Jefferies has released its inaugural global stock picks list, with the bank favoring names such as Estee Lauder, Sony, Alibaba, Prudential and Caterpillar.

The investment bank said it believes emerging markets, particularly those in Asia, will see “one of the best operating environments in years” due to recession in more developed markets, a weaker US dollar and the re-opening of China. The firm’s top picks were companies it sees as having “outsized” exposure to those markets such as Boeing (NYSE:BA), Estee Lauder (NYSE:EL), HSBC (NYSE:HSBC), Mitsubishi UFG Financial Group (NYSE:MUFG), Prudential (NYSE:PRU) and Sony (NYSE:SONY).

Jefferies said it also favors companies those that they see as market leaders in secular innovation and likely to benefit from “seismic shifts” in their spaces. The bank’s picks were Alibaba (NYSE:BABA), ASML (NASDAQ:ASML), Dexcom (NASDAQ:DXCM), Glodon and NVIDIA (NASDAQ:NVDA).

The firm also believes companies connected to commodities and raw materials will have an edge, due to recent supply chain constraints and, in some cases, underinvestment in the space. Companies making this list were Caterpillar (NYSE:CAT), Fuyao Glass, Glencore (OTCPK:GLNCY) and Shell.