Morgan Stanley Investment Management
July 13, 2026
Emerging Markets Debt Monitor
Quarterly UpdateEquitiesFXRates CreditEnergyInformation Technology
Emerging markets debt rebounded in Q2 2026 following a volatile March as the U.S.-Iran MoU stabilized geopolitical tensions. Performance was bolstered by resilient risk appetite, though policy divergence across EM countries remains a key theme.
Key Takeaways
- 1.Emerging markets debt performed strongly in Q2 2026, supported by resilient risk appetite and receding fears regarding the Iran conflict.
- 2.Monetary policy diverged globally; DM central banks leaned hawkish due to energy shocks, while EM central banks varied widely.
- 3.A.I.-related demand for semiconductors is driving strong growth and capex in Taiwan and South Korea.
Table of Contents
- Q2 2026 Recap
- Rotating Topic
- Q3 2026 Outlook
- EM FX
- EM Interest Rates
- EM Sovereign Credit
- EM Corporate Credit
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Securities
J.P. Morgan CEMBI Broad Diversified
Themes
A.I. Boom ImpactPost-Conflict Stabilization
Regions
Asia PacificEuropeLatin AmericaHungaryIndonesiaPakistan