EM equity valuation in front of the wall of worry

  • EM wall of worry: US yields, stagflation, China Covid, Russia-Ukraine, commodity prices and protests, reforms on hold

  • EM glimmers of light: commodity exporters, China stimulus, Covid's global fade, IMF-led policy correction

  • We check on valuation of equities (PB vs. history) and FX (spot rate vs. REER history), as the wall blocks out the light
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