Description:
Lula's comeback win in Brazil has broken Latin America's rightward shift, and markets are already repricing what it means for Argentina and Javier Milei next year. In this episode we speak with emerging markets investor Ray Zucaro about Brazil's economy, China's trillion dollar trade surplus, Nvidia's troubles, rare earths and why Xi heads into the Shenzhen summit holding the stronger hand. With America stuck in post midterm limbo and Europe running low on gas, is the center of economic gravity quietly moving away from the West?
Timeline:
00:00:00 Introduction with Ray Zucaro
00:01:41 Why Lula won the Brazil election
00:05:50 Brazilian markets reverse the Bolsonaro trade
00:07:20 Argentina elections and the Milei test
00:09:35 How strong is the Brazilian economy really
00:12:36 China's trillion dollar trade surplus
00:14:51 China's energy and infrastructure advantage
00:17:20 Chinese chips, lithography and Nvidia's troubles
00:21:05 AI data center backlash in the US
00:22:55 Why Xi holds the cards before Shenzhen
00:23:43 Africa's rise and the Nigerian naira
00:26:07 America after the midterms
00:29:05 Europe's energy squeeze and gas reserves