For most of 2026, Emerging Market assets held their ground against a wall of external headwinds — but September may mark the moment that resilience finally cracks. A surprise Fed hike, relentless UST repricing, and a USD trading near multi-year highs are draining the confidence that underpinned EM idiosyncratic trades across every region. In this episode, Luis Estrada, Dasha Parkhomenko, and Abbas Keshvani take stock of what is breaking down, what is holding, and how G10 developments are eroding EM resilience.

Participants:

• Abbas Keshvani (Desk Strategy), Asia Macro Strategist
• Daria Parkhomenko (Desk Strategy), FX Strategist
• Luis Estrada (Desk Strategy), LATAM FX Strategist

* Research Analyst opinions are their published views, independent of those expressed by Desk Analysts

The ECB hiked rates a second time in this cycle last week and did not suggest that the 2.50% they previously flagged as top end of neutral will be a key line in the sand. In contrast, the BoE did not hike this week, but left the door wide open to do so – maybe even before the end of 2026. Listen to Peter and Cathal as they dissect both recent meetings and provide an outlook for the rates paths going forward against a difficult energy price outlook.

Participants:

• Peter Schaffrik (Desk Strategy), Head of UK/European Rates & Economics
• Cathal Kennedy (Desk Strategy), Senior UK Economist

* Research Analyst opinions are their published views, independent of those expressed by Desk Analysts

In this Partner of Choice special episode, we look at how change across European markets is creating new opportunities for resilient growth and how RBC is strengthening its capabilities in response, across our people, products, and technology, to help clients to capture these opportunities.

Speakers:

• Sian Hurrell, Co-CEO, RBC Europe & Europe Head, Capital Markets
• Mark Tinworth, Head of Global Markets Sales, Europe

Learn how we combine depth of insight and executional excellence, to deliver leading solutions for our clients as their partner of choice: Partner of Choice | RBC Capital Markets

Discover the how our combination of Canadian heritage, global scale and European expertise enables us to support our clients across Europe: Europe | RBC Capital Markets

EM FX has enjoyed a lift from a constructive macro backdrop, with growth resilient and inflation generally under control. We retain a bullish bias (long KRW, MYR, BRL) but caution against being exposed to higher energy prices. We also maintain some hedge trades in our portfolio.

Participants:

• Abbas Keshvani (Desk Strategy), Asia Macro Strategist
• Daria Parkhomenko (Desk Strategy), FX Strategist
• Luis Estrada (Desk Strategy), LATAM FX Strategist

* Research Analyst opinions are their published views, independent of those expressed by Desk Analysts

As summer ends, financial markets face a crucial semester ahead. The next Fed meeting looms large and the path to hikes runs squarely through inflation, with or without, Warsh’s blessing. Until there is sustained progress on price pressures, market expectations will be sticky for pricing hikes. US-Canada trade tensions have escalated but the Canadian economy has managed past tariffs well and has fiscal space and flexibility to ride it out. Sustained above trend growth is required for the BoC to hike. The ECB will surely hike in September, but will they do more after that? The UK budget promises revelations on fiscal policy that could reshape the outlook for yields. Tune in to hear RBC's macro experts discusses these topics and related market themes.

• Blake Gwinn (Desk Strategy), Head of US Rates Strategy
• Jason Daw (Desk Strategy), Head of North America Rates Strategy
• Peter Schaffrik (Desk Strategy), Head of UK/European Rates & Economics

* Research Analyst opinions are their published views, independent of those expressed by Desk Analysts

The summer of soccer is over—and geopolitics and the Fed just took the pitch. Our EM strategists break down why they have locked in gains, where the Brazilian real goes from here, the South African rand's new vulnerability, and why the Korean won is the MVP of July.

• Abbas Keshvani (Desk Strategy), Asia Macro Strategist
• Daria Parkhomenko (Desk Strategy), FX Strategist
• Luis Estrada (Desk Strategy), LATAM FX Strategist

* Research Analyst opinions are their published views, independent of those expressed by Desk Analysts

With the ECB keeping rates on hold, and the BOE and Fed expected to do the same, Blake and George explore what's really driving central bank decisions. From energy market pressures in Europe to an unexpectedly hawkish Fed backdrop, discover why holding steady is anything but straightforward in this week's policy meetings.

Participants:

• Blake Gwinn (Desk Strategy), Head of US Rates Strategy
• George Moran (Desk Strategy), European Macro Strategist

* Research Analyst opinions are their published views, independent of those expressed by Desk Analysts

In this all-Antipodean edition of Macro Minutes, Robert Thompson and Mary Jo Vergara discuss the RBNZ hiking the OCR rates for the first time in three years with more to come, in contrast to the RBA, which is stepping back into the shadows after three quick-fire hikes in February, March, and May.

Participants:

• Robert Thompson (Desk Strategy), Head of Australian Economics & Rates Strategy
• Mary Jo Vergara (Desk Strategy), Senior Economist

* Research Analyst opinions are their published views, independent of those expressed by Desk Analysts

The Canadian economy is at stall speed and the BoC is in a holding pattern. There has been no GDP growth and anemic employment gains over the last year – amid the dual forces of a population and trade shock. The consumer has actually been quite resilient in the face of these shocks. While the starting point should keep the BoC on hold for the rest of the year, better prospects for growth are ahead and this should see the BoC delivering hikes in 2027. Listen for more detailed views on the Canadian economy and fixed income markets in the coming quarters.

Participants:

• Jason Daw (Desk Strategy), Head of North America Rates Strategy
• Simon Deeley (Desk Strategy), Canadian Rates Strategist

* Research Analyst opinions are their published views, independent of those expressed by Desk Analysts

In this month's Emerging Markets edition, Luis Estrada is joined by Abbas Keshvani and Dasha Parkhomenko to analyze recent developments across emerging markets. The discussion covers the changing direction of the US dollar, preferred trades for the current environment, and key risks to their outlook.

Participants:

• Abbas Keshvani (Desk Strategy), Asia Macro Strategist
• Daria Parkhomenko (Desk Strategy), FX Strategist
• Luis Estrada (Desk Strategy), LATAM FX Strategist

* Research Analyst opinions are their published views, independent of those expressed by Desk Analysts