Do EM Local Currency Assets Still Offer Value?
Emerging-market stocks fell and a gauge of currencies slid from a 13-month high as renewed concern over the prospects for higher U.S. borrowing costs sapped risk appetite, stalling a rally in developing-nation assets. The MSCI Emerging Markets Index slid for a second day, led by industrial and materials companies, as futures trading showed increased odds for a U.S. interest-rate move. Equity gauges in South Korea, Taiwan, China, the Philippines and Malaysia retreated. Morgan Stanley Global Head of FX Strategy Hans Redeker discusses with Bloomberg's Manus Cranny on "Countdown."