Currencies, stocks and bonds in developing countries are defying US President Donald Trump’s trade war and the conflict in the Middle East to outperform global markets in 2025, after years in the shadow of a strong dollar.
A JPMorgan index of the local currency bonds of large emerging markets and an MSCI gauge of their shares have each gained around 10 per cent so far this year. In comparison, the MSCI World index, covering large stocks across 23 developed economies, is up 4.8 per cent, while the FTSE World Government Bond index is up 6.6 per cent.
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