Emerging markets are making bullish headlines almost every day.
Turkish and Indonesian stocks are at all-time peaks. South Korean equities are at their highest levels since the global financial crisis. Emerging market bonds are among the best performers of any financial asset class this year, prompting record inflows into emerging market bond funds and record volumes of emerging market bond issues.
But, just below the surface, lurks caution. In spite of the considerable efforts of enthusiastic emerging markets equity and bond sales teams, investors are nibbling, not biting.
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