EM WEEKLY KICKSTART: MSCI EM fell 2% amid Middle East re-escalation and Momentum Unwind for the 3rd consecutive week; Korea fell 8% while China rose 3%; 2Q profits expected to rise ~70% yoy led by Tech

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EM WEEKLY KICKSTART: MSCI EM fell 2% amid Middle East re-escalation and Momentum Unwind for the 3rd consecutive week; Korea fell 8% while China rose 3%; 2Q profits expected to rise ~70% yoy led by Tech

Portfolio Strategy Research

10 July 2026 | 6:13PM BST

EM WEEKLY KICKSTART

MSCI EM fell 2% amid Middle East re-escalation and Momentum Unwind for the 3rd consecutive

week; Korea fell 8% while China rose 3%; 2Q profits expected to rise ~70% yoy led by Tech

n Performance: MSCI EM fell -2% w/w, led by growth, while Discretionary and Utilities are expected Sunil Koul

+44(20)7051-4931 | sunil.koul@gs.com

AI/Tech-heavy North Asia (Korea: -8%, Taiwan: -3%), to be the largest drags. Goldman Sachs International

while China (+3%) and Brazil (+2%), gained. Tarun Lalwani, CFA n Momentum Unwind. EM Momentum factor +1(212)934-5821 |

tarun.lalwani@gs.com

n Earnings/valuations: MXEF is trading at 10.7x fwd. P/E (M1EFMMT) has continued to drawdown for the 3rd Goldman Sachs India SPL

(-1.4 s.d, 10yr avg). EM 2026E EPS revised +0.4% w/w. consecutive week alongside US momentum, and is Mambuna Njie

+44(20)7051-7705 |

down ~15% since Jun 22nd. The sell-off has seen mambuna.njie@gs.comn Flows: EM equities saw foreign outflows of US$6.6bn Goldman Sachs International

semis/AI pockets come under pressure — momentum w/w led by tech-heavy Taiwan (US$5.9bn) and Korea

drawdown has been steep in North Asia (Korea (US$2.3bn).

momentum: -22%; Taiwan: -8%). Similarly, the EM AI

n Macro: Central banks were on hold in Peru, Egypt,

Infrastructure (-7%) and most popular Mutual Fund

Poland, and Malaysia. Based on dovish central bank

longs (-10%) sold off over the past three weeks.

comments in S. Africa, our economists shifted forward

Sectorally, Tech and Industrials that have been the