EM investors' hopes of market rally extending to 2021 ride on Covid vaccine

Emerging-market watchers may be confident the rally will continue into 2021, but it’s the roll-out of vaccination programs that concerns them the most.

A Bloomberg survey of 63 investors, strategists and traders found the efficacy of coronavirus vaccines is likely to be the biggest market driver for next year, beating out worries about the fiscal laxity of governments and China’s economic growth path. China still emerged as the overwhelming favorite across currencies and stocks, while investors were most optimistic for Latin American bonds, the Nov. 18-25 poll found. Argentina remained a source of unease.

The findings underscore how