“Currencies have also shown some signs of stabilization, with emergency rate hikes in Turkey stemming a sharp selloff in the lira. We see this as a positive sign for EM assets overall,” according to BlackRock.

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Some of the worst shocks at the country level have come from countries that are relatively small parts of major emerging markets benchmarks and ETFs, such as IEMG.

“We see this year’s EM selloff more as a series of idiosyncratic accidents masking stronger EM fundamentals rather than a canary in the coalmine for global markets. EM economies are holding up, and recessions in trouble spots like Turkey and Argentina should have limited impact,” according to BlackRock.

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