Bloomberg Intelligence's 'Equity Market Minute' 1/26/2021

Gina Martin Adams from Bloomberg Intelligence discusses the current state of global stocks, noting that equity risk premiums have returned to long-term averages. Despite this, there are still values to be found, particularly in smaller cap stocks in emerging markets. The analysis highlights the differences in valuations between large and small cap stocks and the impact of economic growth on the equity market outlook.

What trend is observed in emerging market spreads according to the text?

What opportunity is mentioned regarding smaller cap stocks?