- MSCI's developing-nation equity benchmark was heading for its largest August advance since 2004 as gains broadened beyond the largest AI stocks and commodities benefited from a dollar-debasement trade.
- The benchmark traded 0.1% lower on Monday after falling as much as 1.4%, with a late rebound in South Korean chip stocks narrowing the decline.
- Concerns over worsening Middle East conflict and increased expectations for a September Federal Reserve rate hike drove the earlier selloff.
Quotes
“Emerging-market stocks are heading for their biggest August advance since 2004”
“The earlier selloff was driven by concerns about the worsening conflict in the Middle East and increased bets on a September interest-rate hike by the Federal Reserve.”