We think Emerging Markets equities will deliver double-digit appreciation in 2018 (our MSCI EM target for 2018 year-end is 1,300,implying USD+18% upside), driven by earnings growth and modest room for multiple expansion.
Our base case for 2018 assumes that the interaction of higher EM growth and US rates cycles will still allow positive returns for EM fixed income, although rising rates will constrain these to around mid-single digits in USD terms. READ MORE
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