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EM traffic light: Red, Amber, Green

The Emerging View

17 July 2015

We believe that the last few years have seen unusually protracted valuation mismatches between Emerging Markets and developed markets assets which have been caused by an enormous technical ‘bid’ for developed markets assets from central banks across the globe. By contrast, fundamentals have largely been ignored so far. There are now signs that valuations in developed economies have reached levels where they are beginning to clash with weak underlying fundamentals. This is likely to usher in a more balanced outlook for Emerging Markets versus developed markets assets, in spite of ongoing central bank support for developed countries.

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