Martin Hutchinson covers emerging markets and economic policy, drawing on 25 years of experience as an international merchant banker. He ran derivatives platforms for two European banks, before serving as director of a Spanish venture capital company, advisor to the Korean conglomerate Sunkyong and chairman of a US modular building company. In Zagreb he established the Croatian debt capital markets and set up the corporate finance operations of Privredna Banka Zagreb. Since 2000 he has been a financial journalist, and is the author of "Great Conservatives," a book on British political history. He has a first class Honours degree in Mathematics from Trinity College, Cambridge and a Harvard MBA.
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President Peña Nieto’s state of the nation address came with big spending plans. The economy gained just 1.6 pct over last year almost entirely thanks to a wider budget deficit. Producing the wealthier Mexico he wants will take more than building new bridges and tunnels.
Brazil is in recession, making “the economy, stupid” loom large for October’s presidential poll. The sudden rise of Marina Silva’s star makes “change vs. more of the same” a powerful theme, too. Rousseff’s chickens are coming home to roost just in time to threaten her re-election.
A price-to-earnings ratio under 20 is only moderately above average, but U.S. earnings are at a peak relative to GDP. Adjust them to the long-term norm and the U.S. benchmark would be a third lower. Cheap money is still buoying stocks, but such new paradigms usually don’t last.
- Great Recession has spawned weak economic thinking
- Tragedy may reshape Brazil economy, not just vote
- Beware of surges in infrastructure investment
- How to avoid the emerging-market bond trap
- World can fete royal credit upgrade tricentennial
- Colombia sets example for U.S. and Africa alike
- Investment is America's key to African riches