Emerging Markets
3.0 Stars - Attractive
Macro Outlook
- Slippage in China’s performance leads to headwinds for other EMs. However, opportunities outside China warrant consideration.
- With the stabilisation and recovery of the export cycle, EMs’ earnings are expected to deliver better growth results.
What We Like About
- Markets are expected to recover with stronger EPS growth in ’24
- The rebound in the semiconductor sector will drive trade performance
- The economic growth rate will be on par with (or at best surpass) that of DMs.
Investment Risk(s)
- China’s property turmoil continues to weigh on its economic growth and trade, continuing to impact other EM markets.
- Heightened geopolitical risks may act as headwinds for EM equities.
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