Will emerging markets step out of the gloom?

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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Emerging markets promise much but have a horrid tendency to disappoint. Net returns in the past year

at 12.4 per cent, half that of the broader market as measured by the MSCI All Country World Index. Go back a decade and annualised returns of 2.7 per cent are a third of the MSCI ACWI.

Bad years globally tend to…