EEMEA Equity Strategy: Country Scorecard Refresh – Hungary & Greece Move Up

Research evidence excerpt

EEMEA Equity Strategy: Country Scorecard Refresh – Hungary & Greece Move Up

Idea

June 8, 2026 02:12 AM GMT

Morgan Stanley & Co. International plc+MEEMEA Equity Strategy | EEMEA Matthew Nguyen

Equity Strategist

Country Scorecard Refresh – Matthew.Nguyen@morganstanley.comMorgan Stanley India Company Private Limited+ +44 20 7677-0773

Karthik Nityanand

StrategistHungary & Greece Move Up Karthik.Nityanand@morganstanley.com +91 22 6995-1587

Jitiksha Shah

We refresh our country scorecard and reinstate macro-thematic Equity Strategist

Jitiksha.Shah@morganstanley.com +91 22 6995-9374

input through a new Middle East de-escalation score. Among key

Morgan Stanley & Co. International plc+

markets, Hungary (OW) and Greece (OW) overtake South Africa Emily A Woods

(EW). Equity Strategist

Emily.Woods@morganstanley.com +44 20 7425-1597

We bring back our macro-thematic input, introducing the Middle East de-

escalation score. Whilst precise timing is difficult, our expectation is that the Strait Exhibit 1 : Hungary & Greece overtake SA

of Hormuz will at least begin to reopen within the next couple of months. We EEMEA: MS Equity Strategy Score (100 = Highest, 0 = Lowest)

recently published a framework assessing what stock and country performance is PolandEgypt Current

Hungarylikely to look like if/when there is an MoU agreement between the US and Iran, Prior*

Greece

which would include re-opening of the Strait. The score is measured by oil and local South Africa

UAE

rates correlations alongside prior false start deal moves. High beta markets - S. EEMEA

Czech Republic

Africa, Greece, Poland & Hungary - are likely to outperform on Middle East de- Turkey

Saudi Arabia

escalation, while GCC ex-UAE may underperform ( Exhibit 7 ). Kuwait

Qatar

Hungary (OW) and Greece (OW) move up, overtaking S.