Wall Street’s biggest banks are split on the outlook for emerging market equities, with Morgan Stanley and Goldman Sachs taking diametrically opposed views after a punishing $2tn sell-off this year.
An MSCI index of EM stocks has slumped about 30 per cent since early January, reflecting a punishing rout in markets ranging from China to South Korea.
Those steep declines have fuelled debate among analysts about how much worse things can get, with Morgan Stanley identifying bargain opportunities just as Goldman casts doubt over a possible recovery.
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