In emerging markets, the bulls are back again


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After some of the biggest losses in emerging markets on record this year the bulls are back, betting that the time has come for a rebound. With caveats that global interest rates stabilize, China relaxes COVID restrictions and nuclear war is averted, annual investment bank forecasts for 2023 suddenly have some pretty lofty predictions for emerging markets (EM). UBS, for example, expects EM stocks and fixed income to earn between 8%-15% in total returns after a 15%-25% pummeling this year. A “bullish” Morgan Stanley expects a near 17% return on EM local currency debt. Credit Suisse “particularly” likes hard currency...