The MSCI Emerging Markets Index has returned nearly 3% in local currency terms since this time last month. At least three factors may explain why emerging market equities have been on the mend. First, investors’ fears of a hard landing in China may have been assuaged by the authorities’ announcement of some targeted measures in response to recent weak data. Second, they may have been relieved that the crisis in Ukraine has remained relatively contained. And third, they may have been soothed by the Fed’s updated forward guidance.
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