In Covid-hit world, emerging market stocks are a haven for global investors

The MSCI Emerging Markets Index is up about 3.5% this month, compared with a 1.4% slump in the MSCI All-Country World Index

With Treasuries, the yen and gold failing to live up to their usual haven potential, it seems the traditional risk-on vehicle of choice -- emerging-market stocks -- has stepped in to take up the mantle.

A benchmark of developing-nation shares has leaped higher as equity markets from Europe to the US reel from the resurgent coronavirus and pre-election jitters. The MSCI Emerging Markets Index is up about 3.5 per cent this month, compared with a 1.4 per cent slump in the MSCI All-Country World Index. The former has even broken out of a 2 1/2-year relative downtrend.

The gauge has