Opinion

When investors sense that consumer behavior in emerging markets is changing, they tend to shoot first and ask questions later, potentially missing opportunities. It’s well known that such stocks trade at a discount. The MSCI World With EM Exposure Index, which tracks developed-world shares that rely on emerging markets for revenue, was valued at 16.4 times forward earnings at the …

If the ghosts who inhabit the walls of the CIA could talk, they would tell Director Mike Pompeo to be careful. The agency is entering a danger zone where a White House in turmoil wants the CIA to take aggressive action overseas, but hasn’t developed the clear strategy or political support needed to sustain it. Pompeo is an activist, an …

The election of Emmanuel Macron in France vindicated euro optimists, boosted stock markets and paved the way for lenders like Deutsche Bank AG and Credit Suisse Group AG to raise extra capital. What it didn’t do was unleash a wave of revenue growth for Europe’s top investment banks — at least judging by their latest quarterly earnings. The combination of …

President Donald Trump says cutting corporate taxes is his No. 1 priority after repealing Obamacare. And House Republicans laid out recently what they would like to see done with the tax code. Investors, though, appear to have lost faith in their ability to follow through. The shares of the 100 S&P 500 companies that paid the highest effective tax rates …

Given Pakistan’s history of coups, political dysfunction and high-level graft, the Supreme Court’s decision to oust Nawaz Sharif as prime minister for lying about his allegedly ill-gotten wealth would seem a victory for transparency and the rule of law. In fact, the verdict raises as many questions as it answers. Sharif resigned on Friday when the court disqualified him from …

When the Great Recession hit, China didn’t hesitate to open up the fiscal taps. But the fast-developing country also embraced another form of stimulus that was a bit different from what John Maynard Keynes had recommended — it encouraged its banks to start lending a lot more. They lent money to corporations, local governments and a variety of private actors. …

Nomura Holdings Inc. turned in laudable first-quarter results Friday, but Japan’s largest brokerage needs to keep its eye on the overseas ball. Cost cutting and a revival in domestic retail broking helped Nomura offset the fixed-income trading slump that’s beset Wall Street rivals and local peer Daiwa Securities Group Inc. Buoyant results at home don’t mean Nomura can forget about …

European governments are making big promises to ban the sale of cars with combustion engines: Germany by 2030, France and the UK by 2040. It’ll take a lot more than promises, though, to bring about the all-electric future. The initiatives could become the biggest government-driven revolution in a major market since anti-tobacco legislation—and a benevolent one, given that car makers …

For those of us who had hoped that American attitudes towards death were shifting in ways that would promote a wider reconstruction of the health care system, there’s discouraging news from Health Affairs, the pre-eminent journal of health policy. It devotes its latest issue to ‘end-of-life’ care and finds that —at least so far —the power to make health care …

An equity culture is growing in India, propelling benchmark indices BSE Sensex and Nifty 50 to a record bull run. Now beware a turning of the tide. For years, the market was a playground for foreign institutions. Since 2014, domestic investors bought $28 billion net of stocks, matching overseas buyers’ $30 billion inflow. Unlike China’s mom-and-pop day traders, Indian households …