Emergings vs Developed Markets

Divergence between EM & DM exposure:

“Divergence in sales surprise between EM and DM-exposed companies still remains. Our EM Exposure basket has now seen 9 out of the 15 constituent companies that have reported miss estimates by more than 2% and still only 1 company beat estimates. In contrast, 2 out of the 7 constituent companies in our DM Growth basket that have reported beat estimates, 3 were in line and 2 missed estimates.”

China:

“Results in China were disappointing for many firms Many companies reported disappointing 3Q performance in their China divisions. It marked a reversal from the end of 2Q when management optimism on China business prospects was a common theme.” (Goldman Sachs)

EM vs DM Exposure

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