The Macro Brief by HSBC Global Research
EM’s rough ride
Oct 6, 2023
The podcast discusses the challenges faced by emerging markets, including higher bond yields and a stronger dollar. It also analyzes the impact of investor sentiment, inflation concerns, and the changing dynamics in emerging market investing. The chapter concludes with exploring the upside risks in the Chinese economy and highlighting preferred emerging markets.
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Quick takeaways
- Investors remain interested in E.M. assets but with reduced enthusiasm and more selectivity.
- Inflation reduction in emerging markets will be challenging due to rising energy and food prices.
Deep dives
Challenges for Emerging Markets
Emerging markets have faced challenges over the past few months, including higher core bond yields, a stronger dollar, and China's slowing recovery. These challenges have impacted E.M. risk appetite, and investors have become more cautious. The global rates environment, a strong dollar, and reduced support from China have affected emerging market assets. However, investors still maintain a constructive outlook on emerging markets, and while they have reduced their enthusiasm, they remain interested in E.M. assets and are likely to be more selective in their investments.
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