Kathy Hepworth sees EM resilience driven by global liquidity and yield-seeking, but urges caution due to inflation impacts and policy divergence. She favors higher-yielding oil exporters like Angola and Ecuador, sees opportunities in Brazil's rate cuts, and expects the dollar to weaken structurally over time despite near-term US growth support.

Sam Linton Brown highlights market bifurcation: high energy prices and yields vs. resilient credit/equities. He expects energy to stay high for longer, delaying central bank cuts, but not derailing growth. He sees UK bonds as insulated due to cheap valuations and reduced net supply, and expects USD/JPY to recover to 160. He warns the current equilibrium is unstable if the war persists.

Jeff Currie warns of an unprecedented oil supply crisis: 13-14 million bpd lost, inventories drawing at COVID-mirror levels, and tank bottoms approaching in May (Europe) and July (US). Even if the war stops, recovery will take months to years. He sees Brent potentially spiking to 150+ and calls this a generational opportunity for commodity investing.

Marcelo Bacci reports strong operational resilience despite cost headwinds from oil prices and freight. Balanced iron ore markets have allowed prices to rise with costs, preserving margins. China demand remains robust with a shift from construction to consumer goods. Vale is confident in annual guidance and may decide on extra dividends/buybacks in H2 2025.