Emerging markets are having the worst start to a year since the asset class came into being in 1988. The brutal losses have erased almost $5 trillion from equity values since mid-January, with stocks in Colombia, Greece, and elsewhere down more than 40%. Emergency rate cuts from South Korea to Turkey did little to calm investors, who pulled a record $4 billion from emerging markets exchange-traded funds over the five days ended March 13. Latin American currencies keep hitting lows against the dollar. Mexico and Colombia, countries that rely on oil revenue, saw their currencies fall more than 20%.
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