Judging by the performance of emerging markets, you’d hardly know the world was suffering from a deadly pandemic. After a horrible March, according to the Institute for International Finance, non-resident portfolio flows into emerging markets increased tenfold to $32.9 billion in June. MSCI’s EM…

US President Donald Trump rode to power declaring that China had twisted the world trading system out of shape -- and plenty of people around the world murmured in agreement, if very quietly. The first shots in Trump’s trade war, however, have been indiscriminate. His steel and aluminium tariffs…