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Goldman Sachs on Thursday revised its forecast for emerging market equities upwards as it sees the developing world benefiting from the reopening of China’s borders, improving European growth prospects and softening US inflation.

The investment bank sees MSCI’s index of emerging market shares hitting 1,150 over the next 12 months, representing a near-10% jump from current levels, and up from the bank’s previous target of 1,075.

Goldman Sachs to cut 3,200 jobs: source

“These forecasts do suggest further EM outperformance, though this view is driven by returns in North Asia and Middle East and North Africa (MENA) primarily – which are in turn based on a constructive outlook of Chinese growth and oil prices,” Goldman said in a note dated Thursday.

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