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

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

Mixed US Labor Metrics

Stronger nonfarm payroll growth looks good, but other metrics paint a less positive story.

Ronald Temple, Lazard’s Chief Market Strategist Jan 10 2025 2 min read

Market Insights

Economic Normalization in Japan

Higher inflation and interest rates signal a sustained escape from deflation in Japan.

Ronald Temple, Lazard’s Chief Market Strategist Jan 24 2025 2 min read

Market Insights

US Disinflation Continues

Lower shelter and services inflation capped inflation while core goods prices accelerated.

Ronald Temple, Lazard’s Chief Market Strategist Jan 17 2025 2 min read

Market Insights

Inflation, GDP, and Central Banks

Investors absorbed a lot of information while waiting for next week's US labor reports.

Ronald Temple, Lazard’s Chief Market Strategist Jan 31 2025 2 min read

Market Insights

The Trade War Begins

While Canadian and Mexican tariffs were delayed, I see this as the beginning of a much longer story.

Ronald Temple, Lazard’s Chief Market Strategist Feb 07 2025 2 min read

Market Insights

The US Threatens Broader, Higher Tariffs

Investors remain overly optimistic about the potential implications for inflation, growth, and corporate margins.

Ronald Temple, Lazard’s Chief Market Strategist Feb 28 2025 2 min read

Market Insights

A Watershed Moment for Europe

Germany and the European Commission proposed key fiscal policy changes that could accelerate growth meaningfully.

Ronald Temple, Lazard’s Chief Market Strategist Mar 07 2025 2 min read

Market Insights

US Tariffs Take Shape

This week’s ~$150 billion US tariff announcement is not the end of the story.

Ronald Temple, Lazard’s Chief Market Strategist Mar 14 2025 2 min read

Market Insights

Central Banks Hit Pause

The Fed, BoJ, and BoE await the impact of tariffs on growth and inflation.

Ronald Temple, Lazard’s Chief Market Strategist Mar 21 2025 2 min read

Market Insights

US Tariffs Further Raise Inflation Risk

This week’s 25% tariff announcement could have significant implications for inflation and growth.

Ronald Temple, Lazard’s Chief Market Strategist Mar 28 2025 2 min read

Market Insights

The Great Unveiling

While not unexpected, new US tariffs were bigger and bolder than markets anticipated.

Ronald Temple, Lazard’s Chief Market Strategist Apr 04 2025 3 min read

Market Insights

US Trade Policy Dominates the News Again

With a 90-day pause now in effect for most countries and a US-China trade war underway, the US tariff story is far from over.

Ronald Temple, Lazard’s Chief Market Strategist Apr 11 2025 4 min read

Market Insights

The Calm Before the Storm?

March economic data may not fully reflect the impact of US tariffs.

Ronald Temple, Lazard’s Chief Market Strategist Apr 17 2025 4 min read

Market Insights

Demand for Services Declines in Developed Economies

Purchasing Managers’ Index data may reflect the early effects of the trade war.

Ronald Temple, Lazard’s Chief Market Strategist Apr 25 2025 4 min read

Market Insights

US Labor Market Data May Not Tell the Whole Story

I believe that US labor markets are more fragile than high-level figures like unemployment suggest.

Ronald Temple, Lazard’s Chief Market Strategist May 02 2025 4 min read

Market Insights

US-UK Trade Deal Hints at What’s to Come

The agreement appears largely symbolic with minimal tariff reductions, which could be a negative sign for other countries.

Ronald Temple, Lazard’s Chief Market Strategist May 09 2025 4 min read

Market Insights

Trade Risk Has Decreased, Not Disappeared

The US-China agreement is positive news, but the trade war is far from over.

Ronald Temple, Lazard’s Chief Market Strategist May 16 2025 4 min read

Market Insights

Higher Deficits + Tariffs = Trouble?

As US tariffs march on, developed country deficits may push investors' limits.

Ronald Temple, Lazard’s Chief Market Strategist May 30 2025 4 min read

Market Insights

A Conundrum for the Fed

Rising wages and declining hires could represent a dilemma for US policymakers.

Ronald Temple, Lazard’s Chief Market Strategist Jun 06 2025 4 min read

Market Insights

Too Soon to Tell

The impact of US tariffs is not yet reflected in inflation and trade data.

Ronald Temple, Lazard’s Chief Market Strategist Jun 13 2025 4 min read

Market Insights

A Busy Week for Central Banks

Major central banks held policy constant with few meaningful changes in messaging.

Ronald Temple, Lazard’s Chief Market Strategist Jun 20 2025 4 min read

Market Insights

Markets Respond to Israel-Iran Ceasefire

Oil prices suggest a return to the pre-strike status quo, but I believe the region remains far from a lasting peace.

Ronald Temple, Lazard’s Chief Market Strategist Jun 27 2025 5 min read

Market Insights

Ongoing Uncertainty in the United States

Tariff increases and jobs data raise new questions for the US economy.

Ronald Temple, Lazard’s Chief Market Strategist Jul 11 2025 5 min read

Market Insights

Global Outlook 2025

Chief Market Strategist Ronald Temple shares his outlook for 2025, with a focus on the policy shifts most likely to impact investors.

Ronald Temple, Chief Market Strategist Dec 17 2024 1 min read

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

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

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

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

Lazard Global Thematic Equity Focus: Invest in the Global Future

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

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

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

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

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

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

UK Equities: London Calling at Last?

After years of outflows and dwindling investor interest, the UK equity market may be about to undergo significant and welcome reform.

Lazard UK Equity Team Apr 08 2024 4 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

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

Three Forces Driving Japan’s Economic Renaissance

Even in an environment of heightened global uncertainty, we believe Japan’s economy is poised for transformation due to three converging forces: inflation, rising wages, and changing attitudes toward risk.

Jun 03 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

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

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

Investment Insights

Investing in Motion: Driving Trends Forward

As we prepare to tackle a market environment that is poised to change further, Chief Executive Officer Evan Russo explores what it may mean for investors.

Evan L. Russo, CEO, Lazard Asset Management Jan 09 2025 10 min read

Research & Insights

Emerging Markets Monitor

Fixed Income Viewpoints

Behind the Headlines

PM Conversations: Is China Too Big to Ignore?

Mixed US Labor Metrics

Economic Normalization in Japan

US Disinflation Continues

Inflation, GDP, and Central Banks

The Trade War Begins

The US Threatens Broader, Higher Tariffs

A Watershed Moment for Europe

US Tariffs Take Shape

Central Banks Hit Pause

US Tariffs Further Raise Inflation Risk

The Great Unveiling

US Trade Policy Dominates the News Again

The Calm Before the Storm?

Demand for Services Declines in Developed Economies

US Labor Market Data May Not Tell the Whole Story

US-UK Trade Deal Hints at What’s to Come

Trade Risk Has Decreased, Not Disappeared

Higher Deficits + Tariffs = Trouble?

A Conundrum for the Fed

Too Soon to Tell

A Busy Week for Central Banks

Markets Respond to Israel-Iran Ceasefire

Ongoing Uncertainty in the United States

Global Outlook 2025

Europe´s Stock Markets: Challenging Misperceptions

US Regulated Utilities: Still Not Cheap Enough

A Measured Approach to China: Insights for Emerging Markets Investors

Is the Third Time a Charm for Japanese Equities?

Realizing the Potential in Infrastructure

Lazard Global Thematic Equity Focus: Invest in the Global Future

Manager Overview: Real Assets

Relative Value Investing

Lazard Thematic Inflation Opportunities Strategy: Pattern of Performance Since Launch

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

Manager Overview: Sustainable Private Infrastructure

UK Equities: London Calling at Last?

Risk Exhaustion: Navigating the New Regime

Currency's Comeback

Lazard Global Listed Infrastructure: Not All Infrastructure is Created Equal

Boring but Booming: The Growth Story in European Regulated Utilities

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

Three Forces Driving Japan’s Economic Renaissance

Megatrends: Investing in the Next Decade

India: No Small Part of Big Election Year

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

Next Indonesian Leader Leans into Continuity

Mexico: What More Morena May Mean for Markets

Is Manufacturing Shifting From China to India?

South Africa: Life After the ANC

Poland: A Durable Link in the Supply Chain?

Can Brazil Keep It Real?

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

Outlook for Bonds: Riding the Crest

Can the Bond Market Keep Its Cool?

Déjà Vu

The Elusive Landing

Back on Track?

The Plot Thickens

The Turning Point at Last?

Back to Business as Usual?

Soft Landing or Hard Truth?

The World Turns: Seeing through the Volatility

Bracing for Change

Will Risk Be Rewarded Again?

Japanese Equities: Is Now the Time?

Investing in Motion: Driving Trends Forward

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