Mumbai: As the pandemic spins out of control from India to Argentina, the divisions between emerging and developed markets are deepening. Developing-nation stocks have lagged the rest of the world since the middle of March partly on concern that vaccine shortages and delays will slow economic growth. Investors pulled $1.3 billion out of emerging-market equity funds in the week ending April 21, the most in more than three months. It's one more data point that shows how this pandemic has rewritten the investing playbook. Historically, emerging markets were viewed as a way to ride a global economic expansion, but this time around, it's the developed world that's bouncing back the fastest.