S&P 500 Trails Emerging Markets, Europe скачать в хорошем качестве

S&P 500 Trails Emerging Markets, Europe

Rohit Chopra, EM Equity Portfolio Manager at Lazard Asset Management, examines emerging markets' role in the global AI supply chain. Emerging-market stocks are heading for their strongest stretch of earnings growth since the 2002-04 super-cycle, powered by a surge in artificial-intelligence investment that is reshaping the asset class, according to Morgan Stanley. That’s in “sharp contrast to the past decade,” when second fiscal-year estimates were on average revised lower from initial levels, strategists led by Jonathan Garner wrote in a note.  The shift matters for investors weighing whether emerging-market stocks can extend their outperformance over US peers this year. It also highlights rising concentration risk, with chipmakers dominating upgrades and reshaping the earnings narrative away from consumption and old-economy sectors. In what they describe as a “highly unusual cycle,” earnings estimates for this year for the MSCI Emerging Markets Index in their base case have risen 6.5% on average. Yet the strength is strikingly concentrated. The strategists said the entire upgrade has been driven by three firms, Samsung Electronics Co., SK Hynix Inc. and Taiwan Semiconductor Manufacturing Co. Garner and his team have previously flagged key turning points in emerging-market equities. In the first week of October 2022, they upgraded the asset class, saying they saw signs it was bottoming. By the end of that month, the MSCI EM Index had reached its low. -------- Watch Bloomberg Radio LIVE on YouTube Weekdays 7am-6pm ET WATCH HERE: http://bit.ly/3vTiACF Follow us on X:   / bloombergradio   Subscribe to our Podcasts: Bloomberg Daybreak: http://bit.ly/3DWYoAN Bloomberg Surveillance: http://bit.ly/3OPtReI Bloomberg Intelligence: http://bit.ly/3YrBfOi Balance of Power: http://bit.ly/3OO8eLC Bloomberg Businessweek: http://bit.ly/3IPl60i Listen on Apple CarPlay and Android Auto with the Bloomberg Business app: Apple CarPlay: https://apple.co/486mghI Android Auto: https://bit.ly/49benZy Visit our YouTube channels: Bloomberg Podcasts:    / bloombergpodcasts   Bloomberg Television:    / @markets   Bloomberg Originals:    / bloomberg   Quicktake:    / @bloombergquicktake