Latin American markets quietly post strong gains

Despite continued problems in Argentina, Latin American equity markets have quietly posted relatively strong gains during the first quarter of 2002, reflecting the view that debt default and currency devaluation is not endemic in the region. Emerging markets are looking good value, with much lower valuations and higher growth rates than developed markets. Their current performance stems back to a series of financial crises in Asia (1997), Russia (1998) and Brazil (1999), which forced governments and corporations to toughen up, says Humphrey Carey, joint head of emerging markets at F...