HSBC Global Viewpoint
The Macro Brief – EM's rough ride
Oct 6, 2023
The podcast explores the challenges faced by emerging markets, including higher bond yields, a stronger dollar, and China's slowing recovery. It discusses the latest sentiment survey results, concerns about inflation, and the potential shift towards a bottom-up approach. The 'three S's' framework for emerging markets is explored, along with highlights from regional reports on challenges and bright spots in Asia, Europe, Central and Eastern Europe, and the Middle East and Africa.
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Quick takeaways
- Investor sentiment and risk appetite in emerging markets have been affected by challenges such as higher core bond yields, a stronger dollar, and China's slowing recovery.
- Emerging markets may be entering a new regime with solid fundamentals and structural stories, but they face challenges from a less favorable growth-inflation mix, reduced support from China, and global factors like high rates and a strong U.S. dollar.
Deep dives
Challenges Facing Emerging Markets
Emerging markets have faced difficulties recently due to higher core bond yields, a stronger dollar, and China's slowing recovery. These challenges have affected investor sentiment and risk appetite.
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