Speculation about an economic revival in developed nations has led to the largest monthly sell off in emerging market debt since the 2013 “taper tantrum”, raising concerns that the world is entering a phase of market turbulence.
In the space of a month, investors have withdrawn $4.4bn from hard-currency bonds issued by EM governments, according to the Washington-based Institute of International Finance.
Strong jobs data in May has rekindled expectations that the US is returning to growth, increasing the probability of an interest-rate rise this year. That raises the prospect of better returns in the US, damping the appetite for EM assets.
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