Monday, 17 December 2018
Following 2 years of EM outperformance in 2016 and 2017, Fed rate rises, a strong US Dollar and a US initiated trade war against China conspired to make 2018 a year of EM underperformance. Though we expect some recovery of EM currencies relative to a US Dollar that is running out of stream, and despite China's recent concessions to the US, we see the trade war continuing in H1/19, to the detriment of EM equities.
The next Emerging Markets report will be published in february 2019
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