$116 oil, a coin-toss vote.
Emerging markets fell for a second week: 1.3% in US dollars, 7.2% over two weeks.
EM Week Ahead · Edition 2: $116 oil, a coin-toss vote
Fig. — The week to 23 October in local currency; dotted line: MSCI EM −1.3% · Source: Barchart; Lundy Intelligence
Brent rose 6.1% to $116.52, its highest since April, as Houthi strikes on Saudi airports and oilfields spread and the US ordered some diplomats out of Riyadh. That hit oil importers (India −2.4%, Pakistan −2.4%, a record low for the Philippine peso) and the Gulf, with Saudi Arabia down 4.1% for an eighth weekly loss.
Doubts about AI spending returned on Thursday when the Nasdaq fell 2.6%, but Korea held up better (−2.1%) as SK hynix completed its buyback. Central banks pulled in opposite directions: the Philippines hiked 50bp, Korea held with a hawkish tone, and Turkey cut 100bp, after which the BIST 100 fell 5.2% on the week. Jakarta (+4.9%) and Vietnam (+4.0%) rebounded. The full edition covers 28 markets, the scoring of last week’s calls and the week ahead: Brazil’s runoff result, the Fed, and SK hynix and Samsung results.
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Join the distribution list →Practitioner-led market commentary for information only. Not investment advice, issuer-sponsored research or a personal recommendation. Prices are closes on Friday 23 October 2026 from Barchart and the public sources named in the report. Views may change without notice. Lundy may hold interests in subjects covered.