On a price-to-book basis the index has been trading at its cheapest level relative to developed markets for more than two decades – and yet many of the headwinds that have faced the asset class in recent years may be receding.
The performance of the asset class over the second half of this year will, in part, be driven by when the Federal Reserve will be able to start cutting interest rates – and the pace at which it will be able to do so.
While emerging market central banks have broadly been ahead of the curve in bringing interest rates down, following decisive action to tackle infla…
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