EM Weekly Kickstart

Goldman Sachs has raised its 12-month MSCI EM index target to 1850, driven by significant earnings upgrades in North Asian tech and AI sectors. The report highlights that EM earnings are currently tracking well ahead of consensus, led by Korea and Taiwan.

Key Takeaways

• 1.Goldman Sachs raised its 12-month MSCI EM target to 1850 from 1750, citing AI and technology sector earnings strength in North Asia.
• 2.MSCI EM earnings for 1Q26 are outperforming expectations, tracking at 39% yoy growth compared to initial consensus of 28%.
• 3.Strategists maintain a preference for North Asia (Korea, Taiwan) over South Asia (India, Philippines, Thailand) due to robust AI-related demand.

Table of Contents

• Focus: N. Asia led Rebound; MSCI EM 1850 target
• Focus: 1QCY26 earnings tracking better than expected so far
• Allocation and Key Market Views
• Themes: Balancing AI/tech beneficiaries with domestics
• EM Cyclical and Quality Themes
• CEEMEA Implementations
• Brazil Rate Sensitivity
• Brazil Election Playbook - How have Brazilian equities historically traded around elections?
• Performance Snapshot: Regions, Markets, Commodities and FX
• Leaders & Laggards
• Valuations in Context
• GEM Equity Fund Flows
• Fund Flows and Liquidity
• EM Macro Equity/Thematic Slices
• Style Monitor
• Macro Forecasts
• Equity Risk, Volatility and Correlation

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