The results from SocGen’s monthly Emerging Markets client survey are in, and they aren’t inspiring for investors in the space:
The sentiment bias towards global emerging markets has worsened dramatically from a month ago. While only 56% of clients were bearish towards GEM in our April survey, now the percentage has picked up to an overwhelming 80% in the near term. Only 10% of investors are now bullish, and 18% neutral.
Here’s a chart showing the distribution of responses:
Photo: Societe Generale
SocGen notes that over the medium term (next 3 months), investors are slightly more bullish (44% bullish versus 38% bearish and 18% neutral), but this represents a bearish swing from the April survey as well.
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