Global stocks slumped on fears of an economic slowdown. In April, the Dow Jones and S&P 500 sank 4.9% and 8.8%, respectively, as investors worried about increasing economic uncertainties stemming from the Russia – Ukraine conflict, rising inflation, the Fed’s tightening monetary policy and severe COVID lockdowns in China. The MSCI Frontier Markets Index (MXFM) and MSCI Emerging Markets Index (MXEF) fell 3.9% and 5.7% in the month, respectively. 

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