Emerging Market Weekly Pulse

This weekly report covers evolving EM strategies amid a pivot toward fundamental valuation and a stronger USD. It highlights central bank policy shifts in Hungary, new trade ideas in ZAR and LatAm, and concerns over Chinese economic momentum.

Key Takeaways

• 1.Market narrative is shifting from euphoria toward fundamental valuation of tech equities and a stronger USD.
• 2.National Bank of Hungary is easing monetary policy with a dovish bias due to inflation undershooting expectations.
• 3.Colombia's new administration faces a divided congress, cooling investor sentiment post-election.

Table of Contents

• Applying higher discount rate to inflated multiples
• EMEA: Hungary getting more dovish, ZAR promises
• Asia: rocky road
• Latam: intent vs governability in Colombia
• Trade ideas
• Interest rates: what's priced in vs our forecasts
• FX: what's priced in vs our forecasts
• CACIB EM portfolio flow indexes
• Calendar

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