相较之下，新兴市场股票指数连续第 4 个交易日上涨 0.5%，受亚洲股市带动。韩国 Kospi 约飙升 2.6% 并创新高，香港股市在周一假期后重开也上扬；台湾在台积电带动与 AI 乐观情绪下，市值超越印度。JPMorgan 的 Karen Ward 指出，全球投资人不只看地缘风险，更关注公共、军事与企业支出增加所带来的投资机会。
通膨压力也在利率政策上留下痕迹：斯里兰卡央行将基准利率一次上调 1 个百分点，为 3 年来首次收紧；匈牙利央行则在分歧决议中将基准利率维持在 6.25%。债市方面，波士尼亚与赫塞哥维纳联邦启动银行路演，可能发行以欧元计价的 5 年期基准债；塞内加尔美元债下跌，而玻利维亚主权债已连跌第 10 天。
On Tuesday, emerging-market currencies mostly weakened as overnight clashes near the Strait of Hormuz offset signs of progress toward a US-Iran peace deal. MSCI’s EMFX gauge was broadly unchanged, but most developing-world currencies fell; South Africa’s rand, often treated as a risk-appetite barometer because of its liquidity, was among the worst performers.
By contrast, an emerging-market equities index rose for a fourth straight day, gaining 0.5% on the back of Asian shares. South Korea’s Kospi jumped about 2.6% to a record, Hong Kong stocks gained after reopening from Monday’s holiday, and Taiwan overtook India in market value on TSMC’s rally and AI optimism. JPMorgan’s Karen Ward said investors are looking beyond geopolitical risk to opportunities tied to higher public, military, and corporate spending.
Inflation pressures also shaped policy: Sri Lanka’s central bank raised its benchmark rate by a full percentage point, its first tightening in 3 years, while Hungary kept its benchmark unchanged at 6.25% in a split decision. In debt markets, Bosnia and Herzegovina’s Federation launched a bank roadshow for a potential euro-denominated 5-year benchmark sale; Senegal’s dollar bonds fell, and Bolivia’s sovereign bonds slid for a 10th day amid protests, road blockades, and violent clashes.