August 19, 2016
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Emerging market shares gain ground on economic firming and an improved earnings environment
Despite improved performance, valuations are cheap relative to the developed world
By Steve Cao, Senior Portfolio Manager
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By Steve Cao, Senior Portfolio Manager
Emerging markets delivered strong performance in the second quarter, driven by improved economic conditions and stabilized corporate earnings.1 The macro-level strengthening included lower inflation, stable commodity prices, improved current account balances and a reversal in currency depreciation. Assuming an accommodative monetary backdrop, emerging market gross domestic product (GDP) is expected to grow by roughly 4% this year and to accelerate in 2017 — the first acceleration in four years.2
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