Emerging-market equities are on fire heading into 2026, riding a wave that's carrying commodities, FX plays, and precious metals right along with them. The story? Mounting friction between the US and Europe is putting real pressure on the dollar—and that's turning heads in markets that have been waiting for their moment.

This shift is breathing new life into the long-dormant "Sell America" thesis. When the greenback weakens, capital naturally flows toward alternatives. Emerging-market currencies become more attractive. Real assets like gold and oil catch a bid. And equities in developing economies? They're seeing fresh bid interest as valuations and growth narratives realign.

For traders and portfolio managers, this setup is hard to ignore. The macro backdrop is tilting away from dollar-everything, and traditional hedges—commodities in particular—are starting to look like the move again.