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Investment Weekly

EMs lead in the first half
03 July 2026

    Chart of the week – EMs lead in the first half

    Chart of the week – EMs lead in the first half

    It is half-time for markets in 2026, so it’s worth pausing to review what’s worked and what might matter in the second half. The first six months were shaped by stop-start conflict in the Middle East and sharp style rotations. Looking ahead, a broadening out of performance beyond US tech is kicking off again – and that could be good news for emerging markets.

    Market Spotlight

    • Chips and choppiness

    Lens on…

    • Staying hawkish?
    • Jevons above
    • Local resilience

    Read the full commentary PDF, 3.40MB