Nationwide protests continue, triggered by economic strain and deep-rooted dissatisfaction with the sectarian-based leaders. Permanent fiscal measures and deeper structural reforms are needed to achieve macroeconomic stability and raise growth.

ESG and sustainable finance top the policy agenda in last week’s IMF/World Bank (and IIF) meetings in Washington D.C.; Global growth set to decline to the slowest pace since the financial crisis; Strong start to U.S. Q3 earnings season, but rising corporate borrowing has been funding risk-taking, record payouts ; Carbon pricing initiatives are spreading but remain woefully insufficient to keep global warming to 2◦C

Investors finished the IMF/WB meetings on a less negative note. Concerns remain, but fewer worried about the risk of a recession. Monetary easing and a US-China trade deal would be supportive. Barring surprises from the Dollar, modest flows to EM are likely. The IMF's integrated policy framework remains a key topic for EM.