Related: Emerging Market ETFs Could Pick Up in 2019

Furthermore, traders grew more optimistic over the emerging market outlook ahead of the sit down between President Xi Jinping and Donald Trump on hopes of a resolution to the escalating trade war between China and the U.S. Daniel Morris at BNP Paribas Asset Management argued that the smallest steps to resolving the trade dispute would be a welcomed relief.

“A softer tone expected from the Fed, a possible trade detente at the G-20 meeting and expectations of a weaker dollar in 2019 are key positive themes,” Greg Lesko, a money manager at Deltec Asset Management, told Bloomberg. “Plus, the market is down so much.”

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