Emerging-Market Stocks Are Having a Moment as Growth Bets Return

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Traders are already starting to chase the rally

are shifting to stocks from bonds as they prepare for the world after monetary tightening.

There are early signs of a rotation under way, with equity benchmarks beating local-currency bonds since the beginning of July. And traders are already starting to chase the rally, with Bank of America Corp. reporting that emerging-market equities have

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