Hong Kong Chief Executive Leung Chun-ying said he won’t seek a second term.
Korea’s parliament voted 234-56 to impeach President Park.
Czech National Bank raised the possibility of negative rates to help manage the currency.
A Brazilian Supreme Court justice removed Senate chief Renan Calheiros from his post, but was later overturned by the full court.
Brazil central bank signaled a possibly quicker easing cycle.
In the EM equity space as measured by MSCI, UAE (+6.2%), Poland (+6.0%), and Mexico (+5.9%) have outperformed this week, while Czech Republic (-0.6%), Hong Kong (-0.2%), and China (+0.6%) have underperformed. To put this in better context, MSCI EM rose 2.8% this week while MSCI DM rose 2.8%.
In the EM local currency bond space, Brazil (10-year yield -60 bp), the Philippines (-59 bp), and Indonesia (-40 bp) have outperformed this week, while India (10-year yield +20 bp), China (+5 bp), and Czech Republic (-1 bp) have underperformed. To put this in better context, the 10-year UST yield rose 3 bp this week to 2.41%.
In the EM FX space, BRL (+3.1% vs. USD), COP (+2.9% vs. USD), and CLP (+2.8% vs. USD) have outperformed this week, while EGP (-2.3% vs. USD), CNH (-0.8% vs. USD), and SGD (-0.7% vs. USD) have underperformed.
Hong Kong Chief Executive Leung Chun-ying said he won’t seek a second term. He cited family reasons. The next chief executive will be selected in March by a committee of 1,200. China has veto power over the final selection, and so it’s clear that another establishment leader will be chosen.
No minister or government official can be an office-bearer of the national cricketing body, the Supreme Court on Monday said in a major setback to the BCCI while it also accepted the Lodha Committe recommendation of one state one vote for representation at the BCCI.
A Supreme Court bench headed by Chief Justice T S Thakur in a verdict on Monday said that a person cannot be simultaneously a office-bearer in state cricket association as well as in the Board of Control for Cricket in India (BCCI).
The ruling could affect BCCI President Anurag Thakur who also heads the Himachal Pradesh Cricket Association (HPCA).
Chief Justice Thakur said that Maharashtra and Gujarat which have four and three associations respectively affiliated to the BCCI will now have one permanent representative by rotation and others will be associate members.
The court also accepted the Lodha Committe recommendation for a nominee of the Comptroller and Auditor General of India (CAG) on the BCCI board.