Emerging Markets Close at 8-Mo. High; Global Recession's Over; Everybody's Talking Green Shoots
The MSCI Emerging Markets Index closed today above 800 for the first time since late September 2008, reaching an 8-month high of 802.21.
According to Bloomberg:
Emerging-market stocks climbed the most in four weeks after China’s manufacturing expanded for a third month, boosting commodities prices and spurring speculation the global economy is recovering.
“We see green shoots; everybody is talking about them,” Hans Goetti, who oversees about $10 billion as chief investment officer at LGT Bank in Liechtenstein (Singapore), said in an interview on Bloomberg Television.
The MSCI Emerging Markets Index rose 3.8% to 802.21, the most since May 4. The gauge surged 61% since Feb. 27, the steepest advance since its inception in December 1987, on speculation the worst of the global recession is over. The increase outpaced a 32% rally in MSCI’s developed-market stock measure.