Emerging-Frontier Equity Monthly – April: Wall of Worry

  • Stagflation and $ strength, China Covid and supply chain disruption, Russia-Ukraine and food prices, Tech business risks

  • No room for mix of external vulnerability and poor policy but Sri Lanka (down 44%) an exception rather than a rule in EM

  • Saudi and GCC continue to outperform (oil exports, deep foreign reserves, currency pegs), but cheaper value elsewhere
April 28th, 2022
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