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Latin America has poor start to year

Emerging markets outperformed the developed world in January with one important exception: Latin America.

Fernando Luque 09.02.2004
Fears of an earlier than expected rise in American interest rates and concerns about inflation in Brazil explain this underperformance. But while much of the region did poorly Mexico performed relatively well.

Emerging country stockmarkets had an extraordinary 2003 with the MSCI Emerging Markets index gaining 51.6% in dollars terms compared with 30.8% for the MSCI World. The return for the MSCI Latin America index was even better with a rise of 67.1%.

There are several reasons for this outperformance in 2003. First, the American recovery has benefited all emerging markets. But the weak dollar and the demand for commodities such as iron ore in Asia have been particularly beneficial for countries such as Brazil.

Perhaps more importantly sentiment towards the reg

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Fernando Luque

Fernando Luque  es el Senior Financial Editor de www.morningstar.es