Emerging markets are back in positive territory after a sour start to the year, as investors bet that central banks will support the global economy for an extended period.
The MSCI Emerging Markets index, dominated by stocks in China, South Korea and Taiwan, is up 4.6 cent this year. Demand for government bonds issued by developing economies has pushed up prices and pulled the yield on JPMorgan’s dollar-denominated index down to a six-month low of 5.89 per cent.
“There is some confidence that global growth is not going into a black hole,” said James Barrineau, co-head of emerging market debt at Schroders.
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