GEMs Equity Navigator

Research evidence excerpt

GEMs Equity Navigator

1 July 2026

GEMs Equity Navigator EquityEmergingStrategyMarkets

June 2026

◆ In June 2026, EM equities declined 2.2%, underperforming DM Pankaj Agarwala*, CFA

equities, which declined 0.9% EMHSBCandSecuritiesGlobal Equityand CapitalStrategistMarkets (India) Private

Limited

◆ Within EM, Asian equities were the best-performing group, pankajagarwala@hsbc.co.in

+91 0 80 30013716

while LatAm was the worst

Alastair Pinder, CFA

Head EM and Global Equity Strategist

◆ We take a deeper look at Colombia, which was among the best HSBC Securities (USA) Inc.

alastair.pinder@us.hsbc.com

performers, and Indonesia, which lagged behind +1 212 525 5972

Allison Buck

EM Equity Strategist

What happened: Performance and key events in June 2026 HSBC Securities (USA) Inc.

The Middle East conflict saw easing of tensions with the US and Iran signing a allison.buck@us.hsbc.com

+1 212 525 4119

memorandum of understanding to end hostilities and reopen the Strait of Hormuz.

However, the truce remained fragile as the two sides traded strikes later in the month * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

after commercial ships were attacked. Hormuz traffic overall gradually recovered not registered/ qualified pursuant to FINRA regulations

following the signing of the MoU and Brent prices cooled to under USD75/b quite

quickly and stayed in a relatively narrow range.

EM equities (-2.2%) underperformed DM equities (-0.9%). Within EM, Asia (-2.1%)

outperformed slightly, while LatAm (-3.2%) underperformed and EMEA performed in

line with the broader EM index. Colombia, the Philippines and Romania led the gains,

while Indonesia, mainland China and Poland lagged behind the most.

What worked: Colombian equities