Emerging markets have shrugged off recent declines in oil and other commodities in a display of resilience that suggests they are maturing.
MSCI’s emerging market stock index is closing in on a sixth straight month of gains, while its index of currencies is heading for a seventh after advancing every month since the end of November. On the other hand, oil is struggling to lift itself above $45 a barrel and the Bloomberg Commodity Index is heading for a fourth monthly drop. Underscoring the divergence, a measure of correlation between two benchmarks has been about half of what it was in 2009, according to data compiled by Bloomberg.
