Egypt is a highly resilient “hidden gem” among EMs -Bloomberg. Egypt, the Philippines, and India are sitting at the top of a Bloomberg ranking of the most resilient emerging markets amid the instability prompted by the US-China trade war. The study ranks 21 developing economies on factors including domestic demand and exposure to China or the US. Recent EM sell-offs have left assets in both Egypt and the Philippines relatively undervalued, insulating them from the shocks to which Mexico, for example, is vulnerable as a result of the trade war.