Growing confidence that the Federal Reserve won’t rush to raise interest rates and oil’s advance above $50 a barrel are emboldening investors to bet again on riskier assets after a selloff in May. Developing-nation stocks are now trading at an average 12.2 times their projected 12-month earnings, the highest valuation in a year. Sixty-day volatility on the benchmark MSCI Emerging Markets Index has fallen to the lowest since July 2015.

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