Country-specific drivers coming to the fore - Feb. EM/DM Leading Indicator Watch [Video + AI Summary] | Research

The macro backdrop remains broadly risk-on with rising growth, muted inflation and supportive liquidity, favoring EM over DM, but opportunities are increasingly driven by country-specific dynamics rather than a synchronized global trend.
We are constructive on Brazil, Korea and Indonesia, cautious but opportunistic on the UK, waiting for a better entry on long yen exposure, and structurally bullish on the Swiss franc amid global imbalances.