Foreign fixed-income markets from a US investor perspective have been an unappealing asset class lately – with a glaring exception: corporate bonds in emerging markets. Year to date, this slice of global fixed-income securities is hot, based on a set of ETFs through Thursday’s close (May 9). The rest of the field is struggling.

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* Defensive stocks are driving the current market rally
* 30-year mortgage rate drops for the first time in four weeks
* Long delays between Fed actions tend to be good for stocks
* UK economic activity rebounds as country exits recession
* US jobless claims rise to highest level since August:

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