An emerging concern

emerging markets

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Emerging market debt suffered its worst drop in four years throughout late April and early May, as fears of steep US Federal Reserve rate hikes prompted a big sell-off in emerging market debt, mainly by highly leveraged hedge funds. As one investment bank head of EM debt puts it: “We’re in the middle of a very, very violent correction.”

The JPMorgan Emerging Market Bond Index (Embi) fell from 281 on April 27 to 264 on May 12, prompted initially by strong new employment figures from the US, which

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