Following on from our Global Economics outlook, our Global Markets outlook, and our best cross-asset trade ideas, here we lay out the macro and market themes that we think will drive performance across asset classes in Emerging Markets (EM) in 2019.

1. A look back: 'global growth down' mattered as much as 'US rates up'

 2. A look ahead: modest headline gains; focus on relative value

 3. EM equities: sharp sell-off overstates steady earnings

 4. EM FX: more value, decent carry, waiting for the growth

 5. EM local rates: mind the gap between high- and low-yielders

 6. EM credit: back to fair, but balance sheet vulnerabilities loom

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