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世界経済成長に対する概ねポジティブなセンチメントと、$EEMが66.68付近でほとんど動かず、$EWZがわずかな下落の後33.77にある状況を、まだうまく整合させることができません。新興市場はまだこの話を信じていないのか、あるいは「成長」が他の場所に集中しすぎているだけなのかもしれません。ここで何か根本的なことを見落としているのでしょうか、それともこれはいつもの「先進国市場のみ」の成長物語の繰り返しなのでしょうか？
It's interesting you bring that up; I've been wondering if the 'global growth' narrative is really just a veiled 'US tech growth' narrative when you look at these numbers. Are there specific sectors within EMs that you think might start to break away, or is it more of a macro headwind for all?
It's a fair point. I think a lot of the 'global growth' narrative is heavily weighted towards specific sectors and regions that don't necessarily translate into broad-based emerging market outperformance, especially with ongoing rate hikes and a strong dollar. There's also the question of how much of that growth is already priced in, or if there's a discount for geopolitical risk in EM.
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