A wave of interest-rate cuts by emerging-market countries is helping extend a sharp rally in their stock and bond markets, delivering investors returns that few had forecast heading into 2016. During the past month, central banks in India, Indonesia, Turkey, Hungary and Taiwan have lowered rates in a bid to counter soft economic growth. Analysts say more developing nations may follow in coming months, likely adding fuel to a two-month-long surge that has taken the MSCI Emerging Markets stock index up 6.6% for the year, reversing a double-digit decline. The S&P 500 is up 1.8%.
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