Stocks in EM Slip to Worst Underperformance Since 2019 Trade War

Stocks in the developing world haven’t had such a bad run since the height of the US-China trade war four years ago.

The MSCI Emerging Markets Index is not only heading for a decline in May, but is also poised for a fourth successive month of underperformance against developed-market equities in general, and the S&P 500 Index in particular. That’s the longest streak since 2019, when the gauge trailed its peers for eight successive months through September a time when Washington and Beijing were deadlocked over restrictive tariffs.