The hottest International Markets Substack posts right now

The commercial real estate market is facing challenges due to decreased demand for office and retail spaces, leading to increased vacancy rates.
Approximately $1.2 trillion of commercial real estate debt in the US is set to mature within the next two years, posing risks for banks and investors.
There are concerns of a commercial real estate crisis resembling the 2008 financial crisis, with warning signs evident in the US, Europe, and Asia.

The US economy seemed fine for a while, but suddenly there was a big drop in consumer spending and job market stats. This showed that things can change quickly in economic situations.
Argentina's economy has had ups and downs recently, with stable inflation dropping from earlier highs, but political transitions and financial mismanagement may put future progress at risk.
Changes in monetary policies can lead to unpredictable economic outcomes, especially if the government isn't careful about managing money supply and interest rates.

When Europe suffers a debt shock, international bond funds often sell assets abroad, so Asian bond markets get hit even if their fundamentals are fine.
Fund managers sell Asian bonds much more aggressively than European peripheral bonds—Asian holdings fell about three times as much after Eurozone credit shocks.
Liquid sovereign bonds are sold first, causing sovereign holdings to drop quickly and corporate holdings to fall later, leaving Asian bond portfolio weights roughly one percentage point lower after six months.

The carry trade borrows money from low-interest currencies and invests in high-interest ones, but it can be risky. Many investors fear a market crash when doing this.
Recent research suggests that focusing on currencies from countries with high debt might reduce crash risks. This means there are strategies, like the debtor carry, that could help avoid big losses.
Using a debtor carry strategy can provide similar long-term returns to traditional carry trades but with less risk. This is a useful approach for investors in international bonds or multi-asset portfolios.

Shopify needs to innovate with new technologies like VR and AI to enhance shopping experiences.
Expanding into new markets, especially in Asia and Latin America, can help Shopify grow.
To compete with other enterprise platforms, Shopify should focus on developing features for large businesses.

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The market looks expensive and history shows high valuations often lead to mediocre returns over the next decade, so future long-term gains may be limited.
There’s no one right move for everyone — the best choice depends on your age, income, risk tolerance, and how much loss you can emotionally and financially handle.
Instead of trying to time the market, focus on resilience: diversify new savings into bonds, international stocks, or gold, and make sure you could survive drawing from investments during a long downturn.

The growing attractiveness of Korean stocks is driven by macroeconomic and geopolitical factors, such as forecasts of GDP growth in Emerging Markets and the movement to diversify production out of China.
There has been a noticeable increase in foreign investor ownership in the Korean market, with January showing a significant jump in value, reflecting a net 'buy-in'.
The outlook for the Korean stock market seems positive for the foreseeable future, with measures to enhance international investor access and potential market growth, despite challenges like market research issues and concerns over ceding control to foreign interests.

Country risk matters for business, and it's based on where a company operates, not just where it is based. Companies can face risks from markets they rely on for revenue.
Different countries have different levels of investment risk, affecting equity risk premiums. Understanding these risks helps investors make better decisions.
Stocks from various countries are priced differently, often reflecting local market conditions. It's important to consider these multiples when investing internationally.

Emerging markets are now focusing more on individual companies instead of just macroeconomic factors. This means people are paying closer attention to how well companies are run and their financial choices.
In the past, most business valuations in Brazil were done in US dollars due to distrust in the local currency. Recently, there's been a shift to using the Brazilian Reais, showing more confidence in the local economy.
Brazilian companies are increasingly focusing on domestic investors rather than just attracting foreign ones. This shows that the market is maturing and recognizing the importance of local investors.