Economic catalyst needed for outperformance By Chris Tracey, investment director The MSCI Glob...
Economic catalyst needed for outperformance
By Chris Tracey, investment director
The MSCI Global Emerging Market Index rose by 5.7% over the month, led by emerging Europe. Poland (+25.3% in US dollar terms) was particularly strong on economic hopes for the its new government, while Russia (+12.5%) was also strong. Turkey surged 21% on growing confidence that the IMF would provide sufficient funds to provide another bailout. With the exception of Mexico, Latin American markets were much more subdued, with the concern that even a voluntary restructuring of Argentina's debt would be classed as a default. The emerging market asset class should continue to benefit from lower interest rates globally and plentiful liquidity, but the main driver ultimately will be the resumption of world economic growth, the timing of which, obviously, is very uncertain. For the time being we would concentrate on the developed markets.
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