Trade of a decade? It doesn't bode well for emerging markets

New York / London

BEHIND the best gains for emerging markets since 2009, there are some ominous signs that the rally is about to hit a wall.

The 13 per cent surge in stocks last month was accompanied by the lowest trading volume for five years in the markets with the biggest advances and the weakest company profits for six. In the foreign-exchange market, currencies are mirroring moves in oil prices by the most since 2012, suggesting vulnerability to any renewed weakness in commodities.