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Emerging Markets update: May 2025
The US-China standoff remained a dominant theme in May. However, green shoots emerged as Presidents Trump and Xi agreed to a significant rollback of reciprocal tariffs. Emerging market equities saw gains over the month, albeit underperforming relative to developed market equities. South Africa and Mexico led within emerging markets while Taiwan, Hong Kong, Indonesia and Korea were notable contributors. The MSCI Emerging Markets Equity Index ended the month 4.3% higher, while the MSCI World experienced a 5.9% uptick.
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