months of high US inflation impact the bond market. Inflation and global growth may affect rate cut plans by the Fed, ECB, and other central banks.

Apr 15 2024 8 min read

Investment Insights

Back on Track?

The US Treasury yield curve has been inverted for 12 months. Is this a sign of recession or a new market norm?

May 29 2024 8 min read

Investment Insights

The Plot Thickens

Discover analysis of global bond markets in the June 2024 edition of Fixed Income Viewpoints.

Jun 19 2024 4 min read

Investment Insights

The Turning Point at Last?

Despite a long wait and competing headlines on elections and fiscal concerns, the Fed’s first rate cut will be as significant as ever, in our view.

Jul 16 2024 11 min read

Investment Insights

Back to Business as Usual?

The market sell-off in early August left few visible traces in the bond market, but risks have emerged that we think will help shape the remainder of 2024.

Aug 25 2024 4 min read

Investment Insights

Soft Landing or Hard Truth?

It seems that things are falling into place for bond investors—but there’s a catch. Even as the Fed eases, the risk of recession is weighing on the market.

Sep 22 2024 6 min read

Investment Insights

The World Turns: Seeing through the Volatility

The Fed's rate cuts aren't the only bond market shift. Rising yields, a rebounding dollar, and China's economic moves signal a new investment landscape.

Oct 22 2024 6 min read

Investment Insights

Bracing for Change

Expected policy changes under a new US administration are already affecting the bond market. What does it mean for fixed income investors?

Nov 22 2024 6 min read

Investment Insights

Will Risk Be Rewarded Again?

One policy objective under the new US administration seems clear to fixed income investors: strong US growth. What does that mean for the bond markets in the year ahead?

Jan 28 2025 6 min read

Investment Insights

Japanese Equities: Is Now the Time?

Japanese Equities are undergoing tremendous long-term change. Its magnitude is not well understood, nor is it reflected in longer-term valuations.

Lazard Japanese Equity Team, Lazard US Equity Concentrated Team Aug 24 2023 1 min read