Greg Lesko News Today

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Emerging-market stocks gave up their gains for the year as stubborn inflation and bets on a prolonged period of high interest rates undermine growth prospects in the developing world. The MSCI Emerging Markets Index closed 1.5 percent lower at 956.25 points on Thursday amid a broad selloff in global assets. The Federal Reserve’s hawkish messaging

The year is proving to be a roller-coaster for emerging-market equity investors as post-Covid recovery expectations give way to slowing growth and stubborn inflation concerns.

Emerging-market bulls remain optimistic about the asset class, despite Chinas reopening rally falling short and underwhelming numbers in the first half of 2023. Developing-nation assets could take off in the second half, as long as global interest rates peak.

A revival may still make this the decade of emerging markets that Morgan Stanley Investment Management flagged earlier this year.

Global money managers continue to find Brazil-based equities an attractive bet, drawn in by low prices after years of underperformance.