JPMorgan-EM takes a “leap” forward Emerging Equity Market Wrap – Febr...-106801939

JPMORGANGlobalResearch01March2024EMtakesa“leap”forwardEmergingEquityMarketWrap–February2024MSCIEMfinished4.6%higherinFebruary,marginallyoutperformingEmergingMarketsEquityStrategistMSCIDM(+4.1%)by-0.5%afterfourconsecutivemonthsofunderperformance.TheoutperformanceleadershipwasconcentratedinNorthPedroMartinsJunior,CFAACAsiamarkets:China(+8.4%),SouthKorea(+6.4%),andTaiwan(+5.5%).Ontheglobalstage,thedollargainedanotherc.1%,asexcitementaroundFedeasing(55-11)4950-4121continuestoberepricedlower.US10-yearTreasuryyieldsclimbedup32bps,pedro.x.martins@jpmchase.comrevertingthreemonthsofyielddeclines.MajorboostforEMequitieswerefromBloombergJPMAMARTINSspecifictailwindsforChina(bettermacrodataaroundLunarNewYear,furtherBancoJ.P.MorganS.A.policystep-up)andKorea(governmentpushforacorporateValue-upprogram).JainikMody,CFA(44-20)3493-0443jainik.mody@jpmorgan.comJ.P.MorganSecuritiesplcAninditaGandhi(91-22)6157-3248anindita.gandhi@jpmorgan.comJ.P.MorganIndiaPrivateLimited•Amongregions,EMAsialedperformance,whileLatAmlagged.EMAsia(+5.8%)wasthebestperformerthismonth,followedbyCEEMEA(+1.6%).LatAmfinishedmarginallynegative(-0.5%).•AllEMsectorsfinishedpositivethismonth.ConsDiscretionary(10.0%),Industrials(6.8%),andIT(6.2%)werethebestperformers,whileMaterials(0.2%),ConsStaples(1.9%),andEnergy(2.4%)postedthelowestgains.•EMcurrenci...