EM debt: reading the shock and finding opportunities
EM debt remains highly sensitive to global risk appetite and the dollar cycle, yet stronger growth than developed markets can still attract inflows and cushion shocks. As USD-denominated borrowing has declined, outcomes are increasingly driven by domestic fundamentals — policy credibility, inflation dynamics, and local market depth.
EM equities have room to run on earnings, tech and fiscal support
Despite Middle East tensions and higher oil prices, EM equities remain resilient, supported by strong earnings, a powerful tech cycle and solid policy buffers, though inflation risks and valuations continue to shape uneven near-term paths.
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