Emerging Markets Caught Between Rate-Cut Euphoria and Trade Woes

While Mexico averted the start of new tariffs, Washington’s campaign to shake up trade agreements worldwide is still wreaking havoc on global economies. “Broadly we remain constructive on emerging-market debt,” said Paul Greer, a London-based money manager at Fidelity International, whose emerging-market debt fund has outperformed 97% of peers this year after reducing risk in the first quarter. Rate DecisionsRussia’s central bank Governor Elvira Nabiullina said policy makers may reduce interest rates for the first time in a year at their meeting on FridayTraders have boosted wagers for rate cuts to the highest in more than a yearThe Turkish central bank is due to set rates on Wednesday.

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