Emerging Market Era More Grind Than Go-Go After Rough Start
- EM assets climb in first quarter, but lag developed peers
- China re-opening lures cash into stocks, outflows hit debt
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A turbulent end of the easy-money era has deflated expectations for a boom year for battered emerging-market assets.
Brought down to earth by a volatile first quarter, the much-hyped EM investment story for 2023 is turning into one of resilience and hopes for decent returns — that is if fundamentals, not contagion risk, drive flows.