The high-speed rail link China Railway Construction Corp. is building in Saudi Arabia doesn’t just connect the holy cities of Mecca and Medina. It shows how Asia, the Middle East, Africa and Latin America are holding the world economy together.
Christine Lagarde may seek to distance herself from the Europeans who helped her win the International Monetary Fund’s top job amid pressure on the lender to toughen its response to Greece’s debt crisis.
Emerging-market bonds will outperform developed-nation debt over the next three to four years as developing countries allow their currencies to appreciate, said Jerome Booth of Ashmore Investment Management Ltd.
Emerging-market companies are increasing bond sales this year at the fastest pace in more than a decade while U.S. and European corporate borrowing slumps as investors shift to debt from the fastest-growing economies.
The biggest drop in emerging-market stocks since October 2008 is giving money managers the chance to find bargains in world-class companies from Sao Paulo to Moscow that are leading their peers in profit growth.