前路崎岖，但新兴市场股市题材远未结束

A Bumpier Ride Ahead, But the EM Equities Story
is Far From Done

Emerging market (EM) equities have had a
rough couple of weeks. With clear indications
of increasing inflation in countries such as
China and Brazil, and food prices rising more
broadly, there are concerns that the
environment may be less ‘equity friendly’ than
before. The sweet-spot for equities is typically
a period of accelerating growth with little or no
policy response. This was the macro backdrop
for EM equities over the past six months but, in
our view, it is likely to be more challenging in
the months ahead.
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