Ukraine crisis may impact EMs, go for risk-off mkts: Nomura

Michael Kurtz, Nomura: The weekend's developments have broadened the scope for markets to price in the tail-risk of dramatic escalation. It seems sensible to seek protection in risk-off markets. In the case of EM equities, even these effects may be mitigated by the fact that EM equities had already suffered record outflows over the past 12 months. EMs enter this episode already in a technical position of substantial under-ownership.

Sanaya Tavaria, JP Morgan Chase: Our confidence in EM equities continues to build. Tapering concerns are overdone. Fundamentals in the Asian members of the fragile five have improved. Export PMIs in Taiwan and Korea are signaling strengthening demand in developed markets. Our preferred trade remains exposure to accelerating global growth.