Vaccine Progress Spurs Optimism in Emerging Markets
- U.S. pledges funds to AstraZeneca; Moderna study shows promise
- China announces plans for new Hong Kong national security law
Emerging-market stocks and currencies gained last week amid optimism progress is being made toward developing coronavirus vaccines, and as more nations roll back lockdowns. Sentiment was tempered as the week progressed by signs U.S.-China tensions increasing once again, with the Chinese foreign minister warning some in the U.S. are pushing relations into a “New Cold War” on Sunday. This followed escalating rhetoric from President Donald Trump and Senate legislation that may lead to delisting of Chinese companies from American stock exchanges following China’s announcement of plans to impose a national security law on Hong Kong, which was was rocked again by heavy protest Sunday.
The following is a roundup of emerging-market news and highlights for this week through May 22: