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Best-performing EM equities unlikely to stay on top

We think that the best-performing countries in the MSCI EM Index so far this year will end up nearer the bottom of the class over the rest of 2019. That is because we expect the key factors driving the recent rally in global equities, namely optimism about the end of US-China trade war and hopes that more accommodative policy will turn the two countries’ economies around, to fade or unwind.

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