🇨🇳ChinaBRICS+ | NEUTRAL | Domestic stimulus deployment; BRI capital still flowing | Property sector overhang; deflation pressure | View → |
🇮🇳IndiaBRICS+ | BUY | Demographic dividend; digital public infra at scale; FDI surge | Monsoon dependency; INR seasonal volatility | View → |
🇷🇺RussiaBRICS+ | AVOID | Commodity production remains operationally resilient | Sanctions isolation; geopolitical binary | View → |
🇦🇪UAEGCC | OVERWEIGHT | Global HNWI capital magnet; crypto/fintech clarity; Vision 2071 | Regional geopolitical spillover | View → |
🇸🇦Saudi ArabiaGCC | OVERWEIGHT | Vision 2030; NEOM; tourism diversification from oil monoculture | Oil price dependency; Aramco revenue sensitivity | View → |
🇶🇦QatarGCC | OVERWEIGHT | LNG demand stable into 2030; post-WC investment inflows | Narrow economic base; regional tensions | View → |
🇰🇼KuwaitGCC | NEUTRAL | MSCI EM inclusion dividend; KIA sovereign wealth diversification underway | Oil price dependency; non-oil diversification at near-zero | View → |
🇴🇲OmanGCC | NEUTRAL | Duqm SEZ investment flows; Arabian Sea logistics build-out | Post-oil fiscal transition; OMR peg tied to Gulf cycle | View → |
🇹🇷TurkeyMENA | MONITOR | Inflation orthodoxy returning; Gulf / MENA trade ties strengthening | Lira structural volatility; current account deficit | View → |
🇪🇬EgyptMENA | MONITOR | Suez Canal revenues; IMF-backed reform programme in train | Hard currency shortage; EGP fragility | View → |
🇮🇷IranMENA | AVOID | Sanctions discount; China trade corridor deepening; vast resource base | Sanctions isolation; FX non-convertibility; geopolitical binary | View → |
🇲🇦MoroccoMENA | NEUTRAL | Phosphate reserves dominance; European automotive nearshoring corridor | Water scarcity; remittance-dependent household income | View → |
🇯🇴JordanMENA | NEUTRAL | Commercial gateway between Gulf and Levant; services sector resilience | Water scarcity; regional conflict spillover; high public debt load | View → |
🇻🇳VietnamASEAN | OVERWEIGHT | Manufacturing FDI inflow accelerating; supply chain shift beneficiary | Currency liquidity & export demand shock | View → |
🇮🇩IndonesiaASEAN | BUY | Nickel downstreaming success; booming domestic middle class | Global commodity price volatility | View → |
🇸🇬SingaporeASEAN | OVERWEIGHT | HNWI wealth hub; fintech regulatory clarity; family office inflows | Sensitivity to global slowdown | View → |
🇲🇾MalaysiaASEAN | OVERWEIGHT | Semiconductor supply chain diversification; data centre FDI surge | Export demand sensitivity; MYR volatility | View → |
🇵🇭PhilippinesASEAN | BUY | BPO growth; remittance inflows; young consumer base accelerating | Natural disaster exposure; FX pressure | View → |
🇹🇭ThailandASEAN | NEUTRAL | Tourism recovery; EV manufacturing entry via China OEMs | Political stability risk; aging demographics | View → |
🇰🇭CambodiaASEAN | NEUTRAL | Dollarised economy eliminates FX risk; Phnom Penh real estate appreciation | Nascent capital markets; governance premium persists | View → |
🇳🇬NigeriaAfrica | MONITOR | FX market unification underway; fintech transaction volume surging | Inflationary drag; naira devaluation risk | View → |
🇿🇦South AfricaAfrica | MONITOR | Minerals corridor; port logistics reform early-stage | Load-shedding structural drag; political uncertainty | View → |
🇰🇪KenyaAfrica | NEUTRAL | Mobile money penetration world-leading; fintech hub status | FX reserve pressure; public debt overhang | View → |
🇪🇹EthiopiaAfrica | NEUTRAL | | | View → |
🇬🇭GhanaAfrica | MONITOR | Post-debt-restructuring recovery; gold equity rebound underway | Debt overhang legacy; GHS stability risk | View → |
🇹🇿TanzaniaAfrica | NEUTRAL | Natural gas exploration pipeline; Zanzibar premium tourism corridor | Infrastructure deficit caps monetisation; sovereign bond access limited | View → |
🇸🇳SenegalAfrica | BUY | First oil exports from Sangomar; West African CFA stability anchor | Political transition; oil revenue management capacity early-stage | View → |
🇧🇷BrazilLatAm | NEUTRAL | Agricultural export yield; central bank easing cycle underway | Fiscal deficit slippage; BRL vulnerability | View → |
🇲🇽MexicoLatAm | NEUTRAL | Nearshoring beneficiary from US supply chain rebalancing | USD dependency; peso structural risk | View → |
🇨🇱ChileLatAm | BUY | Lithium Triangle dominance; copper cycle leverage; stable regulatory regime | Copper price volatility; constitutional uncertainty premium | View → |
🇨🇴ColombiaLatAm | NEUTRAL | Oil output recovery; early-stage tourism expansion | Security & governance risk premium | View → |
🇵🇪PeruLatAm | NEUTRAL | #2 copper and #3 silver producer globally; mining capex pipeline intact | Political instability discount; social licence risk on mining projects | View → |
🇦🇷ArgentinaLatAm | MONITOR | Milei reform momentum; IMF normalization path progressing | Hyperinflation legacy; FX control unwinding pain | View → |
🇪🇨EcuadorLatAm | NEUTRAL | Dollarisation eliminates FX risk; oil block auctions attract FDI | Constrained monetary policy; security risk premium elevated | View → |
🇰🇿KazakhstanCentral Asia | NEUTRAL | World's largest uranium producer; AIFC common law jurisdiction for Gulf capital | Russia proximity discount; governance premium; KZT oil-cycle volatility | View → |
🇺🇿UzbekistanCentral Asia | BUY | Liberalised FX; privatisation pipeline; tech SEZ momentum attracting first institutional wave | Early-stage capital markets; political succession risk | View → |
🇵🇰PakistanS. Asia | MONITOR | PSX near historic P/E lows; IMF stabilisation reducing tail risk | IMF conditionality constraints; PKR structural depreciation pressure | View → |
🇧🇩BangladeshS. Asia | NEUTRAL | China+1 apparel nearshoring; world #2 RMG exporter | Political transition risk; garment wage pressure eroding margin | View → |
🇱🇰Sri LankaS. Asia | NEUTRAL | Post-default debt restructuring complete; CSE at historic discount; tourism recovery accelerating | External debt sustainability path narrow; forex reserve adequacy watch | View → |
