2021

EM Equity Earnings and Valuation Outlook

Download PDF: EM Equity Earnings Outlook The broad EM benchmark has rallied hard in the past year and is now some 15% above the pre-pandemic level. After the fall in earnings for most EM countries – with EM benchmark’s earnings currently still 17% below January 2020 level – the market is now expecting sharp earningsContinue reading “EM Equity Earnings and Valuation Outlook”

2021 EM Equity High Conviction Calls

Download PDF: Poland Polish manufacturing sector and exports have both staged a V-shaped recovery despite the reintroduction of a strict lockdown across major European countries (Chart 1). As an open economy that is highly integrated with European manufacturing sector Poland has benefited from the sharp recovery of German manufacturing (Chart 2-4), which points to aContinue reading “2021 EM Equity High Conviction Calls”