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Blokland’s daily sketch

Blokland’s daily sketch

20-11-2018

Are EMs picking up momentum?

  • Jeroen Blokland
    Jeroen
    Blokland
    Portfolio Manager

Emerging market equities have performed relatively well in recent weeks, while market volatility has increased significantly. A sell-off in US technology stocks, negative GDP growth in Germany and Japan and the seemingly endless Brexit saga, have all contributed to the recent pressure on developed market equities. So is momentum picking up in EMs? While we have become more constructive on emerging markets it could still be a bit too soon to call the bottom. Differences in monetary policy between the US and the rest of the world mean upward pressure on the US dollar will continue for now, which means tighter liquidity for emerging markets. On top of that, any escalation of the China-US trade war is likely to hit emerging countries harder. However taking the GDP growth and valuation into account, things certainly look brighter now than 12 months ago.

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As a senior portfolio manager I use charts to illustrate financial issues every day. I tweet my favorites as @jsblokland and was named one of the ‘50 Twitter accounts for investors 2017’ by MarketWatch.
Previous editions of the daily sketch can be found on my personal financial markets blog. All graphics provided are collected from Bloomberg data and public websites. They do not always reflect my personal opinion and may also not necessarily reflect the opinion of Robeco. Please cite all references or quote the original source if replicating content.

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