The Federal Reserve chairman highlighted the recent recovery in consumer spending and said there were "signs of bottoming" in the housing market.
The 12.5 per cent EM outperformance this year is surprising. As any market strategist will tell you -- in times of stress when safe haven trades are in fashion, emerging markets typically fall faster than developed ones as investors switch out of what they deem to be riskier assets.
The first government sukuk was listed on the London Stock Exchange as Britain reaffirmed its reputation as the main western centre for Islamic finance. Bahrain chose London to list its second Islamic bond as it sought to encourage more European and conventional investors to buy the paper. The Gulf kingdom listed its first sukuk in Luxembourg in 2004. Significantly, more than 50 per cent of the paper was bought by European investors.
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