The recent rally in emerging market assets has slowed somewhat but EM portfolio flows are still in “surge” territory, according to the Institute of International Finance.
One big beneficiary is Brazil, where investors seem convinced that the government of the unpopular Dilma Rousseff is about to fall and be replaced by a team of reformist technocrats, apparently poised to take power.
But Brazil is far from alone. The IIF’s figures — based on a sample of seven EMs that report daily data — suggest that the euphoria is broad-based and applies to commodity and manufacturing-driven EMs alike.
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