新兴市场股票和能源综合体

I agree, the energy impact on EM is often underappreciated. Many of these economies are net importers, so higher prices directly hit their current accounts and can fuel inflation, making their central banks tighten. It's a tough balancing act.

That's a solid point about EM equities and energy prices. I wonder if it's more about the individual country's energy import/export balance rather than a blanket impact, as some EM economies are net exporters and would actually benefit from higher prices.