A dark quarter for emerging-market bulls is nearing an end, and it's not clear whether things will get much brighter down the road, especially in the near term. Currencies, stocks and bonds in developing countries are closing out their worst quarter since 2015 and facing a looming trade war, tightening US monetary policy, elections in Latin America and a weaker global growth outlook. Valuations may look appealing, but this thicket of risks has some investors cautious about plunging back in. The consensus is that, whether emerging markets are set for a rebound or a deeper sell-off, in the short term the asset class is at the mercy of trade headlines. Goldman Sachs, Morgan Stanley and Citigroup have warned in recent days that more pain lies ahead thanks to the tit-for-tat tariffs between the US and China. And even those on the bullish side are waiting for trade rancour to die down before fully jumping in. "From a valuation standpoint, there are attractive values. But on a tactical bas...

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