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JP Morgan Has A "Problem" With Emerging Markets
Over the weekend, we highlighted a new study by the Center for Global Development which identified the emerging markets that are most vulnerable to an “external shock” whether in the form of a Fed “liftoff” or a geopolitical shakeup such as a wholesale Russian invasion of Ukraine. With EM multiples, spreads, and currencies trading at a discount to their DM peers, some investors may be tempted to look for a relative value play in the face of increasingly overbought DM equities and fixed income. Despite what look to be "cheap" valuations, JPM calls the EM contrarian approach “tactically ... (full story)