Weekly Commentary: Staying selective in emerging markets

We like emerging markets as upbeat risk appetite carries on. We also see big structural shifts creating granular opportunities within countries. U.S. stocks hit another all-time high last week thanks to earnings beats, even as U.S.10-year yields ticked up. We think positive sentiment can persist for now. This week’s U.S. inflation data should show if falling goods prices are still pushing inflation down. We think wage growth will reignite inflation after 2024.