Developed markets, especially the US, continued to outpace Emerging Markets significantly. Emerging Markets (EM) equities lagged developed markets significantlyIn contrast, Emerging Markets (EM) equities lagged developed markets significantly. Developed market equities have remained firm as US economic activity has shown resilience. Emerging market equities are slightly cheap compared to history but are unlikely to stand firm if developed market equities begin to weaken. Given that MENA is a dollar bull region, it should continue to outperform the broader Emerging Markets.
