Week of 4 - 8 May 2026 |  Positive earnings support EM outlook

In this edition of Amundi's Weekly Market Directions: 

• EM equities have held up despite the Iran war, helped by strong earnings growth and the rally in the technology sector.
• Earnings growth underpins EM resilience, and the region is attractively priced compared to developed markets and offers diversification opportunities. 
• Latin America stands out favourably, given its energy exports, strong fundamentals and its distance from the conflict region. 
 

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Monica Defend

Monica Defend

Head of Amundi Investment Institute

Emerging markets offer a diverse set of opportunities driven by commodity exporters, technology leaders, and domestic demand. Despite the Middle East conflict, the diverse EM universe offers areas of strong economic growth and earnings resilience.

Monica Defend, Head of Amundi Investment Institute

Read the full weekly market directions

*Diversification does not guarantee a profit or protect against a loss. 

Unless otherwise stated, all information contained in this document is from Amundi Asset Management S.A.S. and is as of 8 May 2026. Diversification does not guarantee a profit or protect against a loss. The views expressed regarding market and economic trends are those of the author and not necessarily Amundi Asset Management S.A.S. and are subject to change at any time based on market and other conditions, and there can be no assurance that countries, markets or sectors will perform as expected. These views should not be relied upon as investment advice, a security recommendation, or as an indication of trading for any Amundi product. This material does not constitute an offer or solicitation to buy or sell any security, fund units or services. Investment involves risks, including market, political, liquidity and currency risks. Past performance is not a guarantee or indicative of future results.
 

Date of first use: 8 May 2026

Doc ID: 5473052