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Emerging Markets Monthly Highlights: Russia-Ukraine Conflict Causes A Storm Across Commodity Markets

S&P Global Ratings believes that there’s a wide range of channels through which the conflict in Ukraine may affect emerging markets (EMs). Many EMs are net energy importers and are vulnerable to swings in energy prices. Even though the price rally will benefit some commodity exporters, conflict-induced deceleration of global growth will worsen external environment. Ongoing market volatility may put additional pressure on EM yields amid the Federal Reserve’s upcoming tightening.


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