Following a nasty fall in late 2016, emerging markets are back in fashion. The MSCI Emerging Markets index has reached its highest level in 18 months as hopes spread of a durable rise in regional GDP growth. According to the Institute of International Finance, developing countries grew by an average of 6.4% year-on-year in January, a six-year high. The Emerging Market PMI index tracking manufacturing activity is at a two-year high.
Firmer growth in the West has gradually bolstered East-West trade, says Jonathan Wheatley in the Financial Times. Vietnam’s clothing industry, for instance, has [...]