Strategy Report
Narratives Versus Reality
The global search for yield, not an improvement in EM fundamentals, has been driving the EM rally. EM/China growth conditions have stabilized but not recovered. Barring a full-fledged cyclical profit upsurge in EM EPS, EM stocks are not cheap at all. EM/China final demand for commodities will disappoint and will likely produce a major reversal in EM risk assets.
BCA Research | Emerging Markets Strategy
Global Investment Strategy, Counterpoint, Emerging Markets Strategy, China Investment Strategy, European Investment Strategy, US Investment Strategy.
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