Emerging Markets Equity Strategy: Tech Still in the Driver‘s Seat, Despite Oil Relief

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Emerging Markets Equity Strategy: Tech Still in the Driver‘s Seat, Despite Oil Relief

J P M O R G A N Global Markets Strategy

17 June 2026

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Emerging Markets Equity Strategy

Tech Still in the Driver's Seat, Despite Oil Relief

The re-opening of the Strait of Hormuz has the potential to bring back the EM Emerging Markets Equity Strategy

ACtrades that have been put aside since mid April, but we anticipate that the dominant Rajiv Batra

story will still remain focused on tech. We embrace concentration, especially (65) 6882-8151

following 1Q results, and upgraded our EM target for YE 2026 to 2000 (from rajiv.j.batra@jpmorgan.com

1575) following our revision of both Korea’s and Taiwan’s index targets. While we J.P. Morgan Securities Singapore Private Limited

think that inflation concerns will continue to linger for a while, the reopening of the Emy Shayo Cherman AC

Strait paves the way for a slightly more balanced performance within EM. Two (55-11) 4950-6684

emy.shayo@jpmorgan.com

clear forces are at play: Banco J.P. Morgan S.A.

• 1) Stating the obvious - Lower oil prices benefit oil importers: Chile (upgraded Anindita Gandhi AC

to OW upon the cease fire announcement) and South Africa as medium-term (91-22) 6157-3248

anindita.gandhi@jpmorgan.com

stories and markets such as Türkiye and ASEAN over the near-term are prime J.P. Morgan India Private Limited

candidates for a relief rally. We see average prices of US$96/bbl (Brent) in 2026 CEEMEA Equity Strategy