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The world is getting more hazardous for skeptical analysts, the banks that employ them and investors who rely on their published research.

Even by the rough-and-tumble standards of emerging markets, Indonesia’s punishment of JPMorgan Chase & Co. this week for a bearish analysis of the nation’s stock market stands out. The country’s finance ministry cut business ties with America’s biggest bank, telling reporters Tuesday that the firm’s November research note wasn’t “accurate or credible.”

Official attempts to deter such research are nothing new in developing economies, but rarely do governments retaliate against a Wall Street powerhouse for publishing opinions that contradict official views. The move builds on a trend: In July, Turkey’s banking regulator issued an industry-wide warning to avoid negative reports. In 2014, Brazil PresidentDilma Rousseff chastised an analyst for suggesting her election would hurt the economy.

... JPMorgan downgraded Indonesia’s equity market by two notches to underweight from overweight in a Nov. 13 report, calling it a “tactical response” to Donald Trump’s election win. The bank also cut its rating on Brazil, while noting that both countries may provide a "better buying opportunity” later.  (Bloomberg)