"2019年2月8日德意志银行新兴市场宏观与策略聚焦报告"

tandard & Poor's (S&P) are likely to be unchanged. In the equity space, we expect outperformance in Saudi Arabia, while we see limited upsides for Brazil and South Africa. Overall, our focus remains on Asia and emerging markets as we continue to monitor the impact of global growth worries and trade tensions. In particular, we are closely watching Malaysia and its below potential growth, as well as Q4 GDP growth moderation in CE3 and Israel. The central bank in Egypt is expected to hold rates, while credit ratings in Russia and S&P are likely to remain unchanged. In terms of equity, we anticipate outperformance in Saudi Arabia, while Brazil and South Africa may see limited upsides. The overall outlook for emerging markets remains uncertain, and we are closely monitoring global economic developments and market dynamics. As always, our research and analysis will continue to provide our clients with valuable insights to navigate the complex and evolving landscape of emerging market macro and strategy.