In our latest CIO Special, 'A promising start for EM equities and a look ahead', we look at the performance by emerging market (EM) equities that has become more optimistic about the potential boost from China's Covid reopening.

We highlight the following:

  • EM equities started strongly in January. Strong rally could limit short-term potential – but more favourable macro environment than in 2022 should be supportive going forward.
  • Asian markets still have most upside potential within EM equities, especially China. We also like Indian stock markets for their structural growth potential. 
  • Key risks include deteriorating U.S.-China relations and cautious market sentiment over rate-hike cycle and U.S. inflation.

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Our CIO Special is now available to download. Please refer to the Important Information at the end of the report for disclosures and risk warnings.



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