COVID-19 and turbulence in the oil market have been reshaping daily life, economic fundamentals and market activity for weeks. Emerging markets, like the rest of the world, have been along for the ride.

We are bullish on emerging market (EM) equities for 2020 given valuations, continued low interest rates and cyclical and structural growth in many of these countries.

With the latest crisis in Turkey, Turkish equities have come under pressure and Turkish bank stocks are looking cheap. Do they really offer value?