13 May 2021
After correcting in March, EM capital markets recovered in April. This was mainly influenced by the falling US dollar and treasury yields along with a rise in crude oil and industrial metals.
The best performing EM markets were Taiwan, South Korea, Mexico, and Brazil – those markets linked to global growth (especially US growth), and/or better COVID-19 outcomes and/or were beneficiaries of higher commodity prices.
Partially offsetting these EM sovereigns was India. It was negatively impacted by the sharp increase in COVID-19 cases and deaths over April.