Stocks in developing economies were a pretty good place to be in the first quarter. The MSCI Emerging Markets Index rose 1.9%–reflecting price returns converted to dollars–in the first quarter, while the Standard & Poor’s 500 index was up 0.4%. The devil was in the details. Latin America, off 10%, was down for the count in the latest quarter. Eastern Europe was a surprise winner, with a gain of 11%, powered by Russian and Hungarian equities. Asia showed strength, too (up 5%), though for all the hype about India’s gross-domestic-product growth surpassing that of China, the latter’s stocks shone brighter in the latest quarter.
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