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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
EMERGING MARKETS
Executive summary
- The past year was marked by a significant divergence between EM and World health care equities; EM HC equities are among the worst performing stocks this year, down nearly 20%.
- Strong USD, rising LT bond yields and China crackdowns have been among the major factors behind EM equities weakness, particularly HC stocks.
- However, the consolidation in LT bond yields combined with China 'reopening' could actually lead to an outperformance of the 'defensive' health care EM equity sector in the medium term.
Link to full publication:
We previously saw that the past year was marked by a significant divergence between EM and World health care equities. While world health care equities are down 12% since their January highs, EM health care stocks are down nearly 45% since in the past year, erasing 80% of their post-Covid gains.
EM HC equities are among the worst performing stocks this year, down nearly 20%, along with IT (-33%) and Materials (-20%), which are classified as ‘offensive’ cyclical stocks.
Source: Bloomberg/MNI.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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