Higgins: EM Stocks in Dollars the Place to Go for Income
Emerging-market stocks pared a sixth weekly gain and currencies sank, halting a rally driven by bets that U.S. borrowing costs will stay low for longer, as investors grew cautious before next week’s speech by Federal Reserve Chair Janet Yellen. The MSCI Emerging Markets Index slid from a one-year high as consumer and materials companies led declines. Equity gauges from China to Taiwan and Malaysia retreated. South Korea’s won and Taiwan’s dollar paced losses for currencies. Indonesia’s rupiah slipped before a policy rate decision. Yellen will speak at the Kansas City Fed’s two-day Monetary Policy Symposium in Jackson Hole, Wyoming, later next week. Coutts Chief Investment Officer Alan Higgins discusses with "On the Move" host Guy Johnson.
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