Emerging-Frontier Equity Monthly – June: US recession fear, China reopening hope

  • US recession fears increase as Fed seeks to re-establish inflation credibility; drags down most equities and commodities

  • China activity picks up as lockdowns lift (albeit zero-Covid policy will remain for years) and tech regulation eases

  • EM views: China over India (stimulus), Vietnam (manufacturing), Copper (Chile) over Oil (Saudi), Tourism (eg Thailand)
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