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J P M O R G A N Global Emerging Markets Research 05 June 2025 Emerging Markets Outlook and Strategy for 2H25 US policy uncertainty still drives EM: move OW EM FX, stay UW EM sovereigns, MW local rates and corporates Key topics Macro developments Top trading themes See page 54 for analyst certification and important disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that co ...