In 2026, the only thread of consistency across the markets of emerging Europe, the Middle East and Africa (EMEA) has been one of inconsistency, according to the region’s sell-side research providers. 

“EMEA equities have seen a wide divergence in performance, reflecting differences in domestic growth, policy settings and exposure to global trade and commodities,” Gareth Jenkins, head of EMEA Research at UBS said. “Some markets have benefited from structural reform momentum or favorable external balances, while others have been more impacted by geopolitical tensions.”

The persistent geopolitical uncertainty impacted more than just the equity markets, confirmed Sophie Warrick, head of EMEA equity research and global head of research client engagement. “Our priority was first and foremost on the personal considerations for our teams where the conflict had a first-hand impact, and the resilience they showed while dealing with the disruption was commendable,” she said. “Leveraging corporate access in a timely manner continues to be a significant differentiator, as does our analysts’ ability to consistently identify opportunities that emerge through the turbulence.”

EMEA equity performance this year has seen dispersion across distinct macro themes, according to Eric Lopez, head of European equity research at BofA Securities. These ranged from geopolitical repricing and commodity sensitivity to investment-led growth and policy-driven stabilization.

“For example, Poland has rallied strongly, underpinned by EU funded investment and resilient domestic demand, as has Türkiye, which has benefitted from more favorable monetary policy,’ he said. “Conversely, performance across Saudi Arabia, the UAE and Qatar have been muted this year, with some seeing absolute declines. South Africa has also lagged in 2026 after strong gains last year, reflecting in part slower momentum in precious metals and gold.”

But in the grand scheme of things, EMEA equities have been remarkably resilient, given the backdrop of the conflict in the Middle East, according to Raj Sinha, head of emerging EMEA equity research at HSBC.

“Saudi Arabia, for example, is up 5% YTD and has seen over $1 billion of inflows, as investors see the market as a relative beneficiary of higher oil prices and a more defensive play in an environment where the Fed faces pressure to turn more hawkish,” he said. “In comparison, the UAE has had a tougher time given its exposure to tourism and expat flows, but government stimulus and recent capex announcements provide pockets of support, and we remain confident in the long-term structural story.” 

The voters of Extel’s 2026 Emerging EMEA Research Providers survey are also confident in their choices. They have once again recognized three firms as No. 1 in the region. BofA Securities, HSBC and J.P. Morgan repeated their first-place finishes based on the opinions of more than 880 portfolio managers and analysts at 462 institutions with major securities holdings in emerging EMEA.

In addition to the three-way tie, each No. 1 firm earned 26 first positions. Further down the leaderboard, UBS rose one spot to clinch fourth, and Morgan Stanley rounded out the top five. 

This environment has made it all the more critical to be able to guide clients through periods of immense volatility, said Sinha. “With our on-the-ground knowledge and expertise in emerging markets, we’ve seen significant demand for insights ranging from a macro level to a company level,” he said. “As a result, we’ve implemented a big focus on how different markets are interacting with each other, especially around key themes like oil market volatility and AI supply chain.”

In response, BofA continues to strengthen its research offering as we see growing investor activity, according to Lopez. “We think there are long-term structural growth trends underpinning most EMEA markets,” he said. 

To remain a top research team in the region “it is it is important to offer comprehensive in-depth stock research and integrate it with our macro capabilities for specific regions—this gives the most valuable insights for our clients,” he added.