Emerging indices outstrip the field
Emerging stock markets outperformed their more developed counterparts last month, largely in Eastern Europe and Latin America.
The Morgan Stanley Capital International Emerging Markets Free Index rose 2.4 per cent in US dollar terms, reversing some of July's 7 per cent losses.
Hungary continued to make dramatic gains, up 20.1 per cent, spured by the government's campaign to cut the current account deficit.
Mexico, Poland and Venezuela were all up more than 8 per cent on the month.
The weakest among developing markets was Korea, losing 5.3 per cent in August for a 22.3 per cent fall for the year.
But developed markets also did better in August, but could not keep pace with less mature exchanges.
The Morgan Stanley Capital International World Index of 22 developed market countries gained 1 per cent compared with a 3.7 per cent decline in July.
The strongest developed markets were Finland, up 11 per cent, Sweden, up 6.6 per cent and Australia, which advanced 6.6 per cent.
Decliners among the developed markets were Japan, France and Italy.