Emerging market stocks and bonds are staging a strong rebound as hopes that China will loosen its Covid-19 curbs and a dollar sell-off have helped relieve some of the pressure on developing economies.
JPMorgan’s broad gauge of dollar-denominated emerging market debt climbed 7.6 per cent in November, its best month since 1998, while equities tracked by MSCI’s EM index rallied 14.6 per cent in US dollar terms, the biggest rise since 2009.
Remarks from Federal Reserve chair Jay Powell on Wednesday signalling the US central bank would slow the pace of interest rate rises in December also delivered a last-minute boost for both gauges on the final day of the month.
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