MSCI’s emerging markets index, which tracks nearly $7.6tn in stocks across China, India, Brazil, South Africa and other markets, is down more than 10 per cent since hitting a two-and-a-half-year high on October 2. Developed market stocks are roughly flat over that period.

U.S. stocks looked set to rise on Tuesday as the market chose to focus on the positives from a report saying Donald Trump may take a more restrained approach to raising tariffs. The President-elect’s

S&P 500 E-Mini futures (ESH25) are up +0.49%, andMarch Nasdaq 100 E-Mini futures (NQH25) are up +0.67% this morning as a report indicating the U.S. might take a gradual approach to hiking tariffs boosted sentiment,