π Taiwan and South Korea own half of MSCI EM and nearly all of its Hormuz risk
The day in view
π Taiwan and South Korea own half of MSCI EM and nearly all of its Hormuz risk
Taiwan (24.84%) and South Korea (23.05%) now make up nearly half of MSCI EM, and both source the bulk of their primary energy via the Strait of Hormuz. S&P Global models Brent at $100/bbl, with EM inflation running 50-150 basis points above prior baseline if the strait is disrupted.