May 1, 2026, 8:55 AMseekingalpha.comEMM
Global X Emerging Markets Ex-China ETF Q1 2026 Commentary
Trading and market maker
Emerging Market ex-China equities (measured by the MSCI Emerging Markets ex-China Index (Net)) climbed 3.16% in the first quarter, compared to a 4.35% decline in the S&P 500. Despite Middle East-led geopolitical volatility, EM ex-China assets proved resilient, supported by their diversified composition and allocators' search for value. In our experience, three factors tend to drive performance across emerging markets ex-China: the U.S. dollar, U.S. interest rates, and global liquidity conditions.