Hedge funds that had piled into emerging market stocks are rushing to reassess their positions as the US and Israel’s attack on Iran sends shares and currencies in some developing countries sliding.
MSCI’s broad EM equities index slid almost 2 per cent on Monday as shares in markets including Turkey and India came under pressure. JPMorgan’s EM currency index slid 0.7 per cent.
It marked a turnaround for EM equities, which were up 14 per cent this year as of Friday’s close, as the dollar’s decline lowered developing countries’ dollar debts and the cost of their imports. Low oil prices also provided a boost for countries that rely heavily on energy imports.
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