EM assets have further to fall if Iran conflict intensifies
While EM financial markets have started to stabilise following the recent selloff, they are vulnerable to a further deterioration in risk sentiment. Markets in EMEA appear most exposed due to proximity to the war as well as reliance on energy imports and shaky public finances in parts of the region. Meanwhile, assets in LatAm may hold up better, given low equity valuations and large energy and defensive sectors.
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