Emerging Markets Stocks, Bonds, & Currencies

Market Briefing: Emerging Markets Stocks, Bonds, & Currencies

Yardeni Research, Inc.

November 24, 2023

Dr. Edward Yardeni

516-972-7683 eyardeni@

Joe Abbott

732-497-5306 jabbott@

Mali Quintana

480-664-1333 aquintana@

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Table Of Contents Table Of Contents

EM MSCI In Dollars & Local Currencies Stock Markets: Americas Stock Markets: Asia Stock Markets US$ Forex Rates: Americas US$ Forex Rates: Asia Fragile Five Emerging Markets Bond Yields

1 2-3 4-7 8-9 10 11 12-13 14-15

November 24, 2023 / Emerging Markets Stocks, Bonds, & Currencies

Yardeni Research, Inc.



EM MSCI In Dollars & Local Currencies

Figure 1.

1600

EMERGING MARKETS MSCI STOCK PRICE INDEX

1400

1200

Local Currency

US Dollars 1000

100000 80000 11/23 60000

800 40000

600

20000 400



200

0

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Source: MSCI.

Figure 2.

2000

EMERGING MARKETS MSCI CURRENCY INDEX* (US$)

1500

2000 11/23

1500

1000

1000



500

500

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

* Includes Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. Source: MSCI.

Page 1 / November 24, 2023 / Emerging Markets Stocks, Bonds, & Currencies

Yardeni Research, Inc.



Stock Markets: Americas

Figure 3.

6500

EM LATIN AMERICA MSCI 5500 (US$)

ARGENTINA MSCI

4500

3500

2500

11/23

1500

5000 11/24

4000 3000 2000 1000

500 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

0 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

5000

BRAZIL MSCI

4000

3500

CHILE MSCI

3000

3000 2000

11/24

2500 2000 1500

1000

11/231000

0 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

8000

MEXICO MSCI

500 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

2000

PERU MSCI

6000 4000

11/23

1500 11/23

1000

500

2000 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

200-day moving average Source: Morgan Stanley Capital International and Haver Analytics.

0

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Page 2 / November 24, 2023 / Emerging Markets Stocks, Bonds, & Currencies

Yardeni Research, Inc.



Stock Markets: Americas

12000 10000

Figure 4.

EM LATIN AMERICA MSCI (local currencies)

ARGENTINA MSCI

11/23

8000

6000

4000

40000 11/2430000

20000 10000

2000 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

0 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

450000

BRAZIL MSCI

400000

7000

CHILE MSCI

6000

350000

300000

11/24

5000

250000 200000 150000 100000

11/234000 3000 2000

50000 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

1000 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

60000

MEXICO MSCI

4000

PERU MSCI

50000 40000 30000

11/23

3000 11/23

2000

20000

1000

10000 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

200-day moving average Source: Morgan Stanley Capital International and Haver Analytics.

0

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Page 3 / November 24, 2023 / Emerging Markets Stocks, Bonds, & Currencies

Yardeni Research, Inc.



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