Emerging-Market Investors Are Immune to New Covid Threat—for Now

Herd immunity to Covid-19 may be a ways off still. But investors seem immune to worrying about it, for now.

Covid’s so-called Delta variant is marching across the East Asian growth belt. Regional giant Indonesia lately seized the crown of pandemic epicenter, with cases quadrupling in a month. Markets remain largely unperturbed. “Our baseline scenario is that this won’t be very disruptive,” says Alejo Czerwonko, chief investment officer for Americas Emerging Markets at UBS Global Wealth Management.