18 November 2024 | 9:01PM GMT EM Equity Strategy 2025 EM Equity Outlook: Domestic reliance amid external risks n Leaning on policy offsets and micro fundamentals amid tough macro. A stronger dollar, higher China and auto tariffs in our baseline forecasts post US elections, and shallower easing cycles in EM, provide a more challenging backdrop for EM equities in 2025. We think EM markets with strong domestic micro fundamentals, that are relatively insulated from external risks and have supportive local polic ...