MSCI’s broad index has dropped more than 10% since reaching a two-and-half-year high in October
Investors are ditching emerging market stocks as they brace themselves for president-elect Donald Trump’s proposed trade tariffs and contend with a soaring US dollar and rising bond yields. MSCI’s emerging markets index, which tracks nearly $7.6tn in stocks across China, India, Brazil, South Africa and other markets, is down more than 10 per cent since hitting a two-and-a-half-year high on October 2. Developed market stocks are roughly flat over that period.
Longer periods of higher US rates and a strong dollar usually entice US investors to stay at home rather than take more risk investing abroad. Investors are now betting countries will try to weaken their own currencies and make their exports more competitive in response to US tariffs, a move that would depress emerging market dollar earnings.
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