Nuveen’s CIO Weekly Commentary (20 Oct 2025), led by Saira Malik, highlights why EM debt stands out amid a cautious but resilient market backdrop.
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Global equities held firm despite U.S.–China trade tensions and the ongoing government shutdown, while Powell’s balanced comments suggested the Fed remains data-dependent and mindful of labor softness.
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Within fixed income, EM debt is regaining appeal: yields offer nearly 100 bps over global peers, supported by stronger fiscal fundamentals, lower leverage, and improving investor inflows after three years of outflows.
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Nuveen’s Global Investment Committee sees value in diversifying portfolios with EM exposure, alongside dividend growers and infrastructure, to balance elevated valuations in large-cap tech.
As U.S. exceptionalism wanes and global spreads normalize, could EM debt lead the next leg of fixed-income performance? Read the full commentary for Nuveen’s tactical outlook.
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