Commodity losses strip emerging markets of their lone attraction

The most popular trade in emerging markets this year -- betting on commodity-exporting nations -- is losing its appeal. One of the manages that has made changes recently is Nordea.

Witold Bahrke, a Copenhagen-based senior macro strategist at Nordea Investment, | Photo: Nordea

The currencies and bonds of Brazil to Mexico and South Africa were the best performers among developing-nation peers in the first five months of 2022 as commodity prices skyrocketed following Russia’s invasion of Ukraine.

They have turned laggards this month after growing fears of a global recession and China’s Covid lockdowns sent a Bloomberg gauge of raw-material prices tumbling 10% from an eight-year high.

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