March has been a month of significant developments in emerging markets, presenting a mix of opportunities and challenges. Fears of trade tensions with the US continue to weigh on global markets. The Chinese economy is showing signs of recovery driven by advancements in technology and green energy sectors, plus stimulus measures boosting investor confidence. India’s growth rate remains a bright spot. In Turkey, the revocation of Istanbul's mayor, Ekrem İmamoğlu’s degree has increased political uncertainty, although the finance minister reaffirmed his commitment to orthodox economic policies. Investor sentiment has continued to deteriorate due to tariff uncertainties, heightening concerns about a recession in the US. On April 2, the Trump administration delivered a shock to the global financial system with reciprocal tariffs, leading to risk markets to plunge, the USD to weaken and a strong rally in USTs on recession fears. Despite these challenges, the growth outlook for EM remains, with a resilience to tariffs of 10%.