Time to retire the emerging markets brand

AS THE US Federal Reserve moves towards rate cuts, some have heralded the imminent resurgence of “emerging markets” (EM). But what are they referring to? Kenya or Qatar? South Korea or Colombia? Commodity exporters or tech titans?

Whether in equities or in bonds, the term “emerging markets” no longer does justice to the wide array of constituents within the various EM indices created to attract investor interest in the first place.

What is the best definition of an emerging market? It is every country bar 10 “legacy” advanced economies.